Core Viewpoint - Xiaoetong, a SaaS platform focusing on "private domain operation solutions," has experienced rapid growth and is now preparing for an IPO after nine years of ups and downs in entrepreneurship [1][3]. Group 1: Company Growth and Financial Performance - Xiaoetong's revenue is projected to exceed 500 million yuan in 2024, with an adjusted net profit of 66 million yuan and over 1,800 key clients, maintaining a net revenue retention rate above 115% [3]. - In the first half of 2025, the company reported a year-on-year revenue growth of 26.4%, reaching 306 million yuan, indicating strong growth momentum [3]. Group 2: Market Position and Competitive Landscape - The interactive private domain operation solution market in China is expected to grow from 5.2 billion yuan in 2024 to 13.8 billion yuan by 2029, with a compound annual growth rate of 21.6% [5]. - Xiaoetong has entered the top five in market position and is one of the fastest-growing companies from 2022 to 2024, despite facing competition from vertical SaaS vendors like Weilebo and Beixiao Live [7]. Group 3: Strategic Partnerships and Dependencies - Tencent holds a 16.82% stake in Xiaoetong and is its largest cloud service provider and important client, providing both technical advantages and customer acquisition benefits [4]. - While this relationship offers stability, it raises concerns about the company's dependency on Tencent's ecosystem [4]. Group 4: Regulatory Challenges and Industry Risks - Xiaoetong has faced regulatory scrutiny, particularly regarding compliance issues related to health products and courses, which resulted in penalties in 2023 [6]. - The company must enhance qualification reviews and content regulation to navigate the tightening regulatory environment [6]. Group 5: IPO Significance and Future Outlook - The funds raised from the IPO will primarily be used for R&D, sales promotion, global expansion, strategic partnerships, and potential acquisitions, marking a significant validation of its business model and industry position [8]. - The IPO will serve as a critical test for the company and a window to observe the commercialization path and regulatory dynamics within the Chinese SaaS industry [8].

一边是百亿GMV的私域运营蓝海，一边是监管与竞品的双重围剿。小鹅通的IPO之路，既 是其自身商业模式的一次大考，也将成为观察中国SaaS行业价值与风险的重要样本。 背靠腾讯 小鹅通的诞生，脱胎于其创始人鲍春健的大厂经历。鲍春健生于1985年，2006年毕业于中国 科技大学计算机专业，毕业后便入职腾讯。 在腾讯的九年时间里，他专注于大数据技术研发与团队管理，逐步晋升至数据平台部数据中 心总监，并成为腾讯内部少有的T4专家工程师。 这段经历不仅为他积累了深厚的技术与管理经验，也让他亲历了中国互联网行业的飞速发 展。 从腾讯T4技术专家到创业屡屡受挫，再到抓住知识付费风口一跃成为行业头部——鲍春健带 领小鹅通走过了九年跌宕起伏的创业历程。 如今，这家以"私域运营解决方案"为核心业务的SaaS平台正式向资本市场发起冲刺。 小鹅通近年业绩快速增长： 2024年营收突破5亿元 ，经调整净利润达6600万元，关键客户超 1800家，净收入留存率持续高于115%。 然而，迅猛扩张的背后，隐忧也逐渐浮现：平台合规性问题屡遭质疑，市场竞争日趋激烈， 且对腾讯的依赖度居高不下。 记者丨雷晨 编辑丨巫燕玲 2015年，在"大众创业、 ...

