Core Viewpoint - Yunhan Chip City, a leading player in the domestic electronic components e-commerce sector, has successfully listed on the Growth Enterprise Market, with a current market capitalization exceeding 9.2 billion yuan, reflecting strong market interest and confidence in its business model [2][3]. Company Overview - Yunhan Chip City, established in 2008, operates as a B2B trading platform for electronic components and has completed four rounds of financing prior to its IPO, achieving a valuation of 2.1 billion yuan [2]. - The company’s IPO saw an oversubscription rate exceeding 10,000 times, indicating high market attention [2]. Investment Insights - Guoke Investment led a significant financing round of 180 million yuan in 2018, demonstrating increased confidence in Yunhan Chip City after a thorough evaluation process lasting three years [2][3]. - The investment from Guoke Investment has yielded approximately five times the return based on the current market valuation [3]. Industry Context - The electronic components distribution market in China exceeds 3 trillion yuan, with traditional distribution models being inefficient, thus presenting an opportunity for e-commerce platforms like Yunhan Chip City to disrupt the market [5]. - Yunhan Chip City aims to serve small and medium-sized electronic manufacturing enterprises as a one-stop procurement platform, capitalizing on the inefficiencies of traditional independent distributors [5]. Financial Performance - The projected revenues for Yunhan Chip City are 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.44 billion yuan, marking a year-on-year growth of 17.84%, and a net profit of 53.92 million yuan, reflecting a 40.67% increase [5]. Leadership and Team Dynamics - The founding team, consisting of Zeng Ye and Liu Yunfeng, has a strong complementary skill set and a long-standing partnership, which has contributed to the stability and growth of the company [7]. - The leadership's ability to adapt and respond to market changes has been crucial in navigating challenges such as the pandemic and regulatory shifts [3][6]. Long-term Investment Philosophy - Guoke Investment's approach emphasizes deep industry understanding, patience, and a commitment to social value, which has been validated through its successful investment in Yunhan Chip City [3][10]. - The firm has a history of supporting technology-driven enterprises and aims to balance innovation with stable returns in its investment strategy [14][22].