SaaS行业平均15年才能实现盈利，成立11年后的聚水潭提前4年跑通盈利模型。 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， 聚水潭集团股份有限公司 （以下简称 " 聚水潭 "）于2025年5月22日更新招 股书，继续推进港交所主板上市进程，中金公司和摩根大通担任联席保荐人。 成立于 2014年的 聚水潭 现可 提供一站式的 SaaS产品和服务，帮助客户无缝升级业务能力、提高 业绩表现并发展跨平台业务，同时极大降低部署和运营成本。 其中， 聚水潭 ERP是 聚水潭 的核心 SaaS产品， 其 服务商家用户在主要电商平台上处理电商订 单相关的核心需求 ， 主要功能包括订单管理系统 (OMS)、仓储管理系统(WMS)、 采购 管理系统 (PMS) 和 分销管理系统 (DMS)等。 根据灼识 咨询的 报告，聚水潭 ERP已成为最受中国商家欢迎 的电商SaaS ERP品牌 。 这里需要指出的一点是， 在当前中国外贸环境面临订单波动加剧、跨境竞争升级的复杂背景下，中 小商家数字化转型面临 多重 挑战 。聚水潭打造的产品和服务恰好可以解决 多平台管理壁垒 ...

以下文章来源于深思圈 ，作者Leo 深思圈 . 连续创业者，拥有丰富的海外产品运营增长经验，曾担任多家知名公司的出海顾问，实操过几十款产品 的从0到1出海全过程，出版过《15个酷应用玩转树莓派》、《一本书玩转Midjourney》等作品，深思圈 和SenseAI的主理人，全网粉丝超20万。 本文来自微信公众号： 深思圈 （ID：gh_352a572cf923） ，作者：Leo，原文标题：《深度解析揭 秘：日本的SaaS+AI市场究竟是怎么样的？》，题图来自：AI生成 想象一下这样一个国家：全球第四大经济体，高度发达的基础设施，几乎所有人都使用智能手机，却 仍然大量依赖传真机和实体印章来完成商业交易。这听起来像是平行宇宙中的科技悖论，但这就是今 天的 日本——一个硬件领先世界，软件却停留在上世纪的奇特市场 。 当硅谷创始人忙着争夺AI赛道、欧洲创业者全力开拓英语市场时，一个拥有4.8万亿美元GDP的巨大 经济体正经历着一场迟到的数字化革命，却鲜有人注意。我说的是日本——这个科技发展令人费解的 矛盾体：新干线、机器人和尖端电子产品代表了世界最前沿的硬件创新，企业内部却仍在用Excel手 动处理数据，用传真机发送文 ...

Core Insights - Wix.com Ltd. has acquired Hour One, a leader in generative AI media creation, marking a significant step in Wix's evolution towards AI-driven digital experiences [1][3] - The acquisition provides Wix with advanced technologies that will enhance web and visual design capabilities, positioning the company at the forefront of scalable content creation [1][2] Company Overview - Wix is recognized as the leading SaaS website builder platform, established in 2006, offering a comprehensive suite of tools for users to create, manage, and grow their digital presence [4] - The platform includes features such as advanced SEO, marketing tools, and commerce solutions, enabling users to maintain control over their brand and customer relationships [4] Hour One's Technology - Founded in 2019, Hour One specializes in technology that allows for the creation of studio-quality content at scale, integrating generative AI with advanced 3D rendering [2] - The platform supports personalized video and interactive experiences, enhancing storytelling and real-time engagement [2] Strategic Implications - The acquisition is expected to accelerate innovation within Wix, allowing for higher quality control over technologies and reducing reliance on third-party providers [3] - The integration of Hour One's team, which possesses deep expertise in generative AI and media infrastructure, is anticipated to push the boundaries of content creation [3]

5月23日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.24%，国企指数涨0.31%，恒生科技指数跌 0.09%。 分板块看，影视股再度上扬。阿里影业（01060.HK）涨8.45%，近4个交易日上涨63.83%。花旗指出大 麦2025财年稳健增长，认为其IP商品潜力尚未完全释放，「Chiikawa」和「蜡笔小新」将在2026财年带 来新贡献。其它概念股，猫眼娱乐（01896.HK）涨4.05%，柠萌影视（09857.HK）跟涨。 光伏太阳能概念股走高。福耀玻璃（03606.HK）涨4.64%，彩虹新能源（00438.HK）涨2.5%。此外， 部分核电概念股也涨幅居前，中广核矿业（01164.HK）涨8.5%，中广核电力（01816.HK）涨1.72%。 汽车产业链中，特斯拉概念、锂电池股、汽车经销商、汽车股等纷纷上扬。耐世特（01316.HK）涨 4.4%，永达汽车（03669.HK）涨2.37%，华晨中国（01114.HK）涨3.13%，长城汽车（02333.HK）涨 2.42%。据乘联分会5月22日最新调研，预计本月狭义乘用车零售市场总量将达到约185万辆，同比增长 8.5%，环比增长5.4%。 医药 ...

