作者 | 刘杰编辑 | 魏晓 稳居母婴行业第一，但妈宝们却很少听说过他。 近日，这个创始团队出身于阿里，并曾靠一份十分钟PPT打动雷军，拿下顺为资本五轮投资的垂类母婴电商 平台海拍客，正式向港交所递交了招股书。 根据招股书，海拍客宣称已经掌控了下沉市场10.1%的份额，有全国三线及以下城市的29万家母婴小店客 户，年交易额高达86亿元。但公司近三年累计亏损过亿，净负债超20亿。 不只是财务状况不容乐观，AI蓝媒汇调查还发现，海拍客APP注册门槛藏着灰产漏洞，其宣称只允许门店 资质的用户注册，但实操中，通过P图、伪造群消息等方式，便可以微商网店等形式入驻平台等等。 此外，海拍客"假货"投诉不断，频现信任危机。 如今，这位"县城隐形王者"正被推向聚光灯下。对于海拍客而言，此时冲刺港股上市，已然没有退路。 对赌倒逼下的"续命式"IPO 海拍客的资本故事一度颇为辉煌。 其创始人是曾孵化了阿里巴巴天猫国际的赵晨，早期融资阶段，其用十分钟的PPT讲解曾打动雷军及其旗下 顺为资本，后者参与了五轮融资，累计投资2693万美元，持股16.43%。创投圈一度对其三四线城市布局和 B2B逻辑寄予厚望。 但自2020年后，海拍客再无 ...

Core Viewpoint - Yangtuo Technology Inc. (海拍客), a leading player in the maternal and infant market, has submitted its IPO application to the Hong Kong Stock Exchange, amidst concerns over its financial performance and product authenticity [1][6]. Company Overview - Established in 2015, 海拍客 has become the largest service platform for family care and nutrition products in China's lower-tier markets, holding a market share of 10.1% as of 2024 [2]. - The company connects approximately 4,200 registered sellers and 290,000 registered buyers across 31 provinces and over 3,000 villages and counties in China [2]. Business Model - 海拍客 has shifted from a commission-based model to a dual-driven model of "commission + self-operated" [1]. - The revenue from its digital platform business has declined from 3.54 billion yuan in 2022 to 2.29 billion yuan in 2024, with its contribution to total revenue dropping from 39.5% to 22.2% [2][3]. Financial Performance - The company's revenue for the reporting period was 8.95 billion yuan, 10.67 billion yuan, and 10.32 billion yuan, indicating stagnant growth [4]. - Cumulative losses over the past two years amount to 135 million yuan, with the company unable to guarantee future profitability [4]. Inventory and Margin Issues - The gross margin has significantly decreased from 43.9% in 2022 to 32.5% in 2024, primarily due to the lower margin of self-operated products [3]. - Inventory levels have surged, reaching 150 million yuan by April 2025, a 101% increase from the end of 2024 [3]. Capital and Debt Challenges - The company has faced increasing cash flow pressures, with net cash flow from operating activities showing continuous outflows [6]. - By the end of 2024, the debt ratio had escalated to 350%, raising concerns about its ongoing viability [6]. Governance and Trust Issues - Despite financial struggles, executive compensation has risen significantly, with total payments to directors increasing from 2.297 million yuan in 2022 to 4.817 million yuan in 2024 [7]. - The company has faced multiple controversies regarding counterfeit products, with complaints about product authenticity affecting consumer trust [8].

