Core Viewpoint - Boche Holding Limited (博车网) has submitted its second application for an IPO on the Hong Kong Stock Exchange in 2023, highlighting its leading position in China's accident vehicle auction industry, but facing challenges due to ongoing losses and industry risks [1][2]. Company Overview - Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of 31.4% in 2024, and is also the third-largest B2B used car auction platform with a market share of approximately 12.0% [2]. - The company's core business connects upstream sources (insurance companies) with downstream buyers (certified repair shops and licensed dismantling factories) through an integrated online and offline auction platform [2]. Financial Performance - Revenue figures for Boche Holding Limited from 2022 to 2024 are 388.11 million RMB, 518.33 million RMB, and 526.07 million RMB, respectively, indicating a growth trend, but with a significant slowdown in growth from 33.5% in 2023 to only 1.5% in 2024 [3][4]. - The company recorded losses of 180.25 million RMB, 121.47 million RMB, and 36.44 million RMB over the same period, with total losses reaching 394 million RMB over three years and seven months [5][6]. Market Dynamics - The accident vehicle auction market in China is projected to grow significantly, with an expected total auction volume of 867,000 vehicles by 2028, reflecting a compound annual growth rate (CAGR) of 20.2% from 2023 to 2028 [7]. - Boche Holding Limited's leading market position is challenged by increasing competition and the need to adapt to the rapid growth of new energy vehicles, which have different accident rates and repair costs compared to traditional vehicles [8]. Challenges and Strategic Considerations - The company faces a "volume increase, price decrease" phenomenon in its core accident vehicle auction business, with auction volumes rising but average prices declining, indicating potential sustainability issues with its pricing strategy [4][6]. - The financial structure of Boche Holding Limited poses risks, as its net current liabilities reached 1.721 billion RMB, with a significant portion attributed to financial instruments classified as liabilities [6]. - The company must balance its market share retention with achieving high-quality growth, as it navigates the complexities of the evolving automotive market and competitive landscape [8][9].