卡奥斯递表港交所！“海尔系”有望再扩容

Core Viewpoint - Kaos IoT Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to enhance its global expansion strategy and strengthen its core platform capabilities [1][5]. Group 1: Company Overview - Kaos was established in April 2017 and is an industrial internet platform under Haier Group, having developed the COSMOPlat platform to assist enterprises in digital transformation [1]. - The company has achieved large-scale commercial application of its products and solutions across various verticals, serving over 9,500 paying customers [3]. Group 2: Financial Performance - Kaos's revenue is projected to increase from RMB 49.94 billion in 2023 to RMB 50.69 billion in 2024, with a revenue of RMB 44.21 billion reported for the first nine months of 2025 [3]. - The company has turned a net loss of RMB 82.72 million in 2023 into a profit of RMB 65.14 million in 2024, with a significant increase in net profit to RMB 17.6 million in the first three quarters of 2025, representing a 393% year-on-year growth [3][4]. - The net profit margin is expected to improve from -1.7% in 2023 to 4.0% by the end of September 2025, attributed to increased gross profit and operational efficiency [3]. Group 3: Market Strategy and Global Expansion - Kaos has shifted its listing strategy from A-shares to Hong Kong due to regulatory uncertainties in the A-share market and aims to leverage Haier Group's international network for global expansion [5]. - The company plans to enhance its market penetration in key industries and regions, focusing on emerging markets in the Americas, Southeast Asia, and the Middle East [5]. - As of September 2025, Kaos's solutions have been promoted in over 20 countries, serving more than 50 overseas enterprises [6]. Group 4: Shareholding Structure - Haier Group is the controlling shareholder of Kaos, holding approximately 78.04% of the voting rights, with direct ownership of 10.83% and additional stakes through subsidiaries [3]. Group 5: Industry Context - The listing of Kaos on the Hong Kong Stock Exchange is expected to expand the "Haier system," which currently includes multiple listed companies under Haier Group [7].