鹿客科技递表港交所：小米贡献六成营收压价又压账 过半机构投资方已进入退出期

Core Viewpoint - Luoketech has officially submitted its application for a mainboard listing on the Hong Kong Stock Exchange, with a significant reliance on Xiaomi for its ODM business, which poses risks to its profitability and cash flow [1][15]. Financial Performance - For the first three quarters of 2023-2025, Luoketech reported revenues of 1.015 billion yuan, 1.086 billion yuan, and 774 million yuan, with year-on-year growth rates of 7.0% and 11.5% respectively [14]. - Net profits for the same periods were 14.026 million yuan, 53.113 million yuan, and 31.981 million yuan, showing substantial year-on-year increases of 278.7% and 369.2% [14]. - Despite revenue growth, the company's profitability is declining, with gross margins falling from 35.2% in 2024 to 31.2% and net margins decreasing from 4.9% to 4.1% [14]. Business Structure - The revenue from Luoketech's own brand consumer products has been declining, accounting for 31.5%, 27.7%, and 20.5% of total revenue in the respective periods [16]. - The average selling price of its own brand smart locks fell below 1,000 yuan, a decrease of 18.4% compared to the same period in 2024, while sales volume only increased by 0.6% [16]. - ODM projects accounted for 66.2% of total sales volume and over 60% of total revenue, but the average selling price dropped significantly, leading to a gross profit margin of only 20.1% [3][16]. Customer Dependency - Xiaomi is identified as Luoketech's largest customer, contributing over 90% of the procurement from the top five clients, with its share of total revenue increasing from 48.6% to 60.6% over the periods [17]. - The reliance on Xiaomi gives it significant bargaining power, impacting Luoketech's pricing and profitability [17]. Cash Flow and Receivables - Trade receivables increased from 196 million yuan to 283 million yuan, a growth of 44.4%, with accounts receivable turnover days extending to 101 days, indicating cash flow challenges [20]. - Operating cash flow turned negative in 2025, with a net outflow of 38.307 million yuan, and cash reserves dropped by 57.2% compared to the end of 2024 [20]. Investment and Valuation - Luoketech has raised 845 million yuan from various VC/PE institutions since 2014, with 76.2% already utilized [21]. - The company's valuation reached 3.5 billion yuan after the last financing round in November 2025, representing a 262.56 times increase from the initial round [21]. - Several institutional investors have exited, with notable returns, indicating a trend of diminishing patience among early investors [21][22].