冲击IPO！卡奥斯递表港交所 海尔系资本布局“加速跑”

Core Viewpoint - The "Haier system" is rapidly expanding its capital footprint, with Kaos IoT Technology Co., Ltd. submitting its IPO application to the Hong Kong Stock Exchange, following Haier New Energy's A-share listing guidance. Kaos aims to achieve profitability in 2024, supported significantly by Haier Group, which contributed 57.7% of its revenue in the first three quarters of 2025. If both companies successfully complete their IPO processes, the number of listed companies under Haier Group could increase to ten [1][12]. Group 1: Company Performance - Kaos reported steady revenue growth, achieving approximately RMB 4.994 billion in 2023 and RMB 5.069 billion in 2024, with net profits of approximately -RMB 82.72 million and RMB 65.14 million, respectively. In the first three quarters of 2025, revenue reached about RMB 4.421 billion, up from RMB 3.635 billion in the same period the previous year, with profits of approximately RMB 176 million, a significant increase from RMB 35.71 million [4][5]. - The company’s sales from mainland China accounted for 87.4% of its revenue in the first three quarters of 2025, while overseas sales contributed approximately 12.6% [5]. Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing over half of its revenue during the reporting periods. In 2023, 2024, and the first three quarters of 2025, sales to Haier accounted for approximately 72.2%, 67.5%, and 57.7% of Kaos's total revenue, respectively [6]. - Haier Group also serves as the primary supplier for Kaos, with procurement amounts of RMB 855 million, RMB 863 million, and RMB 684 million in the respective years, representing 21.7%, 22.3%, and 22.3% of total procurement [6]. Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, leveraging advanced technologies such as AI, IoT, and big data. It ranks first in the market based on projected revenue for 2024 [3]. - The decision to pursue an IPO on the Hong Kong Stock Exchange follows challenges faced in attempting to list on the STAR Market, where regulatory scrutiny and lengthy approval processes posed significant hurdles [3][4].