沃客非凡，拟港股IPO

Core Viewpoint - WoKe FeiFan Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on cross-border new retail in Southeast Asia, particularly in 3C accessories, small home appliances, and home improvement materials [1] Group 1: Business Overview - WoKe FeiFan is a cross-border new retail enterprise with a core focus on full-chain digital capabilities, targeting the Southeast Asian market [1] - The company aims to establish influential product brands and a supply chain ecosystem in Southeast Asia through an efficient cross-border retail platform and digital retail operations [2] - Core products include 3C accessories such as power banks, charging cables, and Bluetooth speakers, as well as small appliances like blenders, ovens, and air fryers [2] Group 2: Market Position and Financial Performance - As of September 30, 2025, WoKe FeiFan's platform connects over 40,000 small and medium-sized retail enterprises, positioning it as a leading cross-border brand owner in Indonesia for 3C accessories and small home appliances [2] - According to Frost & Sullivan, WoKe FeiFan ranks first among Chinese cross-border companies in the 3C accessories category and sixth in the small appliances category in Indonesia based on retail sales value for 2024 [2] - The company reported revenues of 908 million yuan, 1.049 billion yuan, and 881 million yuan for the years 2023, 2024, and the first three quarters of 2025, with gross profits of 305 million yuan, 373 million yuan, and 325 million yuan, respectively, and gross margins of 33.6%, 35.6%, and 36.9% [2] Group 3: Market Dependency and Growth Strategy - Indonesia is the largest and most strategically significant market for WoKe FeiFan, with sales from this market accounting for 95.9%, 95.8%, and 94.1% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [3] - The company acknowledges that its revenue is highly dependent on Indonesia, and any adverse changes in this market could significantly impact its business operations and financial condition [3] - Future growth is contingent on deepening market penetration in existing regions and expanding into new Southeast Asian markets, primarily through an expanded sales and distribution network [3]