IPO点评：量化派-IPO点评

Company Overview - Quantitative Party operates an online marketplace, "Yang Xiaomiao," offering a variety of consumer products from third-party suppliers[1] - The company has expanded into an O2O platform for automotive retail since April 2022, collaborating with local car dealers[1] Financial Performance - Total revenue is projected to grow from CNY 475 million in 2022 to CNY 993 million in 2024, with a CAGR of 44.7%[2] - Revenue for the first five months of 2025 reached CNY 414 million, a 38.1% increase from CNY 300 million in the same period of 2024[2] - "Yang Xiaomiao" revenue is expected to surge to CNY 925 million in 2024, a 361.5% increase from CNY 200 million in 2023[2] - Overall gross margin is forecasted to rise from 65.8% in 2022 to 96.9% in 2024, maintaining 96.7% in the first five months of 2025[2] - The company recorded a slight loss of CNY 3 million in 2022, turning profitable with CNY 36 million in 2023, and net profit is expected to reach CNY 147 million in 2024[2] Industry Outlook - The online retail market in China is projected to grow from CNY 13.9 trillion in 2020 to CNY 25.7 trillion in 2024, with a CAGR of 16.5%[3] - By 2025, the market size is expected to reach CNY 29.1 trillion, and by 2029, it could reach CNY 41.2 trillion, with a CAGR of 9.1% from 2025 to 2029[3] Strengths and Opportunities - The company utilizes proprietary AI algorithms to enhance user experience and optimize product recommendations[4] Weaknesses and Risks - The company faces intense competition from major players like Alibaba and JD.com, impacting user acquisition and market share[5] - High dependency on suppliers, with the top five suppliers accounting for 69.8% of purchases in the first five months of 2025, poses operational risks[5] - The largest customer accounted for 8.0% of revenue in the first five months of 2025, indicating potential revenue volatility from customer loss[5] IPO Information - The IPO subscription period is from November 19 to November 24, 2025, with trading starting on November 27[6] Fundraising and Use of Proceeds - The company expects to raise approximately HKD 52 million, with 55% allocated to technology development and 45% for local application development and business promotion[11] Investment Recommendation - The IPO price range is HKD 8.80 to HKD 9.80, with a projected market cap of HKD 45.17 to HKD 50.31 billion, suggesting a relatively high valuation compared to peers[12]