据招股书，海拍客是中国领先的交易及服务平台，专注于家庭护理及营养产品领域。通过整合家庭护理及营养产品供应链，公司为企业客户提供优质、贴 心、供应稳定且价格合理的家庭护理及营养产品组合，优化消费者体验并推动低线市场消费升级。2024年，公司在中国低线市场的家庭护理及营养产品产生 的交易额达人民币86亿元。 根据弗若斯特沙利文的资料，按2024年交易额计，公司成为中国低线市场家庭护理及营养产品行业为企业提供服务的最大的交易及服务平台，市场份额为 10.1%。 Yangtuo Technology Inc.(简称：海拍客)于6月30日所递交的港股招股书满6个月，于12月30日失效，递表时中信证券为其独家保荐人。 | 30/06/2025 | Yangtuo Technology Inc. | | --- | --- | | | 11/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 30/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 30/06/2025 整體協調人公告 - 委任 歴 | ...

据招股书，海拍客是中国领先的交易及服务平台，专注于家庭护理及营养产品领域。通过整合家庭护理及营养产品供应链，公司为企业客户提供优质、贴 心、供应稳定且价格合理的家庭护理及营养产品组合，优化消费者体验并推动低线市场消费升级。2024年，公司在中国低线市场的家庭护理及营养产品产生 的交易额达人民币86亿元。 根据弗若斯特沙利文的资料，按2024年交易额计，公司成为中国低线市场家庭护理及营养产品行业为企业提供服务的最大的交易及服务平台，市场份额为 10.1%。 智通财经APP获悉，Yangtuo Technology Inc.(简称：海拍客)于6月30日所递交的港股招股书满6个月，于12月30日失效，递表时中信证券为其独家保荐人。 | 30/06/2025 | Yangtuo Technology Inc. | | --- | --- | | | 11/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 30/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 ) | | | 前提交文件: | | | 30/06/2025 整體協調人公告 - 委任 歴 | ...

12月12日，中国证监会公布《境外发行上市备案补充材料要求(2025年12月8日—2025年12月12日)》。 中国证监会国际司公示8家企业补充材料要求，其中，要求海拍客补充说明搭建离岸架构及返程并购的 合规性等事项。据悉，海拍客已于6月30日递表港交所，中信证券为独家保荐人。 中国证监会请海拍客补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于搭建离岸架构及返程并购的合规性。(1)你公司及主要股东搭建离岸架构和返程投资涉及的外 汇登记、境外投资、外商投资、税务管理等监管程序具体履行情况，并就合规性出具结论性意见;(2)你 公司于2025年6月拆除协议控制架构、收购境内运营实体羊驼网络、杭州嗨豚的全部股权，当月还通过 收购取得杭州金鸥、杭州金胥的全部股权，请说明上述收购股权的定价依据、支付手段、支付期限、定 价的公允性，以及上述股权转让环节相关转让方纳税申报义务履行情况，是否符合《关于外国投资者并 购境内企业的规定》。如你公司存在其他类似收购境内资产情况，请一并说明;(3)你公司曾搭建协议控 制架构，以协议方式控制境内运营实体羊驼网络、杭州嗨豚，请说明搭建协议控制架构的原因、上述两 公司业务经营和所 ...

