今日，上海独角兽企业聚水潭正式登陆港交所，成为资本市场一员。披露显示，聚水潭IPO发行价为30.60 港元/股，开盘后涨超17%，截至发稿，市值达到153亿港元。 作为国内电商SaaS ERP的头部企业，聚水潭成立于2014年。根据灼识咨询的资料，按SaaS总收入计，2024 年，聚水潭是中国最大的电商运营SaaS供货商，市场份额达8.7%。 回顾聚水潭的创业之旅，是中国SaaS发展的生动写照。10年间，中国SaaS行业经历萌芽、回调，再到新 生。过程中，聚水潭也经历了行业起伏与盈利之困，并得到了一众VC/PE的支持。 IPO后，红杉智盛持股6.72%，为第二大外部股东；阿米巴资本合计持股7.93%，为第一大外部股东。纪源 资本合计持股4.18%，位列重要股东。此外，上海蓝湖、元璟资本、北京微光股权、中金共赢基金也纷纷 加持。 作为重要股东之一的纪源资本，其管理合伙人吴陈尧表示，骆海东带领聚水潭这一路走来，步伐坚定执 着，又充满干劲。即便在行业竞争格局比较激烈，或市场整体比较低迷的时候，他依然保有充分的信心， 不会悲观，也不会急躁冒进。可以说，这位领军人的性格特质为公司发展提供了相当稳健的支撑。 服务天猫、京 ...

Core Viewpoint - The company, Jushuitan Group, a leading player in the e-commerce SaaS ERP sector in China, is set to go public on the Hong Kong Stock Exchange, marking a significant milestone as it breaks the typical 15-year profitability cycle for SaaS companies, achieving profitability in its 11th year [1][3][5]. Financial Performance - Jushuitan's revenue is projected to grow from 523 million yuan in 2022 to 910 million yuan in 2024, with a compound annual growth rate (CAGR) of 31.9% [4]. - In the first half of 2025, revenue reached 524 million yuan, reflecting a year-on-year growth of 24.4% [4]. - The company reported a net profit of 48.99 million yuan in 2024, achieving profitability four years ahead of the industry average [5]. - The adjusted net profit for the first half of 2025 was 46.96 million yuan, nearing the total for 2024, indicating sustainable profitability [5]. - The gross margin improved from 52.3% in 2022 to 71.8% in the first half of 2025 [4]. Market Position and Growth Potential - The e-commerce SaaS ERP market in China is still in its early stages, with a market size of only 3.1 billion yuan in 2024 and a penetration rate of just 1.6% among active e-commerce merchants, indicating significant growth potential [7]. - Jushuitan holds an 8.7% market share in the e-commerce ERP segment and a 7.1% share in the overall e-commerce SaaS market, ranking second [7]. - The company has established a competitive edge with its ability to connect to over 400 e-commerce platforms and 800+ logistics providers, significantly more than the industry average [8][9]. Investment and Strategic Plans - Jushuitan has secured a strong base of institutional investors, raising 130 million USD from 13 firms, including Sequoia China, indicating market confidence in its future [3][10]. - The company plans to allocate approximately 55% of the IPO proceeds to enhance R&D capabilities, 25% to improve sales and marketing, and 10% for strategic investments [11].