“县城母婴之王”海拍客带病闯关

Core Viewpoint - The company Haipai Ke, a leading player in the maternal and infant industry, is facing significant challenges as it prepares for its IPO on the Hong Kong Stock Exchange, with concerns over its financial health and operational integrity [1][3][22]. Financial Performance - Haipai Ke claims to have captured 10.1% of the lower-tier market, with 290,000 maternal and infant store customers and an annual transaction volume of 8.6 billion yuan [1]. - The company has reported cumulative losses exceeding 100 million yuan over the past three years, with net liabilities surpassing 2 billion yuan [1][6]. - Revenue figures for 2022 to 2024 show a slight decline, with revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan respectively, indicating a year-on-year decrease of 3.3% in 2024 [6]. - Net profits have been negative for two consecutive years, with figures of 1.01 million yuan, -56.54 million yuan, and -78.83 million yuan [6]. Investment and Financing - The company has not secured new financing since 2020, leading to dissatisfaction among early investors, some of whom have requested to buy back shares [5][6]. - Haipai Ke's early funding success included five rounds of investment from Shunwei Capital, totaling 26.93 million USD, with a 16.43% stake [5]. - The company faces pressure from convertible preferred shares due to numerous performance guarantees, resulting in a net debt of 2 billion yuan by the end of 2024 [7]. Market Position and Strategy - Haipai Ke has strategically focused on the B2B model, targeting small maternal and infant stores in lower-tier cities, avoiding direct competition with major e-commerce players [18][19]. - The maternal and infant market is valued at over a trillion yuan, with e-commerce accounting for only 15%, while small stores represent over 50% of the market [18]. - The company has aimed to streamline the supply chain by connecting brand manufacturers, distributors, and logistics providers online, thus reducing costs for small stores [18][19]. Operational Challenges - The company faces significant trust issues, with numerous complaints regarding counterfeit products and operational integrity [2][15]. - Investigations revealed that the registration process for stores on the platform is vulnerable to manipulation, allowing non-qualifying users to register [10][14]. - The ambiguity surrounding the buyer structure on the platform raises questions about the authenticity of reported GMV data [14]. Future Outlook - The upcoming IPO is seen as a critical juncture for Haipai Ke, with the potential to convert preferred shares into common stock, alleviating some financial burdens if successful [7][22]. - However, the company must address its trust crisis, operational transparency, and financial performance to sustain its market position and growth [16][22].