易买工品 YESMRO，递交IPO招股书，拟赴香港上市，农银国际独家保荐

Core Viewpoint - YESMRO Holdings Limited, also known as 易买工品, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board [1] Business Overview - Established in 2016, 易买工品 is a leading provider of digital factory automation components in China, leveraging its digital infrastructure and data insights to offer a comprehensive range of third-party and proprietary brand products [3] - The company holds the top position in China's digital factory automation component procurement market with a market share of 8.5% based on projected 2024 revenues [3] Business Model - 易买工品's operations are driven by technology, with all core systems developed in-house to enable process automation and data-driven decision-making [5] - The company has served over 24,000 automation equipment manufacturers and partnered with approximately 2,500 suppliers and over 800 brands [5] - As of September 30, 2025, the company's proprietary brand products cover over 837,000 stock-keeping units (SKUs) [5] - The business model is based on two interconnected flywheels: customer scale and stickiness, and proprietary brand and profitability enhancement [5] Product Offering - 易买工品 provides a wide range of factory automation components essential for the precise and efficient operation of manufacturing systems, minimizing manual intervention [5] - The product portfolio includes over 3.6 million available SKUs across seven major categories: industrial control, low-voltage control, sensors, pneumatic components, mechanical parts, electrical accessories, and factory consumables [5] Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2025, 易买工品 reported revenues of RMB 533.8 million, RMB 636.5 million, and RMB 553.7 million respectively, with corresponding net losses of RMB 402 million, RMB 680 million, and RMB 294 million [13] - Adjusted net losses for the same periods were RMB 39 million, RMB 28 million, and RMB 12 million respectively [13] Shareholder Structure - The company employs a weighted voting rights structure, with Class B shares granting 9 votes per share and Class A shares granting 1 vote per share [8] - The largest shareholder,朱洪涛, holds 15.50% of the shares but commands 62.28% of the voting rights [8] Board of Directors - The board consists of 7 members, including 4 executive directors and 3 independent non-executive directors [11] - Key executives include the founder and CEO 朱洪涛, along with other senior management responsible for product development, human resources, and supply chain [12]