尚睿科技拟IPO：超八成收入来自美国，董事长程天乐持48%表决权

Core Viewpoint - Shangrui Technology Co., Ltd. has completed its IPO counseling work and is preparing for its listing on the Beijing Stock Exchange, with significant growth in revenue and net profit reported for the first three quarters of 2025 [2] Financial Performance - For the first three quarters of 2025, Shangrui Technology achieved total revenue of 920 million yuan, representing a year-on-year increase of 13.67%, and a net profit of 32.88 million yuan, up by 5.54% [2] - In the first half of 2024, the company reported revenue of 526.63 million yuan, with a gross profit margin of 44.76%, an increase from 41.94% in 2023 [3] - The net profit for the first half of 2024 was 36.47 million yuan, compared to 101.14 million yuan in 2023 [3] Brand and Product Portfolio - Shangrui Technology has over 20 proprietary brands, with 10 brands generating annual sales exceeding 10 million yuan each [2] - The company focuses on four main product categories: functional apparel, home living, digital technology, and maker hardware [2] Market Presence - The majority of Shangrui Technology's revenue comes from overseas markets, with North America being the primary source, accounting for 89.06% of total revenue in the first half of 2024 [4] - The company's international sales have consistently represented over 99% of total revenue in recent years [4] Leadership - Cheng Tianle is the actual controller of the company, holding 19.10% of the shares directly and controlling 48.21% of the voting rights [5] - Cheng has extensive experience in the industry, having held various managerial positions since 2007 and serving as the chairman and general manager of Shangrui Technology since June 2021 [5]