博铭维拟港股IPO，面临客户集中度风险

Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, focusing on providing specialized space robots and AI solutions for pipeline operations [1][2]. Group 1: Company Overview - Bomengwei specializes in providing robotic solutions and AI platforms for special space operations, including comprehensive solutions for various types of pipelines and key nodes in water treatment and pumping stations [2]. - The company has focused its R&D on two core areas: special space robots and AI algorithms, achieving rapid commercialization with several industry-leading products [2]. - Bomengwei has expanded its market presence internationally, with its products and solutions applied in 15 countries and regions, serving over 4,000 clients [2]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first quarter of 2025 is projected to be 162 million, 214 million, 249 million, and 62 million respectively, with net profits of 22.39 million, 30.64 million, 40.15 million, and 10.046 million respectively [3]. Group 3: Customer Concentration Risk - Bomengwei faces customer concentration risk, with revenue from the top five customers accounting for 34.5%, 34.3%, 28.5%, and 33.9% of total revenue in 2022, 2023, 2024, and the first three months of 2025 respectively [4]. - Revenue from the largest customer represented 12.5%, 17.3%, 11%, and 12.1% of total revenue during the same periods [4]. Group 4: Market Demand and Competition - The future market demand for pipeline special space robots, engineering solutions, and UV curing repair hoses is uncertain, which may impact the company's business and financial performance [5]. - The industry is highly competitive, and failure to succeed in this environment could adversely affect the company's operations and financial status [5].