Core Viewpoint - The article discusses the challenges faced by the maternal and infant vertical e-commerce platform, Haipai Ke, as it prepares for its IPO, highlighting its financial struggles and the competitive landscape of the industry. Financial Performance - Haipai Ke's projected revenues for 2022, 2023, and 2024 are 895 million RMB, 1.067 billion RMB, and 1.032 billion RMB respectively, with net profits turning from a slight profit of 1.012 million RMB in 2022 to losses of 56.54 million RMB in 2023 and 78.825 million RMB in 2024 [1][4] - The company's total transaction volume is expected to reach 11 billion RMB in 2024, with 22.2% of revenue coming from digital platform business and 77.7% from self-operated business [5][7] - Haipai Ke's sales costs have been rising year-on-year, leading to a decline in gross margin from 43.9% in 2022 to 32.5% in 2024 [8] Business Model and Strategy - The company initially focused on connecting supply and demand for maternal and infant care products in lower-tier cities, operating a dual model of platform and self-operated business [5][9] - As of December 31, 2024, Haipai Ke has developed 92 proprietary brands and established partnerships with 153 manufacturers, with over 38,000 paying buyers for its self-operated business [5][7] Industry Context - The maternal and infant e-commerce sector has faced significant challenges, with several competitors experiencing operational difficulties or shutting down, indicating a tough market environment [12][14] - Analysts suggest that the industry is under pressure due to diminishing population dividends and high customer acquisition costs, making it difficult for vertical e-commerce platforms to compete with larger, comprehensive e-commerce platforms [13][14] Future Outlook - Haipai Ke plans to enhance its proprietary brand development, introduce selected international brands, and improve its technological capabilities and IT infrastructure to address current challenges [14]

Company Overview - Yangtuo Technology Inc. (referred to as "Haipai Ke") has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, with CITIC Securities as the sole sponsor [2] - The company holds a 10.1% market share in the family care and nutrition products sector within China's lower-tier markets, positioning itself as a leading player in the maternal and infant e-commerce industry [2][9] Financial Performance - As of 2024, Haipai Ke's net debt is projected to reach 2 billion RMB, with losses expanding to 78.825 million RMB [5][10] - Revenue figures show a slight increase from 895 million RMB in 2022 to 1.067 billion RMB in 2023, but net profit has fluctuated significantly, with a profit of 1.012 million RMB in 2022 turning into a loss of 56.54 million RMB in 2023 and further losses in 2024 [10][20] - The overall gross margin has declined from 43.9% in 2022 to 32.5% in 2024, indicating worsening profitability [14][19] Business Model and Strategy - Haipai Ke transitioned from a pure digital platform to a "platform + self-operated" dual model since 2019, aiming to enhance its self-branded products [6][19] - The company has seen a shift in revenue structure, with self-operated business revenue increasing from 540 million RMB in 2022 to 802 million RMB in 2024, while digital platform business revenue decreased from 3.54 billion RMB to 2.29 billion RMB during the same period [20][21] - Despite the growth in self-operated business, the gross margin remains low at 15.5%, significantly lower than the digital platform's gross margin of 91.5% [19][20] Market Environment - The maternal and infant e-commerce sector is facing challenges, including a decline in newborn numbers and increased competition from comprehensive e-commerce platforms [19][22] - Major competitors like Tmall and JD.com have seen substantial growth, with Tmall's maternal and infant sector surpassing 300 million users and achieving transaction volumes exceeding 10 billion RMB in 2024 [22] Investment and Financing - Haipai Ke has completed six rounds of financing before its IPO, with notable investors including Shunwei Capital and Hillhouse Capital, raising a total of approximately 26.93 million USD [6][8] - The company has faced shareholder withdrawals in 2020, 2024, and 2025, leading to significant share buybacks and the issuance of convertible notes totaling 158 million USD [8][9] Future Outlook - The upcoming IPO is seen as a critical step for Haipai Ke to alleviate financial pressures and accelerate business transformation, but the company must overcome profitability challenges and market competition to ensure sustainable growth [23][24]

