婴儿监护器HelloBaby二度提交招股书，严重依赖美国市场

Core Viewpoint - HelloBaby's parent company, 聚智科技, is seeking to go public on the Hong Kong Stock Exchange, marking its second attempt after a previous application expired [1][2]. Financial Performance - 聚智科技 reported revenues of approximately 191 million, 348 million, and 462 million yuan for the years 2022 to 2024, with year-on-year growth rates of 82.67% and 32.76% for the latter two years [2]. - The net profit attributable to shareholders was 35 million, 63 million, and 94 million yuan for the same period, with growth rates of 82.11% and 49.21% [2]. Market Dependency - The company attributes its revenue growth to its own brand sales of baby monitors in the U.S., primarily through Amazon, with over 90% of its revenue coming from overseas [3][8]. - In 2024, revenue from North America was 374 million yuan, accounting for 80.7% of total revenue, while revenue from Europe was 75 million yuan, making up 15.8% [3]. Marketing and Advertising Expenditure - 聚智科技's marketing and advertising expenses were approximately 17 million, 29.3 million, 45.9 million, and 16.8 million yuan for the years 2022 to 2024 and the first four months of 2025 [4]. - A significant portion of this expenditure was directed towards Amazon, with a 136.8% increase in sponsored ads from 2022 to 2023 and a further 75.1% increase in 2024 [5]. Sales Performance on Amazon - The number of ad impressions and clicks for 聚智科技's products on Amazon saw significant growth, with impressions reaching approximately 238 million, 444 million, and 570 million for the years 2022 to 2024 [6]. - Sales revenue from Amazon was approximately 163 million, 316 million, and 442 million yuan for the same years, representing about 85.4%, 90.8%, and 95.6% of total revenue [6]. Market Share - 聚智科技 holds a 38.7% market share among online sellers of baby monitors exported to the U.S., ranking third among all exporters based on the number of units sold [7]. Trade Risks - The company faces increased risks due to the U.S.-China trade tensions, with potential tariffs on its products reaching up to 30% [8][10]. - Despite a revenue increase of approximately 5.63% in the first four months of 2025, net profit declined by 15.15% compared to the same period in 2024 [9]. Pricing Strategy - In response to the tariffs, 聚智科技 raised its product prices in the U.S. from approximately $70-$80 to $80-$100, resulting in a potential decrease in sales volume [10][11]. Future Outlook - The company has stockpiled approximately 266,000 baby monitors in U.S. warehouses to mitigate the impact of tariffs, which should sustain sales for about three to four months [11]. - The long-term impact of tariffs and market conditions remains uncertain, raising questions about the company's future strategy post-tariff exemption period [12].