新股消息 | 易买工品递表港交所 位居国内聚焦FA领域的供应商首位

Company Overview - YESMRO Holdings Limited, also known as 易买工品, has submitted a listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [1] - The company is a leading provider of digital FA factory automation component procurement services in China, holding the largest market share of 8.5% in the sector focused on FA [1][4] - Established in 2016, the company aims to digitize an industry that has long relied on fragmented offline transactions, initially focusing on small clients to build an instant inventory supply chain for FA components [4] Business Model and Operations - The company leverages technology to drive its operations, with all core systems developed in-house to achieve process automation and data-driven decision-making [5] - It maintains a high inventory availability with over 81.3% in-stock rate and 96.5% on-time delivery rate, both of which are industry-leading benchmarks [5] - The business model is based on two interrelated flywheels: customer scale and stickiness, and proprietary brand and profitability enhancement [5] Financial Performance - The company reported revenues of approximately RMB 534 million, RMB 637 million, RMB 453 million, and RMB 554 million for the fiscal years 2023, 2024, and the nine months ending September 30 for 2024 and 2025, respectively [9] - Gross profits for the same periods were approximately RMB 40.68 million, RMB 46.40 million, RMB 33.92 million, and RMB 40.04 million, with corresponding gross margins of 7.6%, 7.3%, 7.5%, and 7.2% [10][11] - The company recorded annual losses of approximately RMB 402 million, RMB 680 million, RMB 450 million, and RMB 294 million for the same periods [12] Market Overview - The market for FA factory automation component procurement services in China is projected to grow from RMB 66.4 billion in 2021 to RMB 84 billion in 2024, with a compound annual growth rate (CAGR) of 8.2% [14] - The digital FA factory automation component procurement service market is expected to expand from RMB 4.6 billion in 2021 to RMB 7.6 billion in 2024, with a CAGR of approximately 18.2% [15] - The digital penetration rate of this market is anticipated to reach 9.0% by 2024, driven by ongoing investments in smart manufacturing and the increasing number of automation equipment manufacturers [15]