Group 1 - The core business of the company is e-commerce SaaS, which includes e-commerce ERP products [1] - The main e-commerce SaaS products offered by the company include Super Store Manager, Express Assistant, KuaiMai ERP, KuaiMai XiaoZhi Customer Service Robot, ShenHui Art Worker Robot, and YiTao Supply Chain [1]

Core Viewpoint - The successful IPO of JuShuiTan, a leading e-commerce SaaS provider in Hong Kong, highlights the growing interest in the SaaS sector, with significant investor demand reflected in its stock performance and subscription rates [2][3]. Group 1: IPO Details - JuShuiTan was listed on the Hong Kong Stock Exchange on October 21, with a first-day stock price increase of 23.2%, resulting in a market capitalization of approximately HKD 16.1 billion [2]. - The company experienced a remarkable subscription rate of 1,952.95 times for its public offering and 22.89 times for its international offering, with total margin financing reaching HKD 301.32 billion [2]. - JuShuiTan issued 68.1662 million shares at a price of HKD 30.6 per share, raising a net amount of approximately HKD 1.938 billion, with plans to allocate 55% for R&D, 25% for sales and marketing, 10% for strategic investments, and 10% for general working capital [2]. Group 2: Business Performance and Market Position - In 2024, JuShuiTan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4%, surpassing the combined market share of the second to fifth largest competitors [3]. - The company serves 88,400 SaaS clients, achieving a net customer revenue retention rate of 115% for the year [3]. - JuShuiTan's total revenue and annual recurring revenue for 2024 are projected to be RMB 910 million and RMB 1.098 billion, respectively, with compound annual growth rates of 31.9% and 33.6% from 2022 to 2024 [3]. - Despite significant investments leading to losses, JuShuiTan achieved a net profit of approximately RMB 12 million in 2024, while reporting a loss of RMB 41.146 million in the first half of 2025 [3].

Investment Rating - The report suggests a cautious subscription for the company, 聚水潭 (6687.HK) [1][3] Core Insights - 聚水潭, established in 2014, has become the largest e-commerce SaaS and ERP provider in China, holding a market share of 24.4% in the e-commerce SaaS market and 8.7% in the overall SaaS market by 2024 [2][3] - The Chinese e-commerce market has rapidly evolved, with online retail sales expected to grow from RMB 11.8 trillion in 2020 to RMB 16.5 trillion in 2024, reflecting a compound annual growth rate (CAGR) of 8.9% [2] - The company's total revenue and SaaS product turnover reached RMB 9.1 billion and RMB 13.0 billion respectively in 2024, with CAGRs of 31.9% and 32.6% from 2022 to 2024 [3] - The company transitioned from a net loss of RMB 4.9 billion in 2024 to a net profit of RMB 10.58 million in the same year, improving its net profit margin from a loss rate of 70.3% in 2023 to a profit margin of 1.2% in 2024 [3] - The estimated market capitalization post-IPO is approximately HKD 10.4 billion, with a price-to-sales (PS) ratio of about 10.0X based on 2024 revenue [3] Summary by Sections IPO Details - The IPO price is set at HKD 30.60, with a total fundraising amount of HKD 19.38 billion [1] - The total number of shares offered is 6.817 million, with 90% allocated for international placement and 10% for public offering [1] Company Overview - 聚水潭 has expanded its workforce from 9 employees at inception to over 2,500, establishing more than 100 offline service points across over 500 towns in China [2] - The company provides a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and reducing operational costs for clients [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 148 million yuan for 2024, representing a year-on-year growth of 29.23%. However, the net profit attributable to the parent company was 42.48 million yuan, showing a decline of 1.64% year-on-year [1] - The company has optimized its business structure and is focusing on deepening its presence in the e-commerce SaaS market. The revenue from the e-commerce customer service outsourcing business surged by 1193.24% due to the acquisition of Chengdu Xiahai Amu, which has enhanced the company's capabilities in e-commerce customer service solutions [7] - The e-commerce SaaS industry is experiencing strong growth, with IDC projecting the market size to reach 16.9 billion USD by 2027, growing at a CAGR of 32.4% [7] - The company invested 28.25 million yuan in R&D during the reporting period, focusing on expanding existing product functionalities and developing new products to meet market demands [7] - The revenue forecast for 2025-2026 has been adjusted downwards due to certain growth bottlenecks in existing businesses, with net profit estimates revised to 45 million yuan and 48 million yuan respectively for those years [7] Financial Summary - Total revenue for 2023 was 114.14 million yuan, with a projected increase to 147.50 million yuan in 2024 [1] - The company's earnings per share (EPS) for 2024 is estimated at 1.07 yuan, with a projected P/E ratio of 59.16 [1] - The company’s total assets are projected to reach 440 million yuan in 2024, with total liabilities of 26 million yuan [8]