如今县域已成为拉动我国消费增长的"新蓝海"，与一二线城市不同，国内低线市场具有熟人经济、线下交易占主导等 特征。 2024年中国约有85%的新生儿出生于低线市场，这也带动了对婴童产品、营养补充剂等产品的需求，如今又有该领域 的公司冲击上市。 格隆汇获悉，近期，Yangtuo Technology Inc（简称"海拍客"）向港交所递交招股书，拟在香港主板上市，中信证券为 其独家保荐人。 海拍客专注于家庭护理及营养产品领域，近三年超7成收入来自销售婴幼儿配方奶粉。2024年海拍客的营收超10亿 元，但也存在平台交易额下滑、净利润亏损、毛利率下降等经营隐忧。 01 阿里前员工浙江杭州创业，顺为、高瓴资本入股 海拍客总部位于浙江省杭州市西湖区，作为浙江的省会，杭州上市公司众多。Wind数据显示，截至2025年7月9日，注 册地或总部位于杭州的A股、港股上市公司分别有232家、61家。 公司历史可追溯至2015年，当时其主要附属公司杭州洋驼网络成立，成立不到两个月就转让给赵晨，并在同年推出海 拍客平台，次年平台的年度交易额达到10亿元。 2018年公司成为若干品牌的指定渠道，销售一次性纸尿裤、婴幼儿配方奶粉及营养产品。 ...

聚焦下沉市场，专注于家庭护理及营养产品领域的交易及服务平台——Yangtuo Technology Inc.（下 称"海拍客"），正式向港股市场进军。智通财经APP获悉，据港交所6月30日披露，海拍客向港交所主 板递交上市申请，中信证券为其独家保荐人。 招股书显示，海拍客成立于2015年。公司通过整合家庭护理及营养产品供应链，为企业客户提供家庭护 理及营养产品组合，优化消费者体验并推动低线市场消费升级。据弗若斯特沙利文的资料，按2024年交 易额计，公司成为中国低线市场家庭护理及营养产品行业为企业提供服务的最大的交易及服务平台，市 场份额为10.1%。 | 排名 | 公司 | 交易额(1) | 市場份額(2) | | --- | --- | --- | --- | | | | (人民幣十億元) | (%) | | | 本集團 | 8.6 | 10.1 | | 2 | 公司A(3) | 5.1 | 5.9 | | 3 | 公司B(4) | 3.5 | 4.1 | | 4 | 公司((5) | 2.6 | 3.0 | | | 公司D(6) | 2.4 | 2.8 | | 小計 | | 22.2 | 25.9 | ...

2015年2月28日，海拍客前身杭州洋驼网络在中国注册成立，并于4月15日转让予现公司董事会主席赵晨先生。 注册成立不久之后，海拍客推出了"海拍客平台(v1.0)"。 值得一提的是，海拍客的核心团队和电商巨头阿里巴巴（09988.HK）关系匪浅。其中，赵晨是海拍客创始人之一，同时也是董事会主席、首席执行官，其 于2006年5月至2015年4月期间在阿里巴巴担任多个职位，其最后职位为高级业务拓展专家，主要负责成立、维护及营运跨境电商平台天猫国际。 得益于核心团队经验丰富，海拍客成立以来发展速度惊人，2016年平台的年度交易额达到10亿元（人民币，下同），到了2019年年度交易额则飙增至100亿 元。 而在发展过程中，海拍客实现了多轮融资，也获得了多家知名机构的青睐，包括顺为资本、高瓴、复星国际等。 自2023年主板上市规则新增第18C章以来，晶泰控股（02228.HK）、黑芝麻智能（02533.HK）、越疆（02432.HK）已经通过第18C章登陆了港股市场。 而在近日，来自杭州西湖区的Yangtuo Technology Inc.（以下简称"海拍客"）向港交所递交了招股书，计划通过第18C章登陆主板，中信证券 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 云知声 港股｜挂牌上市 据IPO早知道消息，云知声智能科技股份有限公司（以下简称"云知声"）于2025年6月30日正式 以"9678"为股票代码在港交所主板挂牌上市，成为"港股AGI第一股"。 作为中国AGI技术的先行者，成立于2012年的云知声在以深度学习模型发布为标志的人工智能自然 语言处理取得突破后不久，即利用自己在交互式AI方面的研发专业知识和自成立以来获得的市场洞 察力，推出首个基于BERT的大语言模型UniCore，作为自己的中心技术平台云知大脑的初始核心算 法模型，并为广泛的垂直行业的客户赋能一系列AI解决方案。 2016年，云知声战略性地开始建立Atlas AI基础设施，其基于云知声的智算集群，高效地为机器学 习任务动态调度强大的算力，同时这也前沿AI模型的开发、优化和商业化提供重要支撑。目前，云 知声的智算集群拥有超过184 PFLOPS的计算能力，以及超过10PB的存储容量。在过去几年 UniCore的演进和优化的基础上，云知声于2023年推出了一个拥有600亿个参数的自有大语 ...