Core Viewpoint - Haipai Ke, a maternal and infant vertical e-commerce platform, has submitted an IPO application to the Hong Kong Stock Exchange despite experiencing significant financial losses over the past two years, with a net profit decline of 2991.35% in 2023 and a further drop of 50.4% in 2024 [1][2] Financial Performance - Haipai Ke's revenue for 2022, 2023, and 2024 was 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan, respectively, showing a year-on-year growth of 19.16% in 2023 followed by a decline of 3.22% in 2024 [1] - The net profit attributable to shareholders was 2 million yuan in 2022, -52 million yuan in 2023, and -78 million yuan in 2024, indicating a drastic drop in profitability [1] - In 2023, the company reported a revenue of 1.067 billion yuan with a sales cost of 665 million yuan, resulting in a gross profit of only 401 million yuan [2] Business Model and Market Position - Haipai Ke operates as a multi-functional platform connecting supply and demand for family care and nutrition products in China's lower-tier markets, achieving a transaction volume of 8.6 billion yuan in 2024 [3] - The platform has a market share of 10.1% in the family care and nutrition product sector, connecting approximately 4,200 registered sellers and covering over 290,000 registered buyers across 31 provinces and regions [3] - The company has shifted towards a self-operated business model, focusing on high-demand products such as infant formula and dietary supplements, with self-operated business revenue reaching 802 million yuan in 2024, accounting for 77.7% of total revenue [5] Funding and Debt Situation - Haipai Ke has undergone multiple funding rounds, raising significant capital from various investors, including over 337.2 million USD in A round and 128 million USD in C round [7][8] - The company faces a substantial debt burden, with net liabilities recorded at 1.733 billion yuan, 1.917 billion yuan, and 2.001 billion yuan for the years ending December 31, 2022, 2023, and 2024, respectively [11] - The financial strain is exacerbated by the need to repurchase preferred shares from investors, leading to liquidity risks and potential limitations on operational funding and expansion plans [11]

Core Viewpoint - The company Haipai Ke is attempting to go public on the Hong Kong Stock Exchange amid a challenging capital market, but its financial disclosures reveal deteriorating profitability, weak market competitiveness, and a problematic business model, indicating a struggle for survival rather than a genuine value realization [2]. Financial Performance - Revenue is projected to increase from 895.3 million RMB in 2022 to 1,032.4 million RMB in 2024, but this growth is slow and may even decelerate in 2024 [4][5]. - The company is experiencing significant losses, with a profit of 1.01 million RMB in 2022 turning into a loss of 78.8 million RMB by 2024, and gross margin declining from 43.9% to 32.5% [4][5]. - The self-operated business revenue ratio reached 77.7% in 2024, indicating a reliance on low-margin models that could lead to increased inventory risks and financial strain [4]. Market Dynamics - The number of active buyers decreased from 172,000 in 2023 to 168,000 in 2024, and the total transaction volume fell from 14.9 billion RMB in 2022 to 11 billion RMB in 2024, a reduction of 26% [6]. - The company faces a significant debt burden, with net liabilities reaching 2 billion RMB by the end of 2024, primarily from convertible redeemable preferred shares [6]. Supply Chain and Product Quality Issues - Haipai Ke has faced repeated allegations of counterfeit products, with complaints from consumers regarding product authenticity and quality [9][10]. - The company relies on 153 manufacturers for its private label products, which poses risks related to quality control and supplier dependency [10]. Internal Control and Data Integrity - The company's internal controls are reportedly weak, with issues such as non-compliance in social security contributions and questionable data accuracy regarding partnerships and active users [11]. - There are concerns about the authenticity of the claimed partnerships with 150,000 stores, as some retailers have denied any collaboration [11]. Competitive Landscape - The competitive environment is intensifying, with major e-commerce platforms like Tmall and JD.com expanding into the mother and baby product market, putting pressure on Haipai Ke's market position [13]. - The company must address its ongoing issues of counterfeit products, financial losses, and high debt levels to convince investors of its long-term viability in the capital market [13].

