雷递网 雷建平 11月24日 量化派科技有限公司（简称："量化派"，股票代码："2685"）今日结束招股，准备2025年11月27日在港交所上市。 量化派发行区间为8.8港元到9.8港元，计划发行1334.8万股，最高募资1.3亿港元。若以中位数计算，量化派募资净额仅580万港元。 这意味着，量化派此番发行费用超过1亿元，大幅超过了募资净额。 按发售价每股发售股份9.80港元（即指示性发售价范围的上限）计算，预期量化派上市后市值为50.3亿港元。 前5个月来自羊小咩收入4亿 量化派是一家中国线上市场营运商。量化派的消费电商平台羊小咩自2020年11月起涵盖各式零售商品，如第三方市场供应商提供的消费电子产品、食品及 饮料、家电、化妆品、珠宝、服装及个人日常护理用品，并透过线上购买将该等消费品与我们的羊小咩用户进行匹配。 量化派亦自2022年4月经营汽车零售线上到线下(O2O)平台消费地图，该平台目前主要与汽车零售商合作吸引线上流量，使其能在当地实体店线下购车； 及在较小程度上，自2024年起消费地图亦可让消费者在线上购车。 量化派将羊小咩上的市场供应商（包括商品供应商及POP商店经营者）及消费地图上的市场供应商 ...

量化派成立于2014年，发端北京，早期以金融助贷与风控技术起家，品牌曾与"信用钱包"等业务相关； 近年公司完成从"助贷撮合"向"消费领域在线市场运营商"的转型，核心围绕电商平台"羊小咩"和汽车零 售020平台"消费地图",为品牌/商家导入线上流量、撮合成交并提供广告与增值服务。 量化派在2024年9月前后明确退出金融撮合，转而以电商与汽车零售导购为主体，这使得收入的可持续 性与监管弹性显著提升。羊小咩覆盖消费电子、家电、美妆、个护等高复购类目，广告与平台服务构成 稳定现金流；消费地图切入汽车经销商的线索获客与成交转化，客单与商家ARPU更高，且具备本地化 网络效应。 盈利分析 该股入场费中等(4949.42港元),在当前无多只新股招股或待上市的情况下，盈利分析将仅考虑一手现金 与十手融的情景： 同业公司近期发行表现 | 公司名称 | 中签率 | 认购倍数 | 开盘表现 | 收盘表现 | | --- | --- | --- | --- | --- | | 博泰车联网 | 0.26% | 529.79 | 32.10% | 53.58% | | 健康-160 | 8.00% | 751.77 | 150.96% ...

公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为-28.10万元、364.30万元、1.47亿 元，同比变动幅度为-100.52%、1396.44%、3938.65%。（数据宝） （文章来源：证券时报网） 全球发售预计募资总额为1.24亿港元，募资净额0.06亿港元，募资用途为用于提高公司的研发能力及改 善公司的撮合服务的技术基础设施；用于推广公司的业务模式。 量化派预计于2025年11月27日在主板上市，中国国际金融香港证券有限公司、中信证券(香港)有限公司 为联席保荐人。 公司是一家专注于中国消费领域的线上市场营运商。公司的消费电商平台羊小咩自2020年11月起涵盖各 式零售商品，如第三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个 人日常护理用品，并透过线上购买将该等消费品与公司的羊小咩用户进行匹配。公司亦经营汽车零售 O2O平台消费地图，该平台主要帮助汽车零售商吸引线上流量，使其能够在当地实体店线下购车；及在 较小程度上，消费地图亦可让消费者在线上购车。在更小程度上，公司亦协助业务伙伴在公司的线上市 场及线下实体媒体投放广告。公司将(i)羊小咩上的 ...

量化派预计于2025年11月27日在主板上市，中国国际金融香港证券有限公司、中信证券(香港)有限公司 为联席保荐人。 公司是一家专注于中国消费领域的线上市场营运商。公司的消费电商平台羊小咩自2020年11月起涵盖各 式零售商品，如第三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个 人日常护理用品，并透过线上购买将该等消费品与公司的羊小咩用户进行匹配。公司亦经营汽车零售 O2O平台消费地图，该平台主要帮助汽车零售商吸引线上流量，使其能够在当地实体店线下购车；及在 较小程度上，消费地图亦可让消费者在线上购车。在更小程度上，公司亦协助业务伙伴在公司的线上市 场及线下实体媒体投放广告。公司将(i)羊小咩上的市场供应商(包括商品供应商及POP商店经营者)及(ii) 消费地图上的市场供应商(包括汽车零售商，且于往绩记录期间，包括汽车零售商及本地生活商品及服 务商户)视为公司的业务伙伴。 公司2022年度、2023年度、2024年度截至12月31日止，净利润分别为-28.10万元、364.30万元、1.47亿 元，同比变动幅度为-100.52%、1396.44%、3938.65%。（数据宝） 量化 ...

