Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading, followed by a significant increase of nearly 24% the previous day, indicating volatility in market performance [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] - According to projections, Jushuitan is the second largest e-commerce SaaS provider in the domestic market, with a market share of 7.1% based on relevant revenues for 2024 [1] Customer Contribution - The contribution of customers purchasing two or more Jushuitan products to the company's total SaaS revenue has increased over the years, accounting for 30.6% in 2022, 33.0% in 2023, 37.7% in 2024, and 39.3% for the six months ending June 30, 2025 [1] - The company's business has experienced rapid growth, with total revenue projected to reach RMB 909 million in 2024 [1] - The compound annual growth rates (CAGR) for the years 2022 to 2024 are 31.9% and 33.6%, respectively [1]

Core Viewpoint - Chinese e-commerce SaaS ERP provider Jushuitan (6687.HK) officially listed on the Hong Kong Stock Exchange, experiencing a surge of over 28% during trading, reaching a peak of 39.32 HKD, with a total market capitalization exceeding 16.75 billion HKD [1] Summary by Category IPO Details - Jushuitan's public offering in Hong Kong received a subscription rate of 1952.95 times, with a winning rate of only 0.13% for a single lot (100 shares) [1] - The international offering recorded a subscription rate of 22.89 times [1] - The share price was set at 30.6 HKD, raising approximately 1.9376 billion HKD in net proceeds from the global offering [1] Use of Proceeds - Approximately 55% of the funds raised will be allocated to enhancing the company's research and development capabilities over the next five years to enrich its product matrix [1] - About 25% will be used to improve sales and marketing capabilities over the next five years [1] - 10% will be directed towards strategic investments over the next five years, and the remaining 10% will be for general corporate purposes [1] Company Overview - Jushuitan offers a comprehensive range of SaaS products and services, enabling clients to seamlessly upgrade their business capabilities, improve performance, and develop cross-platform operations while significantly reducing deployment and operational costs [1] - As of last year, Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% [1] - For 2024, Jushuitan's total revenue and SaaS product transaction volume are projected to reach 909.8 million CNY and 1.3017 billion CNY, respectively, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [1]

Core Viewpoint - JuShuiTan (06687) has successfully listed its shares at a price of HKD 30.60, raising approximately HKD 1.938 billion, with a notable initial increase of 24.18% to HKD 38 per share [1] Company Summary - JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The e-commerce SaaS ERP market in China is projected to reach RMB 3.1 billion in 2024, with JuShuiTan also ranking first in the e-commerce SaaS market with a market share of 8.7% based on total SaaS revenue for the same year [1] - JuShuiTan offers a comprehensive suite of SaaS products and services designed to enhance business capabilities, improve performance, and facilitate cross-platform operations while significantly reducing deployment and operational costs [1] - The core SaaS product of JuShuiTan is its ERP system, which addresses the essential needs of merchants on major e-commerce platforms for processing orders [1]

Core Viewpoint - The company, 聚水潭, is a leading e-commerce SaaS ERP provider in China, successfully completing its IPO subscription with significant oversubscription and plans for future growth in the SaaS market [1][2] Group 1: IPO Details - 聚水潭's IPO subscription took place from October 13 to October 16, 2025, with a total of at least 330 billion HKD in margin loans secured by brokers, resulting in an oversubscription of 1581 times compared to the initial public offering amount of 210 million HKD [1] - The company plans to issue 68.167 million shares, with 10% allocated for public offering at a price of 30.6 HKD per share, aiming to raise approximately 2.09 billion HKD [1] - The expected listing date is October 21, 2025, with 中金公司 and 摩根大通 acting as joint sponsors [1] Group 2: Market Position and Financial Performance - According to 灼识咨询, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market for 2024, surpassing the combined market share of the second to fifth largest competitors [1] - The total market size for the Chinese e-commerce SaaS ERP sector is projected to be 3.1 billion RMB in 2024, with 聚水潭 also ranking first in the e-commerce SaaS operational market with an 8.7% market share [1] - The company reported total revenues and SaaS product transaction volumes of 909.8 million RMB and 1.302 billion RMB respectively for 2024, with compound annual growth rates of 31.9% and 32.6% from 2022 to 2024 [2] Group 3: Use of Proceeds - Approximately 55% of the net proceeds from the fundraising will be allocated to enhancing research and development capabilities to expand the product matrix over the next five years [2] - About 25% of the funds will be used to strengthen sales and marketing efforts over the next five years [2] - The remaining 20% will be divided between strategic investments and general corporate purposes, with 10% allocated to each [2]

Core Viewpoint - 聚水潭集团股份有限公司 is the largest e-commerce SaaS ERP provider in China, holding a significant market share and demonstrating strong growth potential in the e-commerce SaaS sector [3][4]. Company Overview - 聚水潭 is set to list on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. - The company has developed cloud-based e-commerce SaaS products that connect merchants to over 400 e-commerce platforms, surpassing the industry average of fewer than 200 connections [4]. Market Position - In 2024, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market, which is projected to reach RMB 3.1 billion [3]. - The company ranks first in the e-commerce SaaS market with an 8.7% share based on total SaaS revenue [3]. Customer Base and Retention - By 2024, 聚水潭 serves approximately 88,400 SaaS customers, significantly higher than the industry average of fewer than 20,000 [4]. - The company boasts a net customer revenue retention rate of 115% for 2024 [4]. Financial Performance - Revenue figures for the company are as follows: RMB 523 million in 2022, RMB 697 million in 2023, RMB 910 million in 2024, and RMB 524 million for the six months ending June 30, 2025 [6]. - The company reported a net loss of RMB 5.07 billion in 2022, narrowing to RMB 395.44 million in the six months ending June 30, 2025 [6]. Efficiency Metrics - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, is significantly above the industry average of 3x, with ratios of 6.2x in 2022, 7.7x in 2023, and 9.3x in 2024 [5][6]. - Customers purchasing multiple products from 聚水潭 contributed 30.6% of total SaaS revenue in 2022, increasing to 39.3% by mid-2025 [6].

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].