Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is preparing for an IPO on the Hong Kong Stock Exchange, having achieved significant growth in transaction volume and profitability since its establishment [1]. Group 1: Company Growth and Performance - In its second year, Haipai Ke achieved an annual transaction volume of 1 billion yuan, and by the fourth year, this figure surged to 10 billion yuan, with a gross margin exceeding 32% [1][4]. - The company launched its self-operated business in 2019, focusing on high-demand, flexible product categories, which contributed to the substantial increase in transaction volume [4]. - By the end of 2024, Haipai Ke had developed 92 proprietary brands and established partnerships with 153 manufacturers, with over 38,000 paying buyers on its platform [4]. Group 2: Market Position and Strategy - Haipai Ke serves as a platform for small and medium-sized maternal and infant stores, connecting them directly with global brands and suppliers, thus facilitating market entry for new and small brands [5][6]. - In 2024, the company generated a transaction volume of 8.6 billion yuan in the family care and nutrition product sector within China's lower-tier markets, capturing a market share of 10.1% [6]. - The platform has connected approximately 4,200 registered sellers and covered over 29,000 registered buyers across 31 provinces and regions in China [6]. Group 3: Financial Overview - From 2022 to 2024, Haipai Ke reported revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan, with net profits of 1.012 million yuan, -56.54 million yuan, and -78.825 million yuan respectively [6]. - The majority of the company's self-operated business revenue during this period came from family care and nutrition products, accounting for 99.9%, 100%, and 99.5% of total self-operated revenue [6]. - As of the end of the reporting period, the company recorded net liabilities of 1.7326 billion yuan, 1.9173 billion yuan, and 2.0012 billion yuan, primarily due to convertible redeemable preferred shares [7]. Group 4: Investment and Financing - Haipai Ke has completed six rounds of financing prior to its IPO, raising a total of approximately 193.59 million USD from notable investors including Shunwei Capital, Fosun International, and others [9][12]. - The first round of financing occurred in July 2015, with subsequent rounds attracting various institutional investors, indicating strong backing and confidence in the company's growth potential [10][11]. - The funds raised from the IPO will primarily be used to enhance collaboration with ecosystem participants, improve technological capabilities, and support general operational needs [14].

Core Viewpoint - The company, Haipai Ke, a leading maternal and infant e-commerce platform in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization [1] Business Overview - Haipai Ke was founded in April 2015 by Zhao Chen, initially focusing on a B2B2C model for maternal and infant products, targeting second and third-tier cities in China [2] - The platform connects buyers directly with upstream sellers, allowing for direct shipping from suppliers to consumers [2] - In 2019, the company expanded into self-operated business, launching its own brand products and establishing a diverse product matrix, including children's snacks, dietary supplements, and basic fast-moving consumer goods [3] Financial Performance - For the fiscal year ending December 31, 2024, Haipai Ke's total transaction volume reached 11 billion RMB, with a market share of 10.1% in the low-tier market for maternal and infant products [4] - The company's revenue increased from 895.3 million RMB in 2022 to 1.066 billion RMB in 2023, primarily driven by growth in self-operated business [6][10] - However, despite revenue growth, the company reported losses of 56.5 million RMB in 2023 and 78.8 million RMB in 2024 [9][10] Revenue Breakdown - Revenue from digital platform business decreased from 353.975 million RMB in 2022 to 229.335 million RMB in 2024, while self-operated business revenue increased from 540.408 million RMB to 801.826 million RMB during the same period [7] - The majority of self-operated business revenue comes from maternal and infant products, accounting for nearly all of the self-operated revenue [8] Investment and Shareholding - The company has completed six rounds of financing prior to the IPO, with major investors including Shunwei Capital and Fosun International [12] - Zhao Chen, the founder, holds approximately 42.62% of the voting rights, making him the largest shareholder [13]

Group 1 - Yangtuo Technology Inc. (referred to as "海拍客") submitted its listing application to the Hong Kong Stock Exchange on June 30, with CITIC Securities as the exclusive sponsor [1] - 海拍客 is a leading trading and service platform in China, focusing on the home care and nutrition products sector, aiming to enhance consumer experience and promote consumption upgrades in lower-tier markets [1] - By 2024, the transaction volume of home care and nutrition products in China's lower-tier markets is expected to reach RMB 8.6 billion, making 海拍客 the largest trading and service platform in this sector with a market share of 10.1% [1][1] Group 2 - As of December 31, 2024, 海拍客's platform is projected to connect approximately 4,200 registered sellers and cover over 290,000 registered buyers across 31 provinces, cities, and autonomous regions in China [1] - The platform has over 93,000 core buyers, with each core buyer placing an average of 11 orders per month [1] - Financially, the company's revenues for 2022, 2023, and 2024 are projected to be RMB 900 million, RMB 1.07 billion, and RMB 1.03 billion, respectively, with losses of RMB 56.54 million and RMB 78.83 million in 2023 and 2024 [2]

Group 1 - The company, Haipai Ke, has submitted its IPO application to the Hong Kong Stock Exchange [1]