租赁巨头冲刺IPO，赚钱能力碾压爱马仕

Core Viewpoint - The article highlights the rapid growth of the consumption rental industry in China, particularly focusing on the company "研趣科技" (Yuanqu Technology) and its rental platform "人人租" (Renren Rent), which is set to go public on the Hong Kong Stock Exchange. The trend of "everything can be rented" is gaining traction among younger consumers, especially the post-00s generation, who are increasingly opting for rental services over outright purchases [1][4]. Group 1: Company Overview - Yuanqu Technology was established in 2015 and launched the Renren Rent platform in 2016, allowing consumers to rent various products, particularly electronic devices like smartphones [6]. - As of 2024, Renren Rent is projected to achieve approximately 7.5 billion yuan in Gross Transaction Value (GTV), making it the largest online rental service platform in China [4][8]. - The company has shown significant revenue growth, with projected revenues of 294 million yuan, 421 million yuan, and 356 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively [4][9]. Group 2: Market Dynamics - The consumption rental market in China is expected to grow from approximately 2.9 billion yuan in 2020 to about 27.3 billion yuan by 2024, reflecting a compound annual growth rate of approximately 74.7% [6]. - The post-00s generation is becoming the dominant force in rental consumption, accounting for 62% of rental orders during the 2025 National Day holiday, with a year-on-year increase of 348% in popular rental categories [1]. Group 3: Financial Performance - Yuanqu Technology maintains a high gross margin, with rates exceeding 80%, comparable to leading companies like Kweichow Moutai and Hermès [9][11]. - The company's revenue model primarily consists of fixed annual fees and transaction commissions from merchants, with commissions contributing over 80% of total revenue [12][11]. Group 4: Challenges and Compliance Issues - Despite strong financial performance, Yuanqu Technology faces significant compliance challenges, including allegations of high-interest leasing practices and customer complaints regarding service quality [14][20]. - The company has been criticized for its lack of effective risk control measures, which could impact its valuation and operational stability as it prepares for its IPO [23][21].