在北森控股正式完成对酷学院的收购后，公司的AI Learning战略布局正在提速。 第一，用户交互方式的巨大变化。从原来"浏览器点击"走向了"Agent实时对话"；第二，学习方式的变 化，从"单向的视频化的知识学习"走向了"对话式的技能训练"；第三，培养模式的变化，从传统"标准 化一刀切的学习"走向了"千人千面的个性化学习"；第四，课程制作的变化，从传统"依赖专家做课出题 阅卷"的方式走向了"AI一站式做课与考试"。 以AI学习助手为例来看，在传统模式中eLearning的交流方式是：员工通过PC端浏览器，或者移动端 APP，登录学习系统，找到相应的课程，进行学习，缺乏个性化引导和推荐，学习完成率不足 30%。成 年人讨厌学习，总是碰到问题再学习，所以学习运营也是一件富有挑战的事情。 21世纪经济报道记者现场体验发现，AI 学习助手相当于每个员工自己的 "学习搭子"。AI学习助手能够 基于员工的角色，将最新的课程、学习计划中的课程，在Agent中推荐给员工，从而为员工提供个性化 的学习课程。同时，AI学习助手能够和员工互动，督促学习、提醒学习进度、鼓励员工，还可以对每 周的学习内容进行大纲总结、知识点复习，提 ...

Core Viewpoint - The company, 聚水潭集团股份有限公司, has submitted a new listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, after previous applications in June 2023, March 2024, and November 2024 [1]. Group 1: Market Position and Product Offering - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected 2024 revenues, surpassing the combined market share of the next five competitors [5]. - The total market size for China's e-commerce SaaS ERP is projected to be RMB 3.1 billion in 2024 [5]. - The company has developed a cloud-based e-commerce SaaS product that connects merchants with over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [5]. Group 2: Customer Base and Retention - In 2024, the company is expected to serve 88,400 SaaS customers, while the industry average is fewer than 20,000 customers [5]. - The net customer revenue retention rate for the company is projected to be 115% in 2024 [5]. Group 3: Financial Performance - The company's revenues for the years 2022, 2023, and 2024 are approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively [9][10]. - The company reported losses of approximately RMB 5.07 billion, RMB 4.9 billion, and a profit of RMB 0.11 billion for the same years [9][10]. Group 4: Efficiency Metrics - The company's LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, has shown a market-leading trend, increasing from 6.2x in 2022 to 9.3x in 2024 [7]. - The percentage of customers purchasing two or more products from 聚水潭 has increased from 30.6% in 2022 to 37.7% in 2024 [7].

Summary of NuVini Group Limited (NVNI) Conference Call - May 22, 2025 Company Overview - **Company**: NuVini Group Limited (NVNI) - **Industry**: Software as a Service (SaaS) in Latin America, specifically Brazil - **Business Model**: Acquires profitable, cash-generating B2B SaaS companies, focusing on niche markets similar to Constellation Software's approach [2][8][12] Core Insights and Arguments - **Market Position**: NuVini is positioned as a unique M&A platform in the Latin American SaaS market, which is currently valued at $9.2 billion and expected to double by 2030 [12][13] - **Growth Metrics**: - Organic growth of approximately 14% last year - EBITDA margin at 26% with a 30% growth in EBITDA [11][20] - 20,000 customers with no single customer contributing more than 0.25% of revenue [10][22] - **Acquisition Strategy**: - Focus on established, profitable companies rather than startups - Targeting companies with annual revenues between 10 to 30 million reais (approximately $2 to $6 million) [30] - Current acquisition multiples range from 4 to 6 times EBITDA [43] - **Financial Performance**: - Achieved first operating profit recently - Adjusted EBITDA increased by 30% [20][37] - 72% conversion ratio from EBITDA to cash, indicating strong cash flow generation [37] Industry Dynamics - **Market Growth**: The Latin American SaaS market is growing faster than the global average due to being underserved, with significant opportunities for companies transitioning from traditional methods (e.g., Excel) to SaaS solutions [13][14] - **Economic Environment**: - High interest rates in Brazil (14.5%) are creating a lack of liquidity and a unique acquisition environment, as no IPOs have occurred since 2021 [26][27] - The current economic climate is seen as an opportunity for NuVini to acquire companies at favorable terms [59] Additional Important Points - **Management Team**: The management team has extensive experience in tech and investments, enhancing the company's ability to execute its strategy [38][39] - **Investor Value Proposition**: NuVini offers investors access to a diversified portfolio of profitable SaaS companies in Latin America, emphasizing predictable revenue streams [20][22] - **Future Reporting Plans**: The company plans to transition from annual to quarterly reporting to enhance transparency and visibility for investors [48] - **Market Perception**: The company believes it is undervalued compared to peers due to a lack of visibility and understanding of its business model as a capital allocator rather than a traditional software company [65][66] Conclusion NuVini Group Limited is strategically positioned to capitalize on the growing SaaS market in Latin America through a disciplined acquisition strategy, strong financial performance, and a focus on creating value for both investors and acquired companies. The current economic environment presents unique opportunities for growth and expansion.

