沃客非凡递表港交所，业绩稳步上升，高度依赖印尼市场，经营现金流下降两成

Core Viewpoint - Shenzhen Wokefei Technology Co., Ltd. is focusing on the Southeast Asian cross-border new retail market and has submitted an application for a Hong Kong IPO, with a primary market focus on Indonesia and strategic expansion into Vietnam, Thailand, and the Philippines [1] Financial Performance - The company reported revenues of RMB 908 million, RMB 1.049 billion, and RMB 880 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively, with net profits of RMB 18.319 million, RMB 20.353 million, and RMB 41.652 million for the same periods [1] - Gross margins for the same periods were 33.6%, 35.6%, and 36.9%, while net margins were 2.0%, 1.9%, and 4.7%, with adjusted net margins of 5.15%, 7.53%, and 7.09% [1] Product Structure - 3C accessories are the core revenue source, contributing 71.7% of revenue in 2024, making the company the top Chinese cross-border 3C accessory provider in Indonesia [2] Market Dependency - The company heavily relies on the Indonesian market, with revenue contributions from Indonesia accounting for 95.9%, 95.8%, and 94.1% in 2023, 2024, and the first nine months of 2025, respectively [2] Regulatory Risks - The company acknowledges potential risks from regulatory changes in Indonesia, including import certification requirements and social media sales restrictions, which could increase compliance costs or limit sales activities [2] Governance and Compliance Issues - There are governance concerns regarding some leased properties with ownership defects and past issues with insufficient social insurance and housing fund contributions for employees [2] Liquidity and Currency Risks - As of September 30, 2025, the company recorded net current liabilities of RMB 102 million, with short-term liquidity risks needing attention despite potential conversion to net current assets post-IPO [3] - The company faces foreign exchange losses due to cross-border transactions primarily settled in foreign currencies while procurement is mainly in RMB, impacting profitability [3] - Cash generated from operating activities for the first nine months of 2025 was RMB 47.6 million, a 21.8% decrease from RMB 60.9 million in the same period of 2024 [3]