硬件独撑99％营收，商米科技IPO背后：站在BIoT爆发前夜向左还是向右

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. is attempting to go public again, aiming to become the first stock in the commercial Internet of Things (BIoT) sector, despite facing significant challenges such as performance volatility, customer attrition, and reliance on an OEM model [2][3]. Financial Performance - Shangmi Technology's revenue from 2022 to 2025 (first three quarters) was 34.04 billion, 30.71 billion, 34.56 billion, and 22.41 billion respectively, with a 9.8% year-on-year decline in 2023 and a 12.5% recovery in 2024, yet not returning to 2022 levels [3][4]. - Net profit for the same periods was 1.60 billion, 1.01 billion, 1.81 billion, and 560.79 million, with net profit margins of 4.7%, 3.3%, and 5.2% for 2022 to 2024, dropping to 2.5% in the first three quarters of 2025 [3][4]. Business Structure - The majority of Shangmi Technology's revenue comes from hardware sales, accounting for 99.5%, 98%, 99.5%, and 99% from 2022 to 2025 (first three quarters) [4]. - The gross margin for hardware sales was 28%, 26.5%, 28.7%, and 32.4% for the same periods, while the higher-margin PaaS platform and custom services had gross margins of 43.2%, 38.6%, 51.1%, and 77.2%, but their revenue contribution remained around 1% [4][5]. Customer Base Concerns - The total number of customers has decreased from 2,506 in 2022 to 1,965 in the first three quarters of 2025, a decline of 22% [6]. - Ongoing arbitration with a major customer, referred to as "Customer B," involves a claim of $354 million, with this customer contributing 16.5%, 22.0%, and 12.5% of revenue in 2023, 2024, and the first three quarters of 2025 respectively [6]. Production Model - Shangmi Technology relies heavily on an OEM/ODM model, with the number of third-party manufacturers increasing from 23 to 28 during the reporting period [7]. - The company faces risks related to supply chain stability, quality control, and cost fluctuations due to its reliance on third-party manufacturers [7]. Market Position and Growth Potential - Despite challenges, Shangmi Technology remains a leader in the industry, with solutions deployed in over 200 countries, covering more than 90% of the global market, and holding over 10% market share in the Android BIoT solutions sector [8]. - The BIoT solutions market is expected to grow at a compound annual growth rate of 23.7%, increasing from 32 billion in 2024 to 92 billion by 2029 [8]. Industry Trends - The commercial IoT industry is becoming increasingly competitive, with a shift from hardware to integrated solutions that combine hardware, software, and services [10]. - There is a growing demand for customized solutions in vertical markets such as retail, dining, and logistics, with a focus on scenario-based capabilities as a core competitive advantage [10].