Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, having previously withdrawn its application for the Sci-Tech Innovation Board in 2022, indicating a strategic shift towards an IPO in Hong Kong [1][3]. Company Overview - Founded in 2013 by Lin Zhe, Shangmi Technology specializes in Business Internet of Things (BIoT) solutions, providing services across various sectors including restaurants, supermarkets, fitness, clinics, and logistics [3][4]. - The company has developed several innovative products, including the world's first on-demand delivery POS solution and a comprehensive BIOT platform, achieving significant international sales [3][9]. Financial Performance - The company has experienced fluctuations in revenue, with total revenues of approximately RMB 34.04 billion in 2022, RMB 30.71 billion in 2023, and projected RMB 34.56 billion in 2024 [12]. - The gross profit margins for these years were 28.1%, 26.7%, and 28.9% respectively, with a notable decline in 2023 attributed to a decrease in high-margin sales from the Americas [12]. Revenue Composition - Over 90% of the company's revenue is derived from smart device sales, with a significant portion coming from smart financial devices, which saw a revenue increase of 39.8% in 2023 [6][8]. - The PaaS platform and custom services contribute a minor share of the total revenue, indicating a heavy reliance on hardware sales [7][8]. Market Position - Shangmi Technology is recognized as the largest provider of Android-based BIOT solutions globally, holding over 10% market share [16]. - The company has established a strong presence in the food and beverage sector, serving over 70% of the top 50 global companies in this industry [16]. Customer Base and Risks - The number of customers has declined from 2,506 in 2022 to 2,262 in 2024, raising concerns about future revenue growth if new customers are not attracted [17]. - The company faces credit risks related to accounts receivable, which have increased significantly over the years, indicating potential liquidity challenges [17]. Future Outlook - The global BIOT solutions market is projected to grow, with an expected compound annual growth rate of 5.9% from 2024 to 2029, suggesting potential opportunities for Shangmi Technology [13]. - Despite being the largest player in its segment, the company must navigate competitive pressures and operational risks to sustain growth [18].
商米科技冲击港股,小米、美团押注,2023年业绩下滑