Sharetronic(SZ:300857) Zhi Tong Cai Jing·2025-10-22 23:07Core Viewpoint - The company, Xiechuang Data (300857.SZ), has submitted an application for listing on the Hong Kong Stock Exchange, with Tianfeng International, Bank of Communications International, and Guangyin International as joint sponsors [1]. Company Overview - Xiechuang Data operates with a business model centered on technological innovation, providing integrated services through advanced hardware and software solutions. The company focuses on data storage terminals, AIoT smart hardware, and AI computing, aiming to become a leader in the IoT smart terminal and data storage sectors [3][4]. - The company has developed the FCloud platform to offer customized cloud solutions, establishing a collaborative business system that processes and transforms data into AI computing services [3][4]. Market Position - According to Frost & Sullivan, Xiechuang Data is the second-largest domestic smart storage device manufacturer in the global market by SSD revenue and ranks second in the consumer-grade smart camera market with a 6.6% market share [4]. - The company has nearly 20 years of experience in the consumer electronics manufacturing sector and plans to scale investments in AI infrastructure starting in 2025, focusing on expanding its smart computing products and services [4]. Financial Performance - The company reported revenues of approximately RMB 3.15 billion, RMB 4.66 billion, RMB 7.41 billion, and RMB 4.94 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Corresponding net profits were about RMB 130 million, RMB 286 million, RMB 687 million, and RMB 422 million [6][7]. - The financial data indicates a significant growth trajectory, with revenues increasing from RMB 3.15 billion in 2022 to an expected RMB 7.41 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 56% [6][7].