在全球供应链重构与数字经济深度融合的背景下，深圳市沃客非凡科技股份有限公司于1月20日正式向港交所主板递交上市申请，华泰国际作为独家保荐 人。这家以全链路数字化能力驱动、专注东南亚市场的跨境新零售企业，不仅代表了中国制造业出海从"产品输出"向"品牌输出"的战略转型，更揭示了新 兴市场消费升级进程中的结构性投资机遇。 深耕"东南亚消费市场蓝海" 高增长与盈利双升强兑现 根据招股书的弗若斯特沙利文数据，东南亚零售市场正处在一个规模扩张与结构转型并行的关键阶段。该市场规模预计将以约6.4%的年复合增长率从 2024年的约8799亿美元稳健增长至2029年的1.2万亿美元。这一增速显著高于全球多数成熟市场，使其成为全球消费增长的核心引擎之一。 然而，市场的表面繁荣之下隐藏着深刻的结构性效率洼地。在印度尼西亚、越南、菲律宾等关键国家，传统线下零售渠道仍分别占据58.5%、46.6%及 55.4%的绝对主导份额。构成这些市场毛细血管的海量中小型零售商，普遍深陷于三重运营困境：采购成本高企、物流效率低下及数字化能力真空。 与此同时，消费者端亦面临双重痛点：一方面，随着收入水平提升，中产阶级和准中产阶级群体不断扩大，消费升级 ...

Core Viewpoint - WoKe FeiFan Technology Co., Ltd. is applying for an IPO on the Hong Kong Stock Exchange, with a focus on the Indonesian market as the largest Chinese cross-border 3C accessories company in the region, having raised approximately 257 million yuan and showing continuous growth in performance [1][10]. Group 1: Company Overview - WoKe FeiFan is a cross-border new retail enterprise with full-chain digital capabilities, primarily focused on Southeast Asia, particularly Indonesia, and also covering markets like Vietnam, Thailand, and the Philippines [4]. - The company provides high-cost performance products to small and medium-sized retail enterprises (SMEs) and end consumers in these regions [4]. - WoKe FeiFan has developed a series of well-known proprietary brands, including "VIVAN," "ROBOT," and "SAMONO," focusing on 3C accessories and small home appliances [6]. Group 2: Market Potential - The Southeast Asian retail market is experiencing structural growth, expanding from $693.4 billion in 2020 to an expected $879.9 billion by 2024, with a compound annual growth rate (CAGR) of approximately 6.3% from 2024 to 2029 [4]. - Indonesia's retail market is particularly strong, with the 3C accessories market projected to grow at a CAGR of 8.3% from 2024 to 2029 [5]. - Despite rapid growth, traditional retail still dominates in Indonesia, Vietnam, and the Philippines, accounting for 58.5%, 46.6%, and 55.4% of the market, respectively, indicating a significant demand for integrated digital transformation solutions [5]. Group 3: Financial Performance - For the first nine months of 2023, 2024, and 2025, WoKe FeiFan's revenues were approximately 908 million yuan, 1.049 billion yuan, and 880 million yuan, respectively, with a year-on-year growth of 15.5% expected in 2024 [9]. - Net profits for the same periods were approximately 18.32 million yuan, 20.35 million yuan, and 41.65 million yuan, with a year-on-year growth of about 11.1% in 2024 [9]. - The gross profit margins have shown a consistent increase, recorded at 33.6%, 35.6%, and 36.9% during the reporting period [9]. Group 4: IPO Use of Proceeds - The funds raised from the IPO will be used to enhance supply chain warehousing and logistics networks, expand marketing and channel networks, improve brand influence, upgrade digital capabilities, establish localized teams, and for general operational funds [9].