Core Viewpoint - Xiaoe Inc. is preparing for an IPO on the Hong Kong Stock Exchange, showcasing strong revenue growth and improving profitability, indicating a potential investment opportunity in the private domain SaaS sector [1][2]. Financial Performance - Revenue for Xiaoe Inc. from 2022 to 2024 is projected to grow from 298.99 million RMB to 520.81 million RMB, reflecting a compound annual growth rate (CAGR) of approximately 32% [2][3]. - Gross profit increased from 162.25 million RMB in 2022 to 389.38 million RMB in 2024, maintaining a high gross margin of around 75% [2][3]. - The company reported a net loss of 33.99 million RMB in 2022, which narrowed to 15.08 million RMB in 2024, and further reduced to 5.82 million RMB in the first half of 2025 [3][4]. Cash Flow and Profitability - Operating cash flow turned positive in 2024 with a net inflow of 137 million RMB, a significant improvement from a negative 32 million RMB in 2022, providing resources for future expansion [4]. - Adjusted net profit reached 66.30 million RMB in 2024, with 58.83 million RMB recorded in the first half of 2025, indicating a shift from losses to profitability [3][4]. Strategic Partnerships - Tencent holds a 16.82% stake in Xiaoe Inc. and acts as both a financial investor and a business partner, enhancing the company's competitive edge [5][8]. - In 2023 and 2024, Tencent and its affiliates purchased technology services from Xiaoe Inc. amounting to 21 million RMB and 26.8 million RMB, respectively, representing about 5.1% and 5.2% of total revenue [6]. - Tencent Cloud provided IaaS resources to Xiaoe Inc., with cloud service fees of 22 million RMB in 2024, accounting for approximately 17% of operating costs [7]. Market Position and Growth Potential - Xiaoe Inc. ranks first in the interactive private domain operation solutions market in China, with an estimated market share of 18.4% in 2024 [9]. - The market for interactive private domain operation solutions is projected to grow from 5.3 billion RMB in 2024 to 13.8 billion RMB by 2029, with a CAGR of 21.6% [9]. - The penetration rate of this segment is currently only 3.5%, suggesting significant growth potential if it reaches its peak [9]. Customer Metrics - The average annual revenue per customer for Xiaoe Inc. in the first half of 2025 was 128,200 RMB, with over 60% of revenue coming from renewals and expansions [10].

Core Viewpoint - Xiaoetong, a SaaS service provider focused on private domain operations, has submitted its prospectus for an IPO in Hong Kong, aiming to tell a growth story despite ongoing losses [1][3]. Financial Performance - Xiaoetong's projected revenues for 2022, 2023, and 2024 are RMB 298.99 million, RMB 415.11 million, and RMB 520.81 million, respectively, with gross profits of RMB 162.25 million, RMB 300.05 million, and RMB 389.38 million [2][15]. - The company reported a reduction in pre-tax losses from RMB 34 million in 2022 to RMB 15 million in 2024, indicating a trend of decreasing losses [3][12]. - In the first half of 2023, Xiaoetong's revenue was RMB 305.6 million, with losses decreasing from RMB 7.73 million to RMB 5.82 million [3][26]. Market Context - The current IPO environment in Hong Kong is favorable, with the market experiencing high activity and significant fundraising, surpassing that of NASDAQ and NYSE [6][7]. - The performance of other SaaS companies like Weimob and Youzan, which have faced valuation challenges despite being market leaders, may impact investor sentiment towards Xiaoetong [8][18]. Customer Base and Strategy - Xiaoetong's strategy emphasizes differentiation through private domain operations and a product-driven approach, with key customer numbers projected to grow from 266 in 2022 to 1,838 by 2025 [9][12]. - The revenue contribution from key customers is expected to increase significantly, from 7.1% in 2022 to 38.1% in the first half of 2025 [12][14]. Cost Structure - The company faces challenges with a high fixed cost structure, particularly in cloud server costs, which have risen from 74% of total costs in 2022 to 92% in the first half of 2025 [12][13]. - As the proportion of key accounts increases, the pressure on costs may impact profit margins, raising concerns about the sustainability of growth [16][17]. Financial Health - Xiaoetong's current liabilities have been consistently high, with a negative net current liability position, indicating potential cash flow challenges [22][24]. - The company has accumulated losses exceeding RMB 90 million over three and a half years, raising questions about its financial stability and the necessity of the IPO [29][30]. Valuation Considerations - The valuation of Xiaoetong at IPO will be critical, as a high valuation could facilitate fundraising and provide liquidity for early investors, while a low valuation may deter investment [32][33]. - The market's perception of SaaS businesses has shifted towards a more cautious stance, emphasizing the need for sustainable profitability [34][36].

