极易电商港股IPO：毛利率逐年下滑且行业垫底 靠“节衣缩食”增厚利润能否撑起18亿估值？

Core Viewpoint - The company, Jiyi E-commerce, has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for technology development, brand management, potential acquisitions, and general corporate purposes. However, it faces challenges with declining revenue growth and profitability margins compared to industry peers [1][2]. Group 1: Company Overview - Jiyi E-commerce is a leading digital retail comprehensive operation service provider in China, focusing on AI-driven brand asset management and digital retail services [2]. - The company has completed seven rounds of financing, raising a total of approximately 496.5 million yuan, with a current valuation exceeding 1.843 billion yuan [4][7]. Group 2: Financial Performance - Jiyi E-commerce's revenue has shown growth, with figures of 1.117 billion yuan in 2022, 1.356 billion yuan in 2023, and 1.4 billion yuan in 2024. However, the growth rate dropped to 3.3% in 2024 from 21.32% in the previous year [9][10]. - The company's gross profit margins have been declining, with rates of 17.36%, 15.38%, and 14.45% from 2022 to 2024, significantly lower than the industry average [9][13]. Group 3: Business Segments - The revenue from the brand-to-consumer solutions decreased by 13.4% in 2024, attributed to the strategic termination of partnerships with several fast-moving consumer goods brands [10][11]. - The brand-to-enterprise solutions segment saw a significant increase of 75.3% in revenue, becoming a key driver for overall revenue growth in 2024 [11]. Group 4: Competitive Position - Jiyi E-commerce ranks second among digital retail comprehensive operation service providers in China based on GMV, with a GMV of 15 billion yuan in 2024 [3]. - The company's gross profit margin is notably lower than its peers, with industry averages around 39.74% to 43.05%, while Jiyi's margins are in the single digits for some segments [13][15]. Group 5: Cost Management - The company has maintained a low expense ratio, with figures of 11.84%, 10.79%, and 10.01% from 2022 to 2024, contrasting with rising expense ratios among competitors [16][17]. - Cost reductions in sales and management expenses contributed to profit growth, although this raises questions about potential workforce reductions or salary cuts [17][18].