Core Viewpoint - YESMRO Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, marking a significant step in its growth as a digital factory automation (FA) component provider since its establishment in 2016 [1][8]. Company Overview - YESMRO has a history dating back to 2016, focusing on digital transformation in the FA component industry and has become a key partner for automation equipment manufacturers [1][8]. - As of September 30, 2025, the company has served over 24,000 automation equipment manufacturers across various industries, with customer retention rates increasing from 67.3% in 2023 to 73.3% in 2025 [1][8]. Market Position - According to data from Zhaoshang Consulting, YESMRO ranks first in China's digital FA factory automation component procurement service market with a market share of 8.5% as of 2024 [3][10]. - The company boasts industry-leading capabilities in inventory supply and delivery, with a stock availability rate exceeding 81.3% and on-time delivery rate of 96.5% [3][10]. Business Model - YESMRO's business model is driven by two interrelated flywheels: the continuous expansion of customer scale and stickiness, and the simultaneous enhancement of proprietary brands and profitability [3][10]. - The company utilizes its proprietary IT system "Charter Brain" and a dedicated sales team to facilitate end-to-end digital procurement processes, achieving a 65% automatic matching rate in product selection through AI [3][10]. Product Supply - The company has established a dual-track layout of "third-party brands + proprietary brands," collaborating with approximately 2,500 suppliers and over 800 brands, with available stock units exceeding 3.67 million [4][11]. - The proprietary brand launched in 2022 has shown remarkable performance, with stock units exceeding 837,000 and a revenue growth of 71.2% from 2023 to 2024, significantly outperforming third-party brands [4][11]. Financial Performance - YESMRO reported revenues of 534 million RMB in 2023, projected to increase to 637 million RMB in 2024, reflecting a year-on-year growth of 19.2% [5][12]. - The company recorded a net loss of 402 million RMB in 2023, which is expected to narrow to 294 million RMB by the third quarter of 2025, indicating improving profitability when excluding non-cash factors [6][12]. Future Outlook - The Chinese FA factory automation component procurement service market is projected to grow from 84 billion RMB in 2024 to 118.1 billion RMB by 2029, with a compound annual growth rate (CAGR) of 7.1% [4][11]. - The digital procurement service segment is expected to grow even faster, with a CAGR of 17.2% from 2024 to 2029, reaching a market size of 16.8 billion RMB by 2029 [4][11]. Use of Proceeds - The funds raised from the upcoming listing are intended for four main areas: development of proprietary brand strategies and ecosystem expansion, strengthening market position and global expansion, upgrading information technology and digital intelligence capabilities, and expanding automated warehousing networks [7][14].

Core Viewpoint - YESMRO Holdings Limited (referred to as "易买工品") is positioned as the leading supplier in China's digital FA factory automation component procurement service market, with a market share of 8.5% based on 2024 revenue projections [6]. Group 1: Company Overview - Established in 2016, 易买工品 focuses on the digital transformation of a traditionally fragmented and inefficient offline trading industry, initially targeting small clients to build an instant supply chain for FA factory automation components [3]. - The company has developed strong supply chain integration, research and development, and inventory management capabilities, leveraging digital technology to enhance procurement efficiency for automation equipment manufacturers [5]. Group 2: Supply Chain and Operational Efficiency - 易买工品's supply chain network includes approximately 2,500 suppliers and over 800 brands, featuring global leaders, which provides a significant competitive advantage in meeting urgent project timelines [5]. - The company achieved over 81.3% in stock availability and 96.5% in on-time delivery rates during the first three quarters of 2023, 2024, and 2025, both of which are industry-leading benchmarks [7]. - Inventory turnover days for the first three quarters of 2023, 2024, and 2025 were 17, 13, and 14 days, respectively, indicating effective working capital management while maintaining high inventory availability [7]. Group 3: Customer Base and Retention - 易买工品 has served over 24,000 automation equipment manufacturers across various industries, including automotive, consumer electronics, logistics, and pharmaceuticals [8]. - The number of paying users increased from 14,723 in 2023 to 15,990 in 2024, with a year-on-year growth of 17.4% to 16,396 in the first three quarters of 2025, indicating deepening integration of its services into customer operations [8]. Group 4: Product Offering and Brand Development - The company has developed a proprietary digital operating system called "宪章大脑," integrating advanced AI technology with operational data to enhance decision-making across various management functions [7]. - As of September 30, 2025, 易买工品's proprietary brand product portfolio includes over 837,000 stock-keeping units across seven categories, with revenue contribution from proprietary brands increasing from 3.3% in 2023 to 5.2% in the first three quarters of 2025 [10]. Group 5: Financial Performance - 易买工品 reported revenues of 534 million yuan and 637 million yuan for 2023 and 2024, respectively, reflecting a year-on-year growth of 19.2% [11]. - The company plans to use the net proceeds from its IPO to develop proprietary brands, enhance market position, accelerate global expansion, and upgrade its automated warehousing network [11].