私域SaaS龙头小鹅通赴港IPO：上半年营收3亿未盈利，关键客户1838家

Core Insights - Xiaoe Inc. (小鹅通) has submitted its prospectus to the Hong Kong Stock Exchange, with CICC as the sole sponsor [2] - The company is a product-driven SaaS solution provider in the private domain operation sector, enabling businesses to build, operate, and expand their decentralized e-commerce infrastructure [2] - Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on revenue projections for 2024, and is the fastest-growing among the top five private domain operation solution providers during the historical performance period [2] Financial Performance - Xiaoe Inc. reported revenues of RMB 299 million, RMB 415 million, and RMB 521 million for the years 2022, 2023, and 2024 respectively, with losses of RMB 33.99 million, RMB 37.05 million, and RMB 15.08 million for the same years [3] - In the first half of 2025, the company achieved revenue of RMB 306 million, representing a year-on-year growth of 26.3%, with a loss of RMB 5.82 million compared to a loss of RMB 7.73 million in the same period last year [2] Key Metrics - The total gross merchandise volume facilitated by the company's one-stop solution was RMB 10.12 billion, RMB 15.23 billion, and RMB 20.97 billion for the years 2022, 2023, and 2024 respectively [5] - The number of key customers increased from 266 in 2022 to 1,421 in 2024, with average revenue per key customer rising from RMB 77,700 to RMB 111,600 during the same period [5] - The revenue contribution from key customers increased from 7.1% in 2022 to 29.9% in 2024, while the net revenue retention rate was 115.9%, 128.4%, and 117.0% for the years 2022, 2023, and 2024 respectively [5]