集团是一家中国线上市场营运商。集团的消费电商平台羊小咩自2020年11月起涵盖各式零售商品，如第 三方市场供应商提供的消费电子产品、食品及饮料、家电、化妆品、珠宝、服装及个人日常护理用品， 并透过线上购买将该等消费品与集团的羊小咩用户进行匹配。集团亦自2022年4月经营汽车零售线上到 线下(O2O)平台消费地图，该平台目前主要与汽车零售商合作吸引线上流量，使其能够在当地实体店线 下购车；及在较小程度上，自2024年起，消费地图亦可让消费者在线上购车。集团将(i)羊小咩上的市场 供应商（包括商品供应商及POP商店经营者）及(ii)消费地图上的市场供应商（包括汽车零售商，且于 往绩记录期间，包括汽车零售商及本地生活商品及服务商户）视为集团的业务伙伴。在极小范围内，集 团为商业伙伴提供广告服务。鉴于盈利能力及增长潜力较高，集团将羊小咩定位为集团的主要线上市 场，并引导及分配较多的资源用于其继续扩张。截至2024年12月31日止年度及截至2025年5月31日止五 个月，来自羊小咩的收入分别占本集团总收入约93.2%及98.1%。 格隆汇11月19日丨量化派(02685.HK)发布公告，公司拟全球发售1334.75万股 ...

《星岛》记者 叶紫 上海报道 很多人收到过"羊小咩"的助贷短信，但鲜少有人知道在这个平台背后，站着的是一家在港交所门前徘徊了三年的企业—— 量化派控股有限公司（以下简称"量化派"）。 今年9月19日，量化派向港交所第五次递表。自2022年6月首次冲击港股市场以来，经历一波三折，前四次均因各种问题而 以失败告终。 此次IPO，中金公司和中信证券担任联席保荐人，阵容堪称豪华，最新业绩数据也足够耀眼，那么这次会成功吗？ 值得关注的是，虽然从业务上助贷合规性问题似乎得到了解决，但是仍有"藕断丝连"迹象，同时，其过度依赖单一业务、 毛利率惊人，叠加外部居高不下的用户投诉，还是让这段资本征程存在些许变数。 "加期加到哭"，在某社交平台上，有投行人直抒胸臆。 而对量化派创始人周灏来说何尝不是如此，这位毕业于北京大学物理系、拥有美国莱斯大学物理学博士学位的创业者，已 经等待了整整11年。 量化派成立于2014年，正式启动IPO始于八年前，即上市三年后。2017年8月，该公司尝试闯关美股市场，但因业务过度依 赖助贷模式且未能应对监管收紧风险，最终撤回了申请。 随后转战港股，但过程同样艰难。2022年6月至2024年12月，量化 ...

Core Viewpoint - The company, Quantitative Technology, has submitted its fifth IPO application to the Hong Kong Stock Exchange after 11 years since its establishment, facing significant uncertainties due to regulatory scrutiny and compliance issues [2][5]. Group 1: Company Overview - Quantitative Technology focuses on the Chinese consumer sector, operating primarily through two platforms: "Yang Xiaomei" for e-commerce and "Consumption Map" for automotive transaction facilitation [3][4]. - The company transitioned from its original product "Credit Wallet" to "Yang Xiaomei" in November 2020, aiming to enhance its digital transaction capabilities and cater to consumer needs [4][6]. Group 2: Business Performance - From 2019 to 2021, Quantitative Technology recommended over 1.5 million potential end-users to financial institutions through its platforms, with annual recommendations of approximately 655,000, 393,000, and 486,000 respectively [3]. - In the first five months of 2025, "Yang Xiaomei" generated revenue of 406 million yuan, accounting for 98.1% of the company's total revenue, while "Consumption Map" only contributed 7.9 million yuan, or 1.9% [8]. Group 3: Regulatory Challenges - The company has faced multiple inquiries from regulatory bodies regarding its compliance with financial regulations, particularly concerning its "assisted lending" services and user complaints [9][10]. - As of October 17, 2025, "Yang Xiaomei" had over 30,000 complaints related to high pricing, inducement to consume, and aggressive collection practices, raising concerns about the company's compliance costs [10].

