中国已成为全球数字零售行业的领导者，2024年我国网民数量已达到11亿人，网购人数高达9.74亿人， 为数字零售市场注入强劲动力。这个市场中不仅有淘宝、京东、拼多多等电商平台，还有宝尊电商、若 羽臣等做数字零售解决方案的公司，如今又有该领域企业冲击IPO。 凯诘电商以电商综合服务为基础，致力于为品牌提供个性化的线上营销解决方案和一站式服务，如今这 个行业的生意好做吗？不妨通过凯诘电商来一探究竟。 格隆汇获悉，近日，上海凯诘电子商务股份有限公司（简称"凯诘电商"）向港交所递交招股书，拟在香 港主板上市，独家保荐人为中信建投国际。 超9成收入来自货品销售，面临去中介化风险 凯诘电商为品牌拥有人提供全面且定制的数字零售解决方案，协助品牌方有效率建立电商基础架构，并 推动线上销售，进而提升营运效率并加速业务成长。 公司通过以下主要渠道提供品牌电商服务：在天猫、京东和拼多多等主要平台上的在线授权旗舰店及其 他品牌商城；美团及饿了么等O2O平台；以及抖音、微信小程序和小红书等社交媒体平台。 一般而言，公司会向品牌拥有人采购产品，并将产品销售给终端消费者、电商平台或分销合 作伙伴。 同时，公司也为品牌拥有人提供流量获取与品 ...

上海凯诘电子商务股份有限公司(简称：凯诘电商)于5月28日所递交的港股招股书满6个月，于11月28日失效，递表时中信建投国际为独家保荐人。 招此前股书显示，凯诘电商是一家中国领先的数字零售解决方案提供商，致力于为全球优质品牌提供全链路及全渠道的数字零售解决方案。解决方案覆盖电 商行业生态系统的整个价值链，包括品牌定位、产品开发咨询、零售运营、渠道管理、营销推广、履单以及数据及信息技术服务。根据灼识咨询的资料，按 2024年的GMV计，该公司是中国第五大数字零售解决方案提供商及最大的O2O数字零售解决方案提供商。 据悉，该公司已服务超过200家品牌，其中包括超过100个国际品牌。于2024年，品牌合作伙伴涵盖食品与饮料、美妆与个人护理、婴童、潮玩、宠物、健康 及户外运动行业以及连锁企业。品牌合作伙伴包括近50%的财富500强快速消费品公司。 | | 28/05/2025 整體協調人公告 - 委任 歴 | | --- | --- | | 28/05/2025 | 上海凱詰電子商務股份有限公司 28/05/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案〉 | ...

Core Viewpoint - The company, Kaijie Electronics, is facing continuous performance decline despite being the fifth largest digital retail solution provider in China, as it prepares for its IPO in Hong Kong [1][2]. Group 1: Company Performance - Kaijie Electronics has shown a compound annual revenue growth rate (CAGR) of -3.65% from 2022 to 2024, with net profit declining at a CAGR of -16.47% during the same period [2]. - The revenue structure has been adjusted, but it has not reversed the downward trend in performance. The company serves over 200 brands, including more than 100 international brands across various sectors [3]. - The revenue from To-C (consumer) and To-B (business) segments for 2024 is projected to be 974 million RMB and 582 million RMB, respectively, accounting for 57.3% and 34.3% of total revenue [3]. Group 2: Profitability and Financial Metrics - The overall gross margin for 2024 is expected to be 21.8%, a decrease of 2.2 percentage points from 2022. The gross margins for To-C and To-B segments are 25.8% and 11.2%, respectively [4][5]. - The company has a relatively dispersed customer concentration, with the top five customers contributing 26.6% of revenue, while the top five suppliers account for 52.6% of procurement [3][4]. Group 3: Market Position and Industry Context - The digital retail market in China is projected to reach 13.9 trillion RMB in 2024, with a compound growth rate of 11.8% over the past five years. In contrast, Kaijie Electronics' performance lags behind this industry growth [7][8]. - The company holds a mere 1% market share, indicating a loss of market position as it faces intense competition in a highly fragmented market [9]. - Despite the challenges, the digital retail solutions market is expected to grow significantly, with projections indicating a market size of 3.4 trillion RMB by 2029 [8][9]. Group 4: Strategic Initiatives - To enhance competitiveness, the company is investing in research and development to create an integrated smart e-commerce platform and is focusing on AI technology to improve its service offerings [6][10]. - The company has increased its brand partnerships to 113 in 2024, up by 33 over three years, indicating efforts to strengthen its market presence [9].