Core Insights - Xiaoetong, a SaaS platform focusing on private domain operation solutions, has experienced rapid growth, with projected revenue exceeding 500 million yuan in 2024 and adjusted net profit reaching 66 million yuan [2][7] - The company has over 1,800 key clients and maintains a net revenue retention rate consistently above 115% [2][7] - Despite its growth, Xiaoetong faces challenges including compliance issues, increasing market competition, and high dependency on Tencent [2][11] Company Background - Founded by Bao Chunjian, who previously worked at Tencent for nine years, Xiaoetong emerged from his experiences in big data technology and management [4] - The company initially focused on knowledge payment but has since evolved into a comprehensive private domain operation solution provider, expanding its services across various industries [5][6] Business Performance - Xiaoetong's revenue has shown significant growth, with figures of 299 million yuan in 2022, 415 million yuan in 2023, and a projected 521 million yuan in 2024, reflecting a compound annual growth rate of 32% [7] - The company has a market share of approximately 10% in the interactive private domain operation solution sector, making it the largest provider in China [7] Market Dynamics - The interactive private domain operation solution market in China is expected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan by 2029, with a compound annual growth rate of 21.6% [10] - Despite the strong growth potential, the market is still in its early stages, with a penetration rate of only 3.5% in 2024 [10] Competitive Landscape - Xiaoetong faces increasing competition from vertical SaaS competitors, which may dilute its market share [13] - The company relies heavily on third-party cloud computing suppliers, with over 60% of procurement coming from its top five suppliers, which poses risks to service stability [13] Compliance and Regulatory Challenges - Compliance issues have emerged as a significant concern, particularly regarding the platform's responsibility for merchant qualifications and content regulation [11][12] - The shift towards private domain live streaming has increased the scrutiny on compliance, especially in sectors like health and wellness [12] Future Outlook - Xiaoetong plans to use IPO proceeds to enhance R&D capabilities, improve sales and marketing efforts, and expand globally [13] - The company aims to deepen its PaaS layer construction and develop differentiated solutions to maintain its competitive edge [13]

一边是百亿GMV的私域运营蓝海，一边是监管与竞品的双重围剿。小鹅通的IPO之路，既 是其自身商业模式的一次大考，也将成为观察中国SaaS行业价值与风险的重要样本。 背靠腾讯 小鹅通的诞生，脱胎于其创始人鲍春健的大厂经历。鲍春健生于1985年，2006年毕业于中国 科技大学计算机专业，毕业后便入职腾讯。 在腾讯的九年时间里，他专注于大数据技术研发与团队管理，逐步晋升至数据平台部数据中 心总监，并成为腾讯内部少有的T4专家工程师。 这段经历不仅为他积累了深厚的技术与管理经验，也让他亲历了中国互联网行业的飞速发 展。 从腾讯T4技术专家到创业屡屡受挫，再到抓住知识付费风口一跃成为行业头部——鲍春健带 领小鹅通走过了九年跌宕起伏的创业历程。 如今，这家以"私域运营解决方案"为核心业务的SaaS平台正式向资本市场发起冲刺。 小鹅通近年业绩快速增长： 2024年营收突破5亿元 ，经调整净利润达6600万元，关键客户超 1800家，净收入留存率持续高于115%。 然而，迅猛扩张的背后，隐忧也逐渐浮现：平台合规性问题屡遭质疑，市场竞争日趋激烈， 且对腾讯的依赖度居高不下。 记者丨雷晨 编辑丨巫燕玲 2015年，在"大众创业、 ...

Core Insights - The article discusses the entrepreneurial journey of Bao Chunjian, who led Xiaoe Tong to become a leading SaaS platform focused on private domain operations, achieving rapid growth and preparing for an IPO [1][4]. Company Overview - Xiaoe Tong has experienced significant revenue growth, with projected revenue exceeding 500 million yuan in 2024 and an adjusted net profit of 66 million yuan, serving over 1,800 key clients with a net revenue retention rate consistently above 115% [1][5]. - The company has evolved from a knowledge payment tool to a comprehensive private domain operation solution provider, expanding its services across various industries including retail, fitness, and education [4]. Market Position - Xiaoe Tong is recognized as the largest interactive private domain operation solution provider in China, holding approximately 10% market share and being the fastest-growing company among the top five suppliers from 2022 to 2024 [4]. - The interactive private domain operation solution market in China is expected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan by 2029, with a compound annual growth rate of 21.6% [8]. Competitive Landscape - The company faces increasing competition from vertical SaaS competitors such as Weilebo and Beixiao Live, which may dilute Xiaoe Tong's market share [11]. - Xiaoe Tong's reliance on Tencent, which holds a 16.82% stake and is its largest supplier, poses both advantages and risks, particularly in terms of procurement costs and service stability [6][11]. Challenges and Compliance Issues - Compliance issues have emerged, particularly concerning the platform's responsibility for merchants' advertising practices, which have led to regulatory scrutiny [9][10]. - The shift towards private domain live streaming has increased the number of merchants in regulated sectors, raising the stakes for compliance management [10]. Future Strategies - Xiaoe Tong plans to use IPO proceeds to enhance R&D capabilities, improve sales and marketing efforts, and expand globally, while also focusing on strategic partnerships and acquisitions [12].

