Core Viewpoint - Jushuitan Group Co., Ltd. has submitted its prospectus for a second attempt to list on the Hong Kong Stock Exchange after previous submissions were invalidated. The company aims to leverage its growth in the e-commerce SaaS ERP sector to achieve profitability in 2024 [2][6]. Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 is approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively, indicating a growth rate of about 30.5% for 2024 [2][3]. - The net profit figures for the same years are approximately -RMB 507 million, -RMB 490 million, and RMB 10.58 million, with an adjusted net profit of -RMB 379 million, -RMB 206 million, and RMB 48.99 million, respectively, marking a turnaround to profitability in 2024 [2][3][6]. Business Model and Services - Jushuitan operates as an e-commerce SaaS ERP provider, offering a cloud-based platform that connects merchants with over 400 e-commerce platforms globally. The core product, Jushuitan ERP, facilitates order management, inventory control, and financial data management for merchants [6][7]. - The company processed 33 billion e-commerce orders in 2024, demonstrating its capacity to handle high transaction volumes, especially during peak periods like "Double 11" [7]. Investment and Valuation - Jushuitan has undergone multiple funding rounds, with significant investments from firms like Goldman Sachs. The post-money valuation after the C round in 2020 was RMB 6 billion [7][9]. - Prior to the IPO attempt, the company repurchased C round preferred shares for approximately USD 75.6 million (about RMB 544 million), reducing its issued share capital [8][9]. Market Position and Future Outlook - The company has been recognized for its rapid growth and innovative approach, with expectations to continue leading in the e-commerce SaaS sector. The funds raised from the IPO are intended for product upgrades, supply chain collaboration, and international market expansion [10].

Core Viewpoint - Jushuitan Group Co., Ltd. has submitted its prospectus for a second time to list on the Hong Kong Stock Exchange after previous applications were deemed "invalid" [1] Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 is approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively, with a revenue growth rate of about 30.5% for 2024 [2] - The net profit for the same years is approximately -RMB 507 million, -RMB 490 million, and RMB 10.58 million, indicating a turnaround to profitability in 2024 [2] - Adjusted net profit figures are -RMB 379 million, -RMB 206 million, and RMB 48.99 million, also showing a return to profit in 2024 [2] - Gross profit for 2022, 2023, and 2024 is approximately RMB 274 million, RMB 435 million, and RMB 523 million, with gross margins of 52.3%, 62.3%, and 68.5%, respectively [4] Business Model and Services - Jushuitan is an e-commerce SaaS ERP supplier, providing cloud-based solutions that connect merchants with over 400 e-commerce platforms globally [5] - The core product, Jushuitan ERP, offers essential functionalities such as order management, warehouse management, procurement management, and distribution management [5] - In 2024, Jushuitan processed 33 billion e-commerce orders, demonstrating significant operational capacity [5] Investment and Valuation - Jushuitan has completed multiple rounds of financing since its establishment, with significant investments from various venture capital firms [6][7] - After the B3 round of financing in April 2019, the post-money valuation was RMB 2.75 billion, and after the C round in August 2020, the valuation reached RMB 6 billion [7] - Prior to the IPO application, Jushuitan repurchased C round preferred shares for approximately USD 75.6 million (about RMB 544 million) [8][9] Strategic Partnerships - Goldman Sachs, a key investor, has expressed confidence in Jushuitan's potential in the Chinese e-commerce market and its SaaS ERP services [10][12] - The funds raised will be used for product and service upgrades, supply chain collaboration, overseas market expansion, and investments in the SaaS ecosystem [12]

Core Viewpoint - The success of the company's IPO on the Hong Kong Stock Exchange is seen as a critical turning point for its future, with potential for market expansion or facing capital challenges if unsuccessful [1][4]. Financial Performance - The company has shown consistent revenue growth, with total revenues projected at 5.23 billion, 6.97 billion, and 9.1 billion from 2022 to 2024, reflecting a compound annual growth rate of 31.9% [2]. - The core SaaS business revenue is expected to grow from 4.98 billion in 2022 to 8.78 billion in 2024, maintaining over 95% of total revenue [2]. - In 2024, ERP product revenue is projected to reach 7.65 billion, accounting for 84% of total revenue, marking it as the company's main revenue source [3]. - The company transitioned from a net loss of 5.07 billion in 2022 to a projected net profit of 0.11 billion in 2024, with overall gross margin improving from 52.3% in 2022 to 68.5% in 2024 [3][4]. Market Position - The company holds a 24.4% market share in the Chinese e-commerce SaaS ERP market, surpassing the combined share of its five largest competitors [4]. - It is the second-largest e-commerce SaaS provider in China, with a 7.1% market share [4]. Investment and Financing - The company has faced challenges in its IPO journey, having submitted its prospectus to the Hong Kong Stock Exchange four times since June 2023 [1][8]. - A significant risk is the redemption clause in the investment agreement, which could trigger a redemption of up to 31.44 billion in preferred shares if the company fails to go public by the end of 2025 [1][10]. - The company has a cash reserve of 10.85 billion, but the risk of preferred share redemption could impact investor confidence [11]. Challenges and Risks - The company faces pressure from technological advancements and the need to adapt to evolving customer demands in the fast-paced e-commerce sector [12]. - It relies heavily on a single third-party IaaS cloud service provider, which constitutes 50.3% of its procurement costs, posing risks if issues arise with this supplier [12]. - Increasing competition from traditional ERP vendors transitioning to SaaS and potential competition from self-developed ERP products by e-commerce platforms could threaten market share [12]. - High marketing expenses are a concern, with sales and marketing costs projected to rise from 3.14 billion in 2022 to 3.7 billion in 2024 [12]. Strategic Outlook - The company aims to use the proceeds from its IPO to enhance R&D capabilities, strengthen sales and marketing efforts, and pursue strategic investments [13].

Core Viewpoint - The company, 聚水潭, is determined to go public after four attempts, now with a stronger financial position as it achieved profitability in 2024, marking a significant turnaround from previous losses [1][6]. Financial Performance - 聚水潭 reported revenues of 5.23 billion, 6.97 billion, and 9.1 billion RMB for the years 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 31.9% during this period [2]. - The company achieved a net profit of 10.58 million RMB in 2024, a significant improvement from a net loss of 490 million RMB in the previous year [6]. - Despite the positive net profit, the company still faced an operational loss of 62.09 million RMB in 2024 [6]. Revenue Structure - The majority of 聚水潭's revenue comes from its SaaS business, which accounted for 95%-97% of total revenue during the reporting period [2]. - The revenue from the e-commerce SaaS ERP product was 4.57 billion, 6 billion, and 7.65 billion RMB for the years 2022, 2023, and 2024, representing 87.4%, 86.1%, and 84% of total revenue respectively [3]. Customer Growth - The total number of SaaS customers reached 88,400 in 2024, nearly doubling from 45,700 in 2022 [5]. - The customer retention rate was reported at 115% in 2024, indicating strong customer loyalty [5]. Market Outlook - The e-commerce SaaS ERP market is projected to grow at a CAGR of 18.9% from 2020 to 2024, reaching a market size of approximately 3.1 billion RMB by 2024 [7]. - By 2029, the market size is expected to reach 8.3 billion RMB, with a potential CAGR of 21.5% [7]. Strategic Initiatives - The company plans to upgrade its existing ERP products and explore integrated collaborative products to enhance its product matrix [10]. - Despite achieving profitability, the company faces challenges as many peers in the SaaS sector remain unprofitable, raising questions about the sustainability of its profit margins [10].