Core Viewpoint - Boche Holding Limited (博车网) has refiled its IPO application with the Hong Kong Stock Exchange, aiming to strengthen its market position and improve cash flow after a previous application lapsed earlier this year [1][3] Company Overview - Founded in 2014, Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of approximately 31.4% in the accident vehicle auction industry as of 2024 [1] - The company operates a comprehensive B2B auction ecosystem that covers the entire process of accident vehicle auctions, including vehicle assessment, inspection, storage, preservation, and logistics services [1] - Boche is also the third-largest B2B used car auction platform in China, with a market share of about 12.0% [1] Client Base - As of July 31, 2025, the company has served over 190 accident vehicle sources, including 63 out of 66 insurance companies operating in China and all of the top 50 insurance companies by revenue [2] - The company has provided services to over 50,000 accident vehicle buyers, primarily consisting of around 49,000 certified repair shops and over 1,000 licensed dismantling factories [2] Financial Performance - Revenue for the years 2022 to 2024 and the first seven months of 2025 was reported as follows: 388 million, 518 million, 526 million, and 290 million CNY respectively [2] - The company has experienced a decline in revenue growth and continued losses, with losses for the first seven months of 2025 exceeding the total losses for the entire previous year [2] - Current assets for the same periods were 252 million, 330 million, 453 million, and 437 million CNY, while current liabilities were 1.898 billion, 2.038 billion, 2.164 billion, and 2.158 billion CNY [2] - As of the end of July 2025, the company had cash and cash equivalents of only 82.374 million CNY, indicating significant short-term liquidity pressure [2] IPO Fund Utilization - The funds raised from the IPO are intended for enhancing and expanding offline outlets, further investment in research and development, exploring potential investment and acquisition opportunities, as well as for working capital and general corporate purposes [3] - The IPO is viewed as a strategic move for the company to not only supplement cash flow but also to solidify its position in the industry [3]

Core Viewpoint - Boche Holding Limited (博车网) is attempting a second IPO application to the Hong Kong Stock Exchange after its first attempt in February 2025 failed, highlighting its urgent need to address liquidity issues despite its market leadership and technological advantages in the B2B accident vehicle auction sector [1][4]. Company Overview - Established in 2014, Boche Holding Limited operates as a B2B accident vehicle auction platform, connecting upstream sources (insurance companies, leasing firms) with downstream buyers (repair shops, dismantling factories) through an integrated online and offline model [1]. - The company holds a leading market share of 31.4% in China's accident vehicle auction industry and ranks third in the B2B used vehicle auction market with a share of approximately 12.0% as of 2024 [1]. Financial Performance - Revenue growth has slowed, with operating income increasing from 388 million yuan in 2022 to 526 million yuan in 2024, but the year-on-year growth rate plummeted to 1.5% in 2024 from 33.5% in 2023 [2]. - Cumulative net losses reached 394 million yuan from 2022 to July 2025, with losses in the first seven months of 2025 exceeding the total losses for 2024 [2]. - The core business is experiencing a "volume increase, price decrease" trend, with auction volumes rising by 72% to 117,000 vehicles in 2024, while the average price per vehicle dropped from 42,700 yuan to 37,600 yuan [2]. Financial Risks - As of July 2025, the company has a net current liability of 1.721 billion yuan, primarily due to 1.663 billion yuan in financial liabilities from convertible preferred shares [3]. - Cash and cash equivalents decreased by 40% to 82.374 million yuan, indicating weak short-term solvency [3]. - The company heavily relies on insurance companies for vehicle sourcing, with contracts typically lasting one year, exposing it to customer attrition risks [3]. Industry Challenges - The rise of electric vehicles is impacting the accident vehicle industry, as they have higher accident rates and more complex repair costs, challenging the platform's pricing capabilities [3]. - The company has not fully paid social security and housing fund contributions, with a cumulative shortfall exceeding 10 million yuan, raising concerns about internal management and compliance [3]. - Historical acquisitions have resulted in goodwill of 295 million yuan, accounting for 36% of total assets, which may lead to significant impairment losses if future performance does not meet expectations [3].