Group 1: Report Overview - The report is about a research on Shuyu Pingmin in the pharmaceutical commerce industry on August 29, 2025 [1][2] Group 2: Research Participants - Participating research institutions include Northeast Securities, CITIC Securities, China Merchants Securities, Guojin Securities, CITIC Construction, etc [2] Group 3: Company Performance in H1 2025 - The company's cumulative operating income from January to June 2025 was 4.881 billion yuan, a year - on - year increase of 1.30%; the net profit attributable to the parent company's shareholders was 36.2509 million yuan, a year - on - year increase of 49.83% [24] - Affected by industry policies and regulatory environment changes, the company's overall operating income growth slowed down, and the gross profit margin decreased by 1.56% year - on - year. However, the gross profit margin increased by 3.45% quarter - on - quarter compared to H2 2024 [24][25] - The company optimized the store network layout, adjusted the operating area, and optimized lease contract terms. The expense - to - sales ratio was optimized by 1.16% year - on - year [24] - As of the end of June 2025, the company had 9,042 stores in Shandong, Liaoning, Heilongjiang, Fujian, Henan, Gansu and other regions, including 5,072 direct - operated stores and 3,970 franchised stores [25] Group 4: Investor Q&A Impact of Prescription Out - dispensing Policy and Response - In Shandong, the tightening of the national policy has a relatively limited impact on the company. The company's coordinated business in Shandong has achieved a slight increase [25] Measures to Increase Market Share in Shandong - The company uses three core measures: mergers and acquisitions (3 M&A projects with 754 stores in Shandong in H1 2025), franchise upgrade (transforming some franchise stores to quasi - direct - operated franchise mode), and store optimization (closing loss - making stores, adjusting to meet diversified service needs, and piloting 4 "store + outpatient department" model drug - diagnosis stores) [26] Diversified Business Layout - Traditional non - drug categories include health foods, medical devices, and Chinese herbal health teas. Non - traditional categories include the growing health and beauty sector and lifestyle convenience products. The company also has industrial synergy through medical services and cross - border business, and focuses on private domain operations [26] Shandong - Outside M&A Expansion Plan - The company will moderately slow down the pace of M&A outside Shandong, while continuing the M&A plan in Shandong steadily. The current core task is to deepen the local business in Shandong [27] Sales of Self - owned Products - In H1 2025, the sales of self - owned products accounted for about 14%, a year - on - year increase of about 4%. The company expects the proportion to further increase [27] Long - and Medium - Term Online Business Strategy - The company's online business includes B2C, O2O, and private domain operations. B2C maintains stable profitability, O2O is profitable in Shandong and will develop steadily, and private domain operations are the key focus for future development [28] Outlook on Industry Clearance - The number of pharmacies will be gradually streamlined and optimized. With the deepening of the separation of pharmacy and medicine policy, industry concentration will increase, and inefficient pharmacies will be eliminated [29]

Financial Performance - In the first half of 2025, the company achieved a total revenue of 1.30 billion yuan, representing a year-on-year increase of 48.81% [3] - The net profit attributable to shareholders was 36.25 million yuan, with a year-on-year growth of 49.83% [3] - The gross profit margin decreased by 1.56% compared to the previous year [3] - The expense-to-revenue ratio improved by 1.16% during the reporting period [3] Store Network and Market Strategy - As of June 30, 2025, the company operated a total of 9,042 stores across several provinces, including Shandong, Liaoning, Heilongjiang, Fujian, Henan, and Gansu [3] - The company has 5,072 directly operated stores and 3,970 franchise stores [3] - Three core strategies to increase market share in Shandong include: 1. Mergers and acquisitions, with 754 stores acquired in the first half of 2025 [5] 2. Upgrading franchise operations to improve management efficiency [5] 3. Optimizing existing stores and introducing new service models [5] Diversification and Product Development - The company has diversified its product offerings, including health foods, medical devices, and traditional Chinese herbal teas, with a notable increase in sales from non-traditional categories [6] - Self-owned product sales accounted for approximately 14% of total sales, with a year-on-year growth of around 4% [8] Online Business Strategy - The online business strategy focuses on B2C, O2O, and private domain operations, with a strong emphasis on private domain operations as a key growth area [9] - The company has established an innovation business development department to support the expansion of private domain operations [9] Industry Outlook - The retail pharmacy industry is expected to undergo a consolidation phase, with a gradual reduction in the number of stores as the market evolves [10] - The trend indicates that resources will increasingly concentrate on leading chain brands with scale effects and professional service capabilities [11]