Core Viewpoint - Shenzhen Wokefei Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, representing a strategic shift in China's manufacturing industry from "product output" to "brand output" in the context of global supply chain restructuring and digital economy integration [1] Group 1: Market Opportunity - The Southeast Asian retail market is expected to grow from approximately $879.9 billion in 2024 to $1.2 trillion by 2029, at a compound annual growth rate (CAGR) of about 6.4%, significantly outpacing many mature markets [2] - Traditional offline retail channels dominate in key countries like Indonesia (58.5%), Vietnam (46.6%), and the Philippines (55.4%), indicating structural inefficiencies and operational challenges for small retailers [2] - Consumers face a dual challenge of rising demand for branded, quality products amid a supply gap where international brands are often misaligned with local preferences, while local low-cost products lack quality assurance [2] Group 2: Business Model - The company's business model targets the market gap by focusing on three categories: 3C accessories, small home appliances, and home improvement materials, offering quality assurance and competitive pricing [3] - Wokefei has become the leading Chinese cross-border 3C accessory brand in Indonesia, emphasizing its deep coverage of local small retail channels and providing services that enhance logistics efficiency [3] - The company's core strength lies in its full-chain digital capabilities, integrating design, manufacturing, and local fulfillment to empower small retailers with efficient supply chain services [3] Group 3: Financial Performance - Revenue increased from RMB 908.36 million in FY2023 to RMB 1,048.74 million in FY2024, representing a year-on-year growth of 15.5% [4] - The gross margin improved from 33.6% in 2023 to 35.6% in 2024, indicating a strengthening brand position and enhanced pricing power [6] - Operating profit margin rose from 5.7% in 2023 to 8.8% in the first nine months of 2025, reflecting the company's ability to convert market opportunities into sustainable financial returns [7] Group 4: Strategic Expansion - The company has seen a 68.5% revenue surge in Vietnam, Thailand, and the Philippines in the first nine months of 2025 compared to the previous year, validating its regional replication strategy [5] - Future growth will focus on deepening penetration in Indonesia while efficiently replicating its model in emerging markets [12] - The company aims to transition from a transaction-based model to sharing ecosystem value, enhancing the lifecycle value and stickiness of small retail clients [12] Group 5: Competitive Advantage - Wokefei's operational model represents a shift from "traffic arbitrage" to "system empowerment," creating a data-driven cross-border retail operating system [9] - The full-chain digital platform optimizes supply chain efficiency and establishes a robust digital moat, essential for rapid market penetration in Southeast Asia [9] - The combination of proprietary and partner brands within a dense retail network allows for high-value service creation and efficient market access [10]

智通财经APP获悉，在全球供应链重构与数字经济深度融合的背景下，深圳市沃客非凡科技股份有限公司(以下简称：沃客非凡)于1月20日正式向港交所主板 递交上市申请，华泰国际作为独家保荐人。这家以全链路数字化能力驱动、专注东南亚市场的跨境新零售企业，不仅代表了中国制造业出海从"产品输 出"向"品牌输出"的战略转型，更揭示了新兴市场消费升级进程中的结构性投资机遇。 深耕"东南亚消费市场蓝海" 高增长与盈利双升强兑现 根据招股书的弗若斯特沙利文数据，东南亚零售市场正处在一个规模扩张与结构转型并行的关键阶段。该市场规模预计将以约6.4%的年复合增长率从2024 年的约8799亿美元稳健增长至2029年的1.2万亿美元。这一增速显著高于全球多数成熟市场，使其成为全球消费增长的核心引擎之一。 然而，市场的表面繁荣之下隐藏着深刻的结构性效率洼地。在印度尼西亚、越南、菲律宾等关键国家，传统线下零售渠道仍分别占据58.5%、46.6%及55.4% 的绝对主导份额。构成这些市场毛细血管的海量中小型零售商，普遍深陷于三重运营困境：采购成本高企、物流效率低下及数字化能力真空。与此同时，消 费者端亦面临双重痛点：一方面，随着收入水平提升， ...

Core Viewpoint - Shenzhen Wokefei Technology Co., Ltd. is focusing on the Southeast Asian cross-border new retail market and has submitted an application for a Hong Kong IPO, with a primary market focus on Indonesia and strategic expansion into Vietnam, Thailand, and the Philippines [1] Financial Performance - The company reported revenues of RMB 908 million, RMB 1.049 billion, and RMB 880 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively, with net profits of RMB 18.319 million, RMB 20.353 million, and RMB 41.652 million for the same periods [1] - Gross margins for the same periods were 33.6%, 35.6%, and 36.9%, while net margins were 2.0%, 1.9%, and 4.7%, with adjusted net margins of 5.15%, 7.53%, and 7.09% [1] Product Structure - 3C accessories are the core revenue source, contributing 71.7% of revenue in 2024, making the company the top Chinese cross-border 3C accessory provider in Indonesia [2] Market Dependency - The company heavily relies on the Indonesian market, with revenue contributions from Indonesia accounting for 95.9%, 95.8%, and 94.1% in 2023, 2024, and the first nine months of 2025, respectively [2] Regulatory Risks - The company acknowledges potential risks from regulatory changes in Indonesia, including import certification requirements and social media sales restrictions, which could increase compliance costs or limit sales activities [2] Governance and Compliance Issues - There are governance concerns regarding some leased properties with ownership defects and past issues with insufficient social insurance and housing fund contributions for employees [2] Liquidity and Currency Risks - As of September 30, 2025, the company recorded net current liabilities of RMB 102 million, with short-term liquidity risks needing attention despite potential conversion to net current assets post-IPO [3] - The company faces foreign exchange losses due to cross-border transactions primarily settled in foreign currencies while procurement is mainly in RMB, impacting profitability [3] - Cash generated from operating activities for the first nine months of 2025 was RMB 47.6 million, a 21.8% decrease from RMB 60.9 million in the same period of 2024 [3]

