优乐赛共享(02649)于2026年2月27日至2026年3月4日招股，公司拟全球发售2033.6万股H股，其中，香 港发售占10%，国际发售占90%，另有超额配股权15%。最高发售价(可作出发售价下调)每股14港元， 每手500股，预期H股将于2026年3月9日(星期一)上午九时正开始在联交所买卖。 公司于往绩记录期经历稳定增长。公司的收入由截至2022年12月31日止年度的人民币6.48亿元增加至截 至2023年12月31日止年度的人民币7.94亿元，并进一步增加至截至2024年12月31日止年度的人民币8.38 亿元，复合年增长率为13.7%。公司的收入由截至2024年8月31日止8个月的人民币5.07亿元增加至截至 2025年8月31日止8个月的人民币5.33亿元。 假设超额配股权未获行使及发售价为每股H股12.5港元，公司将收取的全球发售所得款项净额约为2.048 亿港元。其中，约25.0%将用于完善和升级数字系统和平台;约25.0%将用于推进公司的海外扩张战略;约 20.0%将用于扩展公司在全国範围内的服务网络;约20.0%将用于通过收购将公司服务的应用场景拓展至 其他下游行业;及约10.0%将用 ...

Industry Overview - The Chinese logistics packaging industry is accelerating its transition from single-use packaging to circular and sustainable models driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion yuan in 2024 and further grow to 89.6 billion yuan by 2030 [1]. Company Profile - Youlesai, established in 2016, is the second-largest provider of circular packaging services in China, focusing on the automotive sector. The company's core business includes container services and container sales, with container services accounting for over 80% of its revenue [2][6]. Business Segments - The container services segment includes shared operation services, leasing services, and other value-added services. Shared operation services provide comprehensive solutions for standardized circular containers, while leasing services offer fixed-term rentals [2][4]. - Container sales target customers with logistics capabilities and procurement needs, generating revenue of 66.49 million yuan in the first eight months of 2025, accounting for 12.5% of total revenue [4]. Financial Performance - Revenue has shown stable growth, increasing from 648 million yuan in 2022 to an estimated 838 million yuan in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million yuan, a year-on-year increase of 5.1% [13]. - The gross profit margin has improved from 19.7% in 2022 to 22% in 2024, with a gross profit of 184.14 million yuan in 2024. However, net profit has shown a declining trend, with 26.89 million yuan reported in the first eight months of 2025, down 12.5% year-on-year [16][18]. Market Position - Youlesai holds a market share of 1.5% in the circular packaging service market and ranks first in the automotive shared operation service market with an 8.2% market share [6][7]. Operational Efficiency - The company has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8]. - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6][10]. Customer Base - Youlesai's customer base includes 128 major clients contributing 89.9% of total sales, with the top five clients accounting for 26.5% of revenue. The company has maintained a relatively stable relationship with its clients [10][12]. Future Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The company plans to use IPO proceeds to enhance digital systems, expand overseas, and optimize its service network [22][26].

Core Insights - The Chinese logistics packaging industry is rapidly transitioning from single-use packaging to circular and sustainable models, driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion RMB in 2024 and further grow to 89.6 billion RMB by 2030 [1] - Youlesai, a leading provider of circular packaging services in the automotive sector, has submitted its listing application to the Hong Kong Stock Exchange, with the funds raised aimed at enhancing digital systems, expanding overseas, and developing a national service network [1][26] - Despite industry growth, Youlesai faces challenges such as high customer concentration, large accounts receivable with slow turnover, and cost fluctuations that require investor attention [1] Company Overview - Youlesai, established in 2016, focuses on providing circular packaging solutions for automotive parts manufacturers and OEMs. Its core business includes container services and container sales, with container services accounting for over 80% of revenue [2] - The container services segment offers comprehensive solutions, including shared operations, leasing, and value-added services, while container sales target customers with logistics capabilities and procurement needs [4] Financial Performance - Youlesai's revenue has shown stable growth, increasing from 648 million RMB in 2022 to an estimated 838 million RMB in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million RMB, a year-on-year increase of 5.1% [13] - The company reported a net profit of 64.15 million RMB in 2023, a 105.6% increase year-on-year, but net profit has since declined, with 26.89 million RMB reported in the first eight months of 2025, a 12.5% decrease [16] Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China, holding a market share of 1.5%. It ranks first in the automotive shared operations service market with an 8.2% market share [6][7] Operational Efficiency - Youlesai has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8] - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6] Customer Base - The company has a stable customer base, primarily consisting of traditional and new energy automotive parts manufacturers and OEMs, with 128 major customers contributing 89.9% of total sales as of August 31, 2025 [10][12] Challenges - Youlesai's accounts receivable have remained high, with over 60% of revenue in 2025 attributed to accounts receivable. The average collection period has been around 168 days [18][19] - The company's cost structure is under pressure, with transportation costs constituting a significant portion of total sales costs, influenced by external factors such as fuel prices and labor costs [16][18] Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The automotive industry's shift towards new energy and intelligent solutions further enhances the need for safe and adaptable packaging [22] - The funds raised from the upcoming IPO will support Youlesai's strategic initiatives, including digital system upgrades, overseas expansion, and network optimization, positioning the company to capitalize on industry growth [26]

Core Viewpoint - The company, Youlesai, is a leading integrated circular packaging service provider in China, focusing on the automotive industry, and is seeking to list on the Hong Kong Stock Exchange for the second time after a previous application lapsed [1][2]. Company Overview - Youlesai was established in 2016 to address key pain points in the logistics packaging industry, such as limited container management capabilities and high costs of disposable packaging [1]. - The company primarily serves automotive parts manufacturers and OEMs, offering shared operation services, leasing services, and other value-added services [1][2]. Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China and the largest in the automotive shared operation service market as of 2024 [2][7]. - The company manages approximately 1.4 million circular containers across 100 cities, supported by 71 container management centers [2]. Financial Performance - Youlesai's revenue has shown steady growth, with figures of 648 million yuan, 794 million yuan, and 838 million yuan for the years 2022, 2023, and 2024, respectively [2][5]. - The company's profit fluctuated during the same period, with net profits of 31.2 million yuan, 64.1 million yuan, and 50.7 million yuan [2]. Business Segmentation - The company's core business segments include integrated container management and container sales, with the former accounting for a significant portion of revenue [4][5]. - Revenue from integrated container management increased from 5.39 billion yuan in 2022 to 7.67 billion yuan in 2024, while container sales revenue decreased from 1.08 billion yuan to 710.7 million yuan during the same period [5]. Customer Retention and Strategy - Customer retention rates have declined from 75.8% in 2022 to 69.5% in 2024, attributed to the growth of major clients in the stable new energy sector and a strategic shift towards shared operation services [6]. Industry Outlook - The logistics packaging industry is transitioning from disposable to circular packaging, driven by sustainability trends, with the overall market expected to grow significantly [7]. - The circular packaging service market in China is projected to grow from 33.4 billion yuan in 2019 to 51.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.0% [7]. Competitive Landscape - The market is highly fragmented, with over 3,500 participants, and the top five players hold only 4.7% of the total revenue [7]. - Youlesai holds a 1.5% market share in the circular packaging service market and an 8.2% share in the automotive shared operation service market as of 2024 [7][8]. Risks and Challenges - The company faces challenges related to increasing accounts receivable and a high turnover period, which could impact cash flow and operational performance [9]. - The financial structure indicates potential liquidity risks, with a significant amount of bank borrowings compared to cash reserves [9]. - The company's performance is closely tied to the automotive industry's health, making it vulnerable to fluctuations in demand for logistics services [9].