New stock news | Easy Buy Supplies files for listing on the Hong Kong Stock Exchange, ranking first among domestic suppliers focusing on the FA field.

According to the disclosure made by the Hong Kong Stock Exchange on January 30th, YESMRO Holdings Limited (referred to as "Easy Buy") submitted an application for listing on the main board of the Hong Kong Stock Exchange, with ICBC International as its exclusive sponsor. According to Zhushi Consulting, based on the revenue in 2024, Easy Buy is the leading supplier in the Chinese digital FA factory automation components procurement service market, focusing on the FA field, with a market share of 8.5%. Company Overview The prospectus shows that Easy Buy is a leading provider of digital FA factory automation components in China, with strong capabilities in supply chain integration, research and development, and inventory management. Through data-driven insights and continuous research and development, the company enables automated equipment manufacturers to procure FA factory automation components with shorter delivery times and higher efficiency. Established in 2016, Easy Buy is committed to digitizing industries that have long relied on offline transactions, initially focusing on serving small customers to build an instant inventory supply chain for FA factory automation components. The company has achieved rapid growth and gradually established itself as the preferred partner for Chinese FA equipment manufacturers, providing direct services through a dedicated sales team. During the reporting period, the company has served over 24,000 different industries of automated equipment manufacturers. With its comprehensive service capabilities, the company's customers have shown high stickiness and repeat purchase rates, with customer retention rates of 67.3%, 70.9%, 68.6%, and 73.3% in 2023, 2024, and the nine months ending on September 30, 2025, respectively. Recognizing the importance of real-time delivery of parts in an industry where manufacturers typically face stringent deadlines, Easy Buy has always focused on technology-driven solutions. All core systems are internally developed to achieve process automation and data-driven decision-making. With deep insights into customer needs, the company dynamically manages inventory to ensure complete inventory units for same-day and next-day delivery services, achieving over 81.3% in-stock rate and 96.5% on-time delivery rate during the reporting period, which are considered industry-leading benchmarks. The company's inventory turnover days have been below 20 days for the entire reporting period, with cash conversion cycles of 1 day, -7 days, and -1 day for 2023, 2024, and the nine months ending on September 30, 2025, respectively, demonstrating the company's effective working capital management while maintaining high inventory availability. The company's business model is built on two interrelated flywheels: (i) customer scale and stickiness, and (ii) proprietary brand and profitability enhancement. These engines are empowered by a central core, including the company's proprietary IT system (Charter Brain) and a dedicated sales team serving end-users of company products. The diagram below illustrates the synergistic and complementary effects of these engines. Customers primarily access the company's products through the YESMRO.cn website and WeChat mini-program, enabling end-to-end digitization of the entire FA product procurement process while ensuring consistent user experience across devices. The platform interface is intuitive and visually rich, designed to attract customers and facilitate purchasing decisions. The overall purchasing experience is designed with reference to mainstream e-commerce platforms, making it intuitive and easy to use. Key features include comprehensive product search and filtering capabilities across multiple categories, intelligent product recommendations and price comparisons, and an AI-driven product selection system where customers can upload their parts list and automatically match them with the company's extensive database, achieving an automatic match rate of approximately 65% during the reporting period. This feature significantly saves customers' procurement time and labor costs compared to traditional methods. Financial Information Revenue In the fiscal years 2023, 2024, the nine months ending on September 30, 2024, and the nine months ending on September 30, 2025, the company achieved revenues of approximately RMB 5.34 billion, RMB 6.37 billion, RMB 4.53 billion, and RMB 5.54 billion, respectively. Gross profit and gross margin In the fiscal years 2023, 2024, the nine months ending on September 30, 2024, and the nine months ending on September 30, 2025, the company recorded gross profits of approximately RMB 40.68 million, RMB 46.39.8 million, RMB 33.92 million, and RMB 40.04 million, with corresponding gross margins of 7.6%, 7.3%, 7.5%, and 7.2% respectively. Annual/period losses For the fiscal years 2023, 2024, the nine months ending on September 30, 2024, and the nine months ending on September 30, 2025, the company recorded annual/period losses of approximately RMB 4.02 billion, RMB 6.80 billion, RMB 4.50 billion, and RMB 2.94 billion, respectively. Industry Overview China has over 200,000 automated equipment manufacturers, mainly concentrated in manufacturing-intensive areas