凯诘电商四闯IPO：资方陆续离场，转型迫在眉睫

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. (referred to as "Kaijie E-commerce") has submitted its fourth application for an IPO on the Hong Kong Stock Exchange, following previous attempts that were unsuccessful. The company faces challenges in a saturated e-commerce market, with declining performance and high customer concentration impacting its profitability [2][3]. Group 1: IPO Attempts and Investor Changes - Kaijie E-commerce has made multiple attempts to enter the capital market, including a listing on the New Third Board in 2016, a withdrawal in 2019, and two failed applications for A-shares in 2021 and 2022. The latest application to the Hong Kong Stock Exchange was submitted in May 2023 [3][4]. - The company's investor base has undergone several changes, with notable exits including BlueFocus and others, leading to a current roster of eight institutional investors with varying ownership percentages [4]. Group 2: Financial Performance and Revenue Trends - Despite a growth in Gross Merchandise Volume (GMV) from 8.178 billion RMB in 2022 to 13.459 billion RMB in 2024, Kaijie E-commerce has experienced a decline in revenue and net profit over the same period, with revenue dropping from 1.829 billion RMB to 1.699 billion RMB (a decrease of 7.11%) and net profit falling from 86.47 million RMB to 60.43 million RMB (a decrease of 30.1%) [5][6]. - Revenue from key product categories such as pet products, baby products, beauty and personal care, and trendy toys has also declined, negatively impacting overall revenue performance [5][6]. Group 3: Customer Concentration and Profitability Issues - The company has a high customer concentration, with the top five brand partners contributing approximately 64.4% to 80.4% of GMV over the past three years, while their revenue contribution has been lower, indicating inefficiencies in converting GMV to revenue [8][9]. - The service fee rates from brand partners have decreased significantly, from 15%-20% to as low as 8%-12%, which has pressured the company's profit margins. The overall gross margin has declined from 24% in 2022 to 21.8% in 2024 [10][11]. Group 4: Strategic Challenges and Future Directions - Kaijie E-commerce is facing pressure to transform its business model as many brand partners are building their own e-commerce teams, reducing reliance on third-party operators. The company currently lacks its own brand support and has not prioritized brand acquisition or incubation in its IPO funding strategy [13]. - The company plans to use the funds raised from the IPO for operational innovation, digital technology upgrades, and overseas market expansion, but has not clearly defined a strategy for brand development [13].