Core Viewpoint - YESMRO Holdings Limited, also known as "易买工品," has submitted an application for listing on the Hong Kong Stock Exchange, with Agricultural Bank of China International as its sole sponsor [2]. Company Overview - Established in 2016, YESMRO is a leading provider of digital FA factory automation components in China, focusing on digital transformation in an industry traditionally reliant on decentralized offline transactions [2]. - According to Zhaoshang Consulting, YESMRO holds the top position in China's digital FA factory automation component procurement service market, with a market share of 8.5% as of 2024 [2]. Client Base and Retention - The company has served over 24,000 different automation equipment manufacturers across various industries [2]. - Customer retention rates for the nine months ending September 30 in 2023, 2024, and 2025 were 67.3%, 70.9%, and 73.3%, respectively [2]. Financial Performance - For the nine months ending September 30 in 2023, 2024, and 2025, YESMRO reported revenues of RMB 533.802 million, RMB 636.527 million, and RMB 553.709 million, respectively [4][5]. - Gross profits for the same periods were RMB 40.680 million, RMB 46.398 million, and RMB 40.040 million, respectively [4][5]. - The company incurred losses of RMB 401.986 million, RMB 679.828 million, and RMB 293.883 million for the same periods [4][5]. Recent Financing and Valuation - The latest financing round for YESMRO occurred in September 2022, with a valuation of USD 251 million at that time [3]. Voting Structure - Prior to the IPO, YESMRO adopted a weighted voting rights structure, where each B-class share carries 9 votes and each A-class share carries 1 vote. The major shareholder, Zhu Hongtao, holds 15.50% of the shares but controls 62.28% of the voting rights through Better Man Holdings [6].

Core Viewpoint - YESMRO Holdings Limited, also known as 易买工品, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board [1] Business Overview - Established in 2016, 易买工品 is a leading provider of digital factory automation components in China, leveraging its digital infrastructure and data insights to offer a comprehensive range of third-party and proprietary brand products [3] - The company holds the top position in China's digital factory automation component procurement market with a market share of 8.5% based on projected 2024 revenues [3] Business Model - 易买工品's operations are driven by technology, with all core systems developed in-house to enable process automation and data-driven decision-making [5] - The company has served over 24,000 automation equipment manufacturers and partnered with approximately 2,500 suppliers and over 800 brands [5] - As of September 30, 2025, the company's proprietary brand products cover over 837,000 stock-keeping units (SKUs) [5] - The business model is based on two interconnected flywheels: customer scale and stickiness, and proprietary brand and profitability enhancement [5] Product Offering - 易买工品 provides a wide range of factory automation components essential for the precise and efficient operation of manufacturing systems, minimizing manual intervention [5] - The product portfolio includes over 3.6 million available SKUs across seven major categories: industrial control, low-voltage control, sensors, pneumatic components, mechanical parts, electrical accessories, and factory consumables [5] Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2025, 易买工品 reported revenues of RMB 533.8 million, RMB 636.5 million, and RMB 553.7 million respectively, with corresponding net losses of RMB 402 million, RMB 680 million, and RMB 294 million [13] - Adjusted net losses for the same periods were RMB 39 million, RMB 28 million, and RMB 12 million respectively [13] Shareholder Structure - The company employs a weighted voting rights structure, with Class B shares granting 9 votes per share and Class A shares granting 1 vote per share [8] - The largest shareholder,朱洪涛, holds 15.50% of the shares but commands 62.28% of the voting rights [8] Board of Directors - The board consists of 7 members, including 4 executive directors and 3 independent non-executive directors [11] - Key executives include the founder and CEO 朱洪涛, along with other senior management responsible for product development, human resources, and supply chain [12]

Core Viewpoint - Many companies in the machine tool and robotics sectors expect to achieve both revenue and profit growth in the fiscal year 2025, despite risks from tariffs imposed by the Trump administration, which may slow equipment investment. The prevailing view is that a recovery in demand from China and the semiconductor sector can offset these risks [1][2]. Group 1: Machine Tool Orders and Market Trends - In April, Japan's machine tool orders increased by 8% year-on-year, reaching 130.2 billion yen, marking seven consecutive months of growth [1]. - Domestic orders in Japan decreased by 5% to 34.4 billion yen, while overseas orders rose by 13% to 95.7 billion yen [1]. - Manufacturers generally believe that factory investments will remain robust, despite weaker equipment investment from small and medium-sized enterprises in Japan [1]. Group 2: Company-Specific Insights - Makino Milling Machine Co. anticipates a decrease in consolidated sales by 11.3 billion yen and operating profit by 2.1 billion yen due to yen appreciation, but expects to achieve record-high sales and operating profit for the fiscal year [1]. - Okuma Corporation expects both sales and operating profit to grow for the first time in two fiscal years, driven by strong demand in the aerospace and semiconductor sectors [2]. - SMC, a factory automation component company, estimates that tariffs and exchange rates will negatively impact sales by 55 billion yen and operating profit by 29.6 billion yen, yet plans to achieve revenue and profit growth due to investments from Chinese manufacturers [2]. - Misumi Group anticipates a decline in both revenue and profit, citing tariffs and yen appreciation as key factors [2]. Group 3: Industry Outlook and Risks - The semiconductor and Chinese market demand is believed to have bottomed out, with expectations for a comprehensive recovery in the factory automation industry by 2025, surpassing concerns over tariffs [2]. - Fanuc, a robotics company, has not disclosed performance expectations due to the unpredictable impact of U.S. tariffs, indicating a potential for increased production in the U.S. as a future option [3]. - Companies expecting revenue and profit growth must prepare for sudden changes in the business environment [4].