Group 1 - Xiaoe Inc. has submitted its listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor [2] - Xiaoe Inc. is a leading product-driven SaaS solution provider in the private domain operation sector, enabling businesses to build, operate, and expand their decentralized e-commerce infrastructure [2] - The company's cloud-based one-stop solution integrates e-commerce, digital marketing, and CRM into a unified system, enhancing efficiency and effectiveness in product marketing and transactions [2] Group 2 - According to a report by Zhaoshang Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on revenue for 2024, and is one of the top three private domain operation solution providers [3] - The company has the fastest growth rate among the top five private domain operation solution providers in China during the performance record period [3] - Xiaoe Inc.'s intelligent resource scheduling system can support peak traffic of up to 270,000 requests per second, ensuring high availability through its distributed architecture [3] Group 3 - The private domain operation solution market in China is projected to grow from RMB 11.9 billion in 2024 to RMB 25.8 billion in 2029, with a compound annual growth rate (CAGR) of 16.7% [3] - The interactive private domain operation solution market is expected to increase from RMB 5.2 billion in 2024 to RMB 13.8 billion in 2029, with an accelerated CAGR of 21.6% [3] Group 4 - Financially, Xiaoe Inc. reported revenues of approximately RMB 299 million, RMB 415 million, RMB 521 million, and RMB 306 million for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4] - The company incurred losses of approximately RMB 33.99 million, RMB 37.04 million, RMB 15.08 million, and RMB 5.82 million during the same periods [4]

Core Viewpoint - Xiaoe Inc. (小鹅通) has submitted its listing application to the Hong Kong Stock Exchange, with CICC as its sole sponsor, and has attracted investments from notable institutions including Tencent [1] Company Overview - Xiaoe Inc. is a leading product-driven SaaS solution provider in the private domain operation sector, enabling enterprises to build, operate, and expand their decentralized e-commerce infrastructure [4] - The company's cloud-based one-stop solution integrates e-commerce, digital marketing, and CRM into a unified system, streamlining the entire lifecycle from traffic conversion to customer relationship management and transaction facilitation [4] Market Position - According to a report by Zhaoshang Consulting, Xiaoe Inc. ranks first among interactive private domain operation solution providers in China based on revenue for 2024, and is among the top three private domain operation solution providers [5] - The company is noted as the fastest-growing among the top five private domain operation solution providers during the reporting period [5] Technology and Infrastructure - Xiaoe Inc.'s intelligent resource scheduling system is built on public cloud infrastructure, capable of supporting peak traffic of up to 270,000 requests per second, ensuring high availability through a distributed architecture [5] - The platform has obtained ISO27001 and Level 3 certification for information security in China, and has integrated AI into its products to enhance operational efficiency, reduce costs, and improve user experience [5] Market Growth - The market size for private domain operation solutions in China is projected to grow from RMB 11.9 billion in 2024 to RMB 25.8 billion by 2029, with a compound annual growth rate (CAGR) of 16.7% [5] - Specifically, the interactive private domain operation solution market is expected to expand from RMB 5.2 billion in 2024 to RMB 13.8 billion by 2029, with an accelerated CAGR of 21.6% [5] Financial Performance - For the fiscal years ending June 30, the company's revenues were approximately RMB 299 million, RMB 415 million, RMB 521 million, and RMB 306 million for 2022, 2023, 2024, and the first half of 2025, respectively [6][8] - The company reported losses of approximately RMB 33.99 million, RMB 37.05 million, RMB 15.08 million, and RMB 5.82 million for the same periods [6][8]