聚水潭闯港交所上市：高盛“套现”5.44亿元，提前退出股东行列

Core Viewpoint - Jushuitan Group Co., Ltd. has submitted its prospectus for a second time to list on the Hong Kong Stock Exchange after previous applications were deemed "invalid" [1] Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 is approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively, with a revenue growth rate of about 30.5% for 2024 [2] - The net profit for the same years is approximately -RMB 507 million, -RMB 490 million, and RMB 10.58 million, indicating a turnaround to profitability in 2024 [2] - Adjusted net profit figures are -RMB 379 million, -RMB 206 million, and RMB 48.99 million, also showing a return to profit in 2024 [2] - Gross profit for 2022, 2023, and 2024 is approximately RMB 274 million, RMB 435 million, and RMB 523 million, with gross margins of 52.3%, 62.3%, and 68.5%, respectively [4] Business Model and Services - Jushuitan is an e-commerce SaaS ERP supplier, providing cloud-based solutions that connect merchants with over 400 e-commerce platforms globally [5] - The core product, Jushuitan ERP, offers essential functionalities such as order management, warehouse management, procurement management, and distribution management [5] - In 2024, Jushuitan processed 33 billion e-commerce orders, demonstrating significant operational capacity [5] Investment and Valuation - Jushuitan has completed multiple rounds of financing since its establishment, with significant investments from various venture capital firms [6][7] - After the B3 round of financing in April 2019, the post-money valuation was RMB 2.75 billion, and after the C round in August 2020, the valuation reached RMB 6 billion [7] - Prior to the IPO application, Jushuitan repurchased C round preferred shares for approximately USD 75.6 million (about RMB 544 million) [8][9] Strategic Partnerships - Goldman Sachs, a key investor, has expressed confidence in Jushuitan's potential in the Chinese e-commerce market and its SaaS ERP services [10][12] - The funds raised will be used for product and service upgrades, supply chain collaboration, overseas market expansion, and investments in the SaaS ecosystem [12]