多点数智港股IPO：关联交易占7成，高度依赖物美集团，上市前过度包装依旧难盈利

Investment Rating - The report does not explicitly state an investment rating for Dmall Inc. Core Viewpoints - Dmall Inc is highly dependent on Wumart Group, with approximately 74.9% of its total revenue in 2023 coming from related entities, indicating a significant reliance on Wumart's retail ecosystem [6][5][2] - The company reported a revenue of 1.75 billion in 2023, a year-on-year increase of 16.6%, but still incurred a net loss of 120 million [2][3] - Dmall's revenue growth is attributed to its two main business lines: retail core service cloud and e-commerce service cloud, with the former benefiting from increased transaction volumes and customized services [3][2] - The company has implemented cost control measures that have improved its profitability metrics, with adjusted operating loss rate and net loss rate improving to -16.2% and -33.9% respectively in 2023 [3][4] Revenue Dependency - Dmall's revenue is heavily reliant on Wumart Group and its associated entities, which contributed about 70% of total revenue from 2021 to 2023, with the figure rising to 74.9% in 2023 [6][5] - The revenue from independent clients has remained relatively low, indicating a lack of diversification in its customer base [7][6] Financial Performance - The company reported a gross margin of 40.7% in 2023, down from previous years, but still managed to narrow its net loss compared to the previous year [3][4] - Dmall's free cash flow was negative at -190 million in 2023, with a total cash available of 560 million, suggesting a limited runway of 2-3 years under current operational conditions [14][14] Business Model Challenges - Dmall's retail digital solutions face challenges in data acquisition and optimization, as large retailers are often reluctant to share operational data, limiting the effectiveness of Dmall's services [12][10] - The high costs associated with retail digital solutions mean that Dmall's target customers are primarily large retailers with sufficient profit margins to afford such services [10][12] Debt and Financial Health - As of the end of 2023, Dmall's interest-bearing debt ratio was 37.9%, and its adjusted asset-liability ratio was 85.5%, indicating a high level of financial leverage [17][18]