产业链夹层致定价权缺失：惠康科技未上市业绩已下滑

Core Viewpoint - Ningbo Huikang Industrial Technology Co., Ltd. (Huikang Technology) is applying for an IPO on the Shenzhen Stock Exchange, showcasing strong performance in the home ice maker market, but faces structural risks and challenges due to reliance on external markets and lack of pricing power [1][12][21] Business Model - Huikang Technology primarily operates under the ODM (Original Design Manufacturer) model, with ODM revenue accounting for 81.10% to 88.19% of total revenue from 2022 to 2024, indicating a focus on engineering manufacturing rather than brand premium [1][13][14] - The company acts as a "behind-the-scenes craftsman," converting standardized industrial raw materials into finished ice makers at lower costs than local production in Europe and the U.S. [2][13] Financial Performance - In the first half of 2025, Huikang Technology reported a revenue of 111.69 million yuan, a decrease of 23.35% compared to the previous year, with sales volume dropping by 17.91% [5][16][17] - The average selling price of ice makers has shown a downward trend, decreasing from 435.22 yuan per unit in 2022 to 365.76 yuan in the first half of 2025, reflecting pressure from both raw material costs and competitive pricing [4][15] Market Dynamics - The company derives a significant portion of its revenue from overseas markets, with foreign sales accounting for 79.46% to 45.46% of total revenue from 2022 to 2025, primarily in North America [7][18] - External factors such as U.S.-China trade tensions and tariff policies have negatively impacted performance, forcing the company to negotiate price reductions with clients, thereby absorbing tariff costs [7][18] Strategic Initiatives - To mitigate risks, Huikang Technology plans to establish a production base in Thailand, allocating 10.58% of IPO proceeds for this project, aiming for an annual production capacity of approximately 4 million units by late 2025 [8][19][20] - However, this strategy faces challenges, including potential scrutiny from U.S. authorities regarding "country of origin" issues and higher local procurement costs in Thailand compared to its current operations in Ningbo [8][19] Competitive Landscape - The company faces increasing competition from domestic giants like Midea and Haier, which are entering the ice maker market, posing a threat to Huikang Technology's leading position [21] - As a "national high-tech enterprise," Huikang Technology's R&D expenditures have been relatively low, ranging from 2.51% to 3.04% of revenue, raising concerns about its technological capabilities [10][22]