凯诘电商赴港上市 GMV增长难掩营收净利双降困局

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking its fourth attempt at capital market entry after previous setbacks [1] Group 1: Company Overview - Founded in July 2010, Kaijie E-commerce focuses on providing comprehensive digital retail solutions, capturing market opportunities as foreign brands faced localization challenges in China [2] - The company has established a multi-channel network covering ten core digital retail platforms, including Tmall, JD.com, Douyin, and Pinduoduo, and has received top honors as a "Tmall Six-Star Service Provider" for seven consecutive years [2] - Kaijie serves over 200 brands, with more than half being international brands, including well-known companies like Mondelez, KFC, and LEGO [2][3] Group 2: Financial Performance - Despite a significant increase in Gross Merchandise Volume (GMV) from 8.178 billion to 13.459 billion yuan between 2022 and 2024, the company's revenue has declined from 1.829 billion to 1.699 billion yuan, a total decrease of 7.1% [4][3] - Net profit has also decreased by 30.2%, from 86.47 million to 60.43 million yuan, indicating a troubling divergence between GMV growth and financial performance [4] - The company has a high customer concentration risk, with the top five brand partners contributing 62.2%, 52.1%, and 52.8% of revenue from 2022 to 2024, respectively [4] Group 3: Industry Context - The financial struggles of Kaijie E-commerce reflect broader structural changes within the e-commerce agency industry, where major players are experiencing significant performance disparities [7] - The industry is facing challenges as brands increasingly build in-house teams, leading to a decline in reliance on third-party agencies [7] - The average gross margin in the agency sector has dropped from 45% in 2018 to around 32%, with leading companies like Baozun experiencing over an 80% decline in stock price from historical highs [7][8] Group 4: Strategic Direction - Kaijie E-commerce is attempting to transition towards a technology-driven model, with digital marketing services now accounting for 34% of its revenue [8] - The company plans to use funds raised from its IPO to enhance its digital retail solution capabilities and upgrade its technological infrastructure [8] - The success of Kaijie's latest capital market attempt will depend on its ability to innovate beyond traditional agency models and leverage new opportunities in "going global" and AI [8]