Workflow
博车网：事故车拍卖龙头博车网再冲港股 光环下的隐忧与挑战
Zhi Tong Cai Jing·2025-10-10 05:57

Core Viewpoint - Boche Holding Limited (博车网) has submitted a second application for an IPO on the Hong Kong Stock Exchange, highlighting its leading position in China's accident vehicle auction industry, but faces challenges due to ongoing losses and industry risks [1][2]. Company Overview - Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of 31.4% in 2024, and is also the third-largest B2B used car auction platform with a market share of approximately 12.0% [2]. - The company operates an integrated online and offline auction platform, connecting insurance companies (upstream) with certified repair shops and licensed dismantling factories (downstream) in the accident vehicle sector [2]. Financial Performance - Revenue figures for Boche Holding from 2022 to 2024 are 388.11 million RMB, 518.33 million RMB, and 526.07 million RMB, respectively, indicating a growth trend, but with a significant slowdown expected in 2024 to only 1.5% growth [3][4]. - The company recorded losses of 1.80 billion RMB, 1.22 billion RMB, and 0.36 billion RMB over the past three years, with total losses reaching 3.94 billion RMB [4][5]. - The gross profit margin has shown a downward trend, with figures of 44.4%, 49.9%, 46.4%, and 39.2% over the reporting period, indicating increasing financial pressure [5]. Market Potential - The accident vehicle auction market in China is projected to grow significantly, with an expected total auction volume of 86.7 million vehicles by 2028, reflecting a compound annual growth rate of 20.2% from 2023 to 2028 [6][7]. - Despite the growth potential, the company faces challenges in maintaining profitability amid increasing competition and the transition to electric vehicles, which require new technical capabilities [7][8]. Competitive Landscape - Boche Holding holds a leading market position with a 31.3% market share in 2023, but must navigate a competitive landscape where the largest player holds over 30% of the market [7]. - The company’s ability to convert its market position into sustainable profitability is critical for its future performance in the capital markets [8].