Group 1 - The core viewpoint of the article highlights the resurgence of the vertical maternal and infant sector in the capital market, with the domestic maternal and infant e-commerce platform Haipai Ke filing for an IPO on the Hong Kong Stock Exchange [1] - Haipai Ke was established in 2015 to address the channel pain points for overseas maternal and infant brands entering the Chinese market, evolving into a B2B2C platform that connects 4,200 brand suppliers with 290,000 offline maternal and infant stores across over 3,000 villages and counties by December 31, 2024 [1] - The core team of Haipai Ke has a strong background from Alibaba, with CEO Zhao Chen having worked at Alibaba for 9 years and COO Xu Hong for nearly 12 years, which has attracted significant investment interest [1] Group 2 - Haipai Ke experienced rapid growth, with transaction volume exceeding 1 billion yuan in 2016 and reaching 10 billion yuan in 2019, but growth slowed to only 110 billion yuan in 2024, a mere 10% increase over five years [2] - The financial data of Haipai Ke shows a decline in profitability, with a net profit of 1.012 million yuan in 2022 turning into a loss of 78.825 million yuan by 2024 [2] - The company faces high debt levels, with a net debt of 2 billion yuan and a debt-to-asset ratio of 350% in 2024, primarily due to 2.4 billion yuan in convertible redeemable preferred shares [2] Group 3 - The challenges faced by Haipai Ke reflect broader issues within the vertical maternal and infant e-commerce industry, which has seen significant competition and market pressure since the boom in 2014 [2] - The rise of comprehensive e-commerce and content e-commerce has further squeezed the survival space for vertical platforms like Haipai Ke [3] - Haipai Ke aims to use its IPO as a critical strategy for overcoming these challenges, with plans to raise funds for strengthening ecosystem cooperation, enhancing technological capabilities, seeking strategic acquisitions, and supplementing working capital [3]