新股消息 | 聚水潭通過港交所聆訊 佔中國電商SaaS ERP市場24.4%的份額

Core Viewpoint - The company, 聚水潭, is set to go public on the Hong Kong Stock Exchange, with CICC and JPMorgan acting as joint sponsors [1] Group 1: Market Position and Size - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024, which is greater than the combined market share of the second to fifth largest competitors [3] - The total size of the Chinese e-commerce SaaS ERP market is projected to be RMB 3.1 billion in 2024 [3] - In the broader e-commerce SaaS market, 聚水潭 ranks first with a market share of 8.7% [3] Group 2: Product and Technology - The company has developed a cloud-based e-commerce SaaS product that connects merchants to over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [4] - 聚水潭 serves approximately 88,400 SaaS customers in 2024, while the industry average is under 20,000 customers [4] - The company achieved a net customer revenue retention rate of 115% in 2024 [4] Group 3: Financial Performance - Revenue figures for 聚水潭 are as follows: RMB 523 million in 2022, RMB 697 million in 2023, and projected RMB 910 million in 2024 [6] - The company reported a net loss of approximately RMB 507 million in 2022, RMB 490 million in 2023, and a smaller loss of RMB 39.5 million for the six months ending June 30, 2025 [6][7] - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x in 2022, increasing to 9.3x in 2024, significantly above the industry average of 3x [6] Group 4: Customer Acquisition and Retention - The company has established a nationwide customer service network, which is considered a core capability for efficiently acquiring and retaining customers [5] - The LTV/CAC ratio indicates strong unit economics and customer acquisition efficiency, with a notable increase in the percentage of customers purchasing multiple products from 聚水潭, contributing to 39.3% of total SaaS revenue by 2025 [6]