Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is preparing for an IPO on the Hong Kong Stock Exchange, having achieved significant growth in transaction volume and profitability since its establishment [1]. Group 1: Company Growth and Performance - In its second year, Haipai Ke achieved an annual transaction volume of 1 billion yuan, and by the fourth year, this figure surged to 10 billion yuan, with a gross margin exceeding 32% [1][4]. - The company launched its self-operated business in 2019, focusing on high-demand, flexible product categories, which contributed to the substantial increase in transaction volume [4]. - By the end of 2024, Haipai Ke had developed 92 proprietary brands and established partnerships with 153 manufacturers, with over 38,000 paying buyers on its platform [4]. Group 2: Market Position and Strategy - Haipai Ke serves as a platform for small and medium-sized maternal and infant stores, connecting them directly with global brands and suppliers, thus facilitating market entry for new and small brands [5][6]. - In 2024, the company generated a transaction volume of 8.6 billion yuan in the family care and nutrition product sector within China's lower-tier markets, capturing a market share of 10.1% [6]. - The platform has connected approximately 4,200 registered sellers and covered over 29,000 registered buyers across 31 provinces and regions in China [6]. Group 3: Financial Overview - From 2022 to 2024, Haipai Ke reported revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan, with net profits of 1.012 million yuan, -56.54 million yuan, and -78.825 million yuan respectively [6]. - The majority of the company's self-operated business revenue during this period came from family care and nutrition products, accounting for 99.9%, 100%, and 99.5% of total self-operated revenue [6]. - As of the end of the reporting period, the company recorded net liabilities of 1.7326 billion yuan, 1.9173 billion yuan, and 2.0012 billion yuan, primarily due to convertible redeemable preferred shares [7]. Group 4: Investment and Financing - Haipai Ke has completed six rounds of financing prior to its IPO, raising a total of approximately 193.59 million USD from notable investors including Shunwei Capital, Fosun International, and others [9][12]. - The first round of financing occurred in July 2015, with subsequent rounds attracting various institutional investors, indicating strong backing and confidence in the company's growth potential [10][11]. - The funds raised from the IPO will primarily be used to enhance collaboration with ecosystem participants, improve technological capabilities, and support general operational needs [14].

Core Viewpoint - Hai Paike is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the family care and nutrition products sector, with a total transaction volume of 11 billion yuan in 2024 [2][3]. Group 1: Company Overview - Established in 2015, Hai Paike is a trading and service platform specializing in family care and nutrition products, aiming to enhance consumer experience and promote consumption upgrades in lower-tier markets [2]. - By the end of 2024, Hai Paike connected approximately 4,200 registered sellers and covered over 290,000 registered buyers across 31 provinces and regions in China [3]. Group 2: Market Position and Performance - In 2024, Hai Paike achieved a transaction volume of 8.6 billion yuan in the family care and nutrition product sector in lower-tier markets, holding a market share of 10.1% [2][5]. - The company reported revenues of 895 million yuan, 1.067 billion yuan, and 1.032 billion yuan for the years 2022, 2023, and 2024, respectively, with gross margins of 43.9%, 37.6%, and 32.5% [5]. Group 3: Business Expansion and Product Development - Since 2019, Hai Paike has expanded into self-operated business, focusing on high-penetration product categories, with over 100,000 paid buyers and more than 1,000 SKUs sold in 2024 [3][4]. - The company has developed 92 private label brands and established partnerships with 153 manufacturers, with over 38,000 paid buyers for its private label business [4]. Group 4: Financial Health and Future Plans - Hai Paike turned a profit in 2023, with adjusted net profit margins of 1.8% and 2.5% for 2023 and 2024, respectively [6]. - The funds raised from the IPO will be used to enhance collaboration within the ecosystem, improve technological capabilities, and seek strategic alliances or acquisitions [6].