XIAOMI(HK:01810) Sou Hu Cai Jing·2026-02-14 05:28Group 1 - The departure of Hu Yue from Transsion Holdings to become CMO of LOKA Technology is seen as a strategic move to enhance the company's global competitiveness and reduce reliance on Xiaomi [1] - LOKA Technology aims to transition from being a simple lock manufacturer to a comprehensive home security service provider, integrating hardware, software, and AI [2] - The company's revenue for 2023 and 2024 is projected to be 1.01 billion RMB and 1.09 billion RMB respectively, with a significant increase in ODM business revenue share from 50.6% in 2023 to 61.6% in the first three quarters of 2025 [3] Group 2 - The average selling price of ODM products has decreased from 682.5 RMB in 2023 to 440.3 RMB in the first three quarters of 2025, leading to a decline in overall gross margin from 35.2% in 2024 to 31.2% in 2025 [4] - LOKA's dependency on Xiaomi is increasing, with revenue from the largest customer accounting for 48.6% in 2023 and rising to 60.6% in the first three quarters of 2025 [3] - The company is facing cash flow challenges, with operating cash flow turning negative in the first three quarters of 2025, resulting in a net outflow of 38.31 million RMB [7] Group 3 - The overseas business of LOKA is still in its infancy, contributing only 3.9% of total revenue in the first three quarters of 2025, which poses a significant challenge for future growth [8] - The company plans to use part of the funds raised from its IPO to repay bank loans related to equipment purchases, indicating a need for liquidity [7] - Hu Yue's experience in establishing brand barriers in emerging markets is expected to play a crucial role in LOKA's global expansion strategy [8]