Group 1 - The core viewpoint of the article is that Suzhou Youlesai Shared Services Co., Ltd. (Youlesai) submitted its Hong Kong IPO prospectus on June 13, which has now expired after six months [1] - Youlesai is identified as a leading provider of circular packaging services in China, focusing on the automotive industry, specifically serving auto parts manufacturers and OEMs [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] Group 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 - Suzhou Youlesai Shared Services Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor and DBS Group as the financial advisor [1] Company Overview - Youlesai is a Chinese provider of circular packaging services, primarily focusing on the automotive industry, offering shared operational services, leasing services, and other value-added services to automotive parts manufacturers and OEMs [3] - The company is the second-largest provider of circular packaging services in China and the largest provider in the automotive shared operational services market, according to Frost & Sullivan [3] Market Insights - The logistics packaging industry in China is transitioning from single-use packaging to circular packaging to meet growing sustainability demands and support ESG initiatives [3] - The overall logistics packaging solutions market in China is projected to reach USD 118.7 billion in 2024, with logistics container sales accounting for 93.6% of the market [3] - The market is highly fragmented, with over 3,500 participants, where the top five players account for only 4.7% of total revenue, and the largest player holds a mere 1.5% market share [3] Business Model - The core of Youlesai's business is its integrated container management, with shared operational services being a key component aimed at enhancing logistics efficiency and reducing packaging costs while achieving green economy and ESG goals [4] - The company operates two main business segments: integrated container management and container sales, with most revenue derived from shared operational services under integrated container management [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Youlesai reported revenues of approximately RMB 648 million, RMB 794 million, and RMB 838 million, respectively [4][6] - The net profits for the same periods were RMB 31.2 million, RMB 64.1 million, and RMB 50.7 million, respectively [4][6]