Core Viewpoint - 聚水潭集团股份有限公司 is the largest e-commerce SaaS ERP provider in China, holding a significant market share and demonstrating strong growth potential in the e-commerce SaaS sector [3][4]. Company Overview - 聚水潭 is set to list on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. - The company has developed cloud-based e-commerce SaaS products that connect merchants to over 400 e-commerce platforms, surpassing the industry average of fewer than 200 connections [4]. Market Position - In 2024, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market, which is projected to reach RMB 3.1 billion [3]. - The company ranks first in the e-commerce SaaS market with an 8.7% share based on total SaaS revenue [3]. Customer Base and Retention - By 2024, 聚水潭 serves approximately 88,400 SaaS customers, significantly higher than the industry average of fewer than 20,000 [4]. - The company boasts a net customer revenue retention rate of 115% for 2024 [4]. Financial Performance - Revenue figures for the company are as follows: RMB 523 million in 2022, RMB 697 million in 2023, RMB 910 million in 2024, and RMB 524 million for the six months ending June 30, 2025 [6]. - The company reported a net loss of RMB 5.07 billion in 2022, narrowing to RMB 395.44 million in the six months ending June 30, 2025 [6]. Efficiency Metrics - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, is significantly above the industry average of 3x, with ratios of 6.2x in 2022, 7.7x in 2023, and 9.3x in 2024 [5][6]. - Customers purchasing multiple products from 聚水潭 contributed 30.6% of total SaaS revenue in 2022, increasing to 39.3% by mid-2025 [6].
聚水潭通过港交所聆讯 占中国电商SaaS ERP市场24.4%的份额
Zhi Tong Cai Jing·2025-09-29 22:52