风口IPO丨负债20亿元叠加假货争议，“越卖越亏”的海拍客赴港上市能否“续命”？

Core Viewpoint - The company Haipai Ke is attempting to go public on the Hong Kong Stock Exchange amid a challenging capital market, but its financial disclosures reveal deteriorating profitability, weak market competitiveness, and a problematic business model, indicating a struggle for survival rather than a genuine value realization [2]. Financial Performance - Revenue is projected to increase from 895.3 million RMB in 2022 to 1,032.4 million RMB in 2024, but this growth is slow and may even decelerate in 2024 [4][5]. - The company is experiencing significant losses, with a profit of 1.01 million RMB in 2022 turning into a loss of 78.8 million RMB by 2024, and gross margin declining from 43.9% to 32.5% [4][5]. - The self-operated business revenue ratio reached 77.7% in 2024, indicating a reliance on low-margin models that could lead to increased inventory risks and financial strain [4]. Market Dynamics - The number of active buyers decreased from 172,000 in 2023 to 168,000 in 2024, and the total transaction volume fell from 14.9 billion RMB in 2022 to 11 billion RMB in 2024, a reduction of 26% [6]. - The company faces a significant debt burden, with net liabilities reaching 2 billion RMB by the end of 2024, primarily from convertible redeemable preferred shares [6]. Supply Chain and Product Quality Issues - Haipai Ke has faced repeated allegations of counterfeit products, with complaints from consumers regarding product authenticity and quality [9][10]. - The company relies on 153 manufacturers for its private label products, which poses risks related to quality control and supplier dependency [10]. Internal Control and Data Integrity - The company's internal controls are reportedly weak, with issues such as non-compliance in social security contributions and questionable data accuracy regarding partnerships and active users [11]. - There are concerns about the authenticity of the claimed partnerships with 150,000 stores, as some retailers have denied any collaboration [11]. Competitive Landscape - The competitive environment is intensifying, with major e-commerce platforms like Tmall and JD.com expanding into the mother and baby product market, putting pressure on Haipai Ke's market position [13]. - The company must address its ongoing issues of counterfeit products, financial losses, and high debt levels to convince investors of its long-term viability in the capital market [13].