该行还指出，聚水潭已在泰国设立子公司，业务发展稳健，未来将持续拓展等东南亚市场，并积极探索 欧美、拉美和中东等区域的业务机会。立足电商SaaSERP领域积累的客户资源，公司进一步发力增值软 件业务，有望打开新的成长曲线。 广发证券发布研报称，AI应用正在加速突破，各大电商平台将围绕"AI+生态闭环"展开更高维度竞争。 随着平台差异化竞争增强，商家需要中立、跨平台的工具来平衡多个生态。因此，在新的竞争格局下， 一个技术能力强、生态中立、覆盖多平台的第三方SaaS服务商将获得更高的稀缺性和议价能力。聚水潭 在此周期中有望直接受益，业绩弹性增强 智通财经APP获悉，聚水潭(06687)尾盘涨近4%，截至发稿，涨3.85%，报31.3港元，成交额847.85万港 元。 ...

Group 1 - The core viewpoint of the report is that 聚水潭 (Jushuitan) is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address pain points faced by e-commerce merchants in multi-platform operations [1] - The company is expected to achieve revenues of 1.14 billion, 1.39 billion, and 1.66 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 70 million, 350 million, and 520 million yuan for the same years [1] - The report assigns a reasonable valuation multiple of 12x PS for 2026, resulting in a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes within the e-commerce industry, addressing challenges such as cross-platform store management and inventory management [2] - The market for e-commerce SaaS ERP is expected to maintain a high growth rate as it expands its business scenarios and integrates more collaborative functions [2] Group 3 - 聚水潭 holds a solid leading position in the e-commerce SaaS ERP industry, with a market share of 24.4% in 2024, significantly ahead of competitors [3] - The company's financial metrics are improving, with a LTV/CAC ratio reaching 9.3 in 2024, indicating a strong sales and product system [3] - The net customer revenue retention rate for 2024 is 115%, showcasing the company's effectiveness in customer retention and increasing customer spending [3] Group 4 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [4] - Leveraging its customer resources accumulated in the e-commerce SaaS ERP field, the company aims to enhance its value-added software business, potentially opening new growth avenues [4]

Group 1 - The core viewpoint of the report is that 聚水潭 is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address the pain points of e-commerce merchants in multi-platform operations [2] - The company is expected to achieve revenue of 1.14 billion, 1.39 billion, and 1.66 billion yuan, and net profit of 70 million, 350 million, and 520 million yuan for the years 2025 to 2027 respectively [1] - The company is assigned a reasonable valuation multiple of 12x PS for 2026, leading to a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes to solve issues related to cross-platform store management and inventory management [3] - 聚水潭 holds a significant market share of 24.4% in the e-commerce SaaS ERP industry in 2024, demonstrating a strong competitive position [4] - The company has a customer retention rate of 115% in 2024, indicating strong performance in customer retention and increased spending [4] Group 3 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [5] - 聚水潭 aims to leverage its existing customer resources in the e-commerce SaaS ERP field to further develop its value-added software business, potentially opening new growth avenues [5]

2025年，中国电商服务商行业在资本市场上演了"冰与火之歌"：碧橙数字闯关IPO失败后转道并购重组，聚水潭历经波折成功登陆港交所，凯诘电商等多家 服务商亦积极冲刺资本市场。对此，网经社数字零售台对2025年电商服务商十大事件进行盘点回顾。 出品 | 网经社 事件九：私域SaaS解决方案供应商"小鹅通"递表港交所 事件十：电商服务商"实东科技"获1200万天使轮融资 1月1日，曾冲击创业板IPO未遂的碧橙数字拟被上市公司梦网科技并购重组。资本市场风云变幻，碧橙数字的发展经历也充满了戏剧性。上市之路一波三 折，如今"委身"梦网科技意欲何为？ 撰写 |南烛 【全文速览】 一审 | 可乐 审稿 | 云马 配图 | 网经社图库 事件一：前董事长设赌场被判刑 碧橙数字IPO宣告失败 或被"鲸吞 事件二：光云科技拟2亿元全资收购逸淘投资 加速布局企业服务生态 事件三：又一家天猫代运营商向港交所提交上市 "凯诘电商"胜败几何？ 事件四：凯淳股份：已为微信小程序部分品牌提供代运营服务 事件五：GMV破百亿！京东集团首投服务商——极易科技冲IPO 事件六：电商SaaS ERP服务商"聚水潭"登陆港交所主板 市值破160亿背后"喜 ...

