小鹅通，拟赴港IPO

Core Viewpoint - Xiaoe Inc. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on private domain operations and offering a comprehensive solution that includes e-commerce, digital marketing, and CRM [1][2] Group 1: Company Overview - Xiaoe Inc. is a leading product-driven SaaS solution provider in the private domain operation sector, enabling businesses to build, operate, and expand their decentralized e-commerce infrastructure [2] - The company has reported continuous losses in recent years, with revenues of approximately 299 million yuan, 415 million yuan, 521 million yuan, and 306 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods were approximately -34 million yuan, -37.048 million yuan, -15.083 million yuan, and -5.824 million yuan [2] Group 2: Market Position and Growth Potential - According to a report by ZhiShi Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on projected revenue for 2024 [2] - The market size for private domain operation solutions in China is expected to grow from 11.9 billion yuan in 2024 to 25.8 billion yuan in 2029, with a compound annual growth rate (CAGR) of 16.7% [3] - The interactive private domain operation solution market is projected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan in 2029, with an accelerated CAGR of 21.6% [3] Group 3: Supplier and Customer Dynamics - The largest single supplier for Xiaoe Inc. is an affiliate of Tencent Group, from which the company primarily procures cloud resources [4] - Revenue from the top five customers accounted for 1.7%, 2.5%, 2.7%, and 1.8% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [3] - The company’s procurement from the top five suppliers represented 61.8%, 62.6%, 64.7%, and 66.9% of total procurement in the same periods, with the largest supplier accounting for 47.6%, 41.7%, 39.2%, and 42.8% of total procurement [3] Group 4: Strategic Initiatives - Xiaoe Inc. aims to optimize its solutions and enrich user scenarios, drive technological innovation, enhance customer loyalty, expand its key customer base, and seek strategic partnerships, investments, and acquisitions [4]