三年半累计亏损近9200万，小鹅通仍冲港股IPO

Core Viewpoint - Xiaoe Technology has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first "private domain SaaS stock" despite facing challenges such as continuous losses, supplier dependence, and compliance risks [2][11]. Group 1: Company Overview - Founded in 2015, Xiaoe Technology quickly capitalized on the knowledge payment trend, evolving from a tool provider to a comprehensive SaaS solution covering e-commerce, digital marketing, and CRM [3]. - As of 2024, Xiaoe Technology ranks first among interactive private domain operation solution providers in China, with a market share of 4.4% and the fastest revenue growth among the top five providers from 2022 to 2024 [3]. Group 2: Financial Performance - Revenue from 2022 to 2024 was 299 million RMB, 415 million RMB, and 521 million RMB, with a compound annual growth rate (CAGR) of 32.0%. In the first half of 2025, revenue reached 306 million RMB, a year-on-year increase of 26.4% [5]. - Gross profit for the same period was 162 million RMB, 300 million RMB, and 389 million RMB, with a CAGR of 54.9%. The gross margin improved from 54.3% in 2022 to 75.5% in the first half of 2025 [5]. - Despite revenue growth, Xiaoe Technology reported losses of 34 million RMB, 37 million RMB, and 15 million RMB from 2022 to 2024, with a cumulative loss of nearly 92 million RMB over three and a half years [7][9]. Group 3: Customer and Market Dynamics - As of June 30, 2025, Xiaoe Technology had 1,838 key customers, with average revenue per key customer increasing from 77,700 RMB in 2022 to 128,200 RMB in the first half of 2025 [6]. - The contribution of key customers to revenue rose from 7.1% to 38.1% from 2022 to 2025, indicating a growing reliance on a concentrated customer base [6]. Group 4: Risks and Challenges - Xiaoe Technology's financial health is under pressure due to significant liabilities, with total current liabilities increasing from 2.26 billion RMB in 2022 to 2.44 billion RMB in 2024, while current assets remained low [9][10]. - The company is heavily reliant on Tencent, which holds a 16.82% stake and is both a major supplier and customer, raising concerns about potential impacts on operations if Tencent alters its business strategy [11]. - Compliance risks are significant, as the company has faced regulatory scrutiny due to issues like false advertising and infringement by merchants on its platform, which could harm its reputation and customer retention [12]. Group 5: Industry Context - The private domain SaaS market in China is projected to grow from 11.9 billion RMB in 2024 to 25.8 billion RMB by 2029, with a CAGR of 16.7% [13]. - The competitive landscape includes established players like Youzan and Weimob, as well as tech giants like Alibaba and Tencent, intensifying the pressure on Xiaoe Technology to maintain its market position [13]. Group 6: Future Outlook - Xiaoe Technology's IPO is seen as a critical move for securing funding for research and market expansion, but concerns about its ability to achieve sustainable profitability remain [14]. - The company must address its supplier dependence and compliance issues to enhance its financial stability and attract long-term investor interest post-IPO [14].