一图解码：沃客非凡赴港IPO 深耕东南亚跨境零售市场 业绩稳增

Core Viewpoint - Wokefei has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, focusing on cross-border new retail in Southeast Asia, particularly in Indonesia, while also expanding into Vietnam, Thailand, and the Philippines [3][4][6]. Company Overview - Wokefei is a cross-border new retail enterprise with a core focus on full-chain digital capabilities, aiming to establish influential product brands and supply chain ecosystems in Southeast Asia [6][8]. - The company has become a leading owner of 3C accessories and small home appliances brands based in China, driven by a clear strategy for global expansion [6][8]. Market Focus - Indonesia remains the core market for Wokefei, with strategic expansions into Vietnam, Thailand, and the Philippines, focusing on sales of 3C accessories, small appliances, and home improvement materials [8][10]. - Wokefei combines its own brands with partner brands to provide high-cost performance products to SMR and end consumers in these countries [8][10]. Financial Performance - For the nine months ending September 30, 2025, Wokefei reported revenue of approximately 880 million RMB, a year-on-year increase of about 17.6%, and a net profit of approximately 41.65 million RMB, up 25.8% year-on-year [3][18][19]. Use of Proceeds - The net proceeds from the IPO are planned to be used for enhancing supply chain warehousing and logistics networks, expanding marketing and channel networks, increasing brand influence, digital upgrades, establishing localized teams and talent training, and general working capital [4][5]. Competitive Advantages - Wokefei has established a comprehensive competitive edge through its "brand + digitalization + supply chain" model, supported by a self-operated logistics network and localized operational teams [9][20]. - The company has built a strong brand presence in Indonesia with its own brands, including VIVAN, ROBOT, and SAMONO, which align well with local market characteristics [10][12]. E-commerce Strategy - Wokefei operates on major e-commerce platforms like Shopee and Tokopedia, and has also leveraged live-streaming platforms such as TikTok to enhance product sales, covering four countries with a network of over 100,000 KOL creators [15][17].