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]

Core Viewpoint - Boche Holding Limited (博车网) has submitted its application for listing on the Hong Kong Stock Exchange, with CITIC Securities and Fosun International Capital as joint sponsors. The company is the largest accident vehicle auction platform in China, holding a significant market share in the industry [1][3]. Company Overview - Boche Holding Limited operates as a mediator connecting upstream accident vehicle sources (mainly insurance companies) with downstream buyers (certified repair shops and licensed dismantling factories) [3]. - The company ranks first in the Chinese accident vehicle auction industry with a market share of approximately 31.4% based on projected transaction volume for 2024 [3]. - Additionally, Boche is the third-largest B2B used car auction platform in China, with a market share of about 12.0% [3]. Industry Insights - The auction volume of accident vehicles in China is projected to grow from approximately 205,000 vehicles in 2020 to 373,000 vehicles in 2024, indicating significant growth potential compared to the U.S., which has an auction volume of nearly 7 million vehicles 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 new energy vehicles, and heightened insurance awareness [4]. Financial Performance - For the fiscal years ending July 31, the revenue figures for Boche Holding Limited 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 (for the first seven months) [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 (for the first seven months) [5][7].

Company Overview - Boche Holding Limited (Cayman), also known as 博车网, is the largest accident vehicle auction platform in China, with a market share of approximately 31.3% based on transaction volume in 2023 [1] - The company was established in 2014 and has focused on improving operational efficiency and transaction transparency in the accident vehicle auction industry [1] Business Model - Boche Holding operates an integrated online and offline auction model that effectively connects upstream accident vehicle sources (primarily insurance companies) with downstream buyers (mainly certified repair shops and licensed vehicle dismantling factories) [1] - The company provides a full range of auction and supporting services that cover the entire auction process, aiming to optimize the transaction process for accident and second-hand vehicles, shorten transaction cycles, and enhance user experience [1] Market Position - According to data from 灼识咨询, Boche Holding is the only platform capable of offering comprehensive auction services that cover the entire process for accident vehicle auctions [1]

Company Overview - Boche Holding Limited (Cayman), also known as 博车网, is the largest accident vehicle auction platform in China, holding a market share of approximately 31.3% based on transaction volume in 2023 [2] - The company connects upstream accident vehicle sources (mainly insurance companies) with downstream buyers (primarily certified repair shops and licensed vehicle dismantlers) through an integrated online and offline auction model [2] Business Model and Services - Since its establishment in 2014, the company has focused on improving operational efficiency and transaction transparency in the accident vehicle auction industry [2] - Boche Holding Limited offers a comprehensive range of services that cover the entire auction process, aiming to optimize the trading flow of accident and second-hand vehicles, reduce transaction cycles, and enhance user experience [2] - It is noted as the only platform capable of providing a full-chain auction and supporting services for accident vehicle auctions [2]

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 ...