Core Viewpoint - The company, 聚水潭, is set to go public on the Hong Kong Stock Exchange, with CICC and JPMorgan acting as joint sponsors [1] Group 1: Market Position and Size - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% as of 2024, which is greater than the combined market share of the second to fifth largest competitors [3] - The total size of the Chinese e-commerce SaaS ERP market is projected to be RMB 3.1 billion in 2024 [3] - In the broader e-commerce SaaS market, 聚水潭 ranks first with a market share of 8.7% [3] Group 2: Product and Technology - The company has developed a cloud-based e-commerce SaaS product that connects merchants to over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [4] - 聚水潭 serves approximately 88,400 SaaS customers in 2024, while the industry average is under 20,000 customers [4] - The company achieved a net customer revenue retention rate of 115% in 2024 [4] Group 3: Financial Performance - Revenue figures for 聚水潭 are as follows: RMB 523 million in 2022, RMB 697 million in 2023, and projected RMB 910 million in 2024 [6] - The company reported a net loss of approximately RMB 507 million in 2022, RMB 490 million in 2023, and a smaller loss of RMB 39.5 million for the six months ending June 30, 2025 [6][7] - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x in 2022, increasing to 9.3x in 2024, significantly above the industry average of 3x [6] Group 4: Customer Acquisition and Retention - The company has established a nationwide customer service network, which is considered a core capability for efficiently acquiring and retaining customers [5] - The LTV/CAC ratio indicates strong unit economics and customer acquisition efficiency, with a notable increase in the percentage of customers purchasing multiple products from 聚水潭, contributing to 39.3% of total SaaS revenue by 2025 [6]

Group 1 - The core viewpoint of the article is that Jushuitan Group Co., Ltd. is preparing for an upcoming IPO in Hong Kong, with CICC and JPMorgan serving as joint sponsors [1] - The funds raised from the IPO will be allocated for enhancing R&D capabilities, strengthening sales and marketing efforts, strategic investments, and general corporate purposes [1] - Jushuitan has developed cloud-based e-commerce SaaS products that connect merchants with over 400 e-commerce platforms globally, positioning itself as a one-stop e-commerce SaaS provider [2] Group 2 - The company has over 25 years of industry insights accumulated by its founder, which have been instrumental in its product development [2] - Jushuitan's core product is ERP, which has been expanded to include a range of other e-commerce operational SaaS products [2] - The company's offerings empower clients to enhance their business capabilities, improve performance, and develop cross-platform operations [2]

Core Viewpoint - 聚水潭集团股份有限公司 is the largest e-commerce SaaS ERP provider in China, holding a significant market share and demonstrating strong growth potential in the e-commerce SaaS sector [3][4]. Company Overview - 聚水潭 is set to list on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. - The company has developed cloud-based e-commerce SaaS products that connect merchants to over 400 e-commerce platforms, surpassing the industry average of fewer than 200 connections [4]. Market Position - In 2024, 聚水潭 holds a 24.4% market share in the Chinese e-commerce SaaS ERP market, which is projected to reach RMB 3.1 billion [3]. - The company ranks first in the e-commerce SaaS market with an 8.7% share based on total SaaS revenue [3]. Customer Base and Retention - By 2024, 聚水潭 serves approximately 88,400 SaaS customers, significantly higher than the industry average of fewer than 20,000 [4]. - The company boasts a net customer revenue retention rate of 115% for 2024 [4]. Financial Performance - Revenue figures for the company are as follows: RMB 523 million in 2022, RMB 697 million in 2023, RMB 910 million in 2024, and RMB 524 million for the six months ending June 30, 2025 [6]. - The company reported a net loss of RMB 5.07 billion in 2022, narrowing to RMB 395.44 million in the six months ending June 30, 2025 [6]. Efficiency Metrics - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, is significantly above the industry average of 3x, with ratios of 6.2x in 2022, 7.7x in 2023, and 9.3x in 2024 [5][6]. - Customers purchasing multiple products from 聚水潭 contributed 30.6% of total SaaS revenue in 2022, increasing to 39.3% by mid-2025 [6].

Core Viewpoint - Jushuitan Group Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors [1]. Industry Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, which is greater than the combined market share of the second to fifth largest competitors [3]. - The Chinese e-commerce SaaS ERP market is projected to reach RMB 3.1 billion in 2024 [3]. - In the broader e-commerce SaaS market, Jushuitan ranks first with a market share of 8.7% [3]. Company Performance - Jushuitan serves approximately 88,400 SaaS customers in 2024, significantly higher than the industry average of fewer than 20,000 customers [4]. - The company achieved a net customer revenue retention rate of 115% in 2024 [4]. - During the peak shopping period of Double 11 in 2024, Jushuitan successfully processed around 1.6 billion orders, showcasing its robust technical infrastructure [4]. Financial Metrics - The company's revenue for 2022, 2023, 2024, and the first half of 2025 is approximately RMB 523 million, RMB 697 million, RMB 910 million, and RMB 524 million respectively [6]. - The company reported net losses of approximately RMB 5.07 billion, RMB 4.90 billion, RMB 10.58 million, and RMB 3.95 million for the same periods [6]. - The LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, was 6.2x, 7.7x, 9.3x, 7.9x, and 8.0x from 2022 to the first half of 2025, significantly above the industry average of 3x [5][6].