雷军、吴泳铭，押注这个卖海鲜的85后

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as "Haishangxian") is set to become the first seafood B2B company listed on the Hong Kong Stock Exchange, with a significant valuation increase and a diverse business model focused on seafood sales and services [2][4]. Company Overview - Haishangxian submitted its listing application to the Hong Kong Stock Exchange, with SUNNY FORTUNE as the sole sponsor [2]. - The company has achieved over a hundredfold increase in valuation within seven years, attracting major investments from Xiaomi and Alibaba [4][8]. Business Model and Operations - Founded by Ye Ning, Haishangxian initially focused on providing communication solutions for fishing vessels but has since transformed into a comprehensive seafood B2B trading platform through the HSX APP [5][6]. - The company has diversified its operations to include seafood sales, fuel sales, maritime communication, and supply chain management, with seafood B2B business accounting for 88.6% of revenue in the first eight months of 2025 [5][6]. Financial Performance - Haishangxian's revenue showed fluctuations, with figures of 1.427 billion, 914 million, and 1 billion yuan from 2022 to 2024, while profits increased from 34.12 million to 43.87 million yuan during the same period [7]. - In the first eight months of 2025, revenue was 579 million yuan, a 7.7% decrease from the previous year, but adjusted net profit surged by 897.5% to 45.2 million yuan, partly supported by government subsidies [7]. - Customer concentration has increased, with the top five customers contributing 60.3% of revenue in the first eight months of 2025, up from 42.0% in 2022 [7]. Investment and Shareholding - Haishangxian has completed six rounds of financing since its inception, with a valuation increase from 1.3999 million yuan in 2015 to approximately 1.531 billion yuan in 2022, marking a growth of about 109 times [8]. - Notable investors include entities linked to Xiaomi and Alibaba, with significant stakes held by external shareholders such as Zhuoer Zhili and Hangzhou Shunying [9][11].