Core Viewpoint - Haipai Ke, a leader in the maternal and infant market, is attempting to go public amid a challenging capital environment, revealing structural concerns beneath its market dominance and financial struggles [1] Financial Imbalance: Dual Strangulation of Growth and Debt - Haipai Ke's financial statements reflect a contradiction: while claiming to dominate the low-tier market, it faces a stark reality of sluggish revenue growth [2] - Profit cliff and gross margin collapse: Profits for 2022, 2023, and 2024 were 1 million, -56.54 million, and -78.83 million respectively, showcasing a dramatic decline from a small profit to a near 80 million loss [2] - A significant drop in gross margin by 11.4 percentage points over two years indicates that the "low-margin, high-volume" strategy in the low-tier market has failed due to competition from major e-commerce platforms [2] - The company is trapped in a capital cage with a net debt of 2 billion, necessitating continuous funding to maintain market share while struggling with low-margin operations [2] Industry Issues: The Curse of "Economies of Scale" - The financial structure of Haipai Ke reflects a common industry problem, where the maternal and infant vertical market struggles under pressure from larger competitors [3] Model Paradox: The "False Moat" of the Low-Tier Market - Haipai Ke's self-proclaimed "fortress" in the low-tier market is showing cracks due to consumption downgrade and competition from giants [4] - The shift to self-owned brands and operations has led to increased inventory pressure and cash flow consumption, while low-tier consumers show limited acceptance of high-priced maternal and infant brands [4] - The once blue ocean of the low-tier market has turned into a red sea, with major players like JD and Alibaba aggressively competing, undermining Haipai Ke's loose network of 290,000 registered buyers [4] - The declining birth rate over the past decade has shifted the competition from incremental growth to a battle for existing market share, making further expansion risky [4] Conclusion: Survival Game in a Tight Spot - Haipai Ke's IPO represents a race against time to secure capital for restructuring its business model, but without addressing the mismatch between low-tier consumer power and high growth expectations, the company faces long-term trust issues in the capital market [6] - The essence of business returns to the ability to generate profits in the low-tier market, determining who truly deserves the title of "king of the low-tier" [6]
海拍客港股IPO困局：从百万微利坠入年亏0.8亿、负债净额高达20亿元 十年经验壁垒或正瓦解
Xin Lang Zheng Quan·2025-07-04 07:07