Core Viewpoint - Wokefei has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, focusing on cross-border new retail in Southeast Asia, particularly in Indonesia, while also expanding into Vietnam, Thailand, and the Philippines [3][4][6]. Company Overview - Wokefei is a cross-border new retail enterprise with a core focus on full-chain digital capabilities, aiming to establish influential product brands and supply chain ecosystems in Southeast Asia [6][8]. - The company has become a leading owner of 3C accessories and small home appliances brands based in China, driven by a clear strategy for global expansion [6][8]. Market Focus - Indonesia remains the core market for Wokefei, with strategic expansions into Vietnam, Thailand, and the Philippines, focusing on sales of 3C accessories, small appliances, and home improvement materials [8][10]. - Wokefei combines its own brands with partner brands to provide high-cost performance products to SMR and end consumers in these countries [8][10]. Financial Performance - For the nine months ending September 30, 2025, Wokefei reported revenue of approximately 880 million RMB, a year-on-year increase of about 17.6%, and a net profit of approximately 41.65 million RMB, up 25.8% year-on-year [3][18][19]. Use of Proceeds - The net proceeds from the IPO are planned to be used for enhancing supply chain warehousing and logistics networks, expanding marketing and channel networks, increasing brand influence, digital upgrades, establishing localized teams and talent training, and general working capital [4][5]. Competitive Advantages - Wokefei has established a comprehensive competitive edge through its "brand + digitalization + supply chain" model, supported by a self-operated logistics network and localized operational teams [9][20]. - The company has built a strong brand presence in Indonesia with its own brands, including VIVAN, ROBOT, and SAMONO, which align well with local market characteristics [10][12]. E-commerce Strategy - Wokefei operates on major e-commerce platforms like Shopee and Tokopedia, and has also leveraged live-streaming platforms such as TikTok to enhance product sales, covering four countries with a network of over 100,000 KOL creators [15][17].

Core Viewpoint - Wokefan Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, focusing on cross-border new retail in Southeast Asia, particularly in 3C accessories and small home appliances [2]. Group 1: Company Overview - Wokefan Technology is a cross-border new retail enterprise based in China, with a strategic focus on Southeast Asia, particularly Indonesia, Vietnam, Thailand, and the Philippines [2]. - The company has established itself as a leading Chinese cross-border company in the 3C accessories category in Indonesia and ranks sixth in the small home appliances category [2]. Group 2: Financial Performance - For the fiscal years 2023 and 2024, Wokefan reported revenues of 908.36 million RMB and 1,048.74 million RMB, respectively, with net profits of 18.32 million RMB and 20.35 million RMB [3]. - In the first three quarters of 2025, the company achieved a revenue of 880.47 million RMB, reflecting a year-on-year growth of 17.56%, with a profit of 41.65 million RMB, up 25.8% [3]. Group 3: Shareholding Structure - Prior to the IPO, Qianhai Hailu and Xu Longhua held 44.06% and 4.86% of the company's shares, respectively, with Qianhai Hailu being a limited liability company established in China [4]. - Xu Longhua controls approximately 48.92% of the company through Qianhai Hailu [4]. Group 4: Management Team - Xu Longhua, the founder and chairman of the board, has over 22 years of experience in marketing and business management, having served as the executive director since the company's establishment in May 2014 [5]. - Wang Feng, the vice president since May 2014, oversees strategic procurement management and is also an executive director of several subsidiaries [9].