Core Viewpoint - Yangtuo Technology Inc. (referred to as "Haipai Ke") is officially entering the Hong Kong stock market, focusing on the family care and nutrition products sector, aiming to optimize consumer experience and drive consumption upgrades in lower-tier markets [1][16]. Company Overview - Established in 2015, Haipai Ke integrates the supply chain for family care and nutrition products, providing a comprehensive service platform for enterprise clients [1]. - The company is projected to become the largest trading and service platform in China's lower-tier market for family care and nutrition products, with a market share of 10.1% by 2024 [1][2]. Business Model - Haipai Ke operates a light-asset model, connecting over 4,200 suppliers with approximately 290,000 registered buyers across 31 provinces and regions in China [3]. - The revenue structure consists of two main segments: self-operated business (77.7% of revenue in 2024) and digital platform business (22.2% of revenue in 2024) [3]. Financial Performance - Revenue figures for Haipai Ke from 2022 to 2024 are projected at 895 million, 1.067 billion, and 1.032 billion RMB respectively, indicating a short-term growth bottleneck [6][7]. - The company experienced a shift from profit in 2022 (1.012 million RMB) to losses in 2023 (56.54 million RMB) and further losses in 2024 (78.83 million RMB) [8][9]. Profitability Challenges - The gross margin has been declining, with rates of 43.9%, 37.6%, and 32.5% from 2022 to 2024, primarily due to the lower margins associated with self-operated business [8][9]. - The self-operated business's revenue share increased significantly, but its gross margin remains low, with the basic self-operated business gross margin at only 7.4% in 2024 [8][9]. Market Outlook - The family care and nutrition products market in lower-tier cities is expected to grow, with a projected market size increase from 673 billion RMB in 2019 to 857 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 4.9% [14]. - By 2029, the market size is anticipated to reach 1,258 billion RMB, with a CAGR of 8% from 2024 to 2029 [14]. Strategic Initiatives - To address operational pressures, Haipai Ke is focusing on reducing marketing investments in non-core sales channels and optimizing its inventory mix [13]. - The company has developed 92 proprietary brands and established partnerships with 153 manufacturers, with proprietary brand business gross margins reaching 36.5% in 2024 [13]. Future Prospects - The upcoming IPO is seen as a critical opportunity for Haipai Ke to alleviate financial difficulties and optimize its business structure [16]. - Long-term success will depend on balancing business scale with profitability, optimizing the asset-liability structure, and enhancing supply chain efficiency [17].

Core Viewpoint - Yangtuo Technology Inc. (Haipai Ke) is seeking to go public on the Hong Kong Stock Exchange amid a challenging environment for the maternal and infant e-commerce sector, aiming to strengthen market share and reshape the competitive landscape [1][9] Group 1: Company Overview - Haipai Ke was established in 2015 by a team of founders from Alibaba, focusing on family care and nutrition products, integrating supply chains to enhance consumer experience and drive consumption upgrades in lower-tier markets [1][3] - The company has achieved significant growth, with transaction volume surpassing 10 billion RMB in its second year and reaching 100 billion RMB in 2019 [3] - Prior to the IPO, Haipai Ke completed six rounds of financing, raising approximately 193.59 million USD, with major investors including Shunwei Capital and Fosun International [3][4] Group 2: Financial Performance - As of the end of 2024, Haipai Ke reported accumulated losses of 1.85 billion RMB and net liabilities of 2 billion RMB [1][8] - Revenue figures for 2022 to 2024 are 895.27 million RMB, 1.06785 billion RMB, and 1.03239 billion RMB, indicating stagnation and potential decline [6] - The company transitioned from a profit of 1.01 million RMB in 2022 to losses of 56.54 million RMB and 78.83 million RMB in 2023 and 2024, respectively, with gross margins decreasing from 43.9% to 32.5% [6][8] Group 3: Market Strategy - Haipai Ke has established a vast channel system, connecting 4,200 registered sellers and 290,000 registered buyers across over 3,000 counties in China by 2024, capturing a 10.1% market share in the family care and nutrition sector [4][5] - The company is focusing on developing its own brands, having launched 92 proprietary brands by 2024, with self-operated business revenue increasing from 60.4% to 77.7% of total revenue [8] - To achieve profitability, Haipai Ke is optimizing its digital supply chain and exploring AI-driven solutions, although it faces challenges from weakened demand and competition from rivals like Pinduoduo [8][9]

Group 1 - Yangtuo Technology Inc. (referred to as "海拍客") submitted its listing application to the Hong Kong Stock Exchange on June 30, with CITIC Securities as the exclusive sponsor [1] - 海拍客 is a leading trading and service platform in China, focusing on the home care and nutrition products sector, aiming to enhance consumer experience and promote consumption upgrades in lower-tier markets [1] - By 2024, the transaction volume of home care and nutrition products in China's lower-tier markets is expected to reach RMB 8.6 billion, making 海拍客 the largest trading and service platform in this sector with a market share of 10.1% [1][1] Group 2 - As of December 31, 2024, 海拍客's platform is projected to connect approximately 4,200 registered sellers and cover over 290,000 registered buyers across 31 provinces, cities, and autonomous regions in China [1] - The platform has over 93,000 core buyers, with each core buyer placing an average of 11 orders per month [1] - Financially, the company's revenues for 2022, 2023, and 2024 are projected to be RMB 900 million, RMB 1.07 billion, and RMB 1.03 billion, respectively, with losses of RMB 56.54 million and RMB 78.83 million in 2023 and 2024 [2]