来源：活报告 2026年2月24日，优乐赛通过港交所聆讯，拟在香港主板上市，独家保荐人为中信建投国际。 公司是中国循环包装服务提供商，2024年收入8.38亿元，净利润0.51亿元，毛利率21.98%。2025年前8 月收入5.33亿元，净利润0.27亿元，毛利率20.85%。2025年前8月公司收入与毛利增长稳健。 LiveReport获悉，优乐赛是中国循环包装服务提供商，主要专注于为汽车行业内的汽车零部件制造商及 OEM提供服务。 公司主要提供共享运营，这是一种共享模式，根据这一模式，公司为客户管理托盘、板条箱或容器等循 环包装，代表客户处理循环包装的储存以及配送及退货（主要通过分包的第三方物流服务提供商进 行）、清洁和维护。除了共享运营，公司还为倾向于自主管理循环包装的客户提供租赁服务、提供仓储 管理和客户自有容器管理等增值服务、同时也将容器出售予可独立管理容器的客户。 （3）其他增值服务：公司的其他增值服务包括但不限于物流运输、仓储管理、客户自有容器管理及该 等服务的任意组合，为客户提供全面的解决方案。 容器销售：公司的容器销售业务以具有物流能力和采购需求的客户为目标，直接向彼等供应公司的产 品，当中 ...

Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. has seen its Hong Kong IPO application expire after six months, with CITIC Construction Investment International serving as the sole sponsor during the application process [1][2] Group 2 - Youlesai is identified as a provider of circular packaging services in China, primarily focusing on the automotive industry, offering shared operation services, leasing services, and other value-added services to clients needing efficient and sustainable supply chain logistics solutions [2] - According to Frost & Sullivan, Youlesai ranks as the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operation services market as of 2024 [2] - In 2024, circular packaging services, shared operation services, and automotive shared operation services are projected to account for 6.4%, 2.4%, and 1.0% of China's overall logistics packaging solutions market, respectively [2]

Core Viewpoint - The company, Youlesai, is a leading integrated circular packaging service provider in China, focusing on the automotive industry, and is seeking to list on the Hong Kong Stock Exchange for the second time after a previous application lapsed [1][2]. Company Overview - Youlesai was established in 2016 to address key pain points in the logistics packaging industry, such as limited container management capabilities and high costs of disposable packaging [1]. - The company primarily serves automotive parts manufacturers and OEMs, offering shared operation services, leasing services, and other value-added services [1][2]. Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China and the largest in the automotive shared operation service market as of 2024 [2][7]. - The company manages approximately 1.4 million circular containers across 100 cities, supported by 71 container management centers [2]. Financial Performance - Youlesai's revenue has shown steady growth, with figures of 648 million yuan, 794 million yuan, and 838 million yuan for the years 2022, 2023, and 2024, respectively [2][5]. - The company's profit fluctuated during the same period, with net profits of 31.2 million yuan, 64.1 million yuan, and 50.7 million yuan [2]. Business Segmentation - The company's core business segments include integrated container management and container sales, with the former accounting for a significant portion of revenue [4][5]. - Revenue from integrated container management increased from 5.39 billion yuan in 2022 to 7.67 billion yuan in 2024, while container sales revenue decreased from 1.08 billion yuan to 710.7 million yuan during the same period [5]. Customer Retention and Strategy - Customer retention rates have declined from 75.8% in 2022 to 69.5% in 2024, attributed to the growth of major clients in the stable new energy sector and a strategic shift towards shared operation services [6]. Industry Outlook - The logistics packaging industry is transitioning from disposable to circular packaging, driven by sustainability trends, with the overall market expected to grow significantly [7]. - The circular packaging service market in China is projected to grow from 33.4 billion yuan in 2019 to 51.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.0% [7]. Competitive Landscape - The market is highly fragmented, with over 3,500 participants, and the top five players hold only 4.7% of the total revenue [7]. - Youlesai holds a 1.5% market share in the circular packaging service market and an 8.2% share in the automotive shared operation service market as of 2024 [7][8]. Risks and Challenges - The company faces challenges related to increasing accounts receivable and a high turnover period, which could impact cash flow and operational performance [9]. - The financial structure indicates potential liquidity risks, with a significant amount of bank borrowings compared to cash reserves [9]. - The company's performance is closely tied to the automotive industry's health, making it vulnerable to fluctuations in demand for logistics services [9].