我们估计我们将从全球发售收取的所得款项净额将约为19.38亿港元，其中，约55%将于未来五年用于 提升我们的研发能力，以丰富我们的产品矩阵;约25%将用于未来五年提升我们的销售及营销能力;约 10%将在未来五年用于战略投资;约10%将用于一般公司用途。 得益于客户的成功，我们的业务也取得了快速增长。2024年，我们的总收入和 SaaS产品流水总额分别 达人民币9.098亿元及人民币13.02亿元，2022年至2024 年的复合年增长率分别为31.9%及32.6%。截至 2025年6月30日止6个月，我们的总收入和SaaS产品流水总额分别达人民币5.24亿元及人民币6.99亿元。 我们与基石投资者Blue Lake Capital Opportunity Fund、CUAM实体、DAMSIMF、Fourier Global Master Fund、GRANITE ASIA VIII INVESTMENTS PTE. LTD.、香港景林、GTCS Holdings、HongShan Growth、Jain Global Master Fund、Perseverance Asset Management、Stone ...

Core Viewpoint - The company, 聚水潭, is set to go public on the Hong Kong Stock Exchange, with CICC and JPMorgan acting as joint sponsors [1] Group 1: Market Position and Size - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024, which is greater than the combined market share of the second to fifth largest competitors [3] - The total size of the Chinese e-commerce SaaS ERP market is projected to be RMB 3.1 billion in 2024 [3] - In the broader e-commerce SaaS market, 聚水潭 ranks first with a market share of 8.7% [3] Group 2: Product and Technology - The company has developed a cloud-based e-commerce SaaS product that connects merchants to over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [4] - 聚水潭 serves approximately 88,400 SaaS customers in 2024, while the industry average is under 20,000 customers [4] - The company achieved a net customer revenue retention rate of 115% in 2024 [4] Group 3: Financial Performance - Revenue figures for 聚水潭 are as follows: RMB 523 million in 2022, RMB 697 million in 2023, and projected RMB 910 million in 2024 [6] - The company reported a net loss of approximately RMB 507 million in 2022, RMB 490 million in 2023, and a smaller loss of RMB 39.5 million for the six months ending June 30, 2025 [6][7] - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x in 2022, increasing to 9.3x in 2024, significantly above the industry average of 3x [6] Group 4: Customer Acquisition and Retention - The company has established a nationwide customer service network, which is considered a core capability for efficiently acquiring and retaining customers [5] - The LTV/CAC ratio indicates strong unit economics and customer acquisition efficiency, with a notable increase in the percentage of customers purchasing multiple products from 聚水潭, contributing to 39.3% of total SaaS revenue by 2025 [6]

Group 1 - The core viewpoint of the article is that Jushuitan Group Co., Ltd. is preparing for an upcoming IPO in Hong Kong, with CICC and JPMorgan serving as joint sponsors [1] - The funds raised from the IPO will be allocated for enhancing R&D capabilities, strengthening sales and marketing efforts, strategic investments, and general corporate purposes [1] - Jushuitan has developed cloud-based e-commerce SaaS products that connect merchants with over 400 e-commerce platforms globally, positioning itself as a one-stop e-commerce SaaS provider [2] Group 2 - The company has over 25 years of industry insights accumulated by its founder, which have been instrumental in its product development [2] - Jushuitan's core product is ERP, which has been expanded to include a range of other e-commerce operational SaaS products [2] - The company's offerings empower clients to enhance their business capabilities, improve performance, and develop cross-platform operations [2]

聚水潭建立了覆盖全国的客户服务网络，LTV/CAC比率在2022年至2024年间持续提升，2024年达到9.3 倍，远高于行业平均约3倍的水平。客户交叉销售效果显著，购买两款及以上产品的客户贡献的SaaS收 入占比逐年提升。 公司拥有超过25年的行业经验，其云端电商SaaS产品能够连接超过400个电商平台，远高于行业平均水 平。 截至2024年，聚水潭服务的SaaS客户数量达8.84万名，净客户收入留存率为115%。公司的技术基础设 施稳定，曾在2024年双11期间处理约16亿份订单。 聚水潭已通过港交所上市聆讯，中金公司（601995）、摩根大通为其联席保荐人。 聚水潭是中国最大的电商SaaS ERP提供商，2024年市场份额为24.4%，该市场规模为人民币31亿元。在 电商运营SaaS市场中，聚水潭按2024年SaaS总收入计排名第一，市场份额为8.7%。 ...

