易买工品港股IPO：三年半未获新融资，2025年前9月收入增长22%、亏损收窄

Core Viewpoint - YESMRO Holdings Limited, also known as "易买工品," has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [2]. Company Overview - Established in 2016, YESMRO is a leading provider of digital FA factory automation components in China, focusing on digital transformation in an industry traditionally reliant on decentralized offline transactions [2]. - According to Zhaoshang Consulting, YESMRO holds the top position in China's digital FA factory automation component procurement service market, with a market share of 8.5% as of 2024 [2]. Client Base and Retention - The company has served over 24,000 different automation equipment manufacturers across various industries [2]. - Customer retention rates for the nine months ending September 30 in 2023, 2024, and 2025 were 67.3%, 70.9%, and 73.3%, respectively [2]. Financial Performance - For the nine months ending September 30 in 2023, 2024, and 2025, YESMRO reported revenues of RMB 533.802 million, RMB 636.527 million, and RMB 553.709 million, respectively [4][5]. - Gross profits for the same periods were RMB 40.680 million, RMB 46.398 million, and RMB 40.040 million, respectively [4][5]. - The company incurred losses of RMB 401.986 million, RMB 679.828 million, and RMB 293.883 million for the same periods [4][5]. Recent Financing and Valuation - The latest financing round for YESMRO occurred in September 2022, with a valuation of USD 251 million at that time [3]. Voting Structure - Prior to the IPO, YESMRO adopted a weighted voting rights structure, where each B-class share carries 9 votes and each A-class share carries 1 vote. The major shareholder, Zhu Hongtao, holds 15.50% of the shares but controls 62.28% of the voting rights through Better Man Holdings [6].