日前，上海鑫谊麟禾科技股份有限公司（下称"鑫谊麟禾"）向港交所递交申请，拟主板上市，华泰 国际为其独家保荐人。 IPO日报注意到，鑫谊麟禾2016年以来共融资29.74亿元，目前营业收入猛增但净利润仍然亏损，经 营活动现金流紧张。 招股书显示，鑫谊麟禾成立于2013年，是一家结合数字交易平台与MRO（Maintenance,Repair and Operations，即维护、维修与运行）产品自主制造能力的综合工业集团。凭借端到端的专有数字基础设 施及全国性的仓储、配送、维护及维修网络，鑫谊麟禾连接上游供应商及下游客户，以提升MRO供应 链中的交易及整体流通效率。 根据咨询机构灼识咨询，按商品交易总额计，鑫谊麟禾是中国第五大线上MRO采购服务提供商及 第二大在线次终端MRO采购服务提供商；2024年在在线上次终端MRO采购服务市场的份额为8.1%，超 过第三至第五大市场参与者的合计市场份额。 鑫谊麟禾以自营平台"锐锢商城"为公司的数字平台业务核心，为工业买家提供一站式在线采购服 务；同时配合移动小程序组合，支持区域合作伙伴的标准化履约。锐锢商城于2015年上线，截至2025年 9月30日，鑫谊麟禾的下游客户网络 ...

近年来，中国MRO采购与数字化供应链服务领域的代表性企业接连叩响资本市场的大门——怡合达（301029）(301029.SZ)、京东工业(07618)、震坤行 (ZKH.US)相继上市，各自奔赴不同舞台，这让行业版图日渐清晰。 如今，这条蓬勃发展的赛道再添新军：1月30日，来自上海的两家MRO采购企业——易买工品与鑫谊麟禾双星齐发，同日向港交所主板递交上市申请。其 中，易买工品由农银国际独家保荐，鑫谊麟禾的独家保荐人则为华泰国际。 作为本文的主角，鑫谊麟禾可谓MRO采购赛道中一个"独特的存在"。其"平台+制造"的双轮驱动模式，显著区别于纯平台或纯流通型玩家，完成了从"连接 交易"到"定义供给"的战略升维，向资本市场讲述了一个崭新的产业故事。 并购进军制造业务背后，9轮融资与44.45亿可赎回负债 成立于2013年的鑫谊麟禾，其发展史可以说是中国工业品(MRO)数字化浪潮的生动缩影。公司完成了从"流量捕手"到"产业重构者"的关键跃迁，其历程可清 晰地划分为两大战略阶段。 第一阶段是从2015年至2022年，该阶段鑫谊麟禾发展的核心在于打造线上线下（300959）一体化的数字平台与履约网络，为全国性服务奠定基础。 ...

近年来，中国MRO采购与数字化供应链服务领域的代表性企业接连叩响资本市场的大门——怡合达(301029.SZ)、京东工业(07618)、震坤行(ZKH.US)相继上 市，各自奔赴不同舞台，这让行业版图日渐清晰。 如今，这条蓬勃发展的赛道再添新军：1月30日，来自上海的两家MRO采购企业——易买工品与鑫谊麟禾双星齐发，同日向港交所主板递交上市申请。其 中，易买工品由农银国际独家保荐，鑫谊麟禾的独家保荐人则为华泰国际。 作为本文的主角，鑫谊麟禾可谓MRO采购赛道中一个"独特的存在"。其"平台+制造"的双轮驱动模式，显著区别于纯平台或纯流通型玩家，完成了从"连接 交易"到"定义供给"的战略升维，向资本市场讲述了一个崭新的产业故事。 然而，翻看其业绩表现，鑫谊麟禾仍未走出亏损困境。2023年、2024年及2025年前三季度，公司经调整净亏损分别达2.79亿元、3.26亿元与1.68亿元。这意 味着，在过去近三年间，其累计亏损已高达7.73亿元。 一边是引领行业变革的独特叙事，另一边是持续扩大的亏损数字。在此背景下，鑫谊麟禾所讲述的"平台+制造"新故事，能否真正赢得市场的认可与信任， 无疑是一个值得深究的关键命题。 并 ...

