估值涨109倍！雷军控制公司参股！再战IPO！

Core Viewpoint - Ningbo Haishangxian Information Technology Co., Ltd. (referred to as "Haishangxian") has re-submitted its application for a main board listing on the Hong Kong Stock Exchange, following the expiration of its previous application on June 12, 2024. The company has experienced a valuation increase of approximately 109 times over 7 years and 4 months, with significant shareholding from notable investors such as Lei Jun, the founder of Xiaomi Group [1][9]. Company Overview - Established in 2015, Haishangxian is a major supplier of digital solutions and services for the marine fishery industry in China. The company launched the HSX APP, which has evolved into a data-driven B2B marine fishery market platform, creating a vast ecosystem that includes fishermen, seafood processors, and vendors. As of August 31, 2025, the platform has over 50,000 registered users [4][6]. Industry Context - The marine fishery industry in China is projected to grow at a compound annual growth rate (CAGR) of approximately 2.9%, reaching around 40.2 million tons by 2029. The industry faces challenges such as information asymmetry, low process efficiency, and significant resource waste. Rising fuel prices and inadequate maritime network coverage hinder real-time market data access, necessitating digital transformation for survival and sustainable growth [5][6]. Business Model - Initially, Haishangxian provided seafood order matching services through the HSX APP, earning commissions based on transaction amounts. As of November 2023, the company shifted its focus to seafood self-operation, offering higher service levels for bulk orders and directly negotiating prices with fishermen [6][9]. Financial Performance - From 2022 to 2024, Haishangxian reported revenues of 1.427 billion yuan, 914 million yuan, and 1.006 billion yuan, with net profits of 34.12 million yuan, 35.80 million yuan, and 43.87 million yuan, indicating revenue fluctuations but consistent profit growth. In the first eight months of 2025, the company achieved revenue of 579 million yuan, a year-on-year decrease of 7.66%, while net profit increased by 897.48% to 38.43 million yuan [9][10]. Shareholding Structure - The company's shareholding structure includes significant stakes held by its executive director and chairman Ye Ning (18.39%), as well as other key stakeholders such as Zhuoer Zhiliang (18.21%) and Hangzhou Shunying (10.66%). The total shareholding of the three main stakeholders amounts to approximately 47.7% [10].