商米科技赴港IPO！股东阵容豪华：蚂蚁、美团、小米……

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. (referred to as "Sunmi Technology") has re-submitted its IPO application to the Hong Kong Stock Exchange after its previous application expired, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1]. Group 1: Market Position and Business Model - Sunmi Technology focuses on providing smart commercial devices and integrated "end-to-cloud" services, forming a product and service system consisting of smart commercial devices, commercial operating systems, and IoT cloud management platforms [3]. - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share, with expectations for explosive growth in the Android BIoT solutions market over the next five years [3][2]. Group 2: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 is approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.244 billion respectively, with net profits of RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56 million for the same periods [4][5]. Group 3: Client Base and Market Coverage - Sunmi Technology has established partnerships with over 44,000 global commercial partners as of December 31, 2022, projected to grow to approximately 58,000 by December 31, 2024, and further to about 64,000 by September 30, 2025 [3]. - The company's solutions have been implemented in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries, and spanning over 100 industry verticals such as restaurants, supermarkets, and logistics [3]. Group 4: Shareholding Structure - The founder Lin Zhe holds a 27.38% stake in the company, with significant voting power, while major shareholders include Ant Group, Meituan, and Xiaomi, holding 27.27%, 8.20%, and 7.78% respectively [12][13].