聚水潭正式登陆港交所：市值160亿港元，12年始终相信SaaS价值终获回报

Core Viewpoint - The article discusses the successful IPO of Jushuitan Group, China's largest e-commerce SaaS ERP provider, highlighting its market position, financial performance, and future growth potential [2][4][6]. Company Overview - Jushuitan Group was established in 2014 and has become the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024 [4]. - The company offers a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and reducing operational costs for clients [4][6]. IPO Details - Jushuitan officially listed on the Hong Kong Stock Exchange on October 21, 2025, under the stock code "6687" [2]. - The IPO involved the issuance of 68,166,200 shares, with the Hong Kong public offering being oversubscribed by 1,952.95 times and the international offering by 22.89 times [2]. - The company secured commitments from 13 cornerstone investors, raising approximately $130 million (around HKD 1.012 billion) [2]. Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 was CNY 523 million, CNY 697 million, and CNY 910 million, respectively, reflecting a compound annual growth rate (CAGR) of 31.9% [11]. - For the first half of 2025, revenue increased by 24.4% year-on-year to CNY 524 million [11]. - The gross profit margin has shown a consistent upward trend, reaching 71.8% in the first half of 2025 [12]. - The company achieved full profitability in 2024, with an adjusted net profit of CNY 48.99 million [13]. Market Position and Growth Potential - Jushuitan's net customer revenue retention rate for 2024 was 115%, indicating strong customer loyalty [9]. - The LTV/CAC ratio, a key metric for SaaS companies, was significantly above the industry average, demonstrating effective customer acquisition and retention strategies [9]. - The total IT spending by Chinese e-commerce merchants is projected to grow from CNY 137.7 billion in 2024 to CNY 252.9 billion by 2029, suggesting substantial growth opportunities for Jushuitan [15][16]. Strategic Initiatives - The company plans to expand its product offerings and deepen existing customer relationships while exploring international markets, including Southeast Asia and beyond [6][10]. - Jushuitan has already established a subsidiary in Thailand and aims to replicate its successful business model in other regions [10].