Core Viewpoint - Quantitative Party has submitted its prospectus to the Hong Kong Stock Exchange for the fifth time since June 29, 2022, aiming for a listing on the main board, transitioning from a financial matchmaking business to an e-commerce and retail platform with a significant increase in transaction scale from over 300 billion to over 700 billion in three years [1] Company Overview - Founded by Zhou Hao, Quantitative Party combines quantitative assessment concepts from Western markets with Chinese market characteristics, aiming to provide dignified financial services to users with credit backgrounds but lacking traditional credit records [2][3][4] - The company initially focused on a "credit wallet" platform to connect users with financial institutions, rapidly expanding its user base and partnerships with over 48 financial institutions by the end of 2021, serving more than 25.4 million users [5] Business Transformation - Following regulatory tightening on cash loans and online lending in 2017, Quantitative Party shifted its business model from financial matchmaking to focusing on two main online consumer markets: the e-commerce platform "Yang Xiaomei" and the O2O automotive retail platform "Consumption Map" [6][7] - "Yang Xiaomei" has become the primary revenue source, with revenue projected to rise from 206 million yuan in 2022 to 925 million yuan in 2024, and a significant increase in transaction volume from 4.9 billion yuan in 2023 to 7.7 billion yuan in 2024 [7][8] Performance Metrics - The average monthly active users on "Yang Xiaomei" increased from 528,000 in 2023 to 963,000 in 2024, with the average revenue per user (ARPU) rising from 10,330 yuan in 2022 to 25,622 yuan in the first five months of 2025 [8] - The "Consumption Map" platform, initially focused on local life services, has seen a decline in transaction volume from 4.2 billion yuan in 2022 to 1.49 billion yuan in 2024, as resources were redirected to "Yang Xiaomei" [9] Financial Overview - The company's total revenue has shown consistent growth, with figures of 475 million yuan in 2022, 530 million yuan in 2023, 993 million yuan in 2024, and 414 million yuan in the first five months of 2025, while net profit transitioned from a loss of 283,000 yuan in 2022 to a profit of 12.6 million yuan in the first half of 2025 [9][10]

Core Insights - The e-commerce sector in China has shown sustained healthy growth from January to July 2025, effectively boosting consumption and promoting digital transformation in industries [2][3] - Online retail sales in China increased by 9.2% year-on-year, with physical goods online retail sales growing by 6.3% during the same period [2] - Significant growth was observed in the online sales of computers (29.9%), smart wearables (28.4%), and mobile phones (20.3%) [2] - Service consumption also experienced rapid growth, with online sales in tourism (24.8%), catering (16.6%), and entertainment (11%) increasing [2] - E-commerce platforms have facilitated foreign trade expansion, with over 4 billion yuan in sales from foreign trade sections since April [2] - The agricultural, electronics, and textile sectors saw e-commerce transaction growth of 14.5%, 7.9%, and 6.5% respectively [2] Industry Developments - Initiatives like "Digital Commerce to Benefit Agriculture" and "Industry E-commerce to Benefit Enterprises" have led to over 300 matchmaking events, resulting in thousands of cooperation intentions for supply chain and brand promotion [2] - Notable products from regions like Shaanxi and Liaoning have successfully expanded their sales channels through these platforms [2] - The "Silk Road E-commerce Benefits the World" initiative has advanced cooperation, establishing over 10 online and offline national pavilions [3] - Training sessions for government, business associations, and e-commerce companies have been well-received, particularly in Central Asia [3] - Online sales of Egyptian essential oils and Uzbek candies surged by 179.2% and 104.7% respectively from January to July [3]

Group 1 - The core viewpoint is that the consumption e-commerce sector in China has shown significant vitality in 2023, with a nationwide online retail sales growth of 8.5% from January to June [1] - Quality products, trade-in programs, and online service consumption have experienced rapid growth, with digital products, 15 categories of state-subsidized home appliances, and digital products increasing by 9.9%, 12.7%, and 14.6% respectively [1] - The implementation of consumption expansion policies in the e-commerce sector has been effective, fostering quality e-commerce development, integrating foreign trade into domestic sales, and promoting innovation in artificial intelligence applications [1] Group 2 - The "Silk Road E-commerce" initiative has expanded to 36 partner countries, signing e-commerce cooperation agreements with Kenya, Bangladesh, and Egypt [2] - The initiative has conducted nearly 20 activities to deepen cooperation with partner countries, attracting representatives from over 60 countries to industry matchmaking events in regions like Shandong and Hunan [2] - The sales of Kazakh honey and Kenyan coffee beans on key monitored platforms have increased by 180.7% and 37% respectively [2] Group 3 - Digital commerce is becoming a new engine for high-quality business development, with the introduction of industry standards for live e-commerce parks and training programs for businesses [2] - The contribution rate of online retail sales of physical goods to total retail sales of consumer goods has reached 29.6%, while the share of online dining in total dining revenue has increased by 1.9 percentage points [2] - Cross-border e-commerce has demonstrated resilience in foreign trade, with preliminary statistics showing a 5.7% year-on-year growth in cross-border e-commerce imports and exports, totaling 1.32 trillion yuan from January to June [2]