Financial Data and Key Metrics Changes - For the first quarter of fiscal year 2026, consolidated revenue grew just under 1% year over year to $1.16 billion, with service revenue increasing just under 1% and purchased vehicle sales increasing nearly 2% [17] - Net income was $404 million, up 11.5% versus last year, and earnings per diluted share increased 10.8% to $0.41, driven by revenue growth and margin expansion [18] - Gross profit increased 4.9% to $537 million, with gross margin improving 184 basis points to 46.5% [17][18] Business Line Data and Key Metrics Changes - Total global units sold decreased 6.7%, with global insurance units declining 8.1% and global non-insurance units declining 1.5% [16] - In the U.S., total units sold declined 7.9%, with U.S. insurance volumes declining 9.5% [18] - U.S. purchased vehicle sales increased 10.9%, reflecting higher average sale prices which increased over 50% from the prior year period [20] Market Data and Key Metrics Changes - International revenue increased 1.6% year over year to $202 million, with international service revenues increasing 7.9% [24] - The average selling price for international insurance units declined 2.4% from the prior year period [24] - International buyers purchased vehicles that are 38% higher in value than comparable U.S. buyers [11] Company Strategy and Development Direction - The company is focusing on expanding its non-insurance vehicle business, leveraging rising total loss frequency to draw buyers for repairable vehicles [7][8] - Investments in technology, storage capacity, and logistics infrastructure are aimed at supporting long-term international growth [25] - The company continues to prioritize organic growth while remaining open to strategic acquisitions if compelling opportunities arise [73] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in insurance unit volumes is tied to changes in consumer behavior and market share shifts among insurance carriers [31] - The long-term trend of total loss frequency is expected to continue upward, despite short-term fluctuations [34] - Management expressed confidence in the company's ability to navigate macroeconomic uncertainties and maintain operational efficiency [25][70] Other Important Information - The company ended the quarter with liquidity of approximately $6.5 billion, including cash and cash equivalents of $5.2 billion and no debt [25] - The company is focused on disciplined capital allocation to support growth while generating robust free cash flow [25] Q&A Session Summary Question: Concerns about the larger than expected decline in unit volumes - Management attributed the decline to changes in insurance coverage and consumer behavior rather than a shift in market share among competitors [31] Question: Insights on total loss frequency trends - Management indicated that total loss frequency is expected to continue its long-term upward trend, despite recent fluctuations [34] Question: Impact of ADAS technology on accident claims - Management acknowledged that safety technologies have historically reduced accident rates, but total loss frequency remains a more significant factor [42] Question: Handling of vehicles involved in severe accidents without insurance - Management confirmed that the company can capture such vehicles through its consumer business, although it is less efficient than institutional relationships [43] Question: Disparity between international and U.S. bidders - Management clarified that international buyers tend to purchase higher value vehicles, leading to a 38% higher average selling price compared to U.S. buyers [50] Question: Future capacity investments - Management stated that while capacity needs have decreased, they will continue to invest in areas where growth is projected [55] Question: Share repurchase strategy - Management emphasized a focus on capital deployment for long-term value creation, with share repurchases being a potential avenue in the future [84][87]

Core Insights - The domestic new car sales growth has exceeded 11% due to policies promoting vehicle trade-ins and scrappage, leading to a significant influx of used cars into the market [1] - In the first half of 2025, the cumulative transaction volume of used cars reached 9.57 million units, a year-on-year increase of approximately 2%, with total transaction value exceeding 600 billion yuan [1] - The auction format is increasingly being utilized to address the surplus of used cars, particularly for electric vehicles which are often sold in bulk [1] Used Car Auction Market - In 2024, traditional fuel vehicles accounted for over 1.11 million auction transactions, representing more than 90% of the market share, maintaining dominance in the auction market [1] - The auction volume of electric vehicle accident cars has seen a compound annual growth rate of 70% from 2019 to 2024, with expectations of at least a 50% growth rate over the next three years [2][5] Accident Vehicle Trends - Nearly 90% of accident vehicles are disposed of through auctions, with the auction volume of ordinary accident cars growing at a compound annual growth rate of 27% from 2019 to 2024, reaching 530,000 units in 2024 [4] - The auction volume of electric accident vehicles increased from 2,300 units in 2020 to 18,000 units in 2024, indicating a rapid growth in this segment [5] Pricing Dynamics - The average auction price for vehicles in 2024 was 40,000 yuan, reflecting a year-on-year decline of over 11%, with the transaction value growth rate lagging behind the volume growth [7] - The market is experiencing a polarization in pricing, with vehicles priced below 50,000 yuan accounting for 78.86% of total transactions, while the share of vehicles priced at 200,000 yuan and above has decreased to 2.42% [7] Vehicle Age and Market Composition - The share of vehicles aged over six years has increased, with over 70% of total transactions involving high-mileage vehicles, contributing to the overall decline in average vehicle prices [7] - The average auction prices for different age categories show a downward trend, with vehicles over ten years old averaging 21,400 yuan [7] Future Outlook - The auction market for electric vehicles is expected to grow, with a shift towards more refined dismantling processes for accident vehicles, including battery recycling and repurposing [6] - As the penetration rate of new energy vehicles increases, the volume of used electric vehicles entering the market is anticipated to rise, leading to changes in auction methods and service standards [8]