such as the Yangtze River Delta and the Pearl River Delta. These enterprises play a crucial role in supporting the construction of production lines and the implementation of processes in the intelligent manufacturing system, providing products and services such as automated assembly lines, testing equipment, jigs, customized workstations, and control system upgrades to large manufacturing enterprises. They directly serve the layout and capacity expansion of production lines in end factories and are an important technical force driving the upgrade of manufacturing processes. Automated equipment manufacturers generally operate on a project-based basis with highly customized orders, short delivery cycles, and small production batches. Their production plans are closely linked to downstream customer capacity planning and new product iteration cycles, especially in the advanced manufacturing sector. Due to the industry's characteristics of rapid technological updates and tight delivery schedules, there is a high demand for rapid design, debugging, and delivery capabilities. Small and medium-sized enterprises demonstrate high technological intensity, high product added value, and rapid responsiveness, driving professional division of labor and automation upgrade in the industry. The procurement service for FA factory automation components revolves around the needs generated during the equipment design, assembly, debugging, and delivery processes of automated equipment manufacturers (including selection, comparison, procurement, stock allocation, and after-sales support), forming a comprehensive supply service system. This service covers various categories of automation components, including sensors, industrial controllers, and mechanical parts, and involves various participants from brand agents, regional distributors to service providers, playing a key role in supporting the project delivery and stable operation of production lines for automated equipment manufacturers. The market size of China's FA factory automation component procurement services increased from RMB 664 billion in 2021 to RMB 840 billion in 2024, with a compound annual growth rate of 8.2%. It is expected that this market will reach RMB 1,181 billion by 2029, with a compound annual growth rate of 7.1%. The market size of China's digital FA factory automation component procurement services increased from RMB 46 billion in 2021 to RMB 76 billion in 2024, with a compound annual growth rate of approximately 18.2%. By 2024, the digital penetration rate of China's FA factory automation component procurement services reached 9.0%. With the continuous growth in smart manufacturing investments, an increase in the number of automated equipment manufacturers, and rapid penetration of digital procurement models in the industry, this market is expected to reach RMB 168 billion by 2029, with a compound annual growth rate of 17.2% from 2024 to 2029. In the long term, as the demand for FA factory automation components continues to expand throughout the equipment production and maintenance lifecycle, the penetration rate of digital procurement services is expected to further increase. The market size is expected to maintain stable growth. Board of Directors Information After the IPO, the company's board of directors will consist of seven directors, including four executive directors and three independent non-executive directors. The board of directors is responsible for the overall business management and operations of the company. Shareholding Structure Mr. Zhu Hongtao holds 15.50% of the shares through Better Man Holdings Limited, while Mr. Zhu Yonggui holds 2.41% of the shares through GFA Holdings Limited. MPC Investors holds 15.19% of the shares, other pre-IPO investors hold 61.72% of the shares, and other shareholders hold 5.18% of the shares. Better Man Holdings Limited is a company registered in the British Virgin Islands and is wholly owned by Mr. Zhu Hongtao. Under the Securities and Futures Ordinance, Mr. Zhu Hongtao is deemed to hold rights in all shares held directly by Better Man Holdings Limited. The general partners of MPC V L.P. and MPC V-A L.P. are both MPC Management V L.P., and the general partner of MPC Management V L.P. is MPC GPGP V Ltd. Therefore, MPC Management V L.P. and MPC GPGP V Ltd. are deemed to hold interests in the shares held by MPC V L.P. and MPC V-A L.P. The general partners of QIMING VENTURE PARTNERS VII, L.P. and QIMING VII STRATEGIC INVESTORS FUND, L.P. are Qiming GP VII, LLC. Therefore, Qiming GP VII, LLC is deemed to hold interests in the shares held by QIMING VENTURE PARTNERS VII, L.P. and QIMING VII STRATEGIC INVESTORS FUND, L.P. Advisory Team Exclusive Sponsor and Overall Coordinator: ICBC International Financial Leasing Co., Ltd. Exclusive Financial Advisor: Lingfeng Capital Co., Ltd. Overall Coordinator: ICBC International Financial Leasing Co., Ltd. Company Legal Counsel: For Hong Kong Law: Han Kun Law Offices Limited; For Chinese Law: Han Kun Law Offices; For Cayman Islands Law: Maples and Calder (Hong Kong) LLP Exclusive Sponsor Legal Counsel: For Hong Kong Law: Jointly operated by Zhou Junxuan Law Firm and Beijing Tongshang Law Firm; For Chinese Law: Tianyuan Law Firm Auditors and Reporting Accountants: Ernst & Young LLP Industry Consultants: Zhushi Industry Consulting Co., Ltd. Compliance Advisor: Hobo Capital Ltd.