Core Insights - The Chinese e-commerce SaaS industry is experiencing rapid growth, driven by advancements in AI, cross-border e-commerce expansion, and supportive government policies [1][7][20] - The market size for e-commerce SaaS is projected to reach 143.76 billion yuan in 2024, with a compound annual growth rate (CAGR) of 34.65% from 2015 to 2024 [1][12] - Leading companies in the sector include Lingxing ERP, which holds a 26.6% market share in the cross-border e-commerce segment, and Jushuitan, which dominates the domestic small and medium-sized enterprise market [1][18] E-commerce SaaS Industry Overview - E-commerce SaaS provides cloud-based subscription solutions for online store building, operations management, marketing, and logistics, characterized by low cost and easy scalability [2][3] - The industry is evolving towards AI integration, omnichannel capabilities, and low-code solutions [2][20] Market Dynamics - The cross-border e-commerce import and export scale is expected to reach 2.63 trillion yuan in 2024, growing by 10.8% year-on-year, which will enhance the demand for e-commerce SaaS solutions [1][14][23] - The online retail sales in China reached 6.04 trillion yuan in the first five months of 2025, marking an 8.5% increase year-on-year, providing a robust market opportunity for e-commerce SaaS [1][9] Competitive Landscape - The competitive landscape is characterized by a "one strong, many strong" structure, with Lingxing ERP leading the cross-border market and Jushuitan focusing on domestic SMEs [1][18] - Companies like Weimeng and Youzan are enhancing their AI and private domain operation capabilities to strengthen their market positions [1][18] Development Trends - The industry is moving towards deeper AI integration, with applications in smart product selection, dynamic pricing, and automated customer service [20][21] - The "ERP + ecosystem" model is becoming mainstream, with leading firms integrating payment, logistics, and financial services to create a comprehensive operational framework [20][22] - Cross-border e-commerce remains a key growth driver, with policies like "bonded + ERP" improving customs efficiency by over 50% [20][23]

Core Viewpoint - Jushuitan Group Co., Ltd. has submitted its prospectus for a second attempt to list on the Hong Kong Stock Exchange after previous submissions were invalidated. The company aims to leverage its growth in the e-commerce SaaS ERP sector to achieve profitability in 2024 [2][6]. Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 is approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively, indicating a growth rate of about 30.5% for 2024 [2][3]. - The net profit figures for the same years are approximately -RMB 507 million, -RMB 490 million, and RMB 10.58 million, with an adjusted net profit of -RMB 379 million, -RMB 206 million, and RMB 48.99 million, respectively, marking a turnaround to profitability in 2024 [2][3][6]. Business Model and Services - Jushuitan operates as an e-commerce SaaS ERP provider, offering a cloud-based platform that connects merchants with over 400 e-commerce platforms globally. The core product, Jushuitan ERP, facilitates order management, inventory control, and financial data management for merchants [6][7]. - The company processed 33 billion e-commerce orders in 2024, demonstrating its capacity to handle high transaction volumes, especially during peak periods like "Double 11" [7]. Investment and Valuation - Jushuitan has undergone multiple funding rounds, with significant investments from firms like Goldman Sachs. The post-money valuation after the C round in 2020 was RMB 6 billion [7][9]. - Prior to the IPO attempt, the company repurchased C round preferred shares for approximately USD 75.6 million (about RMB 544 million), reducing its issued share capital [8][9]. Market Position and Future Outlook - The company has been recognized for its rapid growth and innovative approach, with expectations to continue leading in the e-commerce SaaS sector. The funds raised from the IPO are intended for product upgrades, supply chain collaboration, and international market expansion [10].