Core Viewpoint - The article discusses the growth of the used car market in China, driven by policies promoting vehicle replacement and the increasing volume of second-hand electric vehicles entering the market through auction formats [3][4]. Used Car Market Overview - In the first half of 2025, the cumulative transaction of used cars in China reached 9.57 million units, a year-on-year increase of approximately 2%, with a total transaction value exceeding 600 billion yuan [3]. - The auction format is becoming increasingly popular for disposing of used cars, particularly for electric vehicles, which are often sold in bulk [3][4]. Auction Market Dynamics - In 2024, traditional fuel vehicles accounted for over 1.11 million auction transactions, representing more than 90% of the market share, while the market share of plug-in hybrid vehicles is also rising [3][4]. - The auction volume of accident vehicles has been steadily increasing, with a compound annual growth rate of 27% from 2019 to 2024, reaching 530,000 units in 2024 [6]. Electric Vehicle Auction Trends - The auction volume of electric vehicle accident cars has a compound growth rate of 70% from 2019 to 2024, with projections indicating that this will exceed 50% in the next three years [4][6]. - The number of electric accident vehicles auctioned increased from 2,300 units in 2020 to 18,000 units in 2024 [6]. Pricing Trends in Used Car Auctions - The average auction price for used vehicles in 2024 was 40,000 yuan per vehicle, reflecting a year-on-year decline of over 11% [9]. - The market is seeing a polarization in pricing, with vehicles priced below 50,000 yuan accounting for 78.86% of total transactions, while vehicles priced at 200,000 yuan and above have decreased to 2.42% of the market share [9][10]. Age and Condition of Vehicles - The share of vehicles aged over six years has increased, with over 70% of transactions involving older vehicles, contributing to the overall decline in average prices [9]. - The average auction price for vehicles aged 10 years or more dropped to 21,400 yuan, indicating a trend towards older vehicles in the market [9][10]. Future Outlook - As the demand for used electric vehicles increases, the auction methods are expected to evolve, potentially moving from bulk sales to individual sales depending on vehicle conditions [10].

Core Insights - The auction growth rate for electric vehicle accident cars is conservatively expected to exceed 50% from 2025 to 2028, driven by the increasing volume of used cars entering the market due to trade-in and scrapping policies [1][2] Auction Market Overview - In the first half of 2025, the cumulative transaction volume of used cars in China reached 9.57 million units, with a transaction value exceeding 600 billion yuan, reflecting a year-on-year growth of approximately 2% [1] - Traditional fuel vehicles dominated the auction market in 2024, with over 1.11 million units sold, accounting for more than 90% of the total market share [1] - The auction market is increasingly utilizing a "packaged" auction format for new energy vehicles, with packages often containing dozens to hundreds of similar vehicles [1] Accident Vehicle Auction Trends - The auction volume of accident vehicles has been steadily increasing, with a compound annual growth rate of 27% from 2019 to 2024, reaching 530,000 units in 2024 [3] - Electric vehicle accident cars have seen a significant rise in auction volume, with a compound annual growth rate of 70% from 2019 to 2024, increasing from 2,300 units in 2020 to 18,000 units in 2024 [3][4] Market Dynamics and Pricing - The average auction price for vehicles in the national market dropped by over 11% year-on-year in 2024, with the average price being 40,000 yuan per vehicle [5] - The market is experiencing a polarization in pricing, with vehicles priced below 50,000 yuan accounting for 78.86% of total transactions, while those priced at 200,000 yuan or above have decreased to 2.42% of the market share [5] - The average auction price for different vehicle types in 2024 was 38,700 yuan for fuel vehicles, 46,400 yuan for pure electric vehicles, and 61,100 yuan for hybrid models, all showing a decline compared to 2023 [6] Future Projections - The auction market for electric vehicle accident cars is expected to reach at least 50,000 units by 2029, with a growing trend towards the disassembly and sale of key components from accident vehicles [4] - The demand for dismantling accident vehicles is projected to grow significantly, with the auction volume for dismantled vehicles increasing from 5,400 units in 2020 to 24,500 units in 2024, and expected to approach a 40% growth rate by 2028 [4]

