鹿客科技冲刺IPO，患“小米依赖症”，自有业务萎缩

Core Viewpoint - Luoketech (Beijing) Co., Ltd. has submitted an application for a mainboard IPO to the Hong Kong Stock Exchange, aiming to become the "first AI smart lock stock" in the Hong Kong market [1] Group 1: Financial Performance - The company reported revenue growth from 1.015 billion to 1.086 billion yuan from 2023 to 2024, with a year-on-year increase of 11.5% in the first three quarters of 2025, reaching 774 million yuan [2] - Profits for 2023 and 2024 are projected at 14.03 million and 53.11 million yuan, respectively, with 31.98 million yuan reported for the first three quarters of 2025 [3] Group 2: Cash Flow Challenges - Operating cash flow showed a significant decline, with net inflow dropping from 89.485 million yuan in 2023 to just 1.247 million yuan in 2024, and turning negative with a net outflow of 38.307 million yuan in the first three quarters of 2025 [4] - As of September 2025, cash and cash equivalents were only 66.73 million yuan, a substantial decrease from the beginning of the period [5] Group 3: Business Structure and Dependency - The company's revenue growth heavily relies on ODM (Original Design Manufacturer) business, which accounted for 61.6% of total revenue in the first three quarters of 2025, up from 50.6% in 2023 [6] - Revenue from proprietary brand consumer products declined from 319 million yuan in 2023 to 301 million yuan in 2024, further dropping to 159 million yuan in the first three quarters of 2025, reducing its share from 27.8% to 20.5% [6] - The overall gross margin decreased from 35.2% in 2024 to 31.2% in 2025 due to the imbalance in business structure [7] Group 4: Client Dependency Risks - The company is significantly dependent on a single client, with sales to the top five clients accounting for 65.2% of total revenue, and sales to the largest client, Xiaomi, making up 60.6% [8] - The founder, Chen Bin, acknowledged that after receiving investment from Xiaomi, the company largely abandoned its proprietary brand, leading to a lack of product differentiation [9]