极光大数据招股书（英文）-2018.7.26-277页-1mb

报告摘要

Summary of Aurora Mobile Ltd (Form 424B4)

Core Content

Aurora Mobile Ltd is offering 9,060,000 American Depositary Shares (ADSs) in its initial public offering (IPO), with the ADSs listed on the Nasdaq Global Market under the symbol "JG." The offering is structured such that three ADSs represent two Class A common shares, and the company is classified as a "controlled company" due to the founder, Mr. Weidong Luo, beneficially owning 82.1% (or 82.0% if underwriters exercise their over-allotment option) of the total voting power. Class A shares have one vote each, while Class B shares have ten votes and are convertible into Class A shares.

The IPO price is set at US$8.50 per ADS, with total proceeds to the company estimated at US$71.6 million (assuming underwriters do not exercise their over-allotment option). The underwriters may purchase up to an additional 453,000 ADSs to cover over-allotments. Selling shareholders will not receive proceeds from the sale of ADSs.

The prospectus is not approved by the SEC or any regulatory body, and the information provided is accurate as of the date of the prospectus.

Main Points

Company Overview:
- Aurora Mobile Ltd is a leading mobile big data solutions platform in China.
- It provides developer services such as push notification, instant messaging, analytics, sharing, and SMS.
- As of March 31, 2018, it served over 318,000 mobile app developers across various industries.
- Its push notification service, JPush, had a 53.8% market share in 2017.
- It reached 925 million monthly active unique mobile devices in March 2018, representing 90% of mobile device coverage in China.
Services and Solutions:
- Targeted Marketing: Helps advertisers with precise audience targeting.
- Financial Risk Management: Assists financial institutions in credit and lending decisions.
- Market Intelligence: Provides real-time analytics on app usage and trends.
- Location-Based Intelligence: Offers insights for offline industries like retail and real estate.
Technology Infrastructure:
- The company operates a proprietary network of over 4,600 servers across China.
- This infrastructure supports real-time data processing and AI-powered analytics.
- It collects and processes 13 billion SDK installations as of March 31, 2018.
Financial Performance:
- Revenues increased by 304.9% in 2017 to RMB284.7 million (US$45.4 million).
- Revenues in the three months ended June 30, 2018, reached RMB165.1 million (US$25.0 million), up 233.6% from the same period in 2017.
- Gross profit rose to RMB47.0 million (US$7.1 million) in the three months ended June 30, 2018, compared to RMB9.2 million in the same period in 2017.
- Net loss for the three months ended June 30, 2018, was RMB11.8 million (US$1.8 million), down significantly from RMB30.2 million in the same period in 2017.
- Adjusted EBITDA was negative RMB5.9 million (US$0.9 million) in the three months ended June 30, 2018, compared to negative RMB29.9 million in the same period in 2017.
Market Trends:
- The Chinese mobile internet user base grew from 619.8 million in 2015 to 752.7 million in 2017, with a CAGR of 10.2%.
- The mobile app developer services market in China is expected to grow significantly, with the number of unique apps using third-party services projected to reach 2.1 million by 2023, representing a CAGR of 9.8%.
- Push notification services are the most popular among app developers, with a CAGR of 18.0% from 2015 to 2017.
Growth Strategies:
- Broaden and deepen the data pool by expanding developer services.
- Enhance AI and machine learning capabilities.
- Develop new data solutions to meet evolving customer needs.
- Expand into selected global markets.
Competitive Strengths:
- Dominant position in developer services.
- Extensive and diverse mobile data with high volume, variety, velocity, and veracity.
- Proven product development and commercialization capabilities across industries.
- Scalable and flexible business model with multiple monetization opportunities.
- Visionary and experienced management team.
Challenges and Risks:
- Maintaining or increasing growth rates.
- Achieving and sustaining profitability.
- Attracting and retaining customers.
- Complying with data privacy and protection laws.
- Competing with current and future competitors.
- Penetrating the existing developer services market.
- Maintaining brand reputation.

Key Information

IPO Details:
- Number of ADSs: 9,060,000
- Price per ADS: US$8.50
- Total Proceeds: US$71.6 million (assuming underwriters do not exercise over-allotment)
- Underwriters: Goldman Sachs (Asia) L.L.C., Credit Suisse, Deutsche Bank Securities
Corporate Structure:
- The company is structured as a VIE (Variable Interest Entity) with a WFOE (Wholly Foreign-Owned Enterprise).
- Mr. Weidong Luo holds 80% equity interest in the VIE, while Xiaodao Wang and Jiawen Fang hold 10% each.
- The VIE is consolidated in the company's financial statements under U.S. GAAP.
Recent Financial Highlights (Q2 2018):
- Revenues: RMB165.1 million (US$25.0 million)
- Gross Profit: RMB47.0 million (US$7.1 million)
- Net Loss: RMB11.8 million (US$1.8 million)
- EBITDA: Negative RMB5.9 million (US$0.9 million)
- Monthly Active Unique Devices: ~971 million in June 2018
Non-GAAP Financial Measures:
- Adjusted Net Loss (2017): RMB82.0 million (US$13.1 million)
- Adjusted Net Loss (Q2 2018): RMB19.3 million (US$3.1 million)
- Adjusted Net Loss Margin (2017): 28.8%
- Adjusted Net Loss Margin (Q2 2018): 15.3%
Data Insights:
- The company collects 180.4 billion geographic location data records in June 2018.
- JPush sent over 8.7 billion messages daily on average in the three months ended June 30, 2018.
Industry Outlook:
- The Chinese mobile marketing industry is expected to grow from US$29.7 billion in 2017 to US$94.2 billion in 2023, with a CAGR of 21.2%.
- The financial risk management services market is projected to reach US$168.3 billion by 2023, with a CAGR of 67.2%.
Legal and Regulatory Matters:
- The company is an "emerging growth company" and eligible for reduced public company reporting requirements.
- The prospectus contains forward-looking statements and industry data, which are subject to risks and uncertainties.
Translation Note:
- RMB to USD exchange rate used: RMB6.6171 to US$1.00 (as of June 29, 2018).