极易科技二度冲刺IPO，成色几何？

Core Viewpoint - Jiyi Technology is attempting a second IPO in Hong Kong, needing to prove the sustainability of its business model after a significant growth in GMV but declining profit margins and negative cash flow [2][5]. Group 1: Business Performance - Jiyi Technology, established in 2015, achieved a GMV of 15 billion yuan in 2024, ranking second among digital retail service providers in China [5]. - The company's GMV grew from 8.2 billion yuan in 2022 to 15 billion yuan in 2024, with a compound annual growth rate of 35.2%. In the first three quarters of 2025, GMV reached 12.8 billion yuan [7][11]. - The beauty and personal care segment saw significant growth, with GMV increasing from 1.62 billion yuan in 2022 to 5.13 billion yuan in 2024, representing 34.2% of total GMV [11][12]. Group 2: Financial Metrics - Jiyi Technology's gross margin decreased from 17.4% in 2022 to 14.4% in 2024, with a slight recovery to 16.8% in the first nine months of 2025. Net profit margin fluctuated between 1.7% and 3.6% [14][15]. - The company has consistently reported negative cash flow from operating activities from 2022 to 2025 [14]. Group 3: Market Challenges - The company faces high customer concentration, with the top five clients contributing over 50% of revenue, peaking at 77.3% in 2022 [12]. - Jiyi Technology's reliance on a few e-commerce platforms is significant, with over 90% of revenue coming from the top five platforms, making it vulnerable to changes in platform policies and fees [13]. - The decline in e-commerce traffic and the increasing demand for refined operations have put pressure on the e-commerce agency model, impacting Jiyi Technology's cash flow and profit margins [14]. Group 4: Strategic Direction - Jiyi Technology is exploring a transition towards a brand asset management model, similar to Baozun E-commerce, which has successfully shifted from a service provider to a brand manager [16]. - The company plans to deepen its involvement in product development and marketing by investing in core brand partners or forming joint ventures, although it has yet to make significant acquisitions [17].