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 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 expiration of application materials [1] Group 1: Company Overview - Youlesai, established in 2016, is a leading integrated circular packaging service provider in China, primarily serving the automotive industry [2] - 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, with market shares of 6.4%, 2.4%, and 1% in circular packaging services, shared operation services, and automotive shared operation services, respectively, based on 2024 revenue [2] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first eight months of 2025 were 648 million, 794 million, 838 million, and 533 million yuan, respectively, with gross profits of 127 million, 170 million, 184 million, and 111 million yuan [2] - Net profits for the same periods were 31.21 million, 64.14 million, 50.74 million, and 26.89 million yuan, with gross profit margins of 19.7%, 21.4%, 22%, and 20.8% [2] - Accounts receivable and notes receivable were 311 million, 361 million, 382 million, and 325 million yuan for the respective years, with turnover days of 168.3, 159.9, 167.9, and 167.8 days [2] Group 3: Compliance Issues - The company has highlighted that it 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 yuan for the years 2022, 2023, 2024, and the first eight months of 2025 [3] Group 4: Market Competition - 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 [4] - The top five players in the market hold only 4.7% of the market share, with the largest player having a market share of 1.5% [4] - Youlesai's customer retention rates have declined significantly, from 75.8% in 2022 to 64.9% in the first eight months of 2025, indicating increasing competition [5]