除了核心市场印度尼西亚，WOOK也策略性地扩展市场至越南、泰国和菲律宾。 据IPO早知道消息，深圳市沃客非凡科技股份有限公司（以下简称"WOOK"）于2026年1月20日正式向 港交所递交招股说明书，拟主板挂牌上市，华泰国际担任独家保荐人。 成立于2014年的WOOK作为一家以全链路数字化能力为核心并专注于东南亚的跨境新零售企业，通过 自主研发的全链路数据平台，在东南亚建立了有影响力的产品品牌和供应链生态系统，现已成为以中国 为基地的出境领先3C配件及小家电品牌拥有人。 这里需要指出的一点是，WOOK的平台使其能够整合由工厂、供应链到零售终端的链条，有效解决东 南亚市场的核心挑战，譬如高度分散的线下渠道、当地配送网络发展不足、低效且成本高昂的物流营 运、优质仓储资源短缺以及市场数字化程度低等问题。 基于自营仓储物流网络和本地化营运团队，WOOK塑造了"品牌+数字化+供应链"的综合竞争力——截 至2025年9月30日，WOOK平台直接连接超过40,000家SMR。同时，WOOK还已在印度尼西亚已打造一 系列知名度较高的自有品牌组合，包括"VIVAN"、"ROBOT"及"SAMONO"。其中，以3C配件为主的自 ...

Core Viewpoint - WOOK is strategically expanding its market presence in Southeast Asia, focusing on Indonesia, Vietnam, Thailand, and the Philippines, leveraging its digital capabilities and supply chain integration to address local market challenges [2][3]. Group 1: Company Overview - WOOK, established in 2014, is a cross-border new retail enterprise based in China, specializing in 3C accessories and small home appliances [2]. - The company has developed a comprehensive digital platform that integrates the entire supply chain from factories to retail endpoints, effectively addressing challenges in the Southeast Asian market [2]. Group 2: Market Position and Performance - As of September 30, 2025, WOOK's platform connects over 40,000 small and medium retailers (SMR) [3]. - WOOK ranks as the number one Chinese cross-border company in the 3C accessories category in Indonesia and sixth in the small home appliances category, based on retail sales value in 2024 [3]. - Revenue from Vietnam, Thailand, and the Philippines increased by 68.5% in the first three quarters of 2025 compared to the same period in 2024 [3]. Group 3: Industry Insights - The Southeast Asian retail market is projected to reach approximately $879.9 billion in 2024 and grow to $1.2 trillion by 2029, driven by a large population and the expansion of emerging or mature middle classes [4]. - Despite rapid growth, traditional retail markets in Indonesia, Vietnam, and the Philippines still account for significant portions of the retail landscape, highlighting the need for integrated digital transformation solutions [4]. Group 4: Financial Performance - WOOK's revenue for 2023 and 2024 was 908 million yuan and 1.049 billion yuan, respectively, reflecting a year-on-year growth of 15.5% [4]. - For the first three quarters of 2025, WOOK's revenue increased by 17.5% to 880 million yuan compared to 749 million yuan in the same period of 2024 [4]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 33.6%, 35.6%, and 36.9%, respectively [4]. Group 5: Funding and Future Plans - WOOK has received investments from notable institutions and industry players, including Alibaba and various venture capital firms [5]. - The net proceeds from the IPO are intended for enhancing supply chain logistics, marketing, brand development, digital upgrades, and local team establishment [5].

Group 1 - The core viewpoint of the article is that Wokefei has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International serving as the sole sponsor [1] - Wokefei is a cross-border new retail company focused on Southeast Asia, primarily in Indonesia, with strategic expansions into Vietnam, Thailand, and the Philippines [1] - The Southeast Asian retail market is projected to grow to $1.2 trillion by 2029, with traditional retail in Indonesia, Vietnam, and the Philippines still dominating, indicating a significant demand for digital transformation among small and medium-sized retailers [1] Group 2 - Wokefei utilizes a self-developed full-link digital platform to integrate factories, supply chains, and retail terminals, effectively addressing challenges such as fragmented offline channels, inadequate distribution networks, inefficient logistics, and low market digitalization in Southeast Asia [1] - The company has built a comprehensive competitive advantage through its self-operated warehousing and logistics network, along with a localized operations team, focusing on "brand + digitalization + supply chain" [1] - As of September 30, 2025, Wokefei's platform has directly connected over 40,000 small and medium-sized retailers [1] - According to Frost & Sullivan, Wokefei ranks as the number one Chinese cross-border company in the 3C accessories category in Indonesia based on retail sales value in 2024 [1]