[Table_Page] 公司深度研究|软件与服务 证券研究报告 | [Table_Title] 【 广 发 计 算 机 | & 海 外 】 聚 水 潭 | | --- | --- | | （06687.HK） | | 进入盈利释放期的稀缺 SaaS 公司、海外 与 AI 应用助力突破远期天花板 核心观点：（除特殊说明，本报告货币单位为人民币，参考汇率 1 港元=0.91 人民币） 风险提示。市场竞争加剧；客户支出意愿下滑；电商行业格局变化。 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 697 | 910 | 1,141 | 1,391 | 1,658 | | 增长率（ % ） | 33.3% | 30.5% | 25.4% | 21.9% | 19.2% | | EBITDA | -238 | -50 | 90 | 274 | 446 | | 归母净利润 | -487 | 12 | 74 | 352 | ...

Group 1 - The stock performance of Jushuitan (06687) has attracted market attention, closing at HKD 29.58 with a trading volume of HKD 22.19 million [1] - On November 15, Jushuitan announced that the overall coordinators fully exercised the 15% over-allotment option, involving a total of 10.2249 million shares at a price of HKD 30.6 per share, bringing in approximately HKD 300 million in net proceeds [3] - Despite the capital injection, Jushuitan's stock price did not experience an uplift and instead declined [3] Group 2 - Jushuitan is a leading player in the Chinese e-commerce SaaS ERP sector, holding a market share of 24.4% in mainland China based on 2024 revenue projections, which exceeds the combined market share of the second to fifth largest competitors [3] - The company is also the second-largest e-commerce SaaS provider in mainland China, with a market share of 7.1% [3] - Despite its strong market position, Jushuitan's stock performance is influenced by various factors, and its future trajectory remains to be observed [3]

Core Viewpoint - Jushuitan (06687) experienced a decline of over 5%, hitting a new low of 28.82 HKD since its listing, falling below the issue price of 30.6 HKD [1] Group 1: Stock Performance - As of the report, Jushuitan's stock price dropped by 5.16%, trading at 29.4 HKD with a transaction volume of 17.55 million HKD [1] Group 2: Share Offering - On November 15, Jushuitan announced that overall coordinators fully exercised a 15% over-allotment option, involving a total of 10.2249 million shares at a price of 30.6 HKD per share, resulting in additional net proceeds of approximately 300 million HKD [1] - The stabilization period for the global offering ended on the same day, during which the stabilizing agent, China International Capital Corporation, did not buy or sell any shares [1] Group 3: Market Position - Jushuitan is recognized as the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which exceeds the combined market share of the second to fifth largest competitors [1] - According to data from Frost & Sullivan, Jushuitan is the second-largest e-commerce SaaS provider in mainland China, with a market share of 7.1% based on projected revenues for 2024 [1]

公开资料显示，聚水潭是中国最大的电商SaaS ERP提供商，根据灼识咨询的资料，以2024年的相关收 入计，占据24.4%的市场份额(超过第二至第五大参与者的市场份额总和)。此外，根据灼识咨询的资 料，以2024年的相关收入计，公司是内地第二大电商SaaS提供商，占据7.1%的市场份额。 消息面上，聚水潭公布，11月15日，整体协调人悉数行使15%超额配股权，涉及合共1022.49万股。每 股作价30.6港元，额外所得净额约3亿港元。此外，有关全球发售的稳定价格期已于同日结束。期间， 稳定价格操作人中国国际金融并无买卖任何股份。 聚水潭(06687)跌超5%，盘中低见28.82港元创上市以来新低，并跌穿发行价30.6港元。截至发稿，跌 5.16%，报29.4港元，成交额1755.41万港元。 ...

