商米科技，拟赴港上市

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. plans to go public in Hong Kong, focusing on its transition from providing takeaway solutions to smart commercial devices, while facing challenges such as a declining customer base and a single business structure [1][2]. Company Overview - Shangmi Technology was established in December 2013, initially focusing on takeaway solutions for the restaurant industry. In August 2014, Xiaomi Group participated in its Series B financing, leading to a gradual shift towards smart commercial devices [1]. - The company operates primarily in the Business Internet of Things (BIoT) sector, integrating smart hardware, software, and data insights to enhance digital transformation in offline commercial scenarios [2]. Business Structure - The business structure of Shangmi Technology is relatively singular, consisting mainly of two segments: sales of smart devices and PaaS platform services. Sales of smart devices dominate the revenue, accounting for 99.5%, 98%, and 99.5% of total revenue in 2022, 2023, and 2024 respectively [2]. - Revenue from smart device sales for the years 2022, 2023, and 2024 is reported as 3.389 billion, 3.008 billion, and 3.438 billion respectively [2]. Customer Base Trends - The total number of customers has been decreasing, with figures of 2,506 in 2022, 2,337 in 2023, 2,262 in 2024, and 1,965 in the first nine months of 2025 [3]. - The company emphasizes that its success relies on maintaining and expanding its customer base, as well as encouraging increased usage of its products and services [3]. Industry Challenges - The BIoT industry faces challenges such as a lengthy iteration and digital penetration process, with varying adoption rates across different sectors [4]. - There is a high degree of demand dispersion and significant customization costs associated with BIoT hardware and software, making it difficult for small and medium-sized enterprises to afford tailored solutions [5]. - The industry also suffers from low collaboration efficiency, necessitating standardized, cost-effective hardware and PaaS solutions to facilitate better integration and cooperation among different participants [5].