累积亏损18.5亿，“母婴下沉市场领头者”“带病”谋IPO

Core Viewpoint - Yangtuo Technology Inc. (Haipai Ke) is seeking to go public on the Hong Kong Stock Exchange amid a challenging environment for the maternal and infant e-commerce sector, aiming to strengthen market share and reshape the competitive landscape [1][9] Group 1: Company Overview - Haipai Ke was established in 2015 by a team of founders from Alibaba, focusing on family care and nutrition products, integrating supply chains to enhance consumer experience and drive consumption upgrades in lower-tier markets [1][3] - The company has achieved significant growth, with transaction volume surpassing 10 billion RMB in its second year and reaching 100 billion RMB in 2019 [3] - Prior to the IPO, Haipai Ke completed six rounds of financing, raising approximately 193.59 million USD, with major investors including Shunwei Capital and Fosun International [3][4] Group 2: Financial Performance - As of the end of 2024, Haipai Ke reported accumulated losses of 1.85 billion RMB and net liabilities of 2 billion RMB [1][8] - Revenue figures for 2022 to 2024 are 895.27 million RMB, 1.06785 billion RMB, and 1.03239 billion RMB, indicating stagnation and potential decline [6] - The company transitioned from a profit of 1.01 million RMB in 2022 to losses of 56.54 million RMB and 78.83 million RMB in 2023 and 2024, respectively, with gross margins decreasing from 43.9% to 32.5% [6][8] Group 3: Market Strategy - Haipai Ke has established a vast channel system, connecting 4,200 registered sellers and 290,000 registered buyers across over 3,000 counties in China by 2024, capturing a 10.1% market share in the family care and nutrition sector [4][5] - The company is focusing on developing its own brands, having launched 92 proprietary brands by 2024, with self-operated business revenue increasing from 60.4% to 77.7% of total revenue [8] - To achieve profitability, Haipai Ke is optimizing its digital supply chain and exploring AI-driven solutions, although it faces challenges from weakened demand and competition from rivals like Pinduoduo [8][9]