Core Viewpoint - The company, Quantitative Holdings, is making another attempt to go public in Hong Kong after multiple failed attempts, aiming to leverage the current IPO frenzy in the market to raise funds amidst heavy debt burdens [3][4]. Group 1: Business Overview - Quantitative Holdings operates two main businesses: the one-stop consumer platform "Yang Xiaomiao" and the automotive retail O2O platform "Consumption Map," providing services such as product display, online payment, order processing, and logistics [3][4]. - The company was founded in 2014 by Zhou Hao and initially focused on a P2P lending model through its "Credit Wallet" platform before pivoting to digital solutions due to regulatory changes in 2017 [4]. Group 2: Financial Performance - In the first five months of this year, the company recorded a profit of 126 million yuan, with a net debt of 772 million yuan [5]. - Revenue figures from 2022 to 2024 show growth: 475 million yuan in 2022, 530 million yuan in 2023, and projected 990 million yuan in 2024, with a significant profit increase from a loss of 281,000 yuan in 2022 to 14.7 million yuan in 2023 [6]. - Revenue for the first five months of this year reached 414 million yuan, a year-on-year increase of 38.1%, while profit surged by 261% to 126 million yuan [6]. Group 3: Marketing and Expenses - The company's marketing expenses have been substantial, rising from 47.92 million yuan in 2022 to 109 million yuan in 2023, a 127% increase, and significantly outpacing revenue growth [7]. - Revenue from the "Consumption Map" has declined sharply, dropping from 200 million yuan in 2022 to 32.81 million yuan last year, and further down to 7.917 million yuan in the first five months of this year, a 43% year-on-year decrease [7]. Group 4: Debt and Financial Health - The company faces significant financial challenges, with a low return on equity (ROE) of 0.1% in 2022, projected negative ROE in 2023 and 2024, and a staggering negative ROE of 36.1% in the first five months of this year [8]. - The company's liabilities have escalated, with current liabilities reaching nearly 2 billion yuan by the end of May this year, and it has been in a negative asset situation for the past two years [8]. Group 5: Controversies and Market Position - A significant portion of the company's high accounts receivable is linked to a small loan company controlled by the major shareholder Zhou Hao, raising concerns about potential conflicts of interest [9]. - The competitive landscape includes major players like Meituan, JD.com, and Douyin, which possess strong brand recognition and user loyalty, making it challenging for Quantitative Holdings to capture market share [9].

Core Viewpoint - Quantitative Holdings Limited has submitted its IPO application for the fifth time, following four previous failed attempts since 2022, raising questions about whether this time it can succeed [1]. Group 1: Business Transformation - The company originated in the Chinese fintech sector, initially focusing on its core product "Credit Wallet," which recommended users to financial institutions. However, due to increasing regulatory pressures, the company was forced to pivot its business model [2]. - In November 2020, "Credit Wallet" was upgraded to "Yang Xiaomiao," a consumer-oriented digital trading platform covering various categories such as consumer electronics and food [2]. - As of September 12, 2024, the company has completely terminated its lending business and has committed to regulators not to re-enter this space [2]. Group 2: Financial Performance - Revenue figures from 2022 to 2024 show a growth trajectory: 475 million yuan in 2022, 530 million yuan in 2023, and 993 million yuan in 2024, with 414 million yuan reported in the first five months of 2025, marking a 38.12% year-on-year increase [5]. - The "Yang Xiaomiao" platform has become the main revenue driver, contributing 93.2% of total revenue in 2024, up from 37.8% in 2023 [5]. - The company reported a turnaround from a loss of 283,000 yuan in 2022 to a profit of 1.47 billion yuan in 2024, with a significant increase in gross margin from 69.4% in 2023 to 96.9% in 2024 [5]. Group 3: Operational Challenges - The company faces significant operational issues, with over 30,000 complaints reported on the Black Cat Complaints platform, primarily concerning inflated prices and inducements for cashing out [6]. - Products on the "Yang Xiaomiao" platform are priced significantly higher than mainstream channels, with a Xiaomi 15 Pro listed at 5,869 yuan compared to 4,799 yuan on JD.com, indicating a markup of over 22% [8]. - There are allegations of a gray market cash-out scheme, where consumers report receiving calls to buy back products at prices below market value after purchasing through the platform [8].

Core Viewpoint - The company, previously a loan facilitation platform, is transforming into an e-commerce platform with new offerings such as "Yang Xiaomiao" and "Consumption Map" while ceasing its loan facilitation services [1][2][5]. Financial Performance - In 2024, the company's revenue is projected to be nearly 1 billion RMB, with a gross margin of 96.9% [3]. - The company's total revenue from 2022 to 2024 was approximately 475 million RMB, 530 million RMB, and 993 million RMB, respectively, with a net profit of 1.47 million RMB in 2024 [14]. - The gross margin increased from 65.8% in 2022 to 96.9% in 2024, primarily due to revenue growth driven by "Yang Xiaomiao" and reduced sales costs [16]. Business Transition - The company has officially ceased its loan facilitation services as of September 12, 2024, which previously contributed over 100 million RMB in revenue [5][7][8]. - The transition to e-commerce includes the launch of "Yang Xiaomiao," which offers a variety of retail products, and "Consumption Map," an O2O platform for automotive retail [6][12]. Market Context - The online consumption market in China is expected to grow from 13.9 trillion RMB in 2020 to 25.7 trillion RMB in 2024, with a compound annual growth rate of 16.5% [12]. - By 2024, online stores in the consumption sector are projected to account for 36.9% of the overall retail market in China [12]. Future Strategy - The company plans to use the funds raised from its Hong Kong listing to enhance R&D capabilities, improve technical infrastructure for its matching services, and promote its business model [4]. - The focus will be on leveraging AI technology to optimize customer experience and increase transaction values on its platforms [10][11].