鹿客科技冲刺港股：静脉智能锁全球出货量第一，百度小米持股，上市打开海外市场，补充现金流

Core Viewpoint - Luoketech Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first publicly listed company in Hong Kong focused on smart locks, filling a gap in this market segment [5]. Market Position - Luoketech ranks first globally in the shipment of smart locks with a market share of 10.5%, and fourth in total smart lock shipments with a market share of 2.6%. In the Chinese market, it holds the third position with a market share of 5.8%. In the apartment smart lock segment, it leads with a market share of 20.2% [5]. Financial Performance - The projected revenues for Luoketech are 1 billion RMB in 2023 and 1.086 billion RMB in 2024, with gross profits of 316 million RMB and 383 million RMB respectively. For the first nine months of 2025, revenue reached 774 million RMB, an 11.5% increase from 694 million RMB in the same period last year, while gross profit was 241 million RMB [6][7]. - The gross margin for 2023 was 31.1%, which decreased to 35.2% in 2024, reflecting a 4 percentage point decline attributed to a higher proportion of lower-margin ODM project revenues [6][8]. Shareholder Composition - The company has notable shareholders including Baidu, which holds 18.43% (14.72% by Baidu Net and 3.71% by Baidu Biwei), making it the largest institutional shareholder, along with Shunwei Capital holding 7.25% [8]. Fundraising Purpose - The net proceeds from the IPO will be allocated to three main areas: long-term technology research and development to enhance AI-enabled home security technology, marketing for its own brand and expansion into overseas markets, and repayment of existing debts and supplementing working capital [9]. Business Transformation - If the IPO is successful, the company's reliance on ODM business may be addressed through product transformation, potentially positioning it as a leader in the smart home security hardware industry [10].