凯诘电商赴港IPO：GMV增长背后，营收净利两连降的隐忧

Core Viewpoint - Shanghai Kaiqi E-commerce Co., Ltd. (Kaiqi E-commerce), recognized as the fifth largest digital retail solution provider in China, has submitted its listing application to the Hong Kong Stock Exchange, despite facing significant challenges in revenue and profit growth [1][4][9]. Company Overview - Founded in July 2010, Kaiqi E-commerce specializes in providing comprehensive digital retail solutions for global premium brands, covering the entire value chain of the e-commerce ecosystem [1]. - The company has served over 200 brands by the end of 2024, with more than 100 being international brands, and has partnerships with nearly 50% of the Fortune 500 fast-moving consumer goods companies [3]. Financial Performance - The Gross Merchandise Volume (GMV) for Kaiqi E-commerce from 2022 to 2024 was reported as 8.178 billion, 10.002 billion, and 13.459 billion yuan, respectively, indicating a compound annual growth rate of nearly 30% [4]. - However, the company's revenue declined from 1.829 billion yuan in 2022 to 1.699 billion yuan in 2024, and net profit decreased from 86.47 million yuan to 60.43 million yuan during the same period [4]. Revenue Challenges - The decline in revenue is attributed to the termination of partnerships with low-profit brands, which has exposed the company's weak customer retention and conversion rates [5]. - The revenue from the to-B business segment is projected to grow from 555.7 million yuan in 2023 to 582 million yuan in 2024, driven by new food brand introductions and increased sales from existing brands [5]. Client Dependency - Revenue from the top five clients accounted for 20.8%, 25.1%, and 26.6% of total revenue from 2022 to 2024, with the largest client contributing 16.7%, 18.6%, and 21.7% respectively [6]. - This heavy reliance on a few clients raises concerns about potential revenue gaps if any major client reduces or terminates their partnership [6]. Profitability Issues - The gross profit margin for Kaiqi E-commerce has declined from 24.0% in 2022 to 21.8% in 2024, with both to-C and to-B business segments experiencing margin reductions [7]. - The company has adopted a strategy to increase market penetration in the low-margin food product sector, which has led to a decrease in overall gross margins [7]. Market Position and Competition - Kaiqi E-commerce has attempted to list multiple times, including efforts in the New Third Board and A-share market, but faced setbacks [8]. - The e-commerce agency industry is at a crossroads, with many companies struggling to maintain core brand partnerships, leading to increased competition and rising customer acquisition costs [8][9]. IPO Timing and Market Conditions - Despite the unfavorable performance metrics, the company is pursuing an IPO to avoid potential future declines in performance and market relevance [9]. - The current market conditions, including reduced liquidity in the Hong Kong market, pose additional risks for the company's successful listing and future performance [10].