作者：安妮塔・拉马斯瓦米 Motive（Motive Technologies）本周二提交的上市招股书披露，这家主营物流、建筑等行业企业实体业 务管理类软件的公司，在截至 9 月 30 日的九个月内，营收同比增长 22% 至 3.27 亿美元。尽管这一营 收增速，已经高于该公司 2024 全年 19% 的营收涨幅，但同期公司的亏损额也达到 1.39 亿美元，较去 年同期亏损规模进一步扩大，亏损加剧的核心原因是公司运营成本出现上涨。 Motive在 2022 年之前的公司名称为卡车管家（KeepTruckin），截至今年 9 月末，该公司拥有约 10 万 家企业级客户。除核心的订阅制软件销售业务外，该公司还布局了一块规模相对较小、但正稳步增长的 业务板块：为企业客户提供商务消费支付卡，并通过收取这类消费产生的交易转接手续费实现营收。在 本次披露的九个月财报期内，该业务板块贡献的营收占公司总营收的 4%。 Motive的投资方包括谷歌风投、凯鹏华盈以及指数创投。 责任编辑：郭明煜 作者：安妮塔・拉马斯瓦米 Motive（Motive Technologies）本周二提交的上市招股书披露，这家主营物流、建筑等行业企 ...

Core Viewpoint - Yonyou Network, a leading enterprise management software company in China, has submitted its IPO application to the Hong Kong Stock Exchange amid declining performance and management instability, raising questions about its future prospects [1][16]. Group 1: Financial Performance - In 2024, Yonyou reported revenue of 9.153 billion yuan, a year-on-year decline of 6.57%, and a net loss of 2.061 billion yuan, a staggering year-on-year drop of 113.13% [1][8]. - This marks the second consecutive year of losses for Yonyou, with net profits decreasing from 11.83 billion yuan in 2019 to 2.19 billion yuan in 2022, and further into losses in 2023 and 2024 [6][8]. - The company attributed the revenue decline to two main factors: delayed customer demand and a shift towards a subscription business model, which impacted short-term revenue [8]. Group 2: Management Changes - Yonyou has experienced significant management upheaval, with three major changes in the core management team within 15 months, including the return of founder Wang Wenjing as president in March 2024 [1][15]. - The frequent turnover in leadership has raised concerns about the company's internal governance and stability, potentially affecting investor confidence [15][16]. Group 3: Market Position and Strategy - Yonyou's market capitalization has plummeted nearly 75% from its peak of 180 billion yuan to approximately 49.7 billion yuan, reflecting a loss of investor confidence [10]. - The company's cloud service revenue, which was expected to drive growth, has instead seen a decline, with revenue growth rates dropping from 55.5% in 2021 to -3.4% in 2024 [11]. - Yonyou's focus on customized cloud services has hindered its ability to scale effectively, contrasting sharply with competitors like Kingdee International, which reported a 13.4% growth in cloud service revenue in 2024 [11][12]. Group 4: Cost Management and Workforce - To manage costs amid declining revenues, Yonyou has implemented significant layoffs, reducing its workforce by 3,666 employees in 2024, while also incurring increased severance costs [14]. - Despite the layoffs, executive compensation has continued to rise, with average salaries for senior management reaching 1.744 million yuan in 2024, raising questions about cost management priorities [14][15].

Group 1 - The company expects to achieve revenue of approximately RMB 923 million to RMB 966 million for the fiscal year ending March 31, 2025, representing an increase of approximately 8.0% to 13.0% compared to the revenue of approximately RMB 855 million for the fiscal year ending March 31, 2024 [1] - The company's annual recurring revenue for fiscal year 2025 is projected to be between RMB 890 million and RMB 927 million, reflecting an increase of 17.7% to 22.5% from the annual recurring revenue of approximately RMB 757 million for fiscal year 2024 [1] - The expected subscription revenue retention rate for fiscal year 2025 is estimated to be around 105.0% to 107.0% [1] Group 2 - The company anticipates a loss attributable to equity holders of approximately RMB 131 million to RMB 196 million for fiscal year 2025, a significant reduction from the loss of approximately RMB 3.209 billion for fiscal year 2024 [1] - The reduction in loss is primarily due to a decrease in losses from the fair value changes of redeemable convertible preferred shares and share-based payments, which are expected to decrease by approximately RMB 2.956 billion to RMB 3.015 billion compared to fiscal year 2024 [1] - After excluding the fair value changes of redeemable convertible preferred shares, share-based payments, acquisition-related intangible asset amortization, and related tax impacts, the company expects an adjusted net loss (non-IFRS measure) of approximately RMB 23.8 million to RMB 55.5 million for fiscal year 2025, a decrease of approximately 47.3% to 77.4% from the adjusted net loss of approximately RMB 105 million for fiscal year 2024 [1] Group 3 - The company projects that operating cash flow will turn positive in fiscal year 2025, reaching approximately RMB 65.6 million to RMB 84.9 million, compared to an operating cash outflow of approximately RMB 82.5 million in fiscal year 2024 [2]