Core Viewpoint - Xiaoe Inc. has submitted its prospectus to the Hong Kong Stock Exchange, focusing on private domain operations and offering a comprehensive solution that includes e-commerce, digital marketing, and CRM [1][2] Group 1: Company Overview - Xiaoe Inc. is a leading product-driven SaaS solution provider in the private domain operation sector, enabling businesses to build, operate, and expand their decentralized e-commerce infrastructure [2] - The company has reported continuous losses in recent years, with revenues of approximately 299 million yuan, 415 million yuan, 521 million yuan, and 306 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits for the same periods were approximately -34 million yuan, -37.048 million yuan, -15.083 million yuan, and -5.824 million yuan [2] Group 2: Market Position and Growth Potential - According to a report by ZhiShi Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on projected revenue for 2024 [2] - The market size for private domain operation solutions in China is expected to grow from 11.9 billion yuan in 2024 to 25.8 billion yuan in 2029, with a compound annual growth rate (CAGR) of 16.7% [3] - The interactive private domain operation solution market is projected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan in 2029, with an accelerated CAGR of 21.6% [3] Group 3: Supplier and Customer Dynamics - The largest single supplier for Xiaoe Inc. is an affiliate of Tencent Group, from which the company primarily procures cloud resources [4] - Revenue from the top five customers accounted for 1.7%, 2.5%, 2.7%, and 1.8% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [3] - The company’s procurement from the top five suppliers represented 61.8%, 62.6%, 64.7%, and 66.9% of total procurement in the same periods, with the largest supplier accounting for 47.6%, 41.7%, 39.2%, and 42.8% of total procurement [3] Group 4: Strategic Initiatives - Xiaoe Inc. aims to optimize its solutions and enrich user scenarios, drive technological innovation, enhance customer loyalty, expand its key customer base, and seek strategic partnerships, investments, and acquisitions [4]

Core Viewpoint - Xiaoe Inc. (小鹅通) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, sales, global expansion, and operational needs, despite facing continuous losses over the past three and a half years [1][2]. Group 1: Company Overview - Xiaoe Inc. was established in 2015 and specializes in SaaS solutions for private domain operations, providing a one-stop solution that includes e-commerce, digital marketing, and CRM [2][3]. - The company ranks first among interactive private domain operation solution providers in China based on revenue for 2024, with a market share of 4.4% [2]. - Xiaoe Inc. has facilitated total merchandise transactions of approximately 101.18 billion, 152.32 billion, 209.74 billion, and 104.41 billion yuan during the reporting periods [2]. Group 2: Financial Performance - The company reported revenues of approximately 2.99 billion, 4.15 billion, 5.21 billion, and 3.06 billion yuan, with losses of about 340 million, 370.5 million, 150.8 million, and 58.24 million yuan during the same periods [3][4]. - In the first half of 2025, Xiaoe Inc. experienced a revenue growth of 26.4% year-on-year, while losses narrowed [3]. - The net cash flow from operating activities showed significant fluctuations, with values of -1.76 billion, 301.83 million, 1.08 billion, and 715.9 million yuan during the reporting periods [3]. Group 3: Debt and Liquidity Issues - Xiaoe Inc. has faced challenges with short-term debt repayment capacity, as indicated by negative net working capital throughout the reporting periods [4]. - The company's current assets totaled 4.29 billion, 3.56 billion, 5.3 billion, and 5.8 billion yuan, while current liabilities were 22.6 billion, 23.13 billion, 24.48 billion, and 24.18 billion yuan, resulting in negative net current assets [4]. Group 4: Supplier and Customer Relationships - Tencent is both the largest supplier and a customer of Xiaoe Inc., with significant procurement from Tencent's affiliated entities [5][6]. - The procurement from the top five suppliers accounted for 61.8%, 62.6%, 64.7%, and 66.9% of total procurement during the reporting periods, indicating a high concentration of suppliers [5]. Group 5: Ownership and Management - Xiaoe Inc. has undergone six rounds of financing, with the last round in July 2021, valuing the company at 5.1 billion HKD [7]. - The founder, Bao Chunjian, holds 44.92% of the voting rights prior to the IPO, while Tencent holds 16.82% of the shares [8].