Core Viewpoint - This week, seven companies submitted listing applications to the Hong Kong Stock Exchange, with three companies passing the hearing, five companies conducting IPOs, and three new stocks being listed [1]. Group 1: Companies Submitting Listing Applications - Guangdong Jintian Animation Co., Ltd. submitted a listing application on October 20, focusing on the IP fun food industry with a projected revenue of approximately RMB 5.96 billion in 2022, growing to RMB 8.77 billion by 2024 [2]. - Yuwang Biological Nutrition Co., Ltd. is the largest supplier of food-grade refined fish oil globally, with a market share of 8.1% and projected revenues of RMB 5.34 billion in 2022, increasing to RMB 8.32 billion by 2024 [3]. - Binhua Group Co., Ltd. is a leader in the chlor-alkali chemical industry, with revenues of RMB 88.92 billion in 2022, expected to reach RMB 102.28 billion by 2024 [4]. - Xichang Zhihui Mining Co., Ltd. focuses on mining zinc, lead, and copper in Tibet, with revenues of RMB 4.82 billion in 2022, projected to decline to RMB 3.01 billion by 2024 [5]. - Zhongwei Co., Ltd. specializes in new energy battery materials, with total revenues of RMB 303.44 billion in 2022, expected to grow to RMB 402.23 billion by 2024 [6]. - Hehui Optoelectronics Co., Ltd. is a leading AMOLED semiconductor display panel manufacturer, with revenues of RMB 41.91 billion in 2022, projected to reach RMB 49.58 billion by 2024 [7]. Group 2: Companies Passing Hearing - Suzhou Wangshan Wangshui Biomedical Co., Ltd. focuses on small molecule drug development, with revenues of RMB 2 billion in 2022, declining to RMB 322.4 million by 2024 [8]. - Guangdong Tianyu Semiconductor Co., Ltd. is the largest silicon carbide epitaxial wafer manufacturer in China, with revenues of RMB 4.37 billion in 2022, expected to grow to RMB 11.71 billion by 2023 [9]. - Baile Tianheng is a biopharmaceutical company focusing on tumor treatment, with revenues of RMB 7.02 billion in 2022, projected to reach RMB 58.21 billion by 2024 [10]. Group 3: Companies Conducting IPOs - Sany Heavy Industry Co., Ltd. had an oversubscription of 53 times, raising approximately HKD 663 billion (USD 85 billion) [11]. - Dippu Technology Co., Ltd. had an oversubscription of 7590 times, raising HKD 2,721 billion, making it the second-highest oversubscription in history [12]. - Cambridge Technology Co., Ltd. set its final price at HKD 68.88 per share, with significant backing from cornerstone investors [13]. - Bama Tea Co., Ltd. attracted approximately 169,000 subscription applications, with an oversubscription of 2684 times [14]. - Minglue Technology Co., Ltd. plans to issue 721.9 million A shares, with a proposed price of HKD 141.00 per share [15]. Group 4: Newly Listed Stocks - Haixi New Drug Co., Ltd. saw a first-day increase of 20.60%, with a total increase of 26.74% in the first week [15]. - Jushuitan Co., Ltd. had a first-day increase of 23.86%, but saw a decline in the following days, ending the week with a 13.92% increase [16]. - Guanghe Tong Co., Ltd. experienced a first-day drop of 11.72%, with a total decline of 9.44% in the first week [17].

Core Viewpoint - The stock of Jushuitan (06687) experienced a decline of over 5% on its second day of trading after a significant increase of nearly 24% the previous day, indicating volatility in market response to its recent IPO [1] Company Overview - Jushuitan is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected revenues for 2024, which surpasses the combined market share of the second to fifth largest competitors [1] - The total market size for the domestic e-commerce SaaS ERP sector is projected to be RMB 3.1 billion in 2024 [1] - In the domestic e-commerce operation SaaS market, Jushuitan ranks first with a market share of 8.7% based on total SaaS revenue for 2024 [1] Revenue Growth - The company has shown rapid growth in its business, with total revenue expected to reach RMB 909 million in 2024, reflecting compound annual growth rates (CAGR) of 31.9% from 2022 to 2023 and 33.6% from 2023 to 2024 [1] - The contribution of customers purchasing two or more Jushuitan products to total SaaS revenue has increased from 30.6% in 2022 to a projected 39.3% in the first half of 2025 [1]