鹿客Lockin冲刺港交所：静脉智能锁出货量位居全球第一，年营收超10亿元

Core Viewpoint - Luoketech (Beijing) Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming for a main board listing, with China Galaxy International as the sole sponsor [2] Company Overview - Established in 2014, Luoketech focuses on providing comprehensive solutions for home and community security, smart management, and home care, centered around smart locks [2] - The company launched the "Cloud Ding" integrated apartment smart lock and management system in 2015, leading the smart management trend in China's apartment sector [2] - Luoketech holds the largest market share in China's apartment smart lock segment as of 2024, according to Frost & Sullivan [2] Product Development - In 2021, Luoketech introduced the industry's first mass-produced vein recognition smart lock, followed by the launch of the first mass-produced palm vein smart lock in 2023 [2] - The company has advanced biometric authentication from fingerprint and facial recognition to more secure and precise vein recognition, significantly improving security performance metrics [2] Market Position - At CES earlier this year, Luoketech unveiled the world's first AI smart lock with long-distance wireless light charging capabilities, the V7 Max [3] - In 2024, Luoketech is projected to ship 1.3 million smart locks globally, ranking fourth worldwide with a market share of 2.6%, and third in mainland China with a market share of 5.8% [3] - The company leads the industry in palm vein smart lock shipments with a market share of 10.5% [3] Industry Trends - The global home security management solutions market is expected to grow at a compound annual growth rate (CAGR) of 11.4%, reaching $66 billion by 2029 [4] - The transition to "AI home security" is anticipated, moving from basic device connectivity to proactive sensing, intelligent decision-making, and automated services [4] - Smart locks are identified as essential physical entry points in home scenarios, with high interaction frequency and potential to become the physical gateway for future smart home systems [4] Financial Performance - Luoketech's revenue for 2023 and 2024 is reported at 1.015 billion yuan and 1.086 billion yuan, respectively, with a year-on-year increase of 11.5% in the first three quarters of 2025 [4] - The company's gross margins for 2023, 2024, and the first three quarters of 2025 are 31.1%, 35.2%, and 31.2%, respectively, while net profit margins are 1.4%, 4.9%, and 4.1% [5] Investment and Valuation - Luoketech has received investments from notable institutions including Baidu, SIG Asia, and Xiaomi, achieving a valuation of 3.5 billion yuan after a 200 million yuan investment from Zhongguancun Science City in December 2025 [6] - Baidu holds an 18.43% stake in Luoketech, making it the largest external investor [7] IPO Fund Utilization - The net proceeds from the IPO are intended for long-term technology research and development, enhancing the AI-enabled home security technology ecosystem, brand marketing, overseas market expansion, debt repayment, and general corporate purposes [7]