Core Viewpoint - The company HaiPaike is facing significant challenges in its path to IPO, despite leading the market with a 10.1% share in the lower-tier market, as it struggles with increasing losses and high debt levels [1][3][5]. Financial Performance - HaiPaike's projected revenue for 2024 is 1.032 billion yuan, but it is expected to incur a net loss of 78.83 million yuan, with total liabilities reaching 2 billion yuan [1][5]. - Revenue figures from 2022 to 2024 show a slight increase from 895 million yuan to 1.032 billion yuan, while gross margin has declined from 43.9% to 32.5% during the same period [4][5]. Business Model and Strategy - The company operates on a "platform + self-operated" dual-track model, which has led to increased market share but also heightened inventory management and cash flow pressures [1][8]. - HaiPaike has developed 92 proprietary brands and has partnered with 153 manufacturers, with over 38,000 paying buyers for its private label products [3][4]. Market Position and Competition - HaiPaike holds the leading position in the lower-tier market for family care and nutrition products, with a transaction volume of 8.6 billion yuan in 2024 [4][7]. - The competitive landscape is intensifying, with major players like JD and Alibaba aggressively targeting the lower-tier market, which poses a threat to HaiPaike's market share [7][8]. Industry Challenges - The vertical e-commerce sector, particularly in the mother and baby segment, is experiencing significant challenges, including increased competition and high customer acquisition costs [6][8]. - The overall market for mother and baby products in China is projected to grow to 5 trillion yuan by 2025, but the competition from comprehensive e-commerce platforms is fierce [7][9].