2025年8月22日，小鹅通正式向港交所主板递交招股说明书，中金公司担任独家保荐人。若成功上市， 小鹅通将成为"私域SaaS第一股"。这家成立于2015年的公司，在私域运营领域迅速崛起，然而在光鲜 的市场地位与营收增长背后，也存在着连续亏损、供应商依赖、合规风险等挑战。 01 从"工具服务商"到"行业领跑" 2015年，在私域概念尚处萌芽阶段，小鹅通创始人鲍春健便带领团队抓住知识付费热潮，推出首款知识 付费工具，迅速打开市场缺口。此后，随着私域运营需求井喷，创始团队果断将业务从单一工具拓展为 涵盖电商、数字化营销、CRM的一站式SaaS解决方案，顺利实现从"单点突破"到"全链路服务"的华丽转 身。 据灼识咨询报告显示，以2024年收入计算，小鹅通在中国交互型私域运营解决方案供应商中排名第一， 在私域运营解决方案供应商中位列前三，市场份额达4.4%。同时，在2022-2024年期间，小鹅通是中国 前五大私域运营解决方案供应商中收入增长最快的企业。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 202 ...

消息面上，9月5日，在香港交易所举办的未来科技峰会上，香港交易所行政总裁陈翊庭表示，过去一 年，中国科技产业迎来了令人振奋的突破。以人工智能为例，中国的科创企业在技术、成本效率与应用 落地方面都展现出独特优势，更标志着中国在AI领域已经从"跟跑"走向"领跑"。还有更多企业在机器 人、自动驾驶、半导体、新能源、生物科技等前沿领域取得重要突破，集中体现了新质生产力的爆发 力，也增强了全球投资者对投资中国的兴趣和信心。 9月5日早盘，港股三大指数集体上涨。盘面上，医药股走强，光伏概念股表现活跃，SaaS概念股多数上 涨。主流ETF方面，港股通汽车ETF（159323）一度涨超2%，持仓股中，天能动力一度涨超10%，天齐 锂业涨超7%；昨日重挫的恒生科技指数ETF（513180），今日盘中小幅上涨近1%，持仓股中，美的集 团、地平线机器人、比亚迪电子、海尔智家、理想汽车等领涨。 公开信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股 深度聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪等有望成为中国科 技股"七巨头"。没有港股通账户的投资者或可通过恒 ...

每经AI快讯，9月5日，截至发稿，乐享集团（06988.HK）涨超15.97%、汇量科技（0160.HK）涨 12.61%、有赞（08083.HK）涨2.68%。 ...

详细要点如下 1、增长看似提速，但更多只是汇率利好：增长端，核心业务--订阅性收入本季同比增长10.6%，较上季的8.3%有一定提速，小幅跑超市场预期1pct。 9月4日早美股盘后，SaaS龙头Salesforce公布2026财年2季度财报。当季业绩表现相对平稳（或者说平淡）。 增长并无明显提速迹象，但靠优秀控费仍挤出小超预期的利润。但不改变核心问题，且对下季度指引也不亮眼，整体观感还是偏弱。 背后一方面是核心订阅业务因汇率利好和规模效应的小幅提升，另外服务业务的毛亏损的从上季的异常高点回落常态也有贡献。 但主要是汇率转向顺风的利好，过去四个季度，恒定汇率下订阅收入的增速实际一直在9%左右，增速波动大部分只是因汇率的影响。（因不公布小数， 较小的差异会被抹去）。 因此，本季实际毛利润额近80亿，同比增长11.6%，较收入增速有所放大。 2、传统业务熟透，必须向AI寻增长：细分5大云各自的表现，本季受益于汇率利好，增速全部有1%~3%的环比走高。结构上，传统的IT支出--销售、客服 和营销三大板块增长依旧仅个位数，近乎熟透的传统业务难有多少亮点。 5、优秀控费继续挤利润：本季Salesforce全部经营费用支出 ...

Core Viewpoint - Xiaoetong, a SaaS platform focusing on "private domain operation solutions," has experienced rapid growth and is now preparing for an IPO after nine years of ups and downs in entrepreneurship [1][3]. Group 1: Company Growth and Financial Performance - Xiaoetong's revenue is projected to exceed 500 million yuan in 2024, with an adjusted net profit of 66 million yuan and over 1,800 key clients, maintaining a net revenue retention rate above 115% [3]. - In the first half of 2025, the company reported a year-on-year revenue growth of 26.4%, reaching 306 million yuan, indicating strong growth momentum [3]. Group 2: Market Position and Competitive Landscape - The interactive private domain operation solution market in China is expected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan by 2029, with a compound annual growth rate of 21.6% [5]. - Xiaoetong has entered the top five in market position and is one of the fastest-growing companies from 2022 to 2024, despite facing competition from vertical SaaS vendors like Weilebo and Beixiao Live [7]. Group 3: Strategic Partnerships and Dependencies - Tencent holds a 16.82% stake in Xiaoetong and is its largest cloud service provider and important client, providing both technical advantages and customer acquisition benefits [4]. - While this relationship offers stability, it raises concerns about the company's dependency on Tencent's ecosystem [4]. Group 4: Regulatory Challenges and Industry Risks - Xiaoetong has faced regulatory scrutiny, particularly regarding compliance issues related to health products and courses, which resulted in penalties in 2023 [6]. - The company must enhance qualification reviews and content regulation to navigate the tightening regulatory environment [6]. Group 5: IPO Significance and Future Outlook - The funds raised from the IPO will primarily be used for R&D, sales promotion, global expansion, strategic partnerships, and potential acquisitions, marking a significant validation of its business model and industry position [8]. - The IPO will serve as a critical test for the company and a window to observe the commercialization path and regulatory dynamics within the Chinese SaaS industry [8].

