Core Viewpoint - Suzhou Youlesai Shared Service Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, following previous submissions that expired due to the expiration of application materials [1] Group 1: Company Overview - Youlesai, established in 2016, is a leading integrated circular packaging service provider in China, primarily serving the automotive industry [2] - According to Frost & Sullivan, Youlesai ranks as the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operation service market, with market shares of 6.4%, 2.4%, and 1% in circular packaging services, shared operation services, and automotive shared operation services, respectively, based on 2024 revenue [2] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first eight months of 2025 were 648 million, 794 million, 838 million, and 533 million yuan, respectively, with gross profits of 127 million, 170 million, 184 million, and 111 million yuan [2] - Net profits for the same periods were 31.21 million, 64.14 million, 50.74 million, and 26.89 million yuan, with gross profit margins of 19.7%, 21.4%, 22%, and 20.8% [2] - Accounts receivable and notes receivable were 311 million, 361 million, 382 million, and 325 million yuan for the respective years, with turnover days of 168.3, 159.9, 167.9, and 167.8 days [2] Group 3: Compliance Issues - The company has highlighted that it has not fully paid social insurance and housing provident fund for some employees, with cumulative unpaid amounts of 3.1 million, 2.8 million, 2.2 million, and 2.5 million yuan for the years 2022, 2023, 2024, and the first eight months of 2025 [3] Group 4: Market Competition - The logistics packaging solution market in China is highly competitive, with over 3,500 companies, and the market size is projected to reach 118.7 billion USD in 2024 [4] - The top five players in the market hold only 4.7% of the market share, with the largest player having a market share of 1.5% [4] - Youlesai's customer retention rates have declined significantly, from 75.8% in 2022 to 64.9% in the first eight months of 2025, indicating increasing competition [5]

Industry Overview - The Chinese logistics packaging industry is accelerating its transition from single-use packaging to circular and sustainable models driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion yuan in 2024 and further grow to 89.6 billion yuan by 2030 [1]. Company Profile - Youlesai, established in 2016, is the second-largest provider of circular packaging services in China, focusing on the automotive sector. The company's core business includes container services and container sales, with container services accounting for over 80% of its revenue [2][6]. Business Segments - The container services segment includes shared operation services, leasing services, and other value-added services. Shared operation services provide comprehensive solutions for standardized circular containers, while leasing services offer fixed-term rentals [2][4]. - Container sales target customers with logistics capabilities and procurement needs, generating revenue of 66.49 million yuan in the first eight months of 2025, accounting for 12.5% of total revenue [4]. Financial Performance - Revenue has shown stable growth, increasing from 648 million yuan in 2022 to an estimated 838 million yuan in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million yuan, a year-on-year increase of 5.1% [13]. - The gross profit margin has improved from 19.7% in 2022 to 22% in 2024, with a gross profit of 184.14 million yuan in 2024. However, net profit has shown a declining trend, with 26.89 million yuan reported in the first eight months of 2025, down 12.5% year-on-year [16][18]. Market Position - Youlesai holds a market share of 1.5% in the circular packaging service market and ranks first in the automotive shared operation service market with an 8.2% market share [6][7]. Operational Efficiency - The company has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8]. - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6][10]. Customer Base - Youlesai's customer base includes 128 major clients contributing 89.9% of total sales, with the top five clients accounting for 26.5% of revenue. The company has maintained a relatively stable relationship with its clients [10][12]. Future Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The company plans to use IPO proceeds to enhance digital systems, expand overseas, and optimize its service network [22][26].

Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Construction Investment International as the sole sponsor [1] - Youlesai is identified as a provider of circular packaging services in China, primarily focusing on serving automotive parts manufacturers and OEMs within the automotive industry [1]

Group 1 - The core point of the article is that Suzhou Youlesai Shared Services Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - Youlesai is identified as a provider of circular packaging services in China, primarily focusing on serving automotive parts manufacturers and OEMs within the automotive industry [1] Group 2 - The company previously submitted applications to the Hong Kong Stock Exchange on November 18, 2024, and June 13, 2025 [1] - The listing will involve H shares, with a nominal value of RMB 1.00 per share [3]

Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - Youlesai is identified as a provider of circular packaging services in China, primarily focusing on serving automotive parts manufacturers and OEMs within the automotive industry [1] Group 2 - The company previously submitted listing applications on November 18, 2024, and June 13, 2025 [1] - The shares to be issued are H-shares, with a nominal value of RMB 1.00 per share [3]

Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. (Youlesai) submitted its Hong Kong IPO prospectus on June 13, which has now expired after six months [1] - Youlesai is identified as a leading provider of circular packaging services in China, focusing on the automotive industry, specifically serving auto parts manufacturers and OEMs [2] - According to Frost & Sullivan, Youlesai ranks as the second largest provider of circular packaging services in China and the largest provider in the automotive shared operation services market as of 2024 [2] Group 2 - In 2024, circular packaging services, shared operation services, and automotive shared operation services are projected to account for 6.4%, 2.4%, and 1.0% of China's overall logistics packaging solutions market, respectively [2]

Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. has seen its Hong Kong IPO application expire after six months, with CITIC Construction Investment International serving as the sole sponsor during the application process [1][2] Group 2 - Youlesai is identified as a provider of circular packaging services in China, primarily focusing on the automotive industry, offering shared operation services, leasing services, and other value-added services to clients needing efficient and sustainable supply chain logistics solutions [2] - According to Frost & Sullivan, Youlesai ranks as the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operation services market as of 2024 [2] - In 2024, circular packaging services, shared operation services, and automotive shared operation services are projected to account for 6.4%, 2.4%, and 1.0% of China's overall logistics packaging solutions market, respectively [2]

Core Viewpoint - Youlesai is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for digital system upgrades, overseas expansion, and operational network expansion, amidst a significant decline in revenue growth and net profit [1][4]. Financial Performance - In 2024, Youlesai's revenue growth plummeted to 5.49%, a stark contrast to over 20% in the previous two years, with net profit declining by over 20% year-on-year [4][5][6]. - Revenue figures for 2022, 2023, and 2024 were RMB 648 million, RMB 794 million, and RMB 838 million respectively, while net profits were RMB 31.2 million, RMB 64.1 million, and RMB 50.7 million [3][6]. - The company reported a significant increase in accounts receivable, reaching RMB 382 million by the end of 2024, with a turnover period extending to 168 days [7][8]. Business Model and Market Position - Youlesai is the second-largest provider of circular packaging services in China and the largest in the automotive shared operation service market, with its services primarily focused on the automotive industry [2]. - The company has a high dependency on the automotive sector, with over 99% of its revenue coming from automotive clients, making it vulnerable to fluctuations in this industry [7]. Management and Governance - The management structure exhibits a family characteristic, with key positions held by family members, including the chairman and controlling shareholder, Sun Yan'an [1][11]. - The company has faced issues with employee benefits, including significant arrears in social insurance and housing fund contributions, amounting to approximately RMB 310 million, RMB 280 million, and RMB 220 million over the reporting period [9][10]. Operational Challenges - Youlesai's customer retention rate has declined from 75.8% in 2022 to 69.5% in 2024, attributed to a strategic shift towards shared operation services and increased competition in the new energy sector [5][6]. - The company has reported a significant increase in administrative expenses, with total administrative costs rising from RMB 52.7 million in 2022 to RMB 68.5 million in 2024, reflecting a shift towards management over research and development [8][10].

Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]