估值涨109倍！雷军控制公司参股！IPO屡败屡战！

Company Overview - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as "Haishangxian") has re-submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with Sunny Fortune as the exclusive sponsor, following the expiration of its previous application on June 12, 2024 [1] - Established in 2015, Haishangxian is a major supplier of digital solutions and services for the marine fishery industry in China, having launched the HSX APP, which has evolved into a data-driven B2B marine fishery market platform [2] Business Model and Services - The HSX APP connects fishermen, seafood processors, traders, and fishmongers, providing real-time access to market trends, catch data, and weather conditions, while facilitating B2B seafood commerce, fuel supply, cold chain logistics, and other auxiliary services [2] - Initially focused on seafood order matching services, Haishangxian shifted its focus to self-operated seafood sales in November 2023, directly negotiating prices with fishermen and establishing sales contracts [4] - The company is located near Zhoushan Port, the largest bonded fuel port in China, and is involved in wholesale sales of marine fuel to small and medium-sized fishing vessels [4] Financial Performance - From 2022 to 2024, Haishangxian reported revenues of 1.427 billion yuan, 914 million yuan, and 1.006 billion yuan, with net profits of 34.12 million yuan, 35.80 million yuan, and 43.86 million yuan, indicating fluctuating revenues but consistent profit growth [5] - In the first eight months of 2025, the company achieved revenue of 579 million yuan, a year-on-year decrease of 7.66%, while net profit reached 38.43 million yuan, a significant increase of 897.48% [5] - The main business of seafood B2B commerce generated 514 million yuan, accounting for 88.6% of total revenue, with squid sales contributing 87.3% of the self-operated seafood business revenue [6] Market Context - The marine fishery industry in China is expected to grow at a compound annual growth rate of approximately 2.9%, reaching around 40.2 million tons by 2029, despite facing challenges such as information asymmetry, low process efficiency, and resource wastage [3] - Digital transformation is deemed essential for marine fishery enterprises to enhance supply chain efficiency, optimize resources, and achieve sustainable growth [3] Shareholding Structure - The company's executive director and chairman, Ye Ning, holds 18.39% of the shares, with additional holdings through controlled entities totaling 28.15% [7] - Other significant shareholders include Zhuoer Zhiliang with 18.21% and Hangzhou Shunying, controlled by Lei Jun, with 10.66% [7]