凯诘电商转战港交所：品牌自运营成趋势行业景气度下滑、业绩接连双降 前五大品牌GMV占比超80%

Core Viewpoint - The company, Shanghai Kaijie E-commerce Co., Ltd. (hereinafter referred to as "Kaijie E-commerce"), has submitted its IPO application to the Hong Kong Stock Exchange, marking its fourth attempt to enter the capital market after previous unsuccessful attempts in 2016, 2021, and 2023. The company aims to raise funds for strategic business expansion, technology procurement, marketing, and enhancing digital capabilities [1][2]. Industry Overview - The beauty e-commerce agency industry has experienced significant structural changes since 2021, with a slowdown in growth and market differentiation. The compound annual growth rate (CAGR) was approximately 25% before 2021, with the market size projected to grow from 30 billion yuan in 2020 to 80 billion yuan by 2025. However, recent years have seen a decline in growth rates due to rising traffic costs and the trend of international brands establishing their own teams [2][5]. - Among six selected listed companies in the industry, four reported revenue declines, with notable drops in companies like Liren Lizhuang, which saw a 37.44% decrease in revenue and a net profit loss of 182.64% [2][3]. Company Performance - Kaijie E-commerce's revenue and net profit have declined for three consecutive years from 2022 to 2024, with revenues of 1.829 billion yuan, 1.723 billion yuan, and 1.699 billion yuan, reflecting decreases of 5.8% and 1.4% in 2023 and 2024, respectively. Net profits also fell to 86 million yuan, 68 million yuan, and 60 million yuan, with declines of 21.8% and 10.6% in the same years [5][9]. - The company's gross profit margin has decreased from 24% in 2022 to 21.8% in 2024, with both to-C and to-B business segments experiencing declines in their respective margins [7][9]. Dependency on Major Brands - Kaijie E-commerce has shown a growing dependency on its top five brands, with their contribution to Gross Merchandise Volume (GMV) increasing from 64.4% in 2022 to 80.4% in 2024. However, the revenue contribution from these brands has not kept pace, indicating a potential weakening of the company's bargaining power with these clients [11][12][14]. - The company has served over 200 brands, but the revenue from the top five brands has decreased from 62.2% in 2022 to 52.8% in 2024, highlighting a concerning trend in revenue generation despite increasing GMV [12][14].