新股消息 | 聚水潭通过港交所聆讯 占中国电商SaaS ERP市场24.4%的份额

Core Viewpoint - Jushuitan Group Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. Industry Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, which is greater than the combined market share of the second to fifth largest competitors [3]. - The Chinese e-commerce SaaS ERP market is projected to reach RMB 3.1 billion in 2024 [3]. - In the broader e-commerce SaaS market, Jushuitan ranks first with a market share of 8.7% [3]. Company Performance - Jushuitan serves approximately 88,400 SaaS customers in 2024, significantly higher than the industry average of fewer than 20,000 customers [4]. - The company achieved a net customer revenue retention rate of 115% in 2024 [4]. - During the peak shopping period of Double 11 in 2024, Jushuitan successfully processed around 1.6 billion orders, showcasing its robust technical infrastructure [4]. Financial Metrics - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is approximately RMB 523 million, RMB 697 million, RMB 910 million, and RMB 524 million respectively [6]. - The company reported net losses of approximately RMB 5.07 billion, RMB 4.90 billion, RMB 10.58 million, and RMB 3.95 million for the same periods [6]. - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x, 7.7x, 9.3x, 7.9x, and 8.0x from 2022 to the first half of 2025, significantly above the industry average of 3x [5][6].