优乐赛，三度递表港交所

Core Viewpoint - Suzhou Youlesai Shared Service Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, following previous submissions that expired due to the expiration of application materials [1] Group 1: Company Overview - Youlesai, established in 2016, is a leading integrated circular packaging service provider in China, primarily serving the automotive industry [2] - According to Frost & Sullivan, Youlesai ranks as the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operation service market, with market shares of 6.4%, 2.4%, and 1% in circular packaging services, shared operation services, and automotive shared operation services, respectively, based on 2024 revenue [2] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first eight months of 2025 were 648 million, 794 million, 838 million, and 533 million yuan, respectively, with gross profits of 127 million, 170 million, 184 million, and 111 million yuan [2] - Net profits for the same periods were 31.21 million, 64.14 million, 50.74 million, and 26.89 million yuan, with gross profit margins of 19.7%, 21.4%, 22%, and 20.8% [2] - Accounts receivable and notes receivable were 311 million, 361 million, 382 million, and 325 million yuan for the respective years, with turnover days of 168.3, 159.9, 167.9, and 167.8 days [2] Group 3: Compliance Issues - The company has highlighted that it has not fully paid social insurance and housing provident fund for some employees, with cumulative unpaid amounts of 3.1 million, 2.8 million, 2.2 million, and 2.5 million yuan for the years 2022, 2023, 2024, and the first eight months of 2025 [3] Group 4: Market Competition - The logistics packaging solution market in China is highly competitive, with over 3,500 companies, and the market size is projected to reach 118.7 billion USD in 2024 [4] - The top five players in the market hold only 4.7% of the market share, with the largest player having a market share of 1.5% [4] - Youlesai's customer retention rates have declined significantly, from 75.8% in 2022 to 64.9% in the first eight months of 2025, indicating increasing competition [5]