Industry Overview - The Chinese logistics packaging industry is accelerating its transition 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 yuan in 2024 and further grow to 89.6 billion yuan by 2030 [1]. Company Profile - Youlesai, established in 2016, is the second-largest provider of circular packaging services in China, focusing on the automotive sector. The company's core business includes container services and container sales, with container services accounting for over 80% of its revenue [2][6]. Business Segments - The container services segment includes shared operation services, leasing services, and other value-added services. Shared operation services provide comprehensive solutions for standardized circular containers, while leasing services offer fixed-term rentals [2][4]. - Container sales target customers with logistics capabilities and procurement needs, generating revenue of 66.49 million yuan in the first eight months of 2025, accounting for 12.5% of total revenue [4]. Financial Performance - Revenue has shown stable growth, increasing from 648 million yuan in 2022 to an estimated 838 million yuan in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million yuan, a year-on-year increase of 5.1% [13]. - The gross profit margin has improved from 19.7% in 2022 to 22% in 2024, with a gross profit of 184.14 million yuan in 2024. However, net profit has shown a declining trend, with 26.89 million yuan reported in the first eight months of 2025, down 12.5% year-on-year [16][18]. Market Position - Youlesai holds a market share of 1.5% in the circular packaging service market and ranks first in the automotive shared operation service market with an 8.2% market share [6][7]. Operational Efficiency - The company 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][10]. Customer Base - Youlesai's customer base includes 128 major clients contributing 89.9% of total sales, with the top five clients accounting for 26.5% of revenue. The company has maintained a relatively stable relationship with its clients [10][12]. Future Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The company plans to use IPO proceeds to enhance digital systems, expand overseas, and optimize its service network [22][26].
应收账款占营收比重超60%，优乐赛如何讲好循环包装故事？
Zhi Tong Cai Jing·2026-01-01 04:24