Rime 创投日报 | Ascendx Cloud 获 1.1 亿美元战略融资 2025-05-21 Rime 创投日报 | Ascendx Cloud 获 1.1 亿美元战 略融资 原创 来觅研究院 RimeData 来觅数据 2025-05-21 导读：据来觅数据统计，05 月 20 日国内外创投市场合计披露 21 起投融资事件，其中 14 家国内企业， 7 家国外企业，融资总额约 32.15 亿元。揭秘投资数据，尽在 Rime PEVC。立即登录，掌握独家融资案 例、精选项目情报，以及前沿数据分析。洞察市场，领先一步！ 募资事件 光源创新前沿孵化基金首期募资完成 5 月 19 日，光源资本宣布旗下光源创新前沿孵化基金（Lighthouse Founders' Fund，简称 L2F）超 预期完成首期募资，基金最终募集规模预计不低于 5000 万美元，已正式进入投资期。该基金是中国首 个面向 AI、兼顾产业创新和全球化机会的 Founders' Fund，以 "投准、投早、投前沿科技" 为核心理 念，关注 AI、前沿科技领域的 "超早期" 投资机会，将以双币种形式投资种子轮和天使轮企业，并持 续孵化赋能。 ...

Core Viewpoint Wix.com Ltd. reported strong financial results for Q1 2025, highlighting significant growth in bookings and revenue, driven by product innovation and a robust user base. The launch of Wixel, an AI-powered visual design platform, marks a strategic expansion beyond website creation, aiming to democratize digital creation for users of all skill levels. Financial Performance - Q1 2025 total bookings reached $511 million, reflecting a 12% year-over-year increase, with strong demand continuing into April and early May [4][10] - Total revenue for Q1 2025 was $474 million, exceeding expectations and up 13% year-over-year, driven by growth in Self Creators and Partners segments [4][11] - Creative Subscriptions revenue was $338 million, up 11% year-over-year, while Business Solutions revenue increased by 18% to $136 million [5][25] - Free cash flow for Q1 2025 was $142 million, with a free cash flow margin of 30% [4][12] Product Innovation - The launch of Wixel represents a significant milestone for Wix, integrating advanced design tools into a single platform, aimed at enhancing user experience and accessibility [2][4] - The company continues to focus on empowering Self Creators and enhancing its AI capabilities, which have contributed to the strong performance in new user cohorts [9][10] Share Repurchase Program - Wix's Board of Directors has authorized an increase in the share repurchase program to a total of $400 million, reflecting confidence in the company's financial health [6][14] Financial Outlook - The company maintains its full-year bookings outlook of $2,025 - 2,060 million, projecting an 11-13% year-over-year increase, while also expecting total revenue for the year to be between $1,970 - 2,000 million, up 12-14% year-over-year [10][11] - For Q2 2025, Wix anticipates revenue between $485 - 489 million, representing an 11-12% year-over-year growth [11][12]

Core Points - The company has rebranded from Unifiedpost Group SA to Banqup Group SA, emphasizing its focus on core digital services and positioning itself as a pure-play SaaS provider [1] - The rebranding aims to provide stakeholders with a clearer understanding of the company's product offerings and value proposition, particularly in e-invoicing and payment solutions [1] - The company held an Extraordinary General Meeting (EGM) and an Annual General Meeting (AGM) where shareholders approved all proposed resolutions, including the strategic rebranding [1][2] Governance and Leadership - The AGM resulted in the approval of an updated remuneration policy and the appointment of four new Board members, enhancing the company's governance structure [2][4] - The new Board members include Nicolas de Beco, Nathalie Van Den Haute, Koen Hoffman, and Leanne Kemp, bringing diverse expertise to the leadership team [4] Financial Calendar - The company has outlined its financial calendar, with key dates for business updates and results publication, including Q1 2025 update on May 22, H1 2025 results on August 26, and Q3 2025 update on November 13 [4]