随着全球汽车产业向电动化、智能化、绿色化加速转型，供应链效能与可持续性已成为决定企 业竞争力的关键。在物流环节，传统一次性包装长期存在成本高、污染大、货损难控、全程无法追 溯等痛点，已成为制约汽车产业特别是售后配件流通领域的重要环节，降本增效和绿色升级已是当 务之急。 当前，一批以物联网、大数据与新材料技术为核心的科技企业正悄然崛起，试图以"循环包装＋数字 化"模式重塑供应链底层基础设施。天津云传递技术有限公司（以下简称"云传递"）便是其中的先行 者。作为一家聚焦物联网、智能算法及数字化系统研发的供应链科技企业，云传递通过自主研发的 智能循环包装及全链路数字监测解决方案，为汽车行业提供了一套"可循环、可追溯、可降本"的全 新物流包装新思路。 正如云传递董事长魏永君所言："中国在共享包装和物流安全领域正迎来黄金发展期，这是时代赋予 我们的机遇。云传递就是要深耕技术创新，打造行业标杆，用数智化驱动循环包装，用云计算推动 碳循环，助力客户供应链安全、降本增效、低碳转型。" 技术＋模式＋网络 三位一体破局创新 从传统包装之痛，到行业转型升级，云传递有着怎样的逻辑？ 汽车供应链传统包装的成本、安全与环保困局 汽车产业供 ...

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 lapse of application materials [1] Company Overview - Youlesai, established in 2016, is a leading integrated circular packaging service provider in China, primarily serving automotive parts manufacturers and OEMs [3] - 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 as of 2024 [3] Market Position and Financial Performance - In 2024, Youlesai's market shares in circular packaging services, shared operation services, and automotive shared operation services are 6.4%, 2.4%, and 1% respectively [3] - The company's revenue figures for 2022, 2023, 2024, and the first eight months of 2025 are 648 million, 794 million, 838 million, and 533 million CNY respectively, with corresponding gross profits of 127 million, 170 million, 184 million, and 111 million CNY [3] - Net profits for the same periods are 31.21 million, 64.14 million, 50.74 million, and 26.89 million CNY, with gross margins of 19.7%, 21.4%, 22%, and 20.8% [3] Accounts Receivable - Accounts receivable and notes receivable for the years 2022, 2023, 2024, and the first eight months of 2025 are 311 million, 361 million, 382 million, and 325 million CNY respectively [3] - The turnover days for accounts receivable and notes receivable are 168.3, 159.9, 167.9, and 167.8 days for the same periods [3] Employee Benefits Compliance - The company 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 CNY for the years 2022, 2023, 2024, and the first eight months of 2025 [4] Competitive Landscape - 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 [6] - The top five players in the market hold only 4.7% of the market share, with the largest player having a 1.5% share [6] Customer Retention - Customer retention rates for Youlesai have declined from 75.8% in 2022 to 64.9% in the first eight months of 2025 [7] - The company faces intensified competition as rivals offer more service products and new competitors enter the market [7]