Core Viewpoint - Boche Holding Limited (博车网) has submitted a second application for an IPO on the Hong Kong Stock Exchange, highlighting its leading position in China's accident vehicle auction industry, but faces challenges due to ongoing losses and industry risks [1][2]. Company Overview - Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of 31.4% in 2024, and is also the third-largest B2B used car auction platform with a market share of approximately 12.0% [2]. - The company operates an integrated online and offline auction platform, connecting insurance companies (upstream) with certified repair shops and licensed dismantling factories (downstream) in the accident vehicle sector [2]. Financial Performance - Revenue figures for Boche Holding from 2022 to 2024 are 388.11 million RMB, 518.33 million RMB, and 526.07 million RMB, respectively, indicating a growth trend, but with a significant slowdown expected in 2024 to only 1.5% growth [3][4]. - The company recorded losses of 1.80 billion RMB, 1.22 billion RMB, and 0.36 billion RMB over the past three years, with total losses reaching 3.94 billion RMB [4][5]. - The gross profit margin has shown a downward trend, with figures of 44.4%, 49.9%, 46.4%, and 39.2% over the reporting period, indicating increasing financial pressure [5]. Market Potential - The accident vehicle auction market in China is projected to grow significantly, with an expected total auction volume of 86.7 million vehicles by 2028, reflecting a compound annual growth rate of 20.2% from 2023 to 2028 [6][7]. - Despite the growth potential, the company faces challenges in maintaining profitability amid increasing competition and the transition to electric vehicles, which require new technical capabilities [7][8]. Competitive Landscape - Boche Holding holds a leading market position with a 31.3% market share in 2023, but must navigate a competitive landscape where the largest player holds over 30% of the market [7]. - The company’s ability to convert its market position into sustainable profitability is critical for its future performance in the capital markets [8].

Core Viewpoint - Boche Holding Limited (博车网) has submitted its second application for an IPO on the Hong Kong Stock Exchange in 2023, highlighting its leading position in China's accident vehicle auction industry, but facing challenges due to ongoing losses and industry risks [1][2]. Company Overview - Boche Holding Limited is the largest accident vehicle auction platform in China, holding a market share of 31.4% in 2024, and is also the third-largest B2B used car auction platform with a market share of approximately 12.0% [2]. - The company's core business connects upstream sources (insurance companies) with downstream buyers (certified repair shops and licensed dismantling factories) through an integrated online and offline auction platform [2]. Financial Performance - Revenue figures for Boche Holding Limited from 2022 to 2024 are 388.11 million RMB, 518.33 million RMB, and 526.07 million RMB, respectively, indicating a growth trend, but with a significant slowdown in growth from 33.5% in 2023 to only 1.5% in 2024 [3][4]. - The company recorded losses of 180.25 million RMB, 121.47 million RMB, and 36.44 million RMB over the same period, with total losses reaching 394 million RMB over three years and seven months [5][6]. Market Dynamics - The accident vehicle auction market in China is projected to grow significantly, with an expected total auction volume of 867,000 vehicles by 2028, reflecting a compound annual growth rate (CAGR) of 20.2% from 2023 to 2028 [7]. - Boche Holding Limited's leading market position is challenged by increasing competition and the need to adapt to the rapid growth of new energy vehicles, which have different accident rates and repair costs compared to traditional vehicles [8]. Challenges and Strategic Considerations - The company faces a "volume increase, price decrease" phenomenon in its core accident vehicle auction business, with auction volumes rising but average prices declining, indicating potential sustainability issues with its pricing strategy [4][6]. - The financial structure of Boche Holding Limited poses risks, as its net current liabilities reached 1.721 billion RMB, with a significant portion attributed to financial instruments classified as liabilities [6]. - The company must balance its market share retention with achieving high-quality growth, as it navigates the complexities of the evolving automotive market and competitive landscape [8][9].