Core Viewpoint - Jushuitan Group Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. Industry Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, which is greater than the combined market share of the second to fifth largest competitors [3]. - The Chinese e-commerce SaaS ERP market is projected to reach RMB 3.1 billion in 2024 [3]. - In the broader e-commerce SaaS market, Jushuitan ranks first with a market share of 8.7% [3]. Company Performance - Jushuitan serves approximately 88,400 SaaS customers in 2024, significantly higher than the industry average of fewer than 20,000 customers [4]. - The company achieved a net customer revenue retention rate of 115% in 2024 [4]. - During the peak shopping period of Double 11 in 2024, Jushuitan successfully processed around 1.6 billion orders, showcasing its robust technical infrastructure [4]. Financial Metrics - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is approximately RMB 523 million, RMB 697 million, RMB 910 million, and RMB 524 million respectively [6]. - The company reported net losses of approximately RMB 5.07 billion, RMB 4.90 billion, RMB 10.58 million, and RMB 3.95 million for the same periods [6]. - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x, 7.7x, 9.3x, 7.9x, and 8.0x from 2022 to the first half of 2025, significantly above the industry average of 3x [5][6].

Group 1 - The core viewpoint of the article highlights that Youzan (08083) experienced a stock price increase of 5.44%, reaching HKD 0.155 per share with a trading volume of HKD 27.607 million as of 13:40 on August 14 [1] - Youzan Technology Co., Ltd. primarily offers SaaS products and services to assist merchants in expanding their businesses through online sales, social marketing, and omnichannel new retail, including Youzan Micro Mall and Youzan Retail [1] - The company has entered the third phase of e-commerce SaaS and continues to deepen its industry engagement and ecosystem development, providing customized and value-added services to meet diverse merchant needs [1] Group 2 - As of the mid-year report in 2025, Youzan reported total revenue of HKD 714 million and a net profit of HKD 72.742 million [2] - On August 12, the company repurchased 18.38 million shares at a price range of HKD 0.142-0.144 per share, with a total repurchase amount of HKD 2.623 million [3]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Meideng Technology, is positioned as a leading provider of e-commerce SaaS software, focusing on differentiated products that enhance brand advantage and accelerate the commercialization of AI technology [5][6]. - The domestic SaaS market is expected to grow significantly, with projections indicating a market size exceeding 100 billion yuan in 2023, driven by increasing demand for operational efficiency among e-commerce merchants [7][10]. - The company has successfully integrated AI technology into its product offerings, enhancing user experience and operational capabilities, particularly in live-streaming e-commerce [8][10]. Summary by Sections Market Performance - As of May 30, 2025, the closing price of the stock is 58.93 yuan, with a market capitalization of approximately 2,294.82 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 148 million yuan, representing a year-on-year growth of 29.23%, with a net profit of 41.78 million yuan [7][9]. - The company’s revenue is projected to reach 204 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.35% from 2025 to 2027 [9]. Product and Service Development - The company’s main products, "Meizhe" and "Woda," are designed to meet the marketing and order management needs of e-commerce merchants, with a strong user base and positive market reception [6][7]. - The integration of AI into the company's offerings, such as the "Light Circle Smart Broadcasting" product, has been well-received, enhancing its competitive position in the market [8][10]. Market Trends - The e-commerce SaaS market is characterized by rapid growth and a fragmented competitive landscape, with increasing diversification in e-commerce types and merchant needs [7][10]. - The company is expanding its product matrix to include new scenarios such as live-streaming e-commerce and supply chain management, which are essential for meeting the evolving demands of merchants [6][8].