Core Viewpoint - Haipai Ke has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing collaboration, technology capabilities, strategic alliances, and general corporate purposes, despite facing significant operational challenges and financial losses [1][2]. Financial Performance - In 2024, Haipai Ke's revenue decreased to 1.032 billion RMB, a decline of 3.3% year-on-year, indicating stagnation or potential regression in growth [6][8]. - The company reported a net loss of 78.83 million RMB in 2024, worsening from a loss of 56.54 million RMB in 2023, primarily due to a continuous decline in gross margin from 43.9% in 2022 to 32.5% in 2024 [8][11]. - The gross profit from the digital platform business fell by 32.26%, from 310 million RMB in 2022 to 210 million RMB in 2024, while self-operated business revenue grew but at a significantly reduced rate [8][9]. Market Position - Haipai Ke is recognized as a leading trading and service platform in the family care and nutrition products sector, holding a market share of 10.1% in the low-tier market as of 2024 [2][6]. - The company has expanded its registered seller base to 4,241 and registered buyers to 289,512 by the end of 2024, although transaction volume has been declining [7][8]. Debt and Financial Health - As of the end of 2024, Haipai Ke's net debt reached 2 billion RMB, with a debt-to-asset ratio of 350.12%, primarily due to 2.4 billion RMB in convertible redeemable preferred shares [11][12]. - The company reported a negative net asset position of 2 billion RMB, raising concerns about liquidity and the ability to meet financial obligations [11][12]. Management and Cost Structure - Despite ongoing losses, executive compensation has significantly increased, with total director remuneration rising from 2.297 million RMB in 2022 to 4.817 million RMB in 2024, while the company has been reducing employee costs through layoffs [13][15]. - Total employee costs decreased from 396 million RMB in 2022 to 259 million RMB in 2024, reflecting a strategic move to optimize workforce structure and improve operational efficiency [15][16].

Core Viewpoint - Yangtuo Technology Inc. (海拍客) is preparing for an IPO in Hong Kong, but faces significant financial challenges and declining performance metrics, raising concerns about its survival in a competitive market [2][3]. Group 1: Company Overview - 海拍客 is a B2B maternal and infant e-commerce platform targeting lower-tier cities, founded by a team with strong ties to Alibaba [2]. - The company achieved a GMV exceeding 100 billion RMB within three years of its establishment [2]. - It has secured six rounds of financing from notable investors, including 顺为资本 and 高瓴 [2]. Group 2: Financial Performance - Revenue figures for 海拍客 show a decline, with 2022, 2023, and 2024 revenues at 8.95 billion, 10.67 billion, and 10.32 billion RMB respectively, indicating stagnation [4]. - The adjusted net profit improved from -1.31 billion RMB in 2022 to 257.7 million RMB in 2024, but this was largely due to cost-cutting measures [4][17]. - The company’s total liabilities reached 20 billion RMB by 2024, primarily due to 2.4 billion RMB in convertible redeemable preferred shares [14][20]. Group 3: Business Challenges - The digital platform business revenue has decreased from 3.54 billion RMB in 2022 to 2.3 billion RMB in 2024, a decline of 35% [5]. - The total GMV dropped from 149 billion RMB in 2022 to 110 billion RMB in 2024, a reduction of 26% [8]. - The self-operated business has seen revenue growth, increasing from 5.4 billion RMB in 2022 to 8 billion RMB in 2024, but it has a significantly lower gross margin of around 15% compared to the digital platform's 90% [10][11]. Group 4: Market Environment - The maternal and infant product market is under pressure due to a declining birth rate in China, which fell from 14.7 million in 2019 to 9 million in 2023 [22]. - Competition has intensified with major players like 天猫 and 京东 dominating the market, and new entrants like 抖音 and 快手 reshaping consumer behavior [22]. - The shift from a platform model to a self-operated model is seen as a self-rescue attempt, but it has led to increased inventory pressure and financial strain [24]. Group 5: Future Outlook - The success of the IPO is critical for 海拍客 to alleviate its financial pressures and ensure its survival in a challenging market [25]. - The company is currently in a precarious position, with ongoing cash flow issues and a need for significant capital to sustain operations [20].

