聚智科技港股IPO：业绩增长放缓，股权较集中

Core Viewpoint - 聚智科技 is preparing for an IPO on the Hong Kong Stock Exchange, focusing on enhancing the quality of daily life for parents and infants through its electronic products, primarily baby monitors [1] Group 1: Company Overview - 聚智科技 specializes in manufacturing baby electronic products, with a significant revenue contribution from baby monitors, which are expected to account for approximately 97% of revenue in 2024 [1] - The company generates most of its revenue from overseas markets, with North America contributing 80.7%, Europe 15.8%, and Asia 2.5% in 2024 [1] - Sales are predominantly conducted through the Amazon platform, which accounts for 95.6% of total revenue [1] Group 2: Financial Performance - From 2022 to 2024, the sales volume of baby monitors increased from 4.02 million units to 11.38 million units, but the growth rate is showing a declining trend [2] - Revenue figures for the years 2022, 2023, and 2024 are RMB 190.499 million, RMB 347.992 million, and RMB 462.356 million respectively, with a projected revenue of RMB 141.471 million for the first four months of 2024 [3] - Net profit is expected to reach RMB 94.693 million in 2024, but the net profit for the first four months of 2025 is RMB 28.314 million, reflecting a year-on-year decline of 13.7% [2][3] Group 3: Investment and Ownership Structure - The founder, Liu Qiang, holds 80% of the company's shares through Habibi International, indicating a concentrated ownership structure [4] - In August 2024, Hongda Wealth acquired 20% of the shares for HKD 19.9003 million, becoming the only external investor [4] Group 4: Use of IPO Proceeds - The funds raised from the IPO will be allocated to expanding sales channels and geographic coverage, enhancing brand awareness, developing new products, upgrading existing products, purchasing new production equipment, and supplementing general working capital [6]