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  ”Harbor Business Observation” Huang Yan

  On February 27th, Yida Yun Technology Holdings Co., Ltd. (hereinafter referred to as “Yida Yun”) Secondary Hong Kong Stock Exchange applied for listing, and the China Recruit Bank International Department was exclusively sponsors.On June 26, 2023, Yi Da Yun submitted a listing application to the Hong Kong Stock Exchange for the first time to sprint the IPO.The main body of the domestic operation of Yi Da Yun is Shenzhen Yida Yun Technology Co., Ltd.

  Yi Da Yun is a service provider focusing on cross -border e -commerce supply chain solutions. It submits a listing application to show the company’s pursuit and determination to the capital market.The selection of China Merchants Bank as an exclusive sponsor also reflects the strategic adjustment of Yi Da Yun in the process of seeking listing.In the past 2023, what kind of achievements of Yi Da Yun have submitted the prospectus in a short period of time?


  The degree of dependence on upstream and downstream does not decrease

  The prospectus shows that from 2021 to 2023 (during the reporting period), the total revenue of Yi Da Yun was 632 million, 709 million, and 1.209 billion; net profit was 46.41 million, 36.292 million, 69.403 million;51.609 million, 40.591 million, and 80.424 million in turn; after adjustment (non -Hong Kong Financial Report Guidelines), in turn, 46.411 million, 36.827 million, and 91.896 million; the adjustment of EBIT (non -Hong Kong financial reporting standards) in order was 61.567 million, 5154.999,5154.910,000, 112 million.

  It is clearly seen that Yidyun’s income and net profit have made great progress in 2023.In addition, during the reporting period, E -Yun’s gross profit margin was 16.9 %, 15.0 %, and 16.3 % in turn; the net interest rate was 7.3 %, 5.1 %, and 5.7 % in turn;7.3 %, 5.2 %, and 7.6 %; the adjustment of the EBIT rate (non -Hong Kong financial report standard measurement) is 9.7 %, 7.3 %, and 9.3 %.Although the gross profit margin in 2023 has rebounded, it is still less than 2021.

  For the gross profit margins of various businesses, Yi Da Yun made a detailed introduction.According to the prospectus, according to Fhston Sandal, China’s “header” international freight services are fiercely competitive, and the profit is relatively low.To this end, Yi Dayun’s meager gross profit margin may even record the hair loss of “header” international freight services.During the reporting period, the gross profit margin of the “header” international freight services was 3.7 %, 2.1 %, and 2.3 % in turn.From 2021 to 2022, gross profit has been reduced, mainly due to the reduction in the company’s charging customer rates, which is consistent with the rates charged by international freight agency service providers.

  As far as the gross profit margin of the “Tail Cheng” performance service is concerned, in view of the fact that most of the core customers of Yidyun are brand owners or manufacturers (most of them are engaged in sales of electrical appliances, home supplies, automotive parts, outdoor products, machinery and equipment, hardware, etc.Large -piece items), the price of each order that the company can collect from customers is relatively high.In addition, Yi Da Yun pointed out that the company as a universiade and recognized partners, has received more preferential prices by suppliers.Therefore, during the reporting period, the gross profit margin of Yi Da Yun from the “Terminal” performance service was 21.8 %, 19.7 %, and 20.1 %. Although it has recovered in 2023, it is still less than 2021.

  It can be seen that the source of income from Yi Dayun is mainly to perform the contract for “tailing”, and Yi Da Yun admits that it will maintain a stable relationship with large customers through the way to make a profit.

  Regarding customers, the prospectus shows that during the track record period, the average annual net net US dollar reservation rate generated by the Yidyun platform customer account (that is, the average annual recurring income of the previous annual returning customers except the regular value of these customers in the past)It is 118 %.In addition, the number of customers’ core customers (core customers contributed more than 3 million yuan to customers for annual revenue) from 40 customers as of 2021 to 58 customers as of 2023.