Group 1 - The core point of the article is that BoChe Network has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Fosun International Capital acting as joint sponsors [1] Group 2 - According to ZhiShi Consulting data, by 2024, BoChe Network ranks first in China's accident vehicle auction market with a market share of approximately 31.4% [2] - The company utilizes a combination of online and offline auction models to connect accident vehicle sources (mainly insurance companies) with buyers (primarily certified repair shops and licensed dismantling factories) [2] - BoChe Network is also the third-largest B2B used car auction platform in China, with a market share of about 12.0% in auction volume for 2024 [2] Group 3 - The volume of accident vehicle auctions in China has increased from approximately 205,000 units in 2020 to 373,000 units in 2024 [2] - In comparison, the auction volume of accident vehicles in the United States is nearly 7 million units in 2024, about 20 times that of China, despite similar vehicle ownership levels [2] - This indicates significant growth potential for China's accident vehicle auction industry, driven by factors such as increasing vehicle ownership, rising repair costs, the prevalence of new energy vehicles leading to higher claims frequency, direct consumer engagement by insurance companies, rising labor costs, and increased insurance awareness [2]

Core Insights - Boche Holding Limited has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Fosun International Capital as joint sponsors [1] - The company is the largest accident vehicle auction platform in China, holding a market share of approximately 31.4% in the accident vehicle auction industry as of 2024 [3] - Boche Holding also operates as a B2B second-hand vehicle auction platform, ranking third in the market with a share of about 12.0% [3] Industry Overview - The auction volume of accident vehicles in China is projected to grow from approximately 205,000 units in 2020 to 373,000 units in 2024, indicating significant growth potential compared to the U.S. market, which has an auction volume of nearly 7 million units in 2024 [4] - Factors driving growth in the accident vehicle auction industry include aging vehicle ownership, rising repair costs, increased frequency of claims due to the proliferation of electric vehicles, and heightened insurance awareness [4] Financial Performance - For the fiscal years ending July 31, the revenue figures for Boche Holding are as follows: approximately RMB 388.11 million in 2022, RMB 518.33 million in 2023, RMB 526.07 million in 2024, and RMB 290.45 million in 2025 [5][7] - The company reported losses of approximately RMB 180.25 million in 2022, RMB 121.47 million in 2023, RMB 36.44 million in 2024, and RMB 55.60 million in 2025 [5][7] - The gross profit for the same periods was approximately RMB 172.35 million in 2022, RMB 258.87 million in 2023, and RMB 244.06 million in 2024 [7]

IPO前估值为31.7亿元人民币。 本文为IPO早知道原创 作者｜Stone Jin 财务数据方面。2022年和2023年，博车网营收分别为3.88亿元和5.18亿元，同比增幅为33.6%； 2024年前三季度从2023年同期的3.91亿元微增3.3%至4.04亿元。 微信公众号｜ipozaozhidao 据IPO早知道消息，Boche Holding Limited (Cayman)（以下简称"博车网"）于2025年2月21日 正式向港交所递交招股说明书，拟主板挂牌上市，中信证券和复星国际资本担任联席保荐人。 成立于2014年的博车网基于自己的估值基础设施（事故车交易数据，以及专有E-Pricing和E- Value系统），以及线上线下一体化的拍卖模式，打造了事故车拍卖平台，并有效地连接了上游事故 车车源方(主要是保险公司)与下游事故车买家(主要是认证修理厂和持证汽车拆解厂)。 在车源端：截至2024年9月30日，博车网已为合共超过160名事故车车源方提供服务，包括保险公 司、租赁公司、汽车金融公司及其他。其中，截至同日，博车网已为超过95%在中国经营汽车保险 业务的保险公司提供事故车拍卖服务，覆盖所有前5 ...