新股前瞻|海拍客：十年下沉市场深耕，能破业绩亏损“围城”？

Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is officially entering the Hong Kong stock market, focusing on the family care and nutrition products sector, aiming to optimize consumer experience and drive consumption upgrades in lower-tier markets [1][16]. Company Overview - Established in 2015, Haipai Ke integrates the supply chain for family care and nutrition products, providing a comprehensive service platform for enterprise clients [1]. - The company is projected to become the largest trading and service platform in China's lower-tier market for family care and nutrition products, with a market share of 10.1% by 2024 [1][2]. Business Model - Haipai Ke operates a light-asset model, connecting over 4,200 suppliers with approximately 290,000 registered buyers across 31 provinces and regions in China [3]. - The revenue structure consists of two main segments: self-operated business (77.7% of revenue in 2024) and digital platform business (22.2% of revenue in 2024) [3]. Financial Performance - Revenue figures for Haipai Ke from 2022 to 2024 are projected at 895 million, 1.067 billion, and 1.032 billion RMB respectively, indicating a short-term growth bottleneck [6][7]. - The company experienced a shift from profit in 2022 (1.012 million RMB) to losses in 2023 (56.54 million RMB) and further losses in 2024 (78.83 million RMB) [8][9]. Profitability Challenges - The gross margin has been declining, with rates of 43.9%, 37.6%, and 32.5% from 2022 to 2024, primarily due to the lower margins associated with self-operated business [8][9]. - The self-operated business's revenue share increased significantly, but its gross margin remains low, with the basic self-operated business gross margin at only 7.4% in 2024 [8][9]. Market Outlook - The family care and nutrition products market in lower-tier cities is expected to grow, with a projected market size increase from 673 billion RMB in 2019 to 857 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 4.9% [14]. - By 2029, the market size is anticipated to reach 1,258 billion RMB, with a CAGR of 8% from 2024 to 2029 [14]. Strategic Initiatives - To address operational pressures, Haipai Ke is focusing on reducing marketing investments in non-core sales channels and optimizing its inventory mix [13]. - The company has developed 92 proprietary brands and established partnerships with 153 manufacturers, with proprietary brand business gross margins reaching 36.5% in 2024 [13]. Future Prospects - The upcoming IPO is seen as a critical opportunity for Haipai Ke to alleviate financial difficulties and optimize its business structure [16]. - Long-term success will depend on balancing business scale with profitability, optimizing the asset-liability structure, and enhancing supply chain efficiency [17].