Core Viewpoint - Haipai Ke, a leader in the maternal and infant market, is attempting to go public amid a challenging capital environment, revealing structural concerns beneath its market dominance and financial struggles [1] Financial Imbalance: Dual Strangulation of Growth and Debt - Haipai Ke's financial statements reflect a contradiction: while claiming to dominate the low-tier market, it faces a stark reality of sluggish revenue growth [2] - Profit cliff and gross margin collapse: Profits for 2022, 2023, and 2024 were 1 million, -56.54 million, and -78.83 million respectively, showcasing a dramatic decline from a small profit to a near 80 million loss [2] - A significant drop in gross margin by 11.4 percentage points over two years indicates that the "low-margin, high-volume" strategy in the low-tier market has failed due to competition from major e-commerce platforms [2] - The company is trapped in a capital cage with a net debt of 2 billion, necessitating continuous funding to maintain market share while struggling with low-margin operations [2] Industry Issues: The Curse of "Economies of Scale" - The financial structure of Haipai Ke reflects a common industry problem, where the maternal and infant vertical market struggles under pressure from larger competitors [3] Model Paradox: The "False Moat" of the Low-Tier Market - Haipai Ke's self-proclaimed "fortress" in the low-tier market is showing cracks due to consumption downgrade and competition from giants [4] - The shift to self-owned brands and operations has led to increased inventory pressure and cash flow consumption, while low-tier consumers show limited acceptance of high-priced maternal and infant brands [4] - The once blue ocean of the low-tier market has turned into a red sea, with major players like JD and Alibaba aggressively competing, undermining Haipai Ke's loose network of 290,000 registered buyers [4] - The declining birth rate over the past decade has shifted the competition from incremental growth to a battle for existing market share, making further expansion risky [4] Conclusion: Survival Game in a Tight Spot - Haipai Ke's IPO represents a race against time to secure capital for restructuring its business model, but without addressing the mismatch between low-tier consumer power and high growth expectations, the company faces long-term trust issues in the capital market [6] - The essence of business returns to the ability to generate profits in the low-tier market, determining who truly deserves the title of "king of the low-tier" [6]

Core Viewpoint - Yangtuo Technology Inc. (Haipai Ke) is seeking to go public on the Hong Kong Stock Exchange amid a challenging environment for the maternal and infant e-commerce sector, aiming to strengthen market share and reshape the competitive landscape [1][9] Group 1: Company Overview - Haipai Ke was established in 2015 by a team of founders from Alibaba, focusing on family care and nutrition products, integrating supply chains to enhance consumer experience and drive consumption upgrades in lower-tier markets [1][3] - The company has achieved significant growth, with transaction volume surpassing 10 billion RMB in its second year and reaching 100 billion RMB in 2019 [3] - Prior to the IPO, Haipai Ke completed six rounds of financing, raising approximately 193.59 million USD, with major investors including Shunwei Capital and Fosun International [3][4] Group 2: Financial Performance - As of the end of 2024, Haipai Ke reported accumulated losses of 1.85 billion RMB and net liabilities of 2 billion RMB [1][8] - Revenue figures for 2022 to 2024 are 895.27 million RMB, 1.06785 billion RMB, and 1.03239 billion RMB, indicating stagnation and potential decline [6] - The company transitioned from a profit of 1.01 million RMB in 2022 to losses of 56.54 million RMB and 78.83 million RMB in 2023 and 2024, respectively, with gross margins decreasing from 43.9% to 32.5% [6][8] Group 3: Market Strategy - Haipai Ke has established a vast channel system, connecting 4,200 registered sellers and 290,000 registered buyers across over 3,000 counties in China by 2024, capturing a 10.1% market share in the family care and nutrition sector [4][5] - The company is focusing on developing its own brands, having launched 92 proprietary brands by 2024, with self-operated business revenue increasing from 60.4% to 77.7% of total revenue [8] - To achieve profitability, Haipai Ke is optimizing its digital supply chain and exploring AI-driven solutions, although it faces challenges from weakened demand and competition from rivals like Pinduoduo [8][9]