Core Viewpoint - The company Jushuitan Group Co., Ltd. has submitted its application for an IPO on the Hong Kong Stock Exchange, marking its fourth attempt after three previous failed submissions. The company is recognized as the largest e-commerce SaaS supplier in China, having recently achieved a small profit in 2024 after accumulating losses exceeding 986 million yuan over the past three years [1][4]. Company Overview - Jushuitan was established in 2014 and operates as a leading e-commerce SaaS supplier in China, providing services through over 100 offline service points across more than 500 towns [4]. - The core product, Jushuitan ERP, offers functionalities such as order management, warehouse management, procurement management, and distribution management, helping e-commerce businesses manage their operations and financial data [4]. Market Position - In 2024, the Chinese e-commerce SaaS ERP market is projected to reach 3.1 billion yuan, with Jushuitan holding a market share of 23.2%, making it the largest player in this segment [5]. - Jushuitan also ranks first in the broader e-commerce SaaS market with a market share of 8.7%, serving 88,400 different SaaS clients compared to the industry average of fewer than 20,000 clients [5]. Financial Performance - The company reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 10.58 million yuan in 2024 after losses of 507 million yuan and 490 million yuan in the previous two years [5][6]. - The adjusted net profit figures for the same years were -379 million yuan, -206 million yuan, and 48.99 million yuan, indicating a significant turnaround in 2024 [5]. - Jushuitan's gross margin has increased from 52.3% in 2022 to 68.5% in 2024, reflecting a growth of 16.2 percentage points over two years [6]. Funding and Valuation - The company has raised a total of 614 million yuan through seven rounds of financing, achieving a post-money valuation increase of over 71 times within five years [10]. - Notable investors include prominent firms and individuals such as Alibaba Group's CEO, Sequoia Capital, and Blue Lake Capital, among others [12][13]. Shareholding Structure - As of the IPO application, the founder and CEO holds 22.81% of the shares, while other executives and investors hold significant stakes, with the founder controlling approximately 46.87% of the voting rights [11].

Core Viewpoint - The company, Jushuitan Group Co., Ltd., is making another attempt to list on the Hong Kong Stock Exchange after multiple failed submissions, highlighting the challenges faced in its IPO journey [1] Group 1: Company Overview - Jushuitan, established in 2014, is a leading e-commerce SaaS supplier in China, providing a comprehensive range of SaaS products and services to enhance business capabilities and reduce operational costs [1] - According to ZhiShi Consulting, Jushuitan holds a 24.4% market share in the e-commerce SaaS ERP sector and an 8.7% share in the e-commerce operation SaaS sector, making it the largest and second-largest provider in these categories, respectively [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 523 million, 700 million, and 910 million CNY, respectively, with gross profits of 274 million, 434 million, and 623 million CNY [1] - Jushuitan's gross margin has shown a consistent upward trend, with rates of 52.3%, 62.3%, and 68.5% for the respective years, while the net profit margin improved from -97% to 1.2% [2] Group 3: Funding and Valuation - As of December 31, 2024, Jushuitan has a net debt of 3.65 billion CNY and cash equivalents of 1.085 billion CNY, indicating a significant financial position despite challenges [3] - The company has completed multiple funding rounds since its inception, with total financing reaching 614 million CNY, and notable investors include Sequoia China, Goldman Sachs, and CICC [4][3] - The latest funding round in 2020 raised 286 million CNY, valuing the company at 6 billion CNY, which reflects its growth potential and investor confidence [4] Group 4: IPO Utilization - The funds raised from the upcoming IPO will be allocated to enhance R&D capabilities, expand the product matrix, strengthen sales and marketing efforts, and for general corporate purposes [4]

Core Viewpoint - The article discusses the recent IPO application of Jushuitan Group, a leading e-commerce SaaS provider in China, highlighting its financial performance, market position, and investor interest. Group 1: Company Overview - Jushuitan was established in 2014 and is recognized as the largest e-commerce SaaS supplier in China, with over 100 offline service points covering more than 500 towns [3] - The core product, Jushuitan ERP, offers functionalities such as order management, warehouse management, procurement management, and distribution management, making it the most popular e-commerce SaaS ERP brand in China [3] - As of 2024, Jushuitan holds a market share of 23.2% in the e-commerce SaaS ERP market, which is projected to reach 3.1 billion yuan [3][4] Group 2: Financial Performance - Jushuitan reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 10.58 million yuan in 2024 after three years of losses totaling over 986 million yuan [4][5] - The company achieved a gross margin of 68.5% in 2024, up from 52.3% in 2022, indicating a significant improvement in profitability [5] - The compound annual growth rate (CAGR) for total revenue and annual recurring revenue from 2022 to 2024 was 31.9% and 33.6%, respectively [5] Group 3: Investment and Shareholding - Jushuitan has undergone seven rounds of financing, raising a total of 614 million yuan, with its post-financing valuation increasing from 920 million yuan in 2018 to 6 billion yuan in 2020 [8] - Notable investors include Alibaba Group, Sequoia Capital, and various prominent individuals, with the founder holding 22.81% of the shares and controlling approximately 46.87% of the voting rights [10][11] - The company has a net debt of 3.65 billion yuan as of December 31, 2024, while holding cash and cash equivalents of 1.085 billion yuan [5]