Core Viewpoint - 博车网, established in 2014, is an auction platform for accident vehicles, facing challenges in valuing these vehicles due to their lack of standardization and the influence of various factors on market prices [1][3]. Financial Performance - 博车网 reported revenues of 388 million RMB, 518 million RMB, and 526 million RMB for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of 172 million RMB, 258 million RMB, and 244 million RMB [5][6]. - The company incurred losses of 180 million RMB, 121 million RMB, and 36 million RMB for the same years, with operational profits of 272 thousand RMB, 44 million RMB, and 51 million RMB [5][8]. - For the first seven months of 2025, 博车网 achieved revenues of 290 million RMB, a slight increase from 283 million RMB in the same period of the previous year, with a gross profit of 114 million RMB [6][8]. Revenue Breakdown - In 2025, the revenue from accident vehicle auctions and related services accounted for 46.2% of total revenue, while used vehicle auctions contributed 19.4% [7][8]. - The total revenue for 2025 is projected to be 290 million RMB, with a breakdown showing 134 million RMB from accident vehicle services and 56 million RMB from used vehicle services [7]. Cash Flow and Assets - As of July 31, 2025, 博车网's total current assets amounted to 437 million RMB, while total current liabilities were 2.16 billion RMB [9][10]. - The company reported a cash and cash equivalents balance of 82.37 million RMB as of July 31, 2025 [10]. Valuation and Shareholding - 博车网's valuation reached 3.2 billion RMB following a series of financing rounds, with the latest round in February 2022 raising 100 million RMB [11][13]. - Key shareholders include 陈健鹏 with 25.53%, DeXXully with 5.32%, and TR Restore with 11.74% [14][17].

Core Viewpoint - Boche Holding Limited (博车网) has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Fosun International Capital as joint sponsors. The company is the largest accident vehicle auction platform in China, holding a significant market share in the industry [1][3]. Company Overview - Boche Holding Limited operates as a mediator connecting upstream accident vehicle sources (mainly insurance companies) with downstream buyers (certified repair shops and licensed dismantling factories) [3]. - The company ranks first in the Chinese accident vehicle auction industry with a market share of approximately 31.4% based on projected transaction volume for 2024 [3]. - Additionally, Boche is the third-largest B2B used car auction platform in China, with a market share of about 12.0% [3]. Industry Insights - The auction volume of accident vehicles in China is projected to grow from approximately 205,000 vehicles in 2020 to 373,000 vehicles in 2024, indicating significant growth potential compared to the U.S., which has an auction volume of nearly 7 million vehicles in 2024 [4]. - Factors driving growth in the accident vehicle auction industry include aging vehicle ownership, rising repair costs, increased frequency of claims due to the proliferation of new energy vehicles, and heightened insurance awareness [4]. Financial Performance - For the fiscal years ending July 31, the revenue figures for Boche Holding Limited are as follows: approximately RMB 388.11 million in 2022, RMB 518.33 million in 2023, RMB 526.07 million in 2024, and RMB 290.45 million in 2025 (for the first seven months) [5][7]. - The company reported losses of approximately RMB 180.25 million in 2022, RMB 121.47 million in 2023, RMB 36.44 million in 2024, and RMB 55.60 million in 2025 (for the first seven months) [5][7].

Company Overview - Boche Holding Limited (Cayman), also known as 博车网, is the largest accident vehicle auction platform in China, with a market share of approximately 31.3% based on transaction volume in 2023 [1] - The company was established in 2014 and has focused on improving operational efficiency and transaction transparency in the accident vehicle auction industry [1] Business Model - Boche Holding operates an integrated online and offline auction model that effectively connects upstream accident vehicle sources (primarily insurance companies) with downstream buyers (mainly certified repair shops and licensed vehicle dismantling factories) [1] - The company provides a full range of auction and supporting services that cover the entire auction process, aiming to optimize the transaction process for accident and second-hand vehicles, shorten transaction cycles, and enhance user experience [1] Market Position - According to data from 灼识咨询, Boche Holding is the only platform capable of offering comprehensive auction services that cover the entire process for accident vehicle auctions [1]

