刚刚！IPO审1过1！

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating a significant step towards public listing and potential growth in the smart network camera and IoT video product market [1]. Group 1: Company Overview - The company specializes in the research, design, production, and sales of smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [2][3]. - Founded in February 2017, the company transitioned to a joint-stock company in November 2020 and was listed on the National Equities Exchange and Quotations in May 2022 [3]. - As of June 30, 2025, the company has a total of 53 employees and operates four wholly-owned subsidiaries [3]. Group 2: Shareholding Structure - Yuan Haizhong directly holds 65.66% of the company's shares and indirectly controls an additional 32.34% through Rui Mi Investment, totaling 98.00% of the shares before the IPO [4]. Group 3: Financial Performance - The company's revenue for the reporting period was 548.55 million yuan, 672.89 million yuan, 743.01 million yuan, and 356.81 million yuan, with net profits of 39.07 million yuan, 71.46 million yuan, 81.63 million yuan, and 32.07 million yuan respectively [5][6]. - The gross profit margin has shown an upward trend, increasing from 26.42% in 2022 to 35.38% in 2025 [6]. - The company has maintained a research and development investment ratio of around 10% of its revenue, indicating a commitment to innovation [6]. Group 4: Listing Standards and Inquiries - The company has chosen to meet the listing standards set by the Beijing Stock Exchange, which require a market value of no less than 200 million yuan and a net profit of at least 15 million yuan over the last two years [7]. - Key inquiries raised during the review process include the authenticity of operating performance, sustainability of revenue growth from proprietary brand products, and the rationale behind the declining sales price of module products [7].