2024年，中国机动车拍卖成交约125万辆、成交额近500亿元，连续7年刷新历史纪录。与此同时，去年，二手车拍卖及交易服务企业汽车节在港交所主 板挂牌上市，而就在今年9月，国内最大的事故车拍卖交易平台博车网，第二次向港交所递交上市申请。这一系列亮眼的成绩，彰显了机动车拍卖行业强劲 的韧性与巨大的潜力。 "拍卖行业是市场流通领域的重要环节，其独特的价值发现功能在促进商品流通、激活市场活力、促进资源回收利用、优化资源配置、助力消费升级等方面 发挥着不可替代的作用。"中国拍卖行业协会（以下简称"中拍协"）副会长、山东省拍卖行业协会会长李伟在第三届中国机动车拍卖行业大会致辞中谈 到，"近几年，机动车拍卖市场持续快速发展，政策红利持续释放，无论在市场规模、专业化规模体系、网络化建设，还是国际化进程上，都有了翻天覆地 的变化，行业影响力大幅提升。" 近年来，二手车流通领域的深化改革、出口业务的稳步推进，以及消费者对高效透明便捷交易方式需求的日益增长，都为机动车拍卖创造了前所未有的发展 机遇。本届大会以"行业大发展 科技铸未来"为主题，意在强调随着大数据、人工智能等技术在车辆检测、价值评估、现场拍卖等环节的深入应用，机动车 ...

Core Insights - The Chinese motor vehicle auction market has experienced rapid growth, with 1.2352 million vehicles sold and a transaction value of 49.361 billion yuan in 2024, marking increases of 75.83% and 55.21% year-on-year respectively [1] - The third China Motor Vehicle Auction Industry Conference will be held in October 2025, focusing on industry development and technological advancements [1] Market Growth - The auction market's role in promoting the circulation of second-hand vehicles and boosting automotive consumption has been increasingly significant, with its market share in the national second-hand vehicle market rising by 3 percentage points compared to the previous year [1] - The report indicates that online auctions accounted for 97.98% of total auction sessions in 2024, with pure online auction sessions increasing by 170.73% year-on-year [8] Standards and Regulations - Two new standards were released: the national standard "Auction Terminology" and the group standard "Electric Vehicle Auction Detection and Evaluation Specification," aimed at enhancing industry norms and supporting green development [4][5] - The "Auction Terminology" standard fills a gap in national standards and supports the construction of a unified national market [4] Technological Advancements - The integration of digitalization and AI technologies is reshaping the motor vehicle auction process, improving operational efficiency and customer experience [10] - Companies are leveraging big data and AI for vehicle value assessment and pricing optimization, enhancing transparency and efficiency in transactions [10] International Expansion - The establishment of a "Second-hand Vehicle Export Auction Service Platform" aims to create a global export channel for quality second-hand vehicles, integrating auction credibility with advanced technologies [15] - The platform will facilitate a standardized service system for second-hand vehicle exports, promoting China's automotive industry on the global stage [15] Industry Rankings - The conference revealed the top 30 motor vehicle auction companies by transaction volume and value, with the top three being Beijing Wubaipai, Shanghai Changxin Auction, and Beijing Hengtai Bochi Auction [16] - The top 30 companies accounted for 95.83% of transaction volume and 96.94% of transaction value, indicating a trend towards market concentration and increased professionalization [16]

Core Viewpoint - Boche Holding Limited (博车网) is preparing for an IPO in Hong Kong, positioning itself as the largest accident vehicle auction platform in China, with significant revenue growth potential despite recent losses [3][4][20]. Market Overview - China is the largest automotive market globally, with projected sales exceeding 31 million vehicles in 2024 and a vehicle ownership exceeding 300 million [1]. - The accident vehicle auction market in China is experiencing growth, with the auction volume reaching 345,000 vehicles in 2023 and expected to grow to 867,000 vehicles by 2028, representing a compound annual growth rate (CAGR) of 20.2% from 2023 to 2028 [18]. Company Background - Founded in 2014 by Chen Jianpeng, 博车网 has developed a robust business model that includes accident vehicle auctions and partnerships with major automotive manufacturers [5]. - The company has a market share of approximately 31.3% in the accident vehicle auction industry in China [6]. Financial Performance - 博车网 reported revenues of 388.1 million RMB in 2022, 518.3 million RMB in 2023, and 403.9 million RMB in the first nine months of 2024, with net losses of 180 million RMB, 121 million RMB, and a small profit of 1.425 million RMB respectively [20]. - The company's gross margin fluctuated, with rates of approximately 44.4%, 49.9%, and 47.3% during the reporting periods, influenced by operational efficiency and sales economics [21]. Revenue Sources - The majority of 博车网's revenue comes from accident vehicle auctions and related services, accounting for over 50% of total revenue, while used vehicle auctions contribute around 20% [11]. - The company also engages in vehicle dealership activities, with revenue from this segment rising to 20.6% in the first nine months of 2024 [12]. Business Model and Dependencies - 博车网 connects various upstream sources of accident vehicles, including insurance companies and rental firms, to downstream buyers such as repair shops and dismantling companies [10]. - The company relies heavily on a few key upstream sources, with 71.4%, 63.4%, and 58% of auctioned accident vehicles coming from three major suppliers during the reporting periods [14]. Industry Challenges - The increasing availability of new vehicles at lower prices may negatively impact the demand for accident and used vehicles, as consumers may prefer purchasing new cars [22][23]. - The competitive landscape remains intense, with potential threats from upstream suppliers establishing their own auction platforms [14][23].