Core Insights - The Chinese logistics packaging industry is rapidly transitioning 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 RMB in 2024 and further grow to 89.6 billion RMB by 2030 [1] - Youlesai, a leading provider of circular packaging services in the automotive sector, has submitted its listing application to the Hong Kong Stock Exchange, with the funds raised aimed at enhancing digital systems, expanding overseas, and developing a national service network [1][26] - Despite industry growth, Youlesai faces challenges such as high customer concentration, large accounts receivable with slow turnover, and cost fluctuations that require investor attention [1] Company Overview - Youlesai, established in 2016, focuses on providing circular packaging solutions for automotive parts manufacturers and OEMs. Its core business includes container services and container sales, with container services accounting for over 80% of revenue [2] - The container services segment offers comprehensive solutions, including shared operations, leasing, and value-added services, while container sales target customers with logistics capabilities and procurement needs [4] Financial Performance - Youlesai's revenue has shown stable growth, increasing from 648 million RMB in 2022 to an estimated 838 million RMB in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million RMB, a year-on-year increase of 5.1% [13] - The company reported a net profit of 64.15 million RMB in 2023, a 105.6% increase year-on-year, but net profit has since declined, with 26.89 million RMB reported in the first eight months of 2025, a 12.5% decrease [16] Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China, holding a market share of 1.5%. It ranks first in the automotive shared operations service market with an 8.2% market share [6][7] Operational Efficiency - Youlesai 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] Customer Base - The company has a stable customer base, primarily consisting of traditional and new energy automotive parts manufacturers and OEMs, with 128 major customers contributing 89.9% of total sales as of August 31, 2025 [10][12] Challenges - Youlesai's accounts receivable have remained high, with over 60% of revenue in 2025 attributed to accounts receivable. The average collection period has been around 168 days [18][19] - The company's cost structure is under pressure, with transportation costs constituting a significant portion of total sales costs, influenced by external factors such as fuel prices and labor costs [16][18] Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The automotive industry's shift towards new energy and intelligent solutions further enhances the need for safe and adaptable packaging [22] - The funds raised from the upcoming IPO will support Youlesai's strategic initiatives, including digital system upgrades, overseas expansion, and network optimization, positioning the company to capitalize on industry growth [26]

Company Overview - Youlesai is a Chinese provider of circular packaging services, primarily focused on serving automotive parts manufacturers and OEMs [3] - The company offers shared operations for managing circular packaging, including storage, distribution, and maintenance [3] - Youlesai is the second-largest provider of circular packaging services in China, with a market share of 1.5%, and the largest provider of automotive shared operations services, holding a market share of 8.2% [3][4] Market Position - By 2024, the circular packaging services, shared operations services, and automotive shared operations services are expected to account for 6.4%, 2.4%, and 1.0% of China's overall logistics packaging solutions market, respectively [3] - As of August 31, 2025, Youlesai has established a warehousing network covering over 100 cities with 78 warehouses [4] Financial Performance - The company recorded revenues of RMB 647.6 million, RMB 794.0 million, RMB 837.6 million, and RMB 533.3 million for the years 2022, 2023, 2024, and the eight months ending August 31, 2025, respectively [6] - The net profit for the same periods was RMB 31.2 million, RMB 64.1 million, RMB 50.7 million, and RMB 26.9 million [7] - The gross profit margins for 2022, 2023, 2024, and the eight months ending August 31, 2025, were 19.7%, 21.4%, 22.0%, and 20.8%, respectively [8] Industry Overview - The global logistics industry is projected to grow significantly, with total logistics spending expected to reach approximately USD 14.7 trillion by 2030 [10] - In 2024, China's logistics spending is estimated to be around USD 2.9 trillion, accounting for 25% of the global logistics market [10] - The logistics packaging solutions market in China is expected to grow from USD 90.4 billion in 2019 to USD 118.7 billion in 2024, with a compound annual growth rate (CAGR) of 5.6% [11]

Company Overview - Youlesai is a Chinese provider of circular packaging services, primarily focused on serving automotive parts manufacturers and OEMs. The company offers shared operations for managing circular packaging such as pallets and containers, along with rental services and value-added services like warehousing management [2][3] - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China with a market share of 1.5% and the largest provider of automotive shared operations services with a market share of 8.2% as of 2024 [2][3] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and projected for 2024, Youlesai reported revenues of RMB 647.6 million, RMB 794.0 million, and RMB 837.6 million respectively. For the eight months ending August 31, 2025, the revenue is projected to be RMB 533.3 million [5][6] - The company recorded net profits of RMB 31.2 million, RMB 64.1 million, and RMB 50.7 million for the fiscal years 2022, 2023, and 2024 respectively, with a projected profit of RMB 26.9 million for the eight months ending August 31, 2025 [7] - The gross profit margins for the years 2022, 2023, 2024, and the eight months ending August 31, 2025, were 19.7%, 21.4%, 22.0%, and 20.8% respectively [8][9] Industry Overview - The global logistics industry is projected to grow significantly, with total logistics spending expected to reach approximately USD 14.7 trillion by 2030, up from USD 11.6 trillion in 2024. China's share of the global logistics market is estimated to be 25% in 2024 [10] - The logistics packaging solutions market in China is expected to grow from USD 90.4 billion in 2019 to USD 118.7 billion in 2024, with a compound annual growth rate (CAGR) of 5.6% [11]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of 蘇州優樂賽共享服務股份有限公司 ALSCO Pooling Service Co., Ltd. (the "Company") (A joint stock company incorporated in the People's ...

