“事故车拍卖一哥”冲刺港股！博车网盈利谜题：越卖越亏？3亿商誉压顶！

Core Viewpoint - Boche Holding Limited (博车网) has re-submitted its IPO application to the Hong Kong Stock Exchange after a seven-month hiatus, with Citic Securities and Fosun International Capital as joint sponsors. The company is the largest accident vehicle auction platform in China, but it has faced significant financial losses and challenges in revenue growth [1][3][4]. Company Overview - Established in 2014, Boche Holding Limited operates a B2B auction platform for various types of vehicles, including accident cars, used cars, dismantled cars, and parts. It sources vehicles from insurance companies, car rental companies, automotive finance companies, and 4S dealerships [3]. - According to data from Zhaosheng Consulting, Boche Holding is ranked first in China's accident vehicle auction industry with a market share of approximately 31.4% based on transaction volume in 2024. It ranks third in the B2B used car auction sector with a market share of about 12.0% [3]. Financial Performance - The company's revenue for the years 2022 to 2024 and the first seven months of 2025 was reported as follows: 388.11 million RMB, 518.33 million RMB, 526.07 million RMB, and 291.44 million RMB, respectively. The revenue growth rate for 2023 was 33.5%, but it is expected to slow to 1.5% in 2024 [4][5]. - The gross profit margins during the reporting period were 44.4%, 49.9%, 46.4%, and 39.2%, indicating a downward trend [4]. - The company has recorded losses of 180.25 million RMB, 121.47 million RMB, 36.44 million RMB, and 55.60 million RMB over the same periods, totaling approximately 394 million RMB in losses over three years and seven months [4][5]. Adjusted Profitability - Boche Holding reported adjusted net profits of 11 million RMB, 42 million RMB, 51 million RMB, and 27 million RMB during the reporting period, excluding non-cash items such as changes in the fair value of financial instruments and share-based payments. However, the actual profitability remains in question [6]. Market Dynamics - The core business of accident vehicle auctions and related services accounted for 52.5% of the company's revenue in 2024. The auction volume of accident vehicles increased by 72% from 68,000 units in 2022 to 117,000 units in 2024, but the average price per vehicle decreased from 42,700 RMB to 37,600 RMB [6]. - The company faces high current liabilities, with a net current liability of 1.721 billion RMB as of July 31, 2025, primarily due to financial instruments issued to preferred shareholders [6]. Goodwill and Shareholding Structure - As of July 30, 2025, the goodwill on the company's balance sheet was valued at 295 million RMB, representing 36% of the total assets. Future performance below expectations may lead to impairment [7]. - The largest shareholder, founder Chen Jianpeng, holds 25.53% of the shares, with institutional investors such as Fosun International and China Ping An following [7]. Compliance Issues - The company has reported deficiencies in social insurance and housing fund contributions during the reporting period, with shortfalls of 8.6 million RMB, 7.9 million RMB, 8.9 million RMB, and 6.5 million RMB for social insurance, and 1.5 million RMB, 0.9 million RMB, 0.2 million RMB, and 0.2 million RMB for housing funds [8].