Core Viewpoint - The MRO (Maintenance, Repair, and Operations) sector, despite being a seemingly low-profile market, is attracting significant capital interest as traditional consumer e-commerce growth slows down. Companies like Xin Yi Lin He are attempting to capitalize on this trend through IPOs and strategic acquisitions [2][3]. Industry Overview - The MRO procurement service market in China is projected to grow from CNY 3.0 trillion in 2020 to CNY 3.7 trillion by 2024, with a compound annual growth rate (CAGR) of 5.6%, indicating a substantial market opportunity [3]. - MRO products include essential items like hardware, lubricants, and various chemicals, which are aggregated on platforms to reduce supply chain costs and enhance pricing [2]. Company Performance - Xin Yi Lin He, established in 2013, operates the B2B e-commerce platform Rui Gu Mall, ranking fifth in the domestic MRO sector. The company reported a revenue increase from CNY 5.05 billion in 2023 to CNY 8.77 billion in 2024, a growth rate of 73.7%. However, its MRO platform business revenue is declining, with a 17.82% drop expected in 2024 [3][5]. - In the first three quarters of 2025, Xin Yi Lin He's revenue reached CNY 11.24 billion, but the contribution from its digital platform continued to decrease, accounting for only 24.4% of total revenue [5]. Financial Challenges - Xin Yi Lin He's sales and marketing expenses were CNY 2.99 billion in 2023, representing 59.21% of its revenue. The company faced operating losses of CNY 3.51 billion in 2023 and CNY 3.83 billion in 2024, with cumulative losses of CNY 9.51 billion over three years [7][19]. - The company holds only a 0.9% market share in the online MRO procurement service market, indicating limited scale and profitability [8]. Strategic Shifts - To address the challenges of its platform business, Xin Yi Lin He has shifted towards acquisitions, purchasing Shanghai Hezong for CNY 90 million in December 2023 and acquiring a 40% stake in Ming Lei Group for CNY 300 million in November 2024, aiming to enhance its control over the supply chain [9][10][11]. - The revenue from manufacturing operations surpassed that of the digital platform for the first time in 2024, contributing CNY 4.63 billion, or 52.7% of total revenue [12]. Debt and Valuation Concerns - Xin Yi Lin He faces significant financial pressure, with redeemable preferred shares amounting to approximately CNY 4.45 billion by September 2025, while total assets were only CNY 32.35 billion, leading to a debt-to-asset ratio of 185.85% [18][19]. - The company’s goodwill balance was CNY 82.26 million as of September 2025, raising concerns about potential impairments if acquired assets underperform [16]. Conclusion - Xin Yi Lin He's upcoming IPO is seen as a critical juncture for the company, which is navigating the complexities of transitioning from an e-commerce platform to a manufacturing entity while managing substantial debt and operational losses. The success of this transition will be pivotal for its long-term sustainability and investor confidence [20].

IPO前高玚直接及间接持有并控制公司28.78%的股份，同时通过投票权委托安排可行使林榕桢1.22%的股份，合计控制约30%的投票权，为公司单一最大 股东，对公司决策拥有绝对影响力，而公司其他股东还包括源码资本、钟鼎资本、鼎晖投资等知名投资方。 招股书显示，鑫谊麟禾近三年营收规模实现爆发式增长，2025 年前九月营收 11.24 亿元已超 2024 年全年的 8.77 亿元，较 2023 年的 5.05 亿元增幅达 166.4%。 近日，上海鑫谊麟禾科技股份有限公司（下称"鑫谊麟禾"）向港交所递交申请，拟主板上市，华泰国际为其独家保荐人。 资料显示，鑫谊麟禾成立于2013年9月，是一家宣称结合数字交易平台与MRO产品自主制造能力的综合工业集团，主营业务聚焦于为中国及海外客户提供 MRO产品供应服务，依托端到端的专有数字基础设施及全国性的仓储、配送网络，连接上游供应商与下游客户，试图提升MRO供应链的交易及流通效 率。 公司业务主要分为两大板块，即数字平台业务与制造业务。其中，数字平台业务以2015年上线的自营平台"锐锢商城"为核心，搭配移动小程序矩阵，为工 业买家提供一站式在线采购服务，收入主要来源于产品销售 ...

来源丨凤凰网财经《 IPO观察哨》 近日， 上海鑫谊麟禾科技股份有限公司（下称 "鑫谊麟禾"）向港交所递交申请，拟主板上市，华泰国际为其独家保荐人。 资料显示，鑫谊麟禾成立于 2013年9月，是一家宣称结合数字交易平台与MRO产品自主制造能力的综合工业集团，主营业务聚焦于为中国及海外客 户提供MRO产品供应服务，依托端到端的专有数字基础设施及全国性的仓储、配送网络，连接上游供应商与下游客户，试图提升MRO供应链的交易 及流通效率。 公司业务主要分为两大板块，即数字平台业务与制造业务。其中，数字平台业务以 2015年上线的自营平台"锐锢商城"为核心，搭配移动小程序矩 阵，为工业买家提供一站式在线采购服务，收入主要来源于产品销售、佣金及其他相关服务费；制造业务则并非有机增长而来，而是通过2023年至 2024年的两起战略收购逐步搭建——2023年公司以约1.01亿元代价收购上海和宗82%股权，2024年以3亿元代价收购浙江明磊部分股权并实现控 制，制造业务主要以OEM/ODM模式服务海外品牌客户。 与此同时，公司经营活动现金流量净额持续为负， 2023年至2025年前九月分别为-2.47亿元、-0.9亿元及-2. ...

Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. (referred to as "Xinyi Linhe") has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor. The company has raised a total of 2.974 billion yuan since 2016, experiencing significant revenue growth but still facing net losses and tight operating cash flow [1][12]. Company Overview - Established in 2013, Xinyi Linhe is a comprehensive industrial group that combines a digital trading platform with self-manufacturing capabilities for MRO (Maintenance, Repair, and Operations) products. The company enhances transaction and overall circulation efficiency in the MRO supply chain by connecting upstream suppliers and downstream customers through proprietary digital infrastructure and a nationwide warehousing and distribution network [3][14]. - According to Zhi Shi Consulting, Xinyi Linhe ranks as the fifth largest online MRO procurement service provider in China and the second largest online terminal MRO procurement service provider, holding an 8.1% market share in the online terminal MRO procurement market in 2024, surpassing the combined market share of the third to fifth largest participants [3][14]. Financial Performance - For the years 2023, 2024, and the first three quarters of 2025, Xinyi Linhe reported revenues of 505 million yuan, 877 million yuan, and 1.124 billion yuan, respectively. The revenue for 2024 represents a year-on-year growth of 73.8%, while the first three quarters of 2025 show a year-on-year growth of 166.4%, significantly exceeding the total revenue for 2024 [4][15]. - The rapid revenue growth is attributed to substantial acquisitions made in 2023 and 2024, which have driven revenue increases. In 2023, Xinyi Linhe acquired a portion of Shanghai Hezhong's shares for 90 million yuan and further increased its stake in 2025 for an additional 11.2 million yuan, ultimately owning 82% of Shanghai Hezhong for approximately 101 million yuan [4][15]. - In 2024, Xinyi Linhe acquired a portion of Zhejiang Minglei's shares for a total of 300 million yuan, gaining control of 60% of the voting rights [5][15]. Losses and Cash Flow - Despite the revenue growth, Xinyi Linhe has consistently reported net losses, with figures of 653 million yuan, 774 million yuan, and 489 million yuan for the respective reporting periods, accumulating nearly 1.9 billion yuan in total losses [6][16]. - The company attributes its losses to a high-cost structure typical of early-stage development, including significant sales and marketing expenses aimed at expanding product coverage and brand building [6][16]. - Adjusted net losses during the reporting period were 279 million yuan, 326 million yuan, and 168 million yuan, indicating ongoing financial challenges. The overall gross margin fluctuated, increasing from 20% in 2023 to 23.7% in 2024, before declining to 19.5% in the first three quarters of 2025, influenced by changes in business structure [6][17]. - Operating cash flow has also remained negative, with figures of -247 million yuan, -90 million yuan, and -207 million yuan during the reporting period, leading to a net cash outflow of 544 million yuan over the past two years [6][17]. Financing History - Since its inception, Xinyi Linhe has raised a total of 2.974 billion yuan through multiple financing rounds. In 2016 and 2017, the company completed A-series financing rounds totaling 66 million yuan, attracting investors such as Source Code Capital and Chengdu Capital [7][18]. - In 2018, the company secured 115 million yuan in B-series financing [8][19]. - In 2019 and 2020, Xinyi Linhe raised 410 million yuan through C-series financing rounds. In 2021, it completed a D-round financing of 1.307 billion yuan led by Springhua Capital, with participation from various notable investors [9][20]. - In 2022, the company raised 1.068 billion yuan in E-round financing, led by the Ontario Teachers' Pension Plan, achieving a post-investment valuation exceeding 6.9 billion yuan [10][21].

Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. (referred to as "Xinyi Linhe") has submitted an application for a main board listing on the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1]. Group 1: Company Overview - Xinyi Linhe was established in 2013 and is a comprehensive industrial group that combines a digital trading platform with self-manufacturing capabilities for MRO (Maintenance, Repair, and Operations) products [5]. - The company is the fifth largest online MRO procurement service provider in China by total merchandise transaction volume and the second largest in the online sub-terminal MRO procurement service market, holding an 8.1% market share in 2024 [5]. Group 2: Financial Performance - From 2023 to 2025, Xinyi Linhe's revenue is projected to grow significantly, with revenues of 5.05 billion, 8.77 billion, and 11.24 billion respectively, indicating a year-on-year growth of 73.8% in 2024 and 166.4% in the first three quarters of 2025 [6]. - Despite the rapid revenue growth, the company has reported net losses of 6.53 billion, 7.74 billion, and 4.89 billion during the same period, accumulating nearly 19 billion in total losses [10]. Group 3: Business Strategy and Acquisitions - The revenue surge is primarily attributed to significant acquisitions made in 2023 and 2024, including the acquisition of an 82% stake in Shanghai Hezhong for approximately 1.01 billion and a 60% controlling stake in Zhejiang Minglei for 300 million [7][8]. - Zhejiang Minglei specializes in the research, design, production, and sales of lithium battery electric tools, which are key product categories on the company's digital platform [9]. Group 4: Financial Challenges - Xinyi Linhe has faced ongoing financial challenges, with adjusted net losses of 2.79 billion, 3.26 billion, and 1.68 billion during the reporting period, indicating persistent negative cash flow from operating activities [12]. - The company's overall gross margin has fluctuated, increasing from 20% in 2023 to 23.7% in 2024, before declining to 19.5% in the first three quarters of 2025 [12].