Core Viewpoint - The company, Youlesai, is a leading integrated circular packaging service provider in China, focusing on the automotive industry, and is seeking to list on the Hong Kong Stock Exchange for the second time after a previous application lapsed [1][2]. Company Overview - Youlesai was established in 2016 to address key pain points in the logistics packaging industry, such as limited container management capabilities and high costs of disposable packaging [1]. - The company primarily serves automotive parts manufacturers and OEMs, offering shared operation services, leasing services, and other value-added services [1][2]. Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China and the largest in the automotive shared operation service market as of 2024 [2][7]. - The company manages approximately 1.4 million circular containers across 100 cities, supported by 71 container management centers [2]. Financial Performance - Youlesai's revenue has shown steady growth, with figures of 648 million yuan, 794 million yuan, and 838 million yuan for the years 2022, 2023, and 2024, respectively [2][5]. - The company's profit fluctuated during the same period, with net profits of 31.2 million yuan, 64.1 million yuan, and 50.7 million yuan [2]. Business Segmentation - The company's core business segments include integrated container management and container sales, with the former accounting for a significant portion of revenue [4][5]. - Revenue from integrated container management increased from 5.39 billion yuan in 2022 to 7.67 billion yuan in 2024, while container sales revenue decreased from 1.08 billion yuan to 710.7 million yuan during the same period [5]. Customer Retention and Strategy - Customer retention rates have declined from 75.8% in 2022 to 69.5% in 2024, attributed to the growth of major clients in the stable new energy sector and a strategic shift towards shared operation services [6]. Industry Outlook - The logistics packaging industry is transitioning from disposable to circular packaging, driven by sustainability trends, with the overall market expected to grow significantly [7]. - The circular packaging service market in China is projected to grow from 33.4 billion yuan in 2019 to 51.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.0% [7]. Competitive Landscape - The market is highly fragmented, with over 3,500 participants, and the top five players hold only 4.7% of the total revenue [7]. - Youlesai holds a 1.5% market share in the circular packaging service market and an 8.2% share in the automotive shared operation service market as of 2024 [7][8]. Risks and Challenges - The company faces challenges related to increasing accounts receivable and a high turnover period, which could impact cash flow and operational performance [9]. - The financial structure indicates potential liquidity risks, with a significant amount of bank borrowings compared to cash reserves [9]. - The company's performance is closely tied to the automotive industry's health, making it vulnerable to fluctuations in demand for logistics services [9].

Core Viewpoint - 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 and DBS Group as the financial advisor [1] Company Overview - Youlesai is a Chinese provider of circular packaging services, primarily focusing on the automotive industry, offering shared operational services, leasing services, and other value-added services to automotive parts manufacturers and OEMs [3] - The company is the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operational services market, according to Frost & Sullivan [3] Market Insights - The logistics packaging industry in China is transitioning from single-use packaging to circular packaging to meet growing sustainability demands and support ESG initiatives [3] - The overall logistics packaging solutions market in China is projected to reach USD 118.7 billion in 2024, with logistics container sales accounting for 93.6% of the market [3] - The market is highly fragmented, with over 3,500 participants, where the top five players account for only 4.7% of total revenue, and the largest player holds a mere 1.5% market share [3] Business Model - The core of Youlesai's business is its integrated container management, with shared operational services being a key component aimed at enhancing logistics efficiency and reducing packaging costs while achieving green economy and ESG goals [4] - The company operates two main business segments: integrated container management and container sales, with most revenue derived from shared operational services under integrated container management [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Youlesai reported revenues of approximately RMB 648 million, RMB 794 million, and RMB 838 million, respectively [4][6] - The net profits for the same periods were RMB 31.2 million, RMB 64.1 million, and RMB 50.7 million, respectively [4][6]