宝洁前高管创业获史玉柱投资，上海凯诘电商代运营生意承压

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. is transitioning to the Hong Kong Stock Exchange for its IPO after facing challenges in the A-share market, with a history of declining performance and a need to regain market confidence [2][3][12]. Company Overview - Founded in 2010 by former Procter & Gamble executive Xu Hao, Shanghai Kaijie provides comprehensive e-commerce services to major brands like Mondelez, KFC, and Pepsi [3][5]. - The company has attracted investments from 18 notable investors, including major securities firms [5][7]. Financial Performance - The company has experienced a "three consecutive declines" in performance, with revenues of RMB 18.29 billion, RMB 17.23 billion, and RMB 16.99 billion from 2022 to 2024, respectively [18]. - Net profits have also decreased from RMB 86.47 million in 2022 to RMB 60.43 million in 2024 [18]. - The gross profit margin has declined from 24.0% in 2022 to 21.8% in 2024, indicating pressure on profitability [20]. Client and Revenue Dynamics - The number of brand partners has increased from 80 in 2022 to 113 in 2024, but revenue from the largest client has grown, indicating increased dependency on major clients [16][17]. - The company has faced challenges with client renewals, leading to significant revenue losses from key partnerships in the pet and beauty sectors [21]. Market Environment - The e-commerce market is becoming increasingly competitive, with many companies struggling to maintain profitability. For instance, competitors like Baozun and Liren Lizhuang have reported mixed financial results [24][25]. - The industry is witnessing a shift where companies are transitioning from being service providers to building their own brands, which Shanghai Kaijie has yet to adopt [25]. Future Outlook - The company is now seeking to establish itself in the Hong Kong market after unsuccessful attempts to list on the New Third Board and the Shenzhen Stock Exchange [12][13]. - The ongoing challenges in the e-commerce sector, including rising operational costs and pressure from brand partners, may hinder Shanghai Kaijie's growth unless it diversifies its business model [21][24].