After the second submission, the listing process of Yidayun Technology in Hong Kong ushered in new progress.
On May 6, Yida Cloud Technology officially passed the listing hearing on the main board of the Hong Kong Stock Exchange, with CMB International as the sole sponsor, just over a year after the company's first submission.
As a service provider focusing on cross-border e-commerce supply chain solutions, Yida Cloud mainly provides one-stop end-to-end supply chain services for e-commerce sellers through cross-border logistics, overseas warehousing and distribution and delivery services.
In the past year since the first submission of the form, what new progress has EDC made?
Focusing on the overseas warehouse model, it has 56 overseas warehouses around the world
Zhitong Financial APP learned that as far as the one-stop end-to-end supply chain solution of Yida Cloud is concerned, it is mainly based on the overseas warehouse model, that is, the cross-border logistics, overseas warehousing and distribution and delivery services mentioned at the beginning of the article, which are integrated with the company's self-developed Yida cloud platform.
According to Frost & Sullivan, in terms of revenue in 2023, Yida Cloud ranks 6th among all B2C export e-commerce supply chain solution providers in China that mainly adopt the overseas warehouse model, with a market share of about 0.5%.
Among them, among the various types of models applied in the current mainland B2C export e-commerce supply chain solution market, the overseas warehouse model is one of the newer models.
Under this model, e-commerce seller customers first transport their goods to overseas warehouses in the destination region for stocking, and after their end consumers place orders on e-commerce platforms such as Amazon and eBay, e-commerce sellers can ship the goods directly from overseas warehouses to end consumers.
Compared with the direct mail model (direct delivery from domestic warehouses to end consumers), the overseas warehouse model eliminates uncertainties such as "first-mile" delivery and price fluctuations, and the distribution efficiency is higher.
Judging from the one-stop end-to-end solution currently laid out by Yida Cloud, the company's business covers "first-mile" international freight services and "last-mile" fulfillment services.
Among them, the "first-mile" international freight service includes domestic pick-up and transportation, domestic warehousing and storage, domestic customs declaration, international freight services and international customs clearance, and the "last-mile" international fulfillment service includes overseas warehousing and storage and local fulfillment and delivery, covering all aspects of B2C export e-commerce product logistics.
According to Zhitong Financial APP, the core of the end-to-end solution of Yida Cloud is that it covers the logistics network of popular B2C e-commerce destinations around the world, including North America, Europe and Australia.
As of the Latest Practicable Date, the Company has contracted 56 overseas warehouses in the United States, Canada, the United Kingdom, Germany and Australia, spanning three continents and more than 20 cities around the world. Among them, 46 of the 56 overseas warehouses are franchised warehouses. In addition to overseas warehousing (as a storage and distribution center), Yidayun has also contracted five warehousing facilities in Guangzhou, Shenzhen, Shanghai, Qingdao and Zhaoqing as temporary inventory storage points for "first-mile" international freight.
From the perspective of the proportion of revenue contribution, Yidayun's current revenue mainly comes from the United States, Canada, the United Kingdom, Germany, and Australia, of which the United States is the company's main source of revenue, accounting for 80.1%, 79.9%, and 83.4% of revenue from 2021 to 2023, accounting for more than eighty percent.
From 2021 to 2023, the gross profit margin of the company's business in Canada will reach 21.3%, 28.1% and 28.6% respectively.
The performance growth rate in 2023 is relatively fast, and the dependence on the five major suppliers has increased
Judging from the latest financial data performance, from 2021 to 2023, Yida Cloud will achieve total revenue of 632 million, 709 million, and 1.209 billion yuan, and net profit of 46.411 million, 36.292 million, and 69.403 million yuan, respectively.
Compared with the year-on-year revenue growth rate of 12.15% in fiscal 2022, the company's revenue growth rate in fiscal 2023 increased significantly, reaching a year-on-year growth rate of 70.65%, mainly driven by the increase in revenue from "last-mile" fulfillment services.
Correspondingly, Yidayun will also make great progress in net profit in 2023, with the net profit growth rate improving from -21.80% year-on-year in 2022 to 91.23% in fiscal year 2023.
In addition to the growth dimension, from 2021 to 2023, the company's gross profit margin will be 16.9%, 15.0%, and 16.3% respectively, and the net profit margin will be 7.3%, 5.1%, and 5.7% respectively.
In this regard, Yidayun mentioned in the prospectus that the domestic "headway" international freight service is highly competitive, the profit is relatively low, the company generally achieves a meager gross profit margin, and even the gross loss of the "headway" international freight service may occur. In terms of gross margin for "last-mile" fulfillment services, the price per order that the company can charge customers is relatively high because most of its core customers are brand owners or manufacturers.
It can be seen that the company's revenue is more derived from "last-mile" fulfillment services, and more relies on stable relationships with core customers.
According to Zhitong Financial APP, in fiscal years 2022 and 2023, the company's five major customers accounted for total revenue of RMB 242 million and RMB 448 million, accounting for 34.2% and 37.0% of revenue respectively; Among them, the largest customer accounted for RMB87.5 million and RMB151 million in total revenue, accounting for 12.4% and 12.5% of the total revenue respectively, indicating an increase in dependence on the top five customers and the largest customer.
At the same time, the company is also more concentrated in terms of supplier dependence. From 2021 to 2023, the total procurement volume of the top five suppliers of Yida Cloud will be about 289 million yuan, 272 million yuan, and 532 million yuan respectively, accounting for 57.9%, 48.1%, and 53.5% of the total procurement amount, respectively; Among them, the largest suppliers accounted for RMB179 million, RMB198 million and RMB372 million respectively, accounting for 35.7%, 35.0% and 37.4% of the total procurement value
This high level of dependence means that the company's relationship with suppliers plays a vital role in the growth of the company's business, and any interruption in the cooperation between the company and its suppliers, or the increase in operating costs due to fluctuations in energy prices such as fuel supply and availability, etc., may adversely affect the company's operations and growth prospects.
Overall, the company will show rapid growth in 2023 in terms of performance, but the degree of recovery in profitability still needs to be improved. At present, the company's business as a whole tends to be stable, but the close cooperation with customers and suppliers also brings unstable factors to the company's business development.