Group 1: Hand Return Group - Hand Return Group plans to list on the Hong Kong Stock Exchange on May 30, 2025, with the stock code "2621" [3] - The IPO will issue a total of 24,358,400 shares, with a subscription rate of 990 times for the Hong Kong public offering and 1.13 times for the international offering [3] - The company aims to provide insurance service solutions through its online platform, with three main platforms: Xiao Yusan, Kachaba, and Niu Bao 100 [3] - Hand Return Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums as of 2023 [4] - The company has distributed over 1,900 products since its establishment, including more than 280 customized products [4] - Financial data shows revenues of 806 million, 1.634 billion, and 1.387 billion CNY from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million CNY respectively [5] Group 2: Yingshi Innovation - Yingshi Innovation plans to open subscriptions on May 30, 2025, and is expected to list on the Sci-Tech Innovation Board in mid-June [7] - The company will issue 41 million new shares, with 20% allocated for strategic placement [7] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, with a global market share of 67.2% in panoramic cameras as of 2023 [8] Group 3: Lin Qingxuan - Lin Qingxuan submitted its prospectus to the Hong Kong Stock Exchange on May 29, 2025, aiming for a main board listing [10] - The brand ranks first among domestic high-end skincare brands in China by retail sales as of 2024 [11] - Financial data indicates revenues of 691 million, 805 million, and 1.21 billion CNY from 2022 to 2024, with a compound annual growth rate of 32.5% [11] Group 4: Yushi Technology - Yushi Technology submitted its prospectus on May 28, 2025, planning to list on the Hong Kong Stock Exchange [14] - The company is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in Greater China as of 2024 [15] - Financial data shows revenues of 66 million, 161 million, and 266 million CNY from 2022 to 2024, with a compound annual growth rate of 101.3% [15] Group 5: Yisiwei Computing - Yisiwei Computing submitted its prospectus on May 30, 2025, aiming for a main board listing [19] - The company is a leading provider of RISC-V solutions in China, with over 100 system-level solutions commercialized as of 2024 [20] - Financial data indicates revenues of 2 billion, 1.752 billion, and 2.025 billion CNY from 2022 to 2024 [20] Group 6: Xian Gong Intelligent - Xian Gong Intelligent submitted its prospectus on May 27, 2025, planning to list on the Hong Kong Stock Exchange [22] - The company ranks first in global robot controller sales for two consecutive years, with a market share of 23.6% in 2024 [22] - Financial data shows revenues of 184 million, 249 million, and 339 million CNY from 2022 to 2024, with a compound annual growth rate of 35.7% [23] Group 7: Tuopu CNC - Tuopu CNC submitted its prospectus on May 26, 2025, aiming for a main board listing [27] - The company is the top supplier of five-axis CNC machine tools in China's aerospace market, with an 11.6% market share as of 2024 [29] - Financial data indicates revenues of 136 million, 335 million, and 531 million CNY from 2022 to 2024, with a compound annual growth rate of 97.9% [29] Group 8: Xiantong Pharmaceutical - Xiantong Pharmaceutical submitted its prospectus on May 26, 2025, planning to list on the Hong Kong Stock Exchange [32] - The company is the first in China to obtain approval for innovative radioactive drugs, focusing on oncology and neurodegenerative diseases [32] Group 9: Ledong Robotics - Ledong Robotics submitted its prospectus on May 30, 2025, aiming for a main board listing [35] - The company has a customer retention rate of approximately 90% in 2024, with a compound annual growth rate of about 41.4% in revenues from 2022 to 2024 [36] Group 10: Saintong Special Medical - Saintong Special Medical submitted its prospectus on May 30, 2025, planning to list on the Hong Kong Stock Exchange [38] - The company ranks first among domestic special medical food brands in China, with a market share of 6.3% as of 2024 [39] - Financial data shows revenues of 491 million, 654 million, and 834 million CNY from 2022 to 2024, with a compound annual growth rate of 30.3% [39] Group 11: Jushuitan - Jushuitan updated its prospectus on May 22, 2025, continuing its listing process on the Hong Kong Stock Exchange [41] - The company is the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share as of 2024 [42] - Financial data indicates revenues of 523 million, 697 million, and 910 million CNY from 2022 to 2024, with a compound annual growth rate of 31.9% [42]

