以下文章来源于东四十条资本 ，作者陈美 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 天使投资人大赚75倍。 作者丨 陈美 来源丨 东四十条资本 今日，上海独角兽企业聚水潭正式登陆港交所，成为资本市场一员。披露显示，聚水潭IPO发行价为30.60港元/股，开盘后涨 超 17% ，截至发稿，市值达到 153 亿港元。 作为国内电商SaaS ERP的头部企业，聚水潭成立于2014年。根据灼识咨询的资料，按SaaS总收入计，2024年，聚水潭是 中国最大的电商运营SaaS供货商，市场份额达8.7%。 回顾聚水潭的创业之旅，是中国SaaS发展的生动写照。10年间，中国SaaS行业经历萌芽、回调，再到新生。过程中，聚水潭 也经历了行业起伏与盈利之困，并得到了一众VC/PE的支持。 IPO后，红杉智盛持股6.72%，为第二大外部股东；阿米巴资本合计持股7.93%，为第一大外部股东。纪源资本合计持股 4.18% ，位列重要股东。此外，上海蓝湖 、元璟资本、北京微光股权、中金共赢基金 也纷纷加持。 作为重要股东之 ...

今日，上海独角兽企业聚水潭正式登陆港交所，成为资本市场一员。披露显示，聚水潭IPO发行价为30.60 港元/股，开盘后涨超17%，截至发稿，市值达到153亿港元。 作为国内电商SaaS ERP的头部企业，聚水潭成立于2014年。根据灼识咨询的资料，按SaaS总收入计，2024 年，聚水潭是中国最大的电商运营SaaS供货商，市场份额达8.7%。 回顾聚水潭的创业之旅，是中国SaaS发展的生动写照。10年间，中国SaaS行业经历萌芽、回调，再到新 生。过程中，聚水潭也经历了行业起伏与盈利之困，并得到了一众VC/PE的支持。 IPO后，红杉智盛持股6.72%，为第二大外部股东；阿米巴资本合计持股7.93%，为第一大外部股东。纪源 资本合计持股4.18%，位列重要股东。此外，上海蓝湖、元璟资本、北京微光股权、中金共赢基金也纷纷 加持。 作为重要股东之一的纪源资本，其管理合伙人吴陈尧表示，骆海东带领聚水潭这一路走来，步伐坚定执 着，又充满干劲。即便在行业竞争格局比较激烈，或市场整体比较低迷的时候，他依然保有充分的信心， 不会悲观，也不会急躁冒进。可以说，这位领军人的性格特质为公司发展提供了相当稳健的支撑。 服务天猫、京 ...

Core Viewpoint - The company, Jushuitan Group, a leading player in the e-commerce SaaS ERP sector in China, is set to go public on the Hong Kong Stock Exchange, marking a significant milestone as it breaks the typical 15-year profitability cycle for SaaS companies, achieving profitability in its 11th year [1][3][5]. Financial Performance - Jushuitan's revenue is projected to grow from 523 million yuan in 2022 to 910 million yuan in 2024, with a compound annual growth rate (CAGR) of 31.9% [4]. - In the first half of 2025, revenue reached 524 million yuan, reflecting a year-on-year growth of 24.4% [4]. - The company reported a net profit of 48.99 million yuan in 2024, achieving profitability four years ahead of the industry average [5]. - The adjusted net profit for the first half of 2025 was 46.96 million yuan, nearing the total for 2024, indicating sustainable profitability [5]. - The gross margin improved from 52.3% in 2022 to 71.8% in the first half of 2025 [4]. Market Position and Growth Potential - The e-commerce SaaS ERP market in China is still in its early stages, with a market size of only 3.1 billion yuan in 2024 and a penetration rate of just 1.6% among active e-commerce merchants, indicating significant growth potential [7]. - Jushuitan holds an 8.7% market share in the e-commerce ERP segment and a 7.1% share in the overall e-commerce SaaS market, ranking second [7]. - The company has established a competitive edge with its ability to connect to over 400 e-commerce platforms and 800+ logistics providers, significantly more than the industry average [8][9]. Investment and Strategic Plans - Jushuitan has secured a strong base of institutional investors, raising 130 million USD from 13 firms, including Sequoia China, indicating market confidence in its future [3][10]. - The company plans to allocate approximately 55% of the IPO proceeds to enhance R&D capabilities, 25% to improve sales and marketing, and 10% for strategic investments [11].

Core Viewpoint - The company, Jushuitan, is facing significant financial challenges as it attempts to go public for the fourth time on the Hong Kong Stock Exchange, with a debt-to-equity ratio exceeding 300% and reliance on tax losses to show profitability, raising doubts about its sustainability [2][3]. Financial Performance - In 2024, Jushuitan reported a net profit of 11 million yuan, primarily due to over 90 million yuan in tax credits from past losses, while actual operating losses reached 62 million yuan, indicating an unsustainable profit model [3]. - The deferred tax assets recognized in 2024 lack reasonable explanation, leading to accusations of "window dressing" in financial statements [3]. Debt and Cash Flow Issues - The company is under pressure from 3.144 billion yuan in preferred stock redemption, which will trigger buyback clauses if it fails to go public by the end of 2025 [4]. - As of the end of 2024, Jushuitan's cash reserves stood at only 1.085 billion yuan, with annual operating cash inflow below 300 million yuan, risking cash flow disruption if buybacks commence [4]. Market Challenges - The Chinese e-commerce SaaS ERP market is projected to grow from 3.1 billion yuan in 2024 to only 8.3 billion yuan by 2029, insufficient to support Jushuitan's valuation of 6 billion yuan [5]. - The company's core functionalities are highly similar to competitors like Kingdee and Weimob, with insufficient investment in cutting-edge technologies, while major players like Alibaba Cloud offer free basic ERP services to over 10 million merchants, leaving Jushuitan with only 88,400 customers [5]. Capital Market Trust Issues - Major institutions, including Goldman Sachs, have withdrawn their support, with shareholders cashing out over 300 million yuan from 2021 to 2023, further eroding confidence in the company [5]. - The founder's stock freeze incident has also contributed to the decline in investor trust [5]. Future Strategies - Jushuitan plans to use IPO proceeds for technology development and market expansion, but without establishing differentiated barriers in niche areas or accelerating cross-border business transformation, even a successful IPO may not resolve the inherent limitations of the industry and pressure from larger competitors [6]. - The upcoming IPO represents not only a fundraising effort but also a critical battle to maintain capital trust [6].