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Yangtuo Technology Inc. （以下简称 "海拍客"）于2025年6月30日正式向 港交所递交招股说明书，拟主板挂牌上市，中信证券担任独家保荐人。 成立于 2015年的海拍客是一家 专注于家庭护理及营养产品领域 的 交易 和 服务平台，通过整合家 庭护理 及 营养产品供应链，为企业客户提供家庭护理及营养产品组合，优化消费者体验并推动低线 市场消费升级。 2024年， 海拍客 在中国低线市场的家庭护理及营养产品产生的交易额 为 86亿元，根据弗若斯特 沙利文的资料，按2024年交易额 计算 ， 海拍客是 中国低线市场家庭护理及营养产品行业为企业提 供服务的最大的交易及服务平台，市场份额为 10.1%。 2024年，海拍客平台总交易额110亿元。 截至 2024年12月31日，海拍客平台已连接约4,200家注册卖家 以及 覆盖全国 31个省、市及自治 区，并覆盖超过3,000个村县的约290,000家注册买家。 2024年， 海拍客平台拥有超过 93,000名 核心买家（年内在平台上 ...

智通财经APP获悉，据港交所6月30日披露，Yangtuo Technology Inc.向港交所主板递交上市申请，中信证券为其 独家保荐人。根据弗若斯特沙利文的资料，按2024年交易额计，公司成为中国低线市场家庭护理及营养产品行 业为企业提供服务的最大的交易及服务平台，市场份额为10.1%。 据招股书，公司是中国领先的交易及服务平台，专注于家庭护理及营养产品领域。通过整合家庭护理及营养产 品供应链，公司为企业客户提供优质、贴心、供应稳定且价格合理的家庭护理及营养产品组合，优化消费者体 验并推动低线市场消费升级。2024年，公司在中国低线市场的家庭护理及营养产品产生的交易额达人民币86亿 元。 公司的海拍客平台采用轻资产模式，高效连接家庭护理及营养产品卖家（包括制造商、经销商及品牌）与各类 买家，构建全面整合、健康、共生且可持续的生态系统。截至2024年12月31日，按2024年交易额计，海拍客平 台已成为中国低线市场家庭护理及营养产品行业为企业提供服务的最大的交易及服务平台，已连接约4,200家注 册卖家及覆盖全国31个省、市及自治区，并覆盖超过3,000个村县的约290,000家注册买家。 | 编纂]的[ ...

01 本周上市企业： 调味品龙头海天味业正式登陆港交所主板 完成"A+H"股上市 北京时间6月19日，来自广东佛山的调味品企业——海天味业，正式在港交所主板挂牌上市。该公司致力于向用户提供品质、美味、健康的消费体验，服 务全球用户厨房及餐桌的调味需求。此次IPO，海天味业共发行2.79亿股股份，总募集资金约101.29亿港元。截至定稿，该公司市值为2123亿港元。中金 公司、高盛、摩根士丹利为其联席保荐人。 02 本周递表企业： 香港手游开发商黑瞳科技赴美IPO 拟纳斯达克挂牌上市 美国东部时间6月13日，来自香港的手游开发商——黑瞳科技递表美国证券交易委员会（SEC），拟纳斯达克挂牌上市。该公司成立于2018年，通过各种 第三方数字商店开发、发行和运营移动数字游戏。其业务范围涵盖游戏设计、编程和图形制作，以及在各种平台上发行和运营移动游戏。此次IPO，黑瞳 科技计划发行150万股股份，拟募集资金约600万美元。 尼龙制品制造商佳美新材递表SEC 拟纳斯达克挂牌上市 美国东部时间6月17日，来自福建福州的尼龙制品制造商——佳美新材，向美国证券交易委员会（SEC）递交IPO招股书，拟纳斯达克挂牌上市。该公司通 ...