Core Viewpoint - Jushuitan Group Co., Ltd. has submitted its prospectus for a second time to list on the Hong Kong Stock Exchange after previous applications were deemed "invalid" [1] Financial Performance - Jushuitan's revenue for 2022, 2023, and 2024 is approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively, with a revenue growth rate of about 30.5% for 2024 [2] - The net profit for the same years is approximately -RMB 507 million, -RMB 490 million, and RMB 10.58 million, indicating a turnaround to profitability in 2024 [2] - Adjusted net profit figures are -RMB 379 million, -RMB 206 million, and RMB 48.99 million, also showing a return to profit in 2024 [2] - Gross profit for 2022, 2023, and 2024 is approximately RMB 274 million, RMB 435 million, and RMB 523 million, with gross margins of 52.3%, 62.3%, and 68.5%, respectively [4] Business Model and Services - Jushuitan is an e-commerce SaaS ERP supplier, providing cloud-based solutions that connect merchants with over 400 e-commerce platforms globally [5] - The core product, Jushuitan ERP, offers essential functionalities such as order management, warehouse management, procurement management, and distribution management [5] - In 2024, Jushuitan processed 33 billion e-commerce orders, demonstrating significant operational capacity [5] Investment and Valuation - Jushuitan has completed multiple rounds of financing since its establishment, with significant investments from various venture capital firms [6][7] - After the B3 round of financing in April 2019, the post-money valuation was RMB 2.75 billion, and after the C round in August 2020, the valuation reached RMB 6 billion [7] - Prior to the IPO application, Jushuitan repurchased C round preferred shares for approximately USD 75.6 million (about RMB 544 million) [8][9] Strategic Partnerships - Goldman Sachs, a key investor, has expressed confidence in Jushuitan's potential in the Chinese e-commerce market and its SaaS ERP services [10][12] - The funds raised will be used for product and service upgrades, supply chain collaboration, overseas market expansion, and investments in the SaaS ecosystem [12]

Core Viewpoint - The success of the company's IPO on the Hong Kong Stock Exchange is seen as a critical turning point for its future, with potential for market expansion or facing capital challenges if unsuccessful [1][4]. Financial Performance - The company has shown consistent revenue growth, with total revenues projected at 5.23 billion, 6.97 billion, and 9.1 billion from 2022 to 2024, reflecting a compound annual growth rate of 31.9% [2]. - The core SaaS business revenue is expected to grow from 4.98 billion in 2022 to 8.78 billion in 2024, maintaining over 95% of total revenue [2]. - In 2024, ERP product revenue is projected to reach 7.65 billion, accounting for 84% of total revenue, marking it as the company's main revenue source [3]. - The company transitioned from a net loss of 5.07 billion in 2022 to a projected net profit of 0.11 billion in 2024, with overall gross margin improving from 52.3% in 2022 to 68.5% in 2024 [3][4]. Market Position - The company holds a 24.4% market share in the Chinese e-commerce SaaS ERP market, surpassing the combined share of its five largest competitors [4]. - It is the second-largest e-commerce SaaS provider in China, with a 7.1% market share [4]. Investment and Financing - The company has faced challenges in its IPO journey, having submitted its prospectus to the Hong Kong Stock Exchange four times since June 2023 [1][8]. - A significant risk is the redemption clause in the investment agreement, which could trigger a redemption of up to 31.44 billion in preferred shares if the company fails to go public by the end of 2025 [1][10]. - The company has a cash reserve of 10.85 billion, but the risk of preferred share redemption could impact investor confidence [11]. Challenges and Risks - The company faces pressure from technological advancements and the need to adapt to evolving customer demands in the fast-paced e-commerce sector [12]. - It relies heavily on a single third-party IaaS cloud service provider, which constitutes 50.3% of its procurement costs, posing risks if issues arise with this supplier [12]. - Increasing competition from traditional ERP vendors transitioning to SaaS and potential competition from self-developed ERP products by e-commerce platforms could threaten market share [12]. - High marketing expenses are a concern, with sales and marketing costs projected to rise from 3.14 billion in 2022 to 3.7 billion in 2024 [12]. Strategic Outlook - The company aims to use the proceeds from its IPO to enhance R&D capabilities, strengthen sales and marketing efforts, and pursue strategic investments [13].

