作者丨子墨 2026年1月20日，跨境电商企业WOOK（深圳市沃客非凡科技股份有限公司）向港交所递交IPO申请，华泰国际担任其独家保荐人。WOOK是否会成为 继安克、绿联后又一家聚焦3C出海的上市公司？ 公开数据显示，WOOK成立于2014年，长期主攻印尼（销售收入占比约95%），现也将业务逐步拓展至越南、泰国和菲律宾。公司通过S2B2C模式， 将3C配件、小家电、家庭建材等商品卖向东南亚。 据其财报数据显示，2023年、2024年，公司总收入分别为9.08亿元、10.49亿元，2025年前9个月总收入8.80亿元，同比2024年同期增长17.56%。2023、 2024年公司经调整净利润分别为4679.8万元、7904.3万元，2025年前9个月6244.6万元，同比2024年同期下降3.84%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | 估收入的 | ...

星标 ★ IPO日报 精彩文章第一时间推送 印尼的中国第一 招股书显示，沃客非凡是一家以全链路数字化能力为核心并专注于东南亚的跨境新零售企业。该公司已经成为以中国为基地的出境领先3C配件及小家电 品牌公司。 目前，沃客非凡主要市场是在东南亚地区，其中印度尼西亚是核心市场，其他如越南、泰国和菲律宾也是沃客非凡的覆盖市场，沃客非凡为这些国家的中 小型零售企业（SMR）和终端消费者提供高性价比的产品。根据咨询机构弗若斯特沙利文的资料，于2024年度按零售额计，沃客非凡为2024年印度尼西 亚最大的中国跨境3C配件公司，在小家电类别为排名第六的中国跨境公司。 值得注意的是，东南亚市场近年来经历了结构性增长期，是全球最具活力的消费品市场之一。零售市场从2020年的6934亿美元扩张至2024年的8799亿美 元，预计2024年至2029年的复合年增长率约为6.3%，在2029年增长至1.2兆美元。互联网普及率预计将于2029年达到91.7%，电商行业正经历快速增长，中 产阶级人口不断扩大，预计将于2029年达到约1.7亿人。 作为区域内的领导市场，印度尼西亚零售市场增长表现惊人。根据弗若斯特沙利文的资料，印度尼西亚3C ...

Group 1: IPO Updates - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. plans to list on the Hong Kong Stock Exchange on January 28, 2026, under the stock code "1768," aiming to become the "first stock of bulk snacks" in Hong Kong [3] - The company intends to issue 14,101,100 H-shares, with a fundraising target between HKD 32.37 billion and HKD 33.36 billion, and a market capitalization between HKD 491.58 billion and HKD 506.56 billion [3] - Mingming Hen Mang has attracted a high-profile cornerstone investor lineup, with eight cornerstone investors subscribing approximately USD 195 million, including Tencent and Temasek [4] Group 2: Company Performance - As of September 30, 2025, Mingming Hen Mang operates 19,517 stores across 28 provinces and all tiered cities in China, becoming the first company in the industry to exceed 20,000 stores [5] - In the first three quarters of 2025, the company achieved a GMV of RMB 66.1 billion, a year-on-year increase of 74.5%, serving 2.1 billion consumers [5] Group 3: Other IPOs - Shanghai Suiruan Technology Co., Ltd. has submitted its IPO application for the Sci-Tech Innovation Board, focusing on AI chip design and development [7] - Suiruan Technology has invested RMB 4.419 billion in R&D from 2022 to the first nine months of 2025, with total revenue reaching RMB 1.654 billion [8] - Shandong Huawutang Cosmetics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first stock of domestic personal care" [10][11] - Shenzhen Wook Feifan Technology Co., Ltd. has also submitted its IPO application, focusing on cross-border retail in Southeast Asia [14][15] Group 4: Financial Highlights - For Huawutang, revenue for 2023 and 2024 is projected at RMB 1.199 billion and RMB 1.499 billion, respectively, with a growth rate of 25% [11] - Wook's revenue for 2023 and 2024 is reported at RMB 908 million and RMB 1.049 billion, with a year-on-year growth of 15.5% [15] - Yunyin Valley Technology Co., Ltd. is recognized as the fifth largest supplier of AMOLED display driver chips globally, with a market share of 40.7% in the Micro-OLED display backplane market [20][21]

