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中企云链二递港交所:毛利率96%销售费用超四成,现金流大幅起伏
Jin Rong Jie· 2025-06-23 01:32
据悉,中企云链的前次递表发生在2023年10月。此次IPO,中企云链计划募资主要用于增强核心技术及 基础研发能力;增强技术基础设施;提升在销售及营销、业务发展及品牌推广方面的能力;拓展国际市 场;营运资金及其他一般企业用途。 1 业绩持续向好,毛利率96% 天眼查显示,中企云链成立于2015年,是一家独立产业数字金融平台,撮合了整个产业金融供应链的各 个利益相关者。中企云链的产业数字金融平台"云链"为核心企业、链属企业及金融机构服务。 根据弗若斯特沙利文的数据,于2024年,按取得的融资总额计,中企云链在中国产业数字金融平台市场 (包括数字应收账款确权平台及场景数字金融平台)排名第一,市场份额为12.9%。 《港湾商业观察》施子夫 近期,中企云链股份有限公司(以下简称,中企云链)第二次递表港交所,拟港股主板上市,中信建投 国际、农银国际、工银国际和迈时资本担任联席保荐机构。 同一时期,公司的毛利分别为5.72亿元、8.21亿元和9.5亿元,毛利率分别为87.7%、93.4%和95.9%,股 本回报率分别为19.0%、44.8%和32.0%,总资产回报率分别为2.4%、16.4%和18.3%。 2 销售费用超四 ...
新股前瞻|毛利率高达95.9%,业绩稳健的中企云链已现隐忧?
智通财经网· 2025-05-26 05:38
Core Viewpoint - Zhongqi Yunlian Co., Ltd. is making a second attempt to go public on the Hong Kong Stock Exchange, supported by clearer regulatory guidelines for supply chain finance, which have shifted from cautious observation to active guidance and regulation [1][2]. Financial Performance - Zhongqi Yunlian has shown steady growth in revenue and net profit from 2022 to 2024, with revenues of 652 million, 879 million, and 991 million RMB, and corresponding net profits of 45.7 million, 152 million, and 157.5 million RMB [2][9]. Business Model and User Growth - The company operates an independent digital financial platform that connects supply chain data, facilitating financing needs for enterprises. User numbers on the platform have grown significantly, from approximately 230,000 in 2022 to 556,000 in 2024 [3][4]. Market Position - According to Frost & Sullivan, Zhongqi Yunlian ranks first in China's digital financial platforms with a market share of 12.9% as of 2024. The company has also surpassed 1 trillion RMB in confirmed accounts receivable, reaching over 2 trillion RMB within 20 months [4][10]. Revenue Composition - The company's core business segments include rights confirmation and factoring, digital scene business, and other ecological businesses. The rights confirmation and factoring business accounted for over 91% of total revenue from 2022 to 2024, with electronic voucher services being the primary revenue driver [4][5][6]. Profitability and Cost Structure - Zhongqi Yunlian has improved its gross margin from 87.7% in 2022 to 95.9% in 2024, primarily due to a shift towards higher-margin digital services. However, the company faces challenges with high sales and marketing expenses, which accounted for approximately 42% of total revenue in recent years [6][9]. Competitive Landscape - The company faces increasing competition from bank-affiliated platforms and state-owned enterprises that are developing their own supply chain finance platforms. This competition could pressure Zhongqi Yunlian's market share if it cannot differentiate its services [8][10]. Regulatory Environment - Recent regulatory changes require adjustments in accounts receivable payment terms, which may impact the company's performance. The company must adapt to these new compliance requirements to maintain its market position [10][11]. Industry Growth Potential - The independent digital enterprise confirmation platform market in China is projected to grow from 1.4 trillion RMB in 2022 to 6.6 trillion RMB by 2027, with a compound annual growth rate of 36.7%. As a market leader, Zhongqi Yunlian is well-positioned to benefit from this growth [10].
中企云链再次冲击港股,高度依赖云信服务,多名重要股东已“离场”
Shen Zhen Shang Bao· 2025-05-07 05:11
Core Viewpoint - The company, Zhongqi Yunlian, established in 2015, operates primarily in three business segments: rights confirmation and factoring, scenario digital business, and other ecological businesses, with the rights confirmation and factoring business being the main source of revenue and profit [2][3]. Business Overview - As of December 31, 2022, 2023, and 2024, the number of users on the Yunlian platform was 230,400, 372,900, and 556,600 respectively, covering 98% of China's municipalities and prefecture-level cities [2]. - The company reported revenues of RMB 652.67 million, RMB 879.65 million, and RMB 991.01 million for the years 2022, 2023, and 2024, with gross profits of RMB 571.74 million, RMB 821.28 million, and RMB 949.98 million [3][5]. Revenue Composition - The revenue from cloud credit services significantly increased, accounting for 79.1%, 85%, and 88.5% of total revenue during the reporting period [6]. - The factoring service revenue showed a notable decline, contributing only 11.6%, 6.2%, and 2.1% to total revenue over the same period, down from 34.2% in 2020 [8][9]. Shareholder Dynamics - The company has experienced a trend of shareholder exits since 2019, with several state-owned enterprises and financial institutions divesting their stakes [10][11]. - As of the latest date, the top three shareholders are Yunding Assets, Tianjin Economic Development Zone State Investment, and Huayu Guochuang Fund, holding 23.11%, 20.73%, and 10.31% respectively [12]. Market Position and Competition - Banks are the primary clients of Zhongqi Yunlian, but there is a growing trend of banks entering the supply chain finance sector, potentially transforming former partners into competitors [13].