Core Viewpoint - The company Jushuitan Group Co., Ltd. has submitted its application for an IPO on the Hong Kong Stock Exchange, marking its fourth attempt after three previous failed submissions. The company is recognized as the largest e-commerce SaaS supplier in China, having recently achieved a small profit in 2024 after accumulating losses exceeding 986 million yuan over the past three years [1][4]. Company Overview - Jushuitan was established in 2014 and operates as a leading e-commerce SaaS supplier in China, providing services through over 100 offline service points across more than 500 towns [4]. - The core product, Jushuitan ERP, offers functionalities such as order management, warehouse management, procurement management, and distribution management, helping e-commerce businesses manage their operations and financial data [4]. Market Position - In 2024, the Chinese e-commerce SaaS ERP market is projected to reach 3.1 billion yuan, with Jushuitan holding a market share of 23.2%, making it the largest player in this segment [5]. - Jushuitan also ranks first in the broader e-commerce SaaS market with a market share of 8.7%, serving 88,400 different SaaS clients compared to the industry average of fewer than 20,000 clients [5]. Financial Performance - The company reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 10.58 million yuan in 2024 after losses of 507 million yuan and 490 million yuan in the previous two years [5][6]. - The adjusted net profit figures for the same years were -379 million yuan, -206 million yuan, and 48.99 million yuan, indicating a significant turnaround in 2024 [5]. - Jushuitan's gross margin has increased from 52.3% in 2022 to 68.5% in 2024, reflecting a growth of 16.2 percentage points over two years [6]. Funding and Valuation - The company has raised a total of 614 million yuan through seven rounds of financing, achieving a post-money valuation increase of over 71 times within five years [10]. - Notable investors include prominent firms and individuals such as Alibaba Group's CEO, Sequoia Capital, and Blue Lake Capital, among others [12][13]. Shareholding Structure - As of the IPO application, the founder and CEO holds 22.81% of the shares, while other executives and investors hold significant stakes, with the founder controlling approximately 46.87% of the voting rights [11].

Core Viewpoint - The article discusses the recent IPO application of Jushuitan Group, a leading e-commerce SaaS provider in China, highlighting its financial performance, market position, and investor interest. Group 1: Company Overview - Jushuitan was established in 2014 and is recognized as the largest e-commerce SaaS supplier in China, with over 100 offline service points covering more than 500 towns [3] - The core product, Jushuitan ERP, offers functionalities such as order management, warehouse management, procurement management, and distribution management, making it the most popular e-commerce SaaS ERP brand in China [3] - As of 2024, Jushuitan holds a market share of 23.2% in the e-commerce SaaS ERP market, which is projected to reach 3.1 billion yuan [3][4] Group 2: Financial Performance - Jushuitan reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan for the years 2022, 2023, and 2024, respectively, with a net profit of 10.58 million yuan in 2024 after three years of losses totaling over 986 million yuan [4][5] - The company achieved a gross margin of 68.5% in 2024, up from 52.3% in 2022, indicating a significant improvement in profitability [5] - The compound annual growth rate (CAGR) for total revenue and annual recurring revenue from 2022 to 2024 was 31.9% and 33.6%, respectively [5] Group 3: Investment and Shareholding - Jushuitan has undergone seven rounds of financing, raising a total of 614 million yuan, with its post-financing valuation increasing from 920 million yuan in 2018 to 6 billion yuan in 2020 [8] - Notable investors include Alibaba Group, Sequoia Capital, and various prominent individuals, with the founder holding 22.81% of the shares and controlling approximately 46.87% of the voting rights [10][11] - The company has a net debt of 3.65 billion yuan as of December 31, 2024, while holding cash and cash equivalents of 1.085 billion yuan [5]

Core Viewpoint - The company, 聚水潭, is determined to go public after four attempts, now with a stronger financial position as it achieved profitability in 2024, marking a significant turnaround from previous losses [1][6]. Financial Performance - 聚水潭 reported revenues of 5.23 billion, 6.97 billion, and 9.1 billion RMB for the years 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 31.9% during this period [2]. - The company achieved a net profit of 10.58 million RMB in 2024, a significant improvement from a net loss of 490 million RMB in the previous year [6]. - Despite the positive net profit, the company still faced an operational loss of 62.09 million RMB in 2024 [6]. Revenue Structure - The majority of 聚水潭's revenue comes from its SaaS business, which accounted for 95%-97% of total revenue during the reporting period [2]. - The revenue from the e-commerce SaaS ERP product was 4.57 billion, 6 billion, and 7.65 billion RMB for the years 2022, 2023, and 2024, representing 87.4%, 86.1%, and 84% of total revenue respectively [3]. Customer Growth - The total number of SaaS customers reached 88,400 in 2024, nearly doubling from 45,700 in 2022 [5]. - The customer retention rate was reported at 115% in 2024, indicating strong customer loyalty [5]. Market Outlook - The e-commerce SaaS ERP market is projected to grow at a CAGR of 18.9% from 2020 to 2024, reaching a market size of approximately 3.1 billion RMB by 2024 [7]. - By 2029, the market size is expected to reach 8.3 billion RMB, with a potential CAGR of 21.5% [7]. Strategic Initiatives - The company plans to upgrade its existing ERP products and explore integrated collaborative products to enhance its product matrix [10]. - Despite achieving profitability, the company faces challenges as many peers in the SaaS sector remain unprofitable, raising questions about the sustainability of its profit margins [10].

