Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is seeking to go public on the Hong Kong Stock Exchange, having achieved significant growth in transaction volume and profitability since its inception [1][4]. Group 1: Company Overview - Haipai Ke was established in 2015 and launched its platform in the same year, achieving a transaction volume of 1 billion yuan in its second year and 10 billion yuan by the fourth year [3][4]. - The company has developed 92 proprietary brands and established partnerships with 153 manufacturers by the end of 2024 [4]. - Haipai Ke focuses on family care and nutrition products, providing a stable supply chain for enterprise clients and enhancing consumer experience [4][6]. Group 2: Financial Performance - The company reported revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 1.012 million yuan, -56.54 million yuan, and -78.825 million yuan [7][8]. - The gross profit margins for the same years were 43.9%, 37.6%, and 32.5% [7][8]. Group 3: Market Position - In 2024, Haipai Ke became the largest trading and service platform in China's lower-tier market for family care and nutrition products, capturing a market share of 10.1% [6]. - The platform connected approximately 4,200 registered sellers and covered over 290,000 registered buyers across 31 provinces and regions in China [6]. Group 4: Investment and Financing - Haipai Ke has completed six rounds of financing, raising a total of approximately $193.59 million, with significant investments from notable firms such as Shunwei Capital and Fosun International [9][13]. - The company plans to use the proceeds from its IPO to enhance collaboration with ecosystem participants, improve technological capabilities, and seek strategic alliances and acquisitions [15].

Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is preparing for an IPO on the Hong Kong Stock Exchange, having achieved significant growth in transaction volume and profitability since its establishment [1]. Group 1: Company Growth and Performance - In its second year, Haipai Ke achieved an annual transaction volume of 1 billion yuan, and by the fourth year, this figure surged to 10 billion yuan, with a gross margin exceeding 32% [1][4]. - The company launched its self-operated business in 2019, focusing on high-demand, flexible product categories, which contributed to the substantial increase in transaction volume [4]. - By the end of 2024, Haipai Ke had developed 92 proprietary brands and established partnerships with 153 manufacturers, with over 38,000 paying buyers on its platform [4]. Group 2: Market Position and Strategy - Haipai Ke serves as a platform for small and medium-sized maternal and infant stores, connecting them directly with global brands and suppliers, thus facilitating market entry for new and small brands [5][6]. - In 2024, the company generated a transaction volume of 8.6 billion yuan in the family care and nutrition product sector within China's lower-tier markets, capturing a market share of 10.1% [6]. - The platform has connected approximately 4,200 registered sellers and covered over 29,000 registered buyers across 31 provinces and regions in China [6]. Group 3: Financial Overview - From 2022 to 2024, Haipai Ke reported revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan, with net profits of 1.012 million yuan, -56.54 million yuan, and -78.825 million yuan respectively [6]. - The majority of the company's self-operated business revenue during this period came from family care and nutrition products, accounting for 99.9%, 100%, and 99.5% of total self-operated revenue [6]. - As of the end of the reporting period, the company recorded net liabilities of 1.7326 billion yuan, 1.9173 billion yuan, and 2.0012 billion yuan, primarily due to convertible redeemable preferred shares [7]. Group 4: Investment and Financing - Haipai Ke has completed six rounds of financing prior to its IPO, raising a total of approximately 193.59 million USD from notable investors including Shunwei Capital, Fosun International, and others [9][12]. - The first round of financing occurred in July 2015, with subsequent rounds attracting various institutional investors, indicating strong backing and confidence in the company's growth potential [10][11]. - The funds raised from the IPO will primarily be used to enhance collaboration with ecosystem participants, improve technological capabilities, and support general operational needs [14].