According to IPO Home, YESMRO Holdings Limited, a professional provider of digital FA (Factory Automation) parts, has submitted a listing application to The Stock Exchange of Hong Kong Limited.
YESMRO's operational history dates back to 2016. Following the establishment of its core operating entity, Shanghai Sheti, the company pioneered the digital transformation of the FA parts industry, initially focusing on small customers by building an instant inventory supply chain and gradually evolving into a core partner for automated equipment manufacturers. As of September 30, 2025, the company had served over 24,000 automated equipment manufacturers across various industries, with customer retention rates for 2023, 2024, and the first three quarters of 2025 reaching 67.3%, 70.9%, and 73.3% respectively, indicating steadily increasing customer loyalty.
According to CIC data, based on 2024 revenue, YESMRO ranked first among domestic suppliers focused on the FA sector in China's digital FA factory automation parts procurement service market, capturing a market share of 8.5%. The company's core competitiveness is reflected in its industry-leading in-stock supply and delivery capabilities—its in-stock rate exceeded 81.3% during the track record period, with an on-time delivery rate of 96.5% and inventory turnover days below 20, effectively addressing the core pain point of automated equipment manufacturers' high demand for delivery timeliness.
YESMRO's business model is built on two mutually reinforcing flywheels: the continuous expansion of customer scale and loyalty, and the simultaneous enhancement of own-brand offerings and profitability, with the core driver being its self-developed IT system, "Constitution Brain," and a dedicated sales team. Through its digital platform YESMRO.cn and WeChat mini-program, the company achieves end-to-end digitization of the entire procurement process; its AI-driven product selection system boasts an automatic matching rate of 65%, significantly reducing customer procurement costs.
In terms of product supply, the company has established a dual-track strategy comprising "third-party brands + own brands." As of September 30, 2025, it had partnered with approximately 2,500 suppliers and over 800 brands, offering more than 3.67 million available stock-keeping units (SKUs) covering seven core categories including industrial control, low-voltage control, and sensors. The own brand launched in 2022 has performed remarkably well; by the end of the third quarter of 2025, it had over 837,000 SKUs, with revenue growing 71.2% from 2023 to 2024, and a gross margin reaching 26.2% during the same period—significantly higher than the 6.2% for third-party brands—making it a key lever for optimizing the profit structure.
Benefiting from the global intelligent transformation of manufacturing and the expansion of downstream industries such as 3C electronics and new energy vehicles, demand for FA parts continues to grow. CIC predicts that the market size for FA factory automation parts procurement services in China will increase from RMB 84 billion in 2024 to RMB 118.1 billion in 2029, representing a compound annual growth rate (CAGR) of 7.1%. The digital procurement service segment is growing even faster, with a projected CAGR of 17.2% from 2024 to 2029, expected to reach a market size of RMB 16.8 billion by 2029, with penetration rising to 14.2%.
Against this backdrop, YESMRO has achieved steady growth: revenue was RMB 534 million in 2023, increased to RMB 637 million in 2024 (a year-on-year increase of 19.2%), and reached RMB 554 million for the first three quarters of 2025 (a year-on-year increase of 22.3%). Customer metrics also improved concurrently; in 2024, there were 23,900 new registered users and 16,000 paying users, with an average spending per customer of RMB 39,800 and an average monthly purchase frequency of 3.5 times, indicating continuous business scale expansion.
Financial data shows the company is still in a growth phase, recording net losses of RMB 402 million in 2023, RMB 680 million in 2024, and RMB 294 million for the first three quarters of 2025, primarily affected by non-cash factors such as fair value changes of convertible redeemable preferred shares. Excluding these factors, adjusted net losses have been narrowing continuously, standing at RMB 38.8 million for 2023, RMB 28.15 million for 2024, and RMB 12.09 million for the first three quarters of 2025, indicating a gradual improvement in profitability.
As of September 30, 2025, the company had net current liabilities of RMB 1.789 billion, primarily related to liabilities for convertible redeemable preferred shares; the company expects these liabilities to convert into equity after listing, at which point it will transition to a net current asset position. The proceeds from this IPO are intended mainly for four areas: strategic development and ecosystem expansion of the own brand, strengthening market position and global expansion, upgrading information technology and digital intelligence capabilities, and expanding the automated warehousing network plus supplementing working capital.
The current competitive landscape in China's digital FA parts procurement service market is intense, with participants including comprehensive MRO service providers, specialized providers focused on the FA sector, and traditional distributors. YESMRO's core competitive advantages lie in its specialized capabilities深耕 the FA field, data-driven inventory management efficiency, and rapidly growing own brand. However, the company also faces multiple risks, including inventory management pressure, reliance on third-party suppliers, risks of IT system disruptions, intensifying market competition, and liquidity pressure from sustained losses.
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