Company Overview - Xinyi Linhe Technology Co., Ltd. is a leading online MRO procurement service provider in China, established in 2013, combining a digital trading platform with MRO product manufacturing capabilities [3][4] - The company connects upstream suppliers and downstream customers through proprietary digital infrastructure and a nationwide warehousing and distribution network, enhancing transaction and overall supply chain efficiency [3][4] - As of September 30, 2025, the company has a customer network covering over 220,000 retail hardware stores, with a penetration rate exceeding 20% [1][4] Business Model - The business model integrates a digital trading platform with manufacturing capabilities, creating a self-reinforcing operational model [3][4] - The digital platform includes a self-operated national platform (Rui Gu Mall) and a suite of proprietary mobile mini-programs for regional partners to receive online orders and standardized fulfillment services [3][4] - The company has established an OEM/ODM manufacturing business to serve overseas brands and channel customers, providing comprehensive capabilities from market insights to product development and delivery assurance [3][4] Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 504.55 million, with projected revenues of RMB 877.38 million for 2024 and RMB 1.12 billion for the nine months ending September 30, 2025 [6][7] - The company incurred net losses of approximately RMB 652.53 million in 2023, RMB 773.63 million in 2024, and RMB 489.35 million for the nine months ending September 30, 2025 [8][9] - Gross margins for the fiscal years are reported at 20.0% for 2023, 23.7% for 2024, and projected at 19.5% for the nine months ending September 30, 2025 [10][9] Industry Overview - The global MRO procurement services market is projected to grow from RMB 7.1 trillion in 2020 to RMB 9.0 trillion by 2024, with a compound annual growth rate (CAGR) of 6.2% [11] - The Chinese MRO procurement services market is expected to expand from RMB 3.0 trillion in 2020 to RMB 3.7 trillion by 2024, with a CAGR of 5.6% [11] - The online MRO procurement services market in China is anticipated to grow from RMB 0.2 trillion in 2020 to RMB 0.4 trillion by 2024, with a CAGR of 20.8% [13] Market Penetration - The penetration rate of online MRO procurement services in China is projected to reach 9.5% in 2024 and 12.9% by 2029, driven by convenience, transparency, and cost-effectiveness [13]

Core Viewpoint - Shanghai Xinyi Linhe Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a leading online MRO procurement service provider in China, with a significant market presence and a growing customer network [1][3]. Company Overview - Established in 2013, the company integrates a digital trading platform with MRO product manufacturing capabilities, enhancing transaction efficiency within the MRO supply chain [3]. - The business model combines a proprietary digital platform and manufacturing capabilities, creating a self-reinforcing operational model [3]. - The digital platform includes a nationwide self-operated platform and a suite of proprietary mobile applications for regional partners, facilitating online order reception and standardized fulfillment services [3]. Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenues of approximately RMB 504.55 million, with projected revenues of RMB 877.38 million for 2024 and RMB 1.12 billion for the nine months ending September 30, 2025 [6][7]. - The company incurred net losses of approximately RMB 652.53 million in 2023, RMB 773.63 million in 2024, and RMB 489.35 million for the nine months ending September 30, 2025 [8]. - Gross margins were reported at 20.0% for 2023, 23.7% for 2024, and 19.5% for the nine months ending September 30, 2025 [10]. Industry Overview - The global MRO procurement services market is projected to grow from RMB 7.1 trillion in 2020 to RMB 9.0 trillion by 2024, with a compound annual growth rate (CAGR) of 6.2% [11]. - The Chinese MRO procurement services market is expected to expand from RMB 3.0 trillion in 2020 to RMB 3.7 trillion by 2024, with a CAGR of 5.6% [11]. - The online MRO procurement services market in China is anticipated to grow from RMB 0.2 trillion in 2020 to RMB 0.4 trillion by 2024, with a CAGR of 20.8% [13].