新股前瞻|应收账款占营收比重超60%，优乐赛如何讲好循环包装故事？

Core Insights - The Chinese logistics packaging industry is rapidly transitioning from single-use packaging to circular and sustainable models, driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion RMB in 2024 and further grow to 89.6 billion RMB by 2030 [1] - Youlesai, a leading provider of circular packaging services in the automotive sector, has submitted its listing application to the Hong Kong Stock Exchange, with the funds raised aimed at enhancing digital systems, expanding overseas, and developing a national service network [1][26] - Despite industry growth, Youlesai faces challenges such as high customer concentration, large accounts receivable with slow turnover, and cost fluctuations that require investor attention [1] Company Overview - Youlesai, established in 2016, focuses on providing circular packaging solutions for automotive parts manufacturers and OEMs. Its core business includes container services and container sales, with container services accounting for over 80% of revenue [2] - The container services segment offers comprehensive solutions, including shared operations, leasing, and value-added services, while container sales target customers with logistics capabilities and procurement needs [4] Financial Performance - Youlesai's revenue has shown stable growth, increasing from 648 million RMB in 2022 to an estimated 838 million RMB in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million RMB, a year-on-year increase of 5.1% [13] - The company reported a net profit of 64.15 million RMB in 2023, a 105.6% increase year-on-year, but net profit has since declined, with 26.89 million RMB reported in the first eight months of 2025, a 12.5% decrease [16] Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China, holding a market share of 1.5%. It ranks first in the automotive shared operations service market with an 8.2% market share [6][7] Operational Efficiency - Youlesai has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8] - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6] Customer Base - The company has a stable customer base, primarily consisting of traditional and new energy automotive parts manufacturers and OEMs, with 128 major customers contributing 89.9% of total sales as of August 31, 2025 [10][12] Challenges - Youlesai's accounts receivable have remained high, with over 60% of revenue in 2025 attributed to accounts receivable. The average collection period has been around 168 days [18][19] - The company's cost structure is under pressure, with transportation costs constituting a significant portion of total sales costs, influenced by external factors such as fuel prices and labor costs [16][18] Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The automotive industry's shift towards new energy and intelligent solutions further enhances the need for safe and adaptable packaging [22] - The funds raised from the upcoming IPO will support Youlesai's strategic initiatives, including digital system upgrades, overseas expansion, and network optimization, positioning the company to capitalize on industry growth [26]