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Group 1: E-commerce Developments - Xiaohongshu has made e-commerce a primary entry point in its app, launching a "million commission-free plan" to attract merchants, with 50% of its 350 million monthly active users being post-95s [2] - Meituan's second-quarter revenue reached 91.84 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit fell by 89% due to intensified competition in the food delivery sector [4] - JD.com and Meituan have entered the "hard discount" market, with JD's discount supermarket opening four stores and Meituan launching its self-operated supermarket, indicating a shift in retail focus towards discount offerings [5] Group 2: Financial Performance and Strategic Moves - Ying Shi Innovation reported a 51.17% year-on-year revenue growth to 3.671 billion yuan in the first half of 2025, but net profit growth has slowed due to increased strategic investments [8] - Alibaba's second-quarter revenue was 247.65 billion yuan, a 2% increase, with operating profit declining by 3% due to significant investments in the Taobao flash purchase strategy [6][7] - Midea Group's revenue for the first half of 2025 reached 252.3 billion yuan, a 15.7% increase, with net profit growing by 25% to 26 billion yuan, marking record highs [11] Group 3: Technological Innovations - Tax Friend Co. launched the first Agentic platform in the tax industry, aiming to address common issues such as low efficiency and high costs, with AI products achieving a hallucination rate below 10% [9] - Kuaishou's AI tool, Keling, has seen significant growth, with over 1 billion yuan in monthly revenue since April and a 321% increase in content playback volume compared to six months ago [10] Group 4: Aerospace Developments - SpaceX's Starship successfully completed its tenth test flight after two previous failures, marking a significant milestone in its development and paving the way for future iterations [3]

Core Viewpoint - The company achieved its first quarterly U.S. GAAP profit in Q2 2025, marking a significant milestone in its profitability journey, supported by strong cash flow and robust growth in overseas business [1][4][17]. Financial Performance - Total revenue reached 89.9 million RMB, reflecting a significant year-on-year growth of 13% and positioning within the high range of previous performance guidance [2][8]. - Gross profit amounted to 59.6 million RMB, also showing a year-on-year increase of 13%, with a gross margin of 66.4%, indicating strong profitability [11][12]. - Operating cash flow net inflow was 7.94 million RMB, demonstrating high-quality earnings and financial stability [14]. Business Segments - Developer services generated 64.4 million RMB, accounting for 72% of total revenue, with subscription service revenue growing by 12% year-on-year [8][9]. - The financial risk control business saw a robust year-on-year growth of 27%, becoming a key driver for the industry application segment [3][9]. - Industry application revenue reached 25.5 million RMB, with a 10% year-on-year increase, supported by strong performance in the financial sector [9]. Key Products and Innovations - EngageLab achieved a 67% year-on-year revenue increase, with a customer base expansion of 210 new clients in Q2, totaling 1,058 clients [5][6]. - GPTBots.ai continued to gain market recognition, receiving four prestigious certifications and showcasing its innovations at major industry events [7][5]. Customer Retention and Growth Strategy - The developer subscription service revenue retention rate reached 99%, indicating effective customer relationship management and value extraction from existing clients [15][16]. - The company is focused on maintaining a lean operational cost structure, with total operating expenses at 60.8 million RMB, supporting sustained profitability [13].

Core Viewpoint - Xiaoetong, a SaaS service provider focused on private domain operations, has submitted its prospectus for an IPO in Hong Kong, aiming to tell a growth story despite ongoing losses [1][3]. Financial Performance - Xiaoetong's projected revenues for 2022, 2023, and 2024 are RMB 298.99 million, RMB 415.11 million, and RMB 520.81 million, respectively, with gross profits of RMB 162.25 million, RMB 300.05 million, and RMB 389.38 million [2][15]. - The company reported a reduction in pre-tax losses from RMB 34 million in 2022 to RMB 15 million in 2024, indicating a trend of decreasing losses [3][12]. - In the first half of 2023, Xiaoetong's revenue was RMB 305.6 million, with losses decreasing from RMB 7.73 million to RMB 5.82 million [3][26]. Market Context - The current IPO environment in Hong Kong is favorable, with the market experiencing high activity and significant fundraising, surpassing that of NASDAQ and NYSE [6][7]. - The performance of other SaaS companies like Weimob and Youzan, which have faced valuation challenges despite being market leaders, may impact investor sentiment towards Xiaoetong [8][18]. Customer Base and Strategy - Xiaoetong's strategy emphasizes differentiation through private domain operations and a product-driven approach, with key customer numbers projected to grow from 266 in 2022 to 1,838 by 2025 [9][12]. - The revenue contribution from key customers is expected to increase significantly, from 7.1% in 2022 to 38.1% in the first half of 2025 [12][14]. Cost Structure - The company faces challenges with a high fixed cost structure, particularly in cloud server costs, which have risen from 74% of total costs in 2022 to 92% in the first half of 2025 [12][13]. - As the proportion of key accounts increases, the pressure on costs may impact profit margins, raising concerns about the sustainability of growth [16][17]. Financial Health - Xiaoetong's current liabilities have been consistently high, with a negative net current liability position, indicating potential cash flow challenges [22][24]. - The company has accumulated losses exceeding RMB 90 million over three and a half years, raising questions about its financial stability and the necessity of the IPO [29][30]. Valuation Considerations - The valuation of Xiaoetong at IPO will be critical, as a high valuation could facilitate fundraising and provide liquidity for early investors, while a low valuation may deter investment [32][33]. - The market's perception of SaaS businesses has shifted towards a more cautious stance, emphasizing the need for sustainable profitability [34][36].