  In addition, during the reporting period, the revenue from the top five customers from the top five customers accounted for 36.2 %, 34.2 %, and 37.0 % of the total revenue, and the total income from the largest customers accounted for 12.1 %, 12.4 %, and 12.5 %.From this point of view, under the above -mentioned customer strategy of Yida Yun, the dependence on the top five customers and the largest customers has increased.

  Not only that, Yi Da Yun’s dependence on suppliers has also increased.During the reporting period, the purchases of the five major suppliers accounted for 57.9 %, 48.1 %, and 53.5 % of the total procurement volume, respectively.Among them, the procurement of the largest suppliers accounted for 35.7 %, 35.0 %, and 37.4 % of the total procurement volume, respectively.

  Earlier, “Yidyun’s profit growth growth roller coaster: the gross profit margin pressure, low market share relying on supplier” published by “Harbor Business Watch” consults the Internet Electronic Commerce Research Center B2B and Cross -border E -commerce DepartmentZhang Zhouping, director and senior analyst, at that time, Zhang Zhouping believed that Yi Da Yun relied on the supplier’s dependence. “The profit space depends on the size to a certain extent.There are certain risks and uncertainties in the future development of the company. The equivalent sales costs brought by high income should be achieved.The head effect of this market is not obvious, and the long tail effect is obvious. It is only necessary to compete with large logistics companies in terms of price and services. Price reduction is a way to maintain competition, but continuous price reduction is not lasting. To maintain competition, you want to maintain competition.Li still needs to create its own brand and customer group. “

  After a lapse of half a year, Yi Da Yun’s situation did not increase.


  Cash flow is under pressure, borrowing from shareholders and subsidiaries

  In terms of cash flow, with the increase in the scale of E -Yunyun’s income, its level of trade receivable has also increased.During the reporting period, Yi Da Yun’s trade receivables were 44.206 million, 70.401 million, and 142 million.This has a certain connection with Yi Dayun’s customer strategy. For core customers, Yi Da Yun will give a longer repayment cycle and discount.For this reason, during the reporting period, the average number of days of the trade receivable of Yi Da Yun was 24 days, 30 days, and 32 days in order, which continued to rise.

  The prospectus shows that during the period of the track record period, the average business relationship between Yi Da Yun and the five customers is about four years.At the same time, the credit period of the company’s granting customers generally expires from the tenth day of the invoicing. For some major customers, it can be extended for up to two months.

  With the increase of trade receivables, Yidyun’s borrowing also increased with.The prospectus shows that from 2021 to 2023 and January 31, 2023, Yi Dayun’s borrowing was 18.34 million, 420.019 million, 52.42 million, and 44.806 million.

  It is worth noting that Yi Dayun pointed out in the prospectus, “If the Shenzhen Yidyun Group does not have enough property provided by shareholders as a guarantee or a personal guarantee, it may become difficult to obtain bank loans.” In view of the above situation, director Liu Liu, Liu Liu, Liu, LiuYong and the bank shall establish a interest -meter loan agreement, and then provide loans to Yid Yun, which is unsecured and the actual annual interest rate is 10 %.During the fiscal year in 2021, Yi Da Yun had an interest fee of 200,000.

  In addition, in fiscal year in 2022, Yi Da Yun and the same subsidiary Flextrade Holdings Limited entered into a loan agreement. Based on this, the company borrowed a principal of 100,000 Canadian dollars, $ 100,000, and $ 1 million to meet the needs of short -term funds.As of December 31, 2022, a total of 6.8 million loan settlements.In fiscal 2023, the Group has borrowed $ 1 million from Flextrade Holdings Limited to meet the needs of short -term funds.

  Judging from the rapid increase in the amount of borrowing of Yi Da Yun and the rapid increase in borrowing amounts from subsidiaries, Yida Yun’s current revenue scale has continued to increase, which has not met the company’s demand for funds.The preferential policies of the five customers may bring a lot of capital pressure.This may also be one of the reasons why Yi Da Yun was anxious to submit the prospectus for the second time.

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