海拍客赴港上市,手握29万家母婴店,仍未盈利;买家流失,VC撤资,母婴中间商模式承压

Core Viewpoint - Hai Paike, a B2B e-commerce platform focused on maternal and infant products, has submitted its listing application to the Hong Kong Stock Exchange amid declining business performance, buyer loss, and a looming redemption crisis due to a net debt of 2 billion RMB [2][16]. Company Overview - Hai Paike connects 4,200 suppliers with 290,000 offline maternal and infant stores, operating as an intermediary platform that allows store owners to place orders via its app [4][6]. - The company generates revenue primarily through commission from suppliers and service fees for promotional activities, with its digital platform business showing a decline in revenue from 354 million RMB in 2022 to 229 million RMB in 2024 [4][5]. Financial Performance - The digital platform business's revenue share has decreased from 39.5% in 2022 to 22.2% in 2024, indicating a significant drop in its revenue-generating capability [5]. - Self-operated business has become the main revenue source, with revenues increasing from 540 million RMB in 2022 to 802 million RMB in 2024, although the gross margin has remained low at around 6.8% [9][10]. Market Challenges - The decline in newborn numbers in China, from 14.65 million in 2019 to 9.54 million in 2024, has intensified pressure on offline maternal and infant stores, which directly impacts Hai Paike's business model [7]. - The company faces fierce competition from major e-commerce platforms like Tmall, JD.com, and Pinduoduo, which allow consumers to purchase directly from suppliers, bypassing the need for intermediaries like Hai Paike [6][7]. Buyer and Revenue Trends - The number of core buyers has decreased from 103,500 in 2022 to 93,800 in 2024, with transaction volume shrinking from 14.935 billion RMB to 10.966 billion RMB during the same period [11]. - Revenue from self-owned brands has also declined, with transaction amounts dropping from 275 million RMB in 2022 to 199 million RMB in 2024 [12]. Investment and Financial Struggles - Hai Paike reported a profit of only 1.012 million RMB in 2022, followed by losses of 56.54 million RMB in 2023 and 78.825 million RMB in 2024, indicating ongoing financial difficulties [13]. - The company has faced pressure from venture capitalists, leading to a need to redeem preferred shares at a cost of 110 million USD in 2024 and 240 million USD in 2025 [15]. Debt Situation - As of the end of 2024, Hai Paike's net debt reached 2 billion RMB, raising concerns about its financial health and the potential for the upcoming IPO to serve as a lifeline [16].