Core Viewpoint - JuShuiTan has achieved profitability four years ahead of the average SaaS industry timeline, which typically takes 15 years to reach profitability, marking a significant milestone for the company [7]. Group 1: Company Overview - JuShuiTan Group Co., Ltd. was established in 2014 and is advancing its IPO process on the Hong Kong Stock Exchange with CICC and JPMorgan as joint sponsors [2]. - The company offers a comprehensive suite of SaaS products and services aimed at enhancing business capabilities and performance for clients while significantly reducing deployment and operational costs [2]. Group 2: Product and Market Position - JuShuiTan's core SaaS product is its ERP system, which addresses key e-commerce order management needs for merchants on major platforms, including OMS, WMS, PMS, and DMS [4]. - The ERP has become the most popular e-commerce SaaS ERP brand among Chinese merchants, with a growing range of additional e-commerce operational SaaS products launched [4]. - From 2022 to 2024, customers purchasing two or more JuShuiTan products contributed 30.6%, 33.0%, and 37.7% to total SaaS revenue, respectively [4]. Group 3: Market Strategy and Growth - JuShuiTan is strategically positioned to support small and medium-sized enterprises (SMEs) in navigating the complexities of digital transformation amidst a challenging foreign trade environment [5]. - The company is actively exploring cross-border business opportunities while contributing to domestic market stability, which is expected to expand its market space [5]. Group 4: Financial Performance - JuShuiTan is projected to be the largest e-commerce SaaS ERP provider in China by 2024, holding a market share of 24.4%, surpassing the combined share of the next five competitors [5][6]. - The company reported revenues of 523 million yuan, 697 million yuan, and 910 million yuan from 2022 to 2024, with a compound annual growth rate (CAGR) of 31.9% [6]. - The gross margin has shown a consistent upward trend, increasing from 52.3% in 2022 to 68.5% in 2024 [6]. - By 2024, JuShuiTan achieved an adjusted net profit of 48.99 million yuan and a net customer revenue retention rate of 115% [6][7]. Group 5: Future Plans - The funds raised from the IPO will primarily be used to enhance research and development capabilities, strengthen sales and marketing efforts, seek strategic investments, and support general corporate purposes [7].

Core Viewpoint - The company, 聚水潭集团股份有限公司, has submitted a new listing application to the Hong Kong Stock Exchange, with CICC and JPMorgan as joint sponsors, after previous applications in June 2023, March 2024, and November 2024 [1]. Group 1: Market Position and Product Offering - 聚水潭 is the largest e-commerce SaaS ERP provider in China, holding a market share of 24.4% based on projected 2024 revenues, surpassing the combined market share of the next five competitors [5]. - The total market size for China's e-commerce SaaS ERP is projected to be RMB 3.1 billion in 2024 [5]. - The company has developed a cloud-based e-commerce SaaS product that connects merchants with over 400 e-commerce platforms, significantly more than the industry average of fewer than 200 platforms [5]. Group 2: Customer Base and Retention - In 2024, the company is expected to serve 88,400 SaaS customers, while the industry average is fewer than 20,000 customers [5]. - The net customer revenue retention rate for the company is projected to be 115% in 2024 [5]. Group 3: Financial Performance - The company's revenues for the years 2022, 2023, and 2024 are approximately RMB 523 million, RMB 697 million, and RMB 910 million, respectively [9][10]. - The company reported losses of approximately RMB 5.07 billion, RMB 4.9 billion, and a profit of RMB 0.11 billion for the same years [9][10]. Group 4: Efficiency Metrics - The company's LTV/CAC ratio, which measures customer lifetime value against customer acquisition cost, has shown a market-leading trend, increasing from 6.2x in 2022 to 9.3x in 2024 [7]. - The percentage of customers purchasing two or more products from 聚水潭 has increased from 30.6% in 2022 to 37.7% in 2024 [7].