Core Viewpoint - Wokefei has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, focusing on cross-border new retail in Southeast Asia, particularly in Indonesia, while also expanding into Vietnam, Thailand, and the Philippines [3][4][6]. Company Overview - Wokefei is a cross-border new retail enterprise with a core focus on full-chain digital capabilities, aiming to establish influential product brands and supply chain ecosystems in Southeast Asia [6][8]. - The company has become a leading owner of 3C accessories and small home appliances brands based in China, driven by a clear strategy for global expansion [6][8]. Market Focus - Indonesia remains the core market for Wokefei, with strategic expansions into Vietnam, Thailand, and the Philippines, focusing on sales of 3C accessories, small appliances, and home improvement materials [8][10]. - Wokefei combines its own brands with partner brands to provide high-cost performance products to SMR and end consumers in these countries [8][10]. Financial Performance - For the nine months ending September 30, 2025, Wokefei reported revenue of approximately 880 million RMB, a year-on-year increase of about 17.6%, and a net profit of approximately 41.65 million RMB, up 25.8% year-on-year [3][18][19]. Use of Proceeds - The net proceeds from the IPO are planned to be used for enhancing supply chain warehousing and logistics networks, expanding marketing and channel networks, increasing brand influence, digital upgrades, establishing localized teams and talent training, and general working capital [4][5]. Competitive Advantages - Wokefei has established a comprehensive competitive edge through its "brand + digitalization + supply chain" model, supported by a self-operated logistics network and localized operational teams [9][20]. - The company has built a strong brand presence in Indonesia with its own brands, including VIVAN, ROBOT, and SAMONO, which align well with local market characteristics [10][12]. E-commerce Strategy - Wokefei operates on major e-commerce platforms like Shopee and Tokopedia, and has also leveraged live-streaming platforms such as TikTok to enhance product sales, covering four countries with a network of over 100,000 KOL creators [15][17].

Core Viewpoint - WOOK is strategically expanding its market presence in Southeast Asia, focusing on Indonesia, Vietnam, Thailand, and the Philippines, leveraging its digital capabilities and supply chain integration to address local market challenges [2][3]. Group 1: Company Overview - WOOK, established in 2014, is a cross-border new retail enterprise based in China, specializing in 3C accessories and small home appliances [2]. - The company has developed a comprehensive digital platform that integrates the entire supply chain from factories to retail endpoints, effectively addressing challenges in the Southeast Asian market [2]. Group 2: Market Position and Performance - As of September 30, 2025, WOOK's platform connects over 40,000 small and medium retailers (SMR) [3]. - WOOK ranks as the number one Chinese cross-border company in the 3C accessories category in Indonesia and sixth in the small home appliances category, based on retail sales value in 2024 [3]. - Revenue from Vietnam, Thailand, and the Philippines increased by 68.5% in the first three quarters of 2025 compared to the same period in 2024 [3]. Group 3: Industry Insights - The Southeast Asian retail market is projected to reach approximately $879.9 billion in 2024 and grow to $1.2 trillion by 2029, driven by a large population and the expansion of emerging or mature middle classes [4]. - Despite rapid growth, traditional retail markets in Indonesia, Vietnam, and the Philippines still account for significant portions of the retail landscape, highlighting the need for integrated digital transformation solutions [4]. Group 4: Financial Performance - WOOK's revenue for 2023 and 2024 was 908 million yuan and 1.049 billion yuan, respectively, reflecting a year-on-year growth of 15.5% [4]. - For the first three quarters of 2025, WOOK's revenue increased by 17.5% to 880 million yuan compared to 749 million yuan in the same period of 2024 [4]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 33.6%, 35.6%, and 36.9%, respectively [4]. Group 5: Funding and Future Plans - WOOK has received investments from notable institutions and industry players, including Alibaba and various venture capital firms [5]. - The net proceeds from the IPO are intended for enhancing supply chain logistics, marketing, brand development, digital upgrades, and local team establishment [5].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SHENZHEN WOKE TECHNOLOGY Co., LTD 深圳市沃客非凡科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷銀團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊之 前，不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意投資 者務請僅依據本公司與香港公司註冊處處長註冊的招股章程作出投資決定，招股章程的文本將於發售 期內向公眾人士提供。 (a) 本文件僅為 ...