Company Overview - Boche Holding Limited (Cayman), also known as 博车网, is the largest accident vehicle auction platform in China, with a market share of approximately 31.3% based on transaction volume in 2023 [2] - The company connects upstream accident vehicle sources (mainly insurance companies) with downstream buyers (primarily certified repair shops and licensed vehicle dismantlers) through an integrated online and offline auction model [2] Business Model and Services - Since its establishment in 2014, the company has focused on improving operational efficiency and transaction transparency in the accident vehicle auction industry [2] - Boche Holding Limited offers a full range of services covering the entire auction process, aiming to optimize the transaction flow of accident and second-hand vehicles, reduce transaction cycles, and enhance user experience [2] - It is noted as the only platform capable of providing comprehensive auction and supporting services throughout the entire process of accident vehicle auctions [2]

Company Overview - Boche Holding Limited (Cayman), also known as 博车网, is the largest accident vehicle auction platform in China, holding a market share of approximately 31.3% based on transaction volume in 2023 [2] - The company connects upstream accident vehicle sources (mainly insurance companies) with downstream buyers (primarily certified repair shops and licensed vehicle dismantlers) through an integrated online and offline auction model [2] Business Model and Services - Since its establishment in 2014, the company has focused on improving operational efficiency and transaction transparency in the accident vehicle auction industry [2] - Boche Holding Limited offers a comprehensive range of services that cover the entire auction process, aiming to optimize the trading flow of accident and second-hand vehicles, reduce transaction cycles, and enhance user experience [2] - It is noted as the only platform capable of providing a full-chain auction and supporting services for accident vehicle auctions [2]

Core Viewpoint - 博车网, a leading player in the domestic accident vehicle auction market, is facing significant operational challenges despite its market share and transaction volume, raising questions about its upcoming IPO and overall business model sustainability [1][9]. Financial Performance - 博车网's revenue grew from 3.88 billion RMB in 2022 to 5.18 billion RMB in 2023, marking a 33.6% increase, but the growth rate slowed to 3.32% in the first three quarters of 2024, with revenue at 4.04 billion RMB [1][2]. - The company reported losses of 1.8 billion RMB in 2022 and 1.21 billion RMB in 2023, achieving a slight profit of 142.5 million RMB in the first three quarters of 2024 [1][2]. - Cost-cutting measures contributed to the profit in 2024, with reductions in sales, marketing, administrative, and R&D expenses totaling 12 million RMB [2]. Market Dynamics - The accident vehicle auction market is becoming increasingly competitive, particularly with the influx of low-priced new energy accident vehicles, which has pressured auction prices [2][4]. - 博车网's core business revenue from accident vehicle auctions decreased from 2.59 billion RMB in the first three quarters of 2023 to 2.18 billion RMB in 2024, with its revenue share dropping from 66.3% to 54% [2][4]. Accounts Receivable and Cash Flow - 博车网's accounts receivable surged by 227% from 1.156 billion RMB in 2023 to 3.782 billion RMB in the first three quarters of 2024, indicating a reliance on upstream suppliers and potential collection issues [4]. - The company's net cash flow from operating activities plummeted over 95%, from 1.25 billion RMB in 2023 to 545.6 million RMB in 2024, reflecting a deteriorating financial health [5]. Business Model Challenges - 博车网's business model heavily relies on upstream sources, with 71.4% of accident vehicle transactions coming from insurance companies and leasing firms, which poses risks if these sources decide to establish their own platforms [9][10]. - The average auction price for accident vehicles dropped from 42,666 RMB in 2022 to 37,559 RMB in the first three quarters of 2024, despite an increase in transaction volume [11]. User Engagement and Complaints - The number of active members decreased from 99,100 in 2023 to 77,000 in the first three quarters of 2024, with a decline in repurchase rates from 74.1% to 70.7% [14]. - 博车网 has faced numerous complaints regarding vehicle quality and transparency, with 43.14% of related legal cases involving auction contract disputes [18].