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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].
这家公司再冲IPO!中车、中船等央企股东陆续退出
Guo Ji Jin Rong Bao· 2025-05-12 09:55
值得注意的是,2019年起中车、中船等央企股东陆续退出,部分客户企业转向自建融资平台,种种情况引发市场对公司客户流失的担 忧。 5月6日,中企云链股份有限公司(以下简称"中企云链")向港交所主板递交招股书,这是继2023年10月首次递表失效后的第二次冲 刺。 作为中国领先的独立产业数字金融平台,中企云链通过其核心产品"云信"及"云链"平台,链接核心企业、链属企业与金融机构,致力 于解决供应链金融中的确权难、融资贵等痛点。尽管其市场份额和用户规模持续增长,但高业务集中度、现金流压力及股东结构变动等风 险仍为市场关注焦点。 国资背景 中企云链成立于2015年,是由中国中车发起,联合7家央企、5家金融机构、4家地方国资、6家民营财投组建,经国务院国资委批复, 成立的一家央国企控股的混合所有制企业。公司依托区块链、大数据等技术,构建"N+N+N"生态系统(即链接N家核心企业、N家链属企 业及N家金融机构),形成覆盖确权、保理、场景数字服务三大板块的业务矩阵。 IPO前,公司股权分散,员工持股平台云顶资产(董事长刘江控制64.79%权益)以23.11%持股为最大股东,天津经开区国资、中国铁 建投资、中国能建等机构持股2 ...
新股消息 | 中企云链二次递表港交所 公司在中国产业数字金融平台市场排名第一
智通财经网· 2025-05-06 22:52
Core Viewpoint - Zhongqi Yunchain Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to capitalize on its leading position in China's digital financial platform market, with a projected market share of 12.9% in 2024 [1][3]. Company Overview - Zhongqi Yunchain is recognized as a leading independent digital financial platform in China, facilitating interactions among various stakeholders in the industrial financial supply chain [3]. - The company ranks first in both the amount of receivables confirmed and total financing obtained among all digital receivables confirmation platforms in China, with market shares of 14.2% and 15.0% respectively for 2024 [3]. Market Position - In 2024, Zhongqi Yunchain is projected to be the largest independent digital receivables confirmation platform in China, with market shares of 29.5% and 32.6% for confirmed receivables amount and total financing respectively [3]. - As of May 2023, the platform became the first independent digital receivables confirmation platform to exceed 1 trillion RMB in cumulative confirmed receivables, reaching 2 trillion RMB in less than 20 months by January 2025 [3]. Business Segments - The company's operations are divided into three main segments: receivables confirmation and factoring, scenario digital business, and other ecosystem services, with the receivables confirmation and factoring segment being the primary source of revenue [3]. User Growth - The number of users on the Yunchain platform has shown significant growth, increasing from 230,434 in 2022 to a projected 556,588 by December 31, 2024 [4]. - As of April 29, 2025, the platform registered 624,384 users, including 7,338 core enterprises and 3,857 financial institutions [5]. Financial Performance - The company's main business revenue and income for the fiscal years 2022, 2023, and 2024 were approximately 652.67 million RMB, 879.65 million RMB, and 991 million RMB respectively, with net profits of approximately 46.0 million RMB, 152.0 million RMB, and 157.0 million RMB [5][6]. - The gross profit margin improved from 87.7% in 2022 to 93.4% in 2023, indicating enhanced operational efficiency [6].