商米科技转战港股：自称“全球最大安卓端BIoT提供商” “卖设备”收入占比超98% 九成产品依赖代工

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. (Shangmi Technology), a provider of commercial Internet of Things (BIoT) solutions, is transitioning from the Science and Technology Innovation Board (STAR Market) to the Hong Kong Stock Exchange, backed by major investors like Ant Group, Meituan, and Xiaomi. The company has achieved profitability from 2022 to 2024, contrasting with its previous losses during its STAR Market application [1][3][4]. Financial Performance - Shangmi Technology reported revenues of RMB 34.04 billion, RMB 30.71 billion, and RMB 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 1.60 billion, RMB 1.01 billion, and RMB 1.81 billion during the same period [4][6]. - Despite a decline in revenue and net profit in 2023, the company has significantly improved its financial performance compared to its previous application period [4][6]. Business Model and Revenue Structure - The company claims to be the "largest Android-based BIoT provider globally," but over 98% of its revenue comes from hardware sales, indicating a reliance on a single revenue stream [3][6]. - The revenue from smart device sales for 2022-2024 was RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion, representing 99.5%, 98%, and 99.5% of total revenue, respectively [6][10]. Production and Cost Structure - Shangmi Technology relies heavily on OEM and ODM manufacturing, with over 92% of its products produced by third-party manufacturers, which affects its cost control and quality management [7][8][11]. - The gross profit margins for 2022-2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [7][11]. Shareholder Activity - Prior to the Hong Kong IPO, existing shareholders, including Ant Group's Yunxin Investment, have begun to reduce their stakes, indicating potential concerns about the company's future valuation and performance [2][13]. - Ant Group reduced its stake from 29.99% to 27.27% as part of a share transfer, reflecting a strategy to realize returns after a prolonged wait for the company's IPO [13]. Market Challenges - Shangmi Technology faces significant challenges in transitioning its business model from hardware sales to a more diversified IoT ecosystem service, which will be crucial for its valuation in the Hong Kong market [12][13]. - The company must address concerns regarding its business moat and the sustainability of its growth strategy amid competition and market dynamics [13].