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IPO雷达|年入未过亿!随手播递表港交所,客户集中度高且频变动
Sou Hu Cai Jing·2025-06-02 04:57

Core Viewpoint - Suishoubo Group has submitted a listing application to the Hong Kong Stock Exchange, with a focus on providing comprehensive SaaS solutions for the entertainment, social networking live streaming, precision marketing, and new retail industries. The company currently has an annual revenue of less than 100 million RMB and exhibits high customer concentration with frequent changes in its client base [1][4]. Financial Performance - The company's revenue for the fiscal years 2022 to 2024 was approximately 45.1 million RMB, 50.7 million RMB, and 98.9 million RMB, respectively. The net profit for the same periods was 32.5 million RMB, 26.4 million RMB, and 38.1 million RMB [4][6]. - In 2024, the revenue from SaaS solutions was 63.7% of total revenue, while online marketing solutions contributed 36.3%. Within the SaaS segment, revenue from the entertainment and social networking sector decreased by 25.8% year-on-year [6][7]. Market Position - Suishoubo ranks tenth in the Chinese enterprise live streaming SaaS solutions market, holding a market share of 1.0% based on projected 2024 revenue [4]. Customer Concentration - The company has a high customer concentration, with the top five clients contributing 100%, 90.6%, and 67.7% of total revenue in the respective years. The largest client accounted for approximately 69.3%, 30.7%, and 30.5% of total revenue during the same periods [8]. Cash Flow and Liquidity - Operating cash flow significantly decreased in 2024, with figures of 37.0 million RMB, 39.3 million RMB, and a sharp drop to 12.4 million RMB in the respective years. The company also experienced a tightening of cash and cash equivalents, ending the periods with 0.632 million RMB, 1.901 million RMB, and 0.988 million RMB [8][9]. Liabilities and Assets - The company's current liabilities increased in 2024, while current assets decreased. Current liabilities were reported as 3.1 million RMB, 12.4 million RMB, and 13.3 million RMB, while current assets were 11.1 million RMB, 52.9 million RMB, and 43.8 million RMB [10][11].