优乐赛共享于2月27日至3月4日招股，拟全球发售2033.6万股H股

Core Viewpoint - The company, Youlesai Shared (02649), is set to launch an IPO from February 27 to March 4, 2026, aiming to issue 20.336 million H-shares, with a maximum offer price of HKD 14 per share, and is primarily focused on providing circular packaging services to the automotive industry [1][2]. Group 1: Company Overview - Youlesai Shared is a leading provider of circular packaging services in China, specializing in shared operations for automotive parts manufacturers and OEMs [1]. - The company manages the storage, distribution, cleaning, and maintenance of circular packaging items such as pallets and containers through third-party logistics providers [1]. Group 2: Market Position - According to Frost & Sullivan, Youlesai Shared is the second-largest provider of circular packaging services in China, holding a market share of 1.5%, and is the largest provider in the automotive shared operations market with a market share of 8.2% [1]. - In 2024, circular packaging services, shared operations services, and automotive shared operations services are expected to account for 6.4%, 2.4%, and 1.0% of China's overall logistics packaging solutions market, respectively [1]. Group 3: Financial Performance - The company's revenue has shown stable growth, increasing from RMB 648 million for the year ending December 31, 2022, to RMB 794 million for the year ending December 31, 2023, and further to RMB 838 million for the year ending December 31, 2024, reflecting a compound annual growth rate of 13.7% [2]. - For the eight months ending August 31, 2024, the revenue was RMB 507 million, which is projected to increase to RMB 533 million for the same period in 2025 [2]. Group 4: Use of IPO Proceeds - Assuming the over-allotment option is not exercised and the offer price is HKD 12.5 per share, the net proceeds from the global offering are estimated to be approximately HKD 204.8 million [2]. - The allocation of the proceeds includes approximately 25% for enhancing and upgrading digital systems and platforms, 25% for advancing overseas expansion, 20% for expanding the service network nationwide, 20% for acquisitions to extend service applications to other downstream industries, and 10% for general corporate purposes and working capital [2].