Core Viewpoint - Saint Bella, recognized as the "first global high-end home care stock," has initiated its IPO, aiming to raise approximately HKD 628 million through the issuance of 95.42 million shares at a price of HKD 6.58 per share, with significant backing from cornerstone investors [1][3]. Group 1: Company Overview - Saint Bella plans to issue a total of 95.42 million shares, with 9.54 million shares available in Hong Kong and 85.88 million shares internationally, targeting a fundraising goal of HKD 628 million [1]. - The company has attracted seven cornerstone investors, including GIMM, Huaxia Fund (Hong Kong), JKKB, SS Morgan, and others, collectively subscribing to 49.44 million shares, amounting to approximately USD 41.46 million [1][3]. Group 2: Financial Performance and Valuation - Saint Bella has undergone seven rounds of financing since its establishment in 2017, raising over RMB 300 million, with notable investors including Tencent and other prominent capital firms [3]. - The company's estimated PE ratio is 7.93, significantly lower than the industry average of 22, indicating a high valuation attractiveness [5]. - The projected compound annual growth rate (CAGR) for revenue from 2022 to 2024 is 30%, suggesting strong growth potential [5]. Group 3: Business Model and Competitive Advantage - Saint Bella's business model is built on three pillars: high-end services, standardization, and digitalization, which together create a robust competitive moat [6][8]. - The company collaborates with high-end hotels to provide luxurious care environments and employs a large number of qualified nursing professionals to ensure high service standards [6][8]. - A comprehensive service model is established, covering postpartum care, family childcare, and health product supply, enhancing customer lifetime value [8]. Group 4: Market Opportunity and Industry Dynamics - The high-end home care sector is currently experiencing a "golden window period," driven by policy support and increasing demand, with Saint Bella positioned to capture significant market share [9][12]. - The penetration rate of postpartum care in China is expected to rise from 7.5% in 2019 to 17.0% by 2024, indicating substantial growth potential in the market [9]. - The company plans to allocate approximately 29% of the IPO proceeds to expand its postpartum care network and 37% to launch new services and products [13].

Core Viewpoint - The global family care leader, Saint Bella, has officially launched its IPO process, aiming to raise capital in a booming Hong Kong market, with a share price set at HKD 6.58 and a total offering of 95.42 million shares [1][2]. Group 1: Investment Highlights - Saint Bella's IPO has attracted a prestigious lineup of cornerstone investors, including the Hangzhou government-backed Xiaoshan District Industrial Fund, marking a significant regional benchmark [2][6]. - The strategic investment from the high-end private medical group, Harmony Family, is expected to create synergies between its medical resources and Saint Bella's care system, potentially forming a "high-end care + specialized medical" ecosystem [2]. - The participation of major public fund, Huaxia Fund, further underscores the recognition of the company's long-term value by mainstream capital [3]. Group 2: Financial Performance - Saint Bella's revenue has shown robust growth, increasing from CNY 472 million in 2022 to CNY 799 million in 2024, representing a compound annual growth rate (CAGR) of 30.15%, significantly outpacing the industry average [8]. - The adjusted net profit has turned from a loss in 2022 to a profit of CNY 20.77 million in 2023, and is projected to reach CNY 42.26 million in 2024, with a year-on-year growth rate of 103.43% [9]. Group 3: Market Position and Strategy - As the first global family care company to go public, Saint Bella is positioned as a benchmark in the industry, redefining the market landscape [7]. - The company has innovatively developed a comprehensive service ecosystem covering the entire family care cycle, creating strong competitive barriers and first-mover advantages [8]. - The diversified business model, extending from core maternal and infant care to home care and postpartum rehabilitation, is expected to drive significant revenue growth through synergistic effects [8]. Group 4: Capital Market Dynamics - The dual backing of top-tier investment banks, CITIC Securities and UBS, provides strong credibility to Saint Bella's IPO process, with their previous IPOs averaging a first-day increase of 33.3% [4]. - The combination of innovative business models, validated financial data, and strategic resource aggregation positions Saint Bella to redefine the value standards in the global family care industry [11].