Core Viewpoint - The company, 聚水潭, is planning a global offering of approximately 68.17 million shares at a price of HKD 30.60 per share, with a total expected net proceeds of around HKD 1.938 billion from the offering [2][11]. Group 1: Company Overview - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on 2024 revenue, surpassing the combined market share of the second to fifth largest competitors [4]. - The company ranks first in the Chinese e-commerce SaaS market with a market share of 8.7% based on total SaaS revenue for 2024 [4]. - As of June 30, 2025, 聚水潭 serves 92,600 SaaS customers across various categories, with a net customer revenue retention rate of 115% for 2024 [4]. Group 2: Product and Services - 聚水潭's core product, 聚水潭 ERP, is designed to meet the essential needs of merchants on e-commerce platforms, allowing for easy integration and management of orders, products, and inventory [5]. - The ERP system includes key functionalities such as Order Management System (OMS), Warehouse Management System (WMS), Procurement Management System (PMS), and Distribution Management System (DMS) [6]. - The company has established a comprehensive customer service network, enhancing customer acquisition and retention, which contributes to a leading LTV/CAC ratio of 8.0 as of June 30, 2025 [8]. Group 3: Financial Performance - The total revenue and SaaS product revenue for 2024 reached CNY 910 million and CNY 1.302 billion, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [8]. - The company's gross profit for 2024 was CNY 623 million, with a gross margin of 68.5% [9]. - The net profit figures for the years 2022 to 2024 show a trend of improvement, with a net profit of CNY 10.6 million in 2024, compared to losses in previous years [9]. Group 4: Market Trends and Future Outlook - The Chinese e-commerce market is rapidly evolving, with over 27 million e-commerce merchants and online retail sales of CNY 13.9 trillion in 2024, accounting for 28.4% of total consumption [9]. - The willingness of e-commerce merchants to invest in digital solutions is increasing, with IT spending expected to grow from CNY 137.7 billion in 2024 to CNY 252.9 billion by 2029 [10]. - 聚水潭 has completed multiple rounds of financing prior to its IPO, with investors including Sequoia China and CICC Capital [10]. Group 5: Use of Proceeds - The company plans to allocate approximately 55% of the net proceeds from the global offering to enhance R&D capabilities, 25% to improve sales and marketing efforts, 10% for strategic investments, and 10% for general corporate purposes [11].
聚水潭今起招股，引入蓝湖资本、汇添富、香港景林等多家基石，预计10月21日挂牌上市