据港交所2月24日披露，苏州优乐赛共享服务股份有限公司(简称：优乐赛)通过港交所主板上市聆讯， 中信建投（601066）国际为其独家保荐人。根据弗若斯特沙利文的资料，按2024年收入计，优乐赛是中 国循环包装服务第二大提供商，市场份额为1.5%且是中国汽车共享运营服务市场的最大提供商，市场 份额为8.2%。 招股书显示，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。 优乐赛主要提供共享运营，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。 优乐赛经营两个核心业务分部：容器服务和容器销售，而公司大部分收入来自容器服务分部的共享运营 服务。 容器服务是公司运营的核心，涵盖共享运营服务、租赁服务及其他增值服务。共享运营服务提供标准化 循环容器从设计、分发、回收到维护的全方位解决方案。客户可按需借用和 ...

智通财经APP获悉，据港交所2月24日披露，苏州优乐赛共享服务股份有限公司(简称：优乐赛)通过港交 所主板上市聆讯，中信建投国际为其独家保荐人。根据弗若斯特沙利文的资料，按2024年收入计，优乐 赛是中国循环包装服务第二大提供商，市场份额为1.5%且是中国汽车共享运营服务市场的最大提供 商，市场份额为8.2%。 招股书显示，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。 优乐赛主要提供共享运营，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。 优乐赛经营两个核心业务分部：容器服务和容器销售，而公司大部分收入来自容器服务分部的共享运营 服务。 容器服务是公司运营的核心，涵盖共享运营服务、租赁服务及其他增值服务。共享运营服务提供标准化 循环容器从设计、分发、回收到维护的全方位解决方案。客户可按需借 ...

Industry Overview - The Chinese logistics packaging industry is accelerating its transition from single-use packaging to circular and sustainable models driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion yuan in 2024 and further grow to 89.6 billion yuan by 2030 [1]. Company Profile - Youlesai, established in 2016, is the second-largest provider of circular packaging services in China, focusing on the automotive sector. The company's core business includes container services and container sales, with container services accounting for over 80% of its revenue [2][6]. Business Segments - The container services segment includes shared operation services, leasing services, and other value-added services. Shared operation services provide comprehensive solutions for standardized circular containers, while leasing services offer fixed-term rentals [2][4]. - Container sales target customers with logistics capabilities and procurement needs, generating revenue of 66.49 million yuan in the first eight months of 2025, accounting for 12.5% of total revenue [4]. Financial Performance - Revenue has shown stable growth, increasing from 648 million yuan in 2022 to an estimated 838 million yuan in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million yuan, a year-on-year increase of 5.1% [13]. - The gross profit margin has improved from 19.7% in 2022 to 22% in 2024, with a gross profit of 184.14 million yuan in 2024. However, net profit has shown a declining trend, with 26.89 million yuan reported in the first eight months of 2025, down 12.5% year-on-year [16][18]. Market Position - Youlesai holds a market share of 1.5% in the circular packaging service market and ranks first in the automotive shared operation service market with an 8.2% market share [6][7]. Operational Efficiency - The company has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8]. - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6][10]. Customer Base - Youlesai's customer base includes 128 major clients contributing 89.9% of total sales, with the top five clients accounting for 26.5% of revenue. The company has maintained a relatively stable relationship with its clients [10][12]. Future Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The company plans to use IPO proceeds to enhance digital systems, expand overseas, and optimize its service network [22][26].

Core Insights - The Chinese logistics packaging industry is rapidly transitioning from single-use packaging to circular and sustainable models, driven by tightening environmental policies and deepening ESG concepts. The circular packaging service market in China is projected to reach 51.5 billion RMB in 2024 and further grow to 89.6 billion RMB by 2030 [1] - Youlesai, a leading provider of circular packaging services in the automotive sector, has submitted its listing application to the Hong Kong Stock Exchange, with the funds raised aimed at enhancing digital systems, expanding overseas, and developing a national service network [1][26] - Despite industry growth, Youlesai faces challenges such as high customer concentration, large accounts receivable with slow turnover, and cost fluctuations that require investor attention [1] Company Overview - Youlesai, established in 2016, focuses on providing circular packaging solutions for automotive parts manufacturers and OEMs. Its core business includes container services and container sales, with container services accounting for over 80% of revenue [2] - The container services segment offers comprehensive solutions, including shared operations, leasing, and value-added services, while container sales target customers with logistics capabilities and procurement needs [4] Financial Performance - Youlesai's revenue has shown stable growth, increasing from 648 million RMB in 2022 to an estimated 838 million RMB in 2024, with a compound annual growth rate of 13.7%. In the first eight months of 2025, revenue reached 533 million RMB, a year-on-year increase of 5.1% [13] - The company reported a net profit of 64.15 million RMB in 2023, a 105.6% increase year-on-year, but net profit has since declined, with 26.89 million RMB reported in the first eight months of 2025, a 12.5% decrease [16] Market Position - According to Frost & Sullivan, Youlesai is the second-largest provider of circular packaging services in China, holding a market share of 1.5%. It ranks first in the automotive shared operations service market with an 8.2% market share [6][7] Operational Efficiency - Youlesai has developed three digital systems to enhance operational efficiency: "Box Management," "Find Me," and "Return Box Treasure," which collectively improve container lifecycle management and reduce loss rates [8] - As of August 31, 2025, Youlesai managed 1.5495 million containers across over 100 cities, supported by 78 warehousing nodes [6] Customer Base - The company has a stable customer base, primarily consisting of traditional and new energy automotive parts manufacturers and OEMs, with 128 major customers contributing 89.9% of total sales as of August 31, 2025 [10][12] Challenges - Youlesai's accounts receivable have remained high, with over 60% of revenue in 2025 attributed to accounts receivable. The average collection period has been around 168 days [18][19] - The company's cost structure is under pressure, with transportation costs constituting a significant portion of total sales costs, influenced by external factors such as fuel prices and labor costs [16][18] Growth Potential - The circular packaging sector is expected to continue growing, supported by government policies and increasing market demand. The automotive industry's shift towards new energy and intelligent solutions further enhances the need for safe and adaptable packaging [22] - The funds raised from the upcoming IPO will support Youlesai's strategic initiatives, including digital system upgrades, overseas expansion, and network optimization, positioning the company to capitalize on industry growth [26]