樂思集團再闖港交所，依賴前五大供應商，市場份額不足1%
據港交所披露，近期，樂思集團有限公司（以下簡稱“樂思集團”）再次向港交所遞交招股書，獨家保薦人為華升資本。據悉，公司曾在2022年8月遞表港交所。
樂思集團是中國的移動廣吿服務供應商，向客户提供全面的移動廣吿服務。據艾瑞諮詢報吿，移動廣吿行業競爭激烈，市場頗為分散，按2022年總賬單計算，五大業者佔有的市場份額約為9.6%，而公司的市場份額約0.1%。
股權架構方面，招股書顯示，Ka Lok BVI持有公司95%的股份，而在Ka Lok BVI的股東結構中，趙利兵通過Quartet Yutong BVI持股57.77%，餘燦良通過Remit Sheng BVI持股35.55%，餘燦良的配偶舒清通過Jing Sing BVI持股6.67%，聶江通過Jiang Oofy BVI持股0.01%。
公司股權結構圖，圖片來源：招股書
本次申請上市，樂思集團擬募集資金用於擴大客户基礎及廣吿分發網絡，並以此擴大移動廣吿業務；以及提升短視頻製作能力、優化升級自家開發平台功能、為中國或海外市場的廣吿及營銷的併購機會提供資金、營運資金及一般企業用途。
招股書顯示，2020年至2022年，樂思集團分別實現收益約3.78億元、4.70億元、4.93億元，年內溢利分別約4977.3萬元、5748.8萬元、6830.7萬元。
綜合業績概要，圖片來源：招股書
樂思集團的服務包括移動營銷規劃、流量獲取、廣吿素材製作、廣吿投放、廣吿優化、廣吿活動管理、廣吿分發服務。具體來看，2020年至2022年，公司來自移動廣吿解決方案服務的收益佔比均超90%，是公司的重要收入來源。
按服務類別劃分按總額及淨額基準計算的收益明細，圖片來源：招股書
2020年至2022年，公司的毛利率分別為20.4%、19.9%及20.9%。
值得注意的是，公司服務成本中絕大部分是流量獲取成本。公司依靠媒體夥伴供應廣吿庫存以為客户投放移動廣吿，報吿期內，公司的流量獲取成本分別約2.92億元、3.64億元、3.77億元，呈逐年上升趨勢，佔同期總服務成本的比例分別約97.0%、96.7%及96.9%，佔比較大。
公司較為依賴前五大供應商。報吿期內，樂思集團前五大供應商合計分別佔其總服務成本約92.5%、93.9%及70.5%，供應商集中度較高。如果公司與主要供應商之間的合作發生變化，可能會影響公司正常經營。
2020年至2022年，公司前五大客户合共分別佔其收益約75.4%、67.3%及48.0%，儘管佔比有所下降，但仍較高。如果公司與主要客户之間的合作發生變化，可能會影響公司的經營業績。
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