快驴科技冲刺上市，营收16亿，利润800万

Core Viewpoint - Shandong Kuailu Technology Development Co., Ltd. (Kuailu Technology) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for five strategic directions, including expanding service networks and enhancing product offerings [1][3]. Company Overview - Kuailu Technology, established in 2014, provides customized solutions for short-distance green travel, serving light electric vehicle users and large commercial logistics [3]. - As of 2024, Kuailu Technology holds a 2.2% market share in the short-distance green travel technology service sector in mainland China, ranking first in the industry [3]. Financial Performance - Revenue for Kuailu Technology during the reporting period (2022-2024) was approximately RMB 1.31 billion, RMB 1.22 billion, and RMB 1.63 billion, with a year-on-year decline of 6.7% in 2023 and a growth of 33.4% in 2024 [4][5]. - Net profit figures for the same period were RMB 6.29 million, RMB 2.30 million, and RMB 7.99 million, indicating a concerning profitability trend [4][5]. - Gross profit margins were 3.5%, 3.4%, and 4.1%, while net profit margins were only 0.5%, 0.2%, and 0.5% [5]. Cash Flow and Inventory Management - The net cash flow from operating activities was RMB 0.28 billion, RMB 0.72 billion, and RMB 0.84 billion over the three years, totaling RMB 1.84 billion, while the total net profit was approximately RMB 16.58 million [6]. - Inventory levels decreased from approximately RMB 3.89 million to RMB 2.51 million, while trade and other receivables showed a mismatch with revenue growth [7][8]. Ownership Structure - Before the IPO, Changxing Mingyuan New Energy Partnership held 62.55% of Kuailu Technology, with Wu Yingjie controlling 85.50% of the company through various entities [8]. - Wu Yingjie, the founder and current chairman, has extensive experience in marketing and business management [8][9]. Supplier Dependency - Kuailu Technology's primary supplier is Chaowei Group, which has been a significant partner since 2017, with revenue from lead-acid battery sales accounting for 99.4% of total income during the reporting period [10][11]. - The procurement amounts from the top five suppliers were approximately RMB 12.61 billion, RMB 11.53 billion, and RMB 15.17 billion, with Chaowei Group being the largest supplier [11][12]. - The high dependency on Chaowei Group poses potential risks to the company's operational stability, as any disruption in the relationship could adversely affect business performance [12].