Core Viewpoint - The Hong Kong stock market's SaaS sector is experiencing significant growth, with companies like Xiaoe Inc. (小鹅通) planning to go public on the Hong Kong Stock Exchange, backed by major investors like Tencent [2][6]. Company Overview - Xiaoe Inc. was founded in February 2015 and entered the SaaS industry in 2016 with its e-commerce solutions [3]. - The company specializes in private domain operations, providing a comprehensive SaaS solution that integrates e-commerce, digital marketing, and CRM [3][4]. - Xiaoe Inc.'s platform allows clients to build and manage e-commerce stores with customizable features and a unified transaction management system [3]. Financial Performance - Xiaoe Inc. has shown substantial growth, with the total transaction value facilitated by its solutions projected to reach 10.441 billion RMB by mid-2025 [7][8]. - The company has achieved significant revenue growth, with projected revenues of 300 million RMB in 2022, 415 million RMB in 2023, and 521 million RMB in 2024 [8]. - The gross profit margins have also improved, with rates of 54.3% in 2022, 72.3% in 2023, and 74.8% in 2024 [8]. Investment and Valuation - Xiaoe Inc. has completed multiple funding rounds, with Tencent being the largest external investor, holding 16.82% of the company prior to the IPO [6][9]. - The company's post-money valuation reached 650 million USD (approximately 50.95 billion HKD) after its last funding round in 2021 [6]. Market Position - According to a report by ZhiShi Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on revenue for 2024 [6]. - The company is recognized as the fastest-growing among the top five private domain operation solution providers from 2022 to 2024 [6]. Future Plans - Xiaoe Inc. plans to use the funds raised from the IPO to enhance R&D capabilities, strengthen sales and marketing efforts, expand globally, and for general corporate purposes [12].

Group 1 - Xiaoe Inc. has submitted its listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [2] - Xiaoe Inc. is a leading product-driven SaaS solution provider in the private domain operation sector, enabling businesses to build, operate, and expand their decentralized e-commerce infrastructure [2] - The company's cloud-based one-stop solution integrates e-commerce, digital marketing, and CRM into a unified system, enhancing efficiency and effectiveness in product marketing and transactions [2] Group 2 - According to a report by Zhaoshang Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on revenue for 2024, and is one of the top three private domain operation solution providers [3] - The company has the fastest growth rate among the top five private domain operation solution providers in China during the performance record period [3] - Xiaoe Inc.'s intelligent resource scheduling system can support peak traffic of up to 270,000 requests per second, ensuring high availability through its distributed architecture [3] Group 3 - The private domain operation solution market in China is projected to grow from RMB 11.9 billion in 2024 to RMB 25.8 billion in 2029, with a compound annual growth rate (CAGR) of 16.7% [3] - The interactive private domain operation solution market is expected to increase from RMB 5.2 billion in 2024 to RMB 13.8 billion in 2029, with an accelerated CAGR of 21.6% [3] Group 4 - Financially, Xiaoe Inc. reported revenues of approximately RMB 299 million, RMB 415 million, RMB 521 million, and RMB 306 million for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4] - The company incurred losses of approximately RMB 33.99 million, RMB 37.04 million, RMB 15.08 million, and RMB 5.82 million during the same periods [4]

Core Viewpoint - Xiaoe Inc. (小鹅通) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor. The company has a strong shareholder base and has shown significant revenue growth, achieving profitability in 2024 [1][5][13]. Shareholder Structure - The founder, Bao Chunjian, holds approximately 44.92% of Xiaoe Inc. through Bagbao Holding and Xiaoe Tech. Tencent holds 16.82%, with other investors including Ximalaya, IDG Capital, and Qiming Venture Partners [3][5]. - Xiaoe Inc. has undergone several rounds of financing since its establishment in 2015, with notable investments from various venture capital firms [5][9][11]. Regulatory Issues - Shenzhen Xiaoe Technology Co., Ltd., a related entity, was fined 50,000 yuan by the Shenzhen Market Supervision Administration for failing to protect consumer rights and not conducting necessary qualifications checks [3][4]. Financial Performance - Xiaoe Inc. reported revenues of approximately 299 million yuan in 2022, 415 million yuan in 2023, and projected 521 million yuan in 2024, with a net loss decreasing from 339.99 million yuan in 2022 to 15.08 million yuan in 2024 [14][16]. - The company has achieved a significant turnaround, with adjusted net profits of 66.31 million yuan in the first half of 2024, indicating a shift to profitability [17][18]. Market Position and Growth Potential - Xiaoe Inc. is positioned as the leading supplier of interactive private domain operation solutions in China, with the market expected to grow from 11.9 billion yuan in 2024 to 25.8 billion yuan by 2029, reflecting a compound annual growth rate of 16.7% [13][14]. - The penetration rate of the private domain operation solutions market is currently low at 3.5%, suggesting substantial growth potential if fully realized [13]. Management Compensation - Despite previous losses, Xiaoe Inc. has provided substantial compensation to its management team, with CFO Zhou Shikun receiving significantly higher remuneration compared to other executives [18][20].