雷军“钦点”的锁匠要上市了！“小米锁王”鹿客递表：增长乏力，高管腰斩式降薪

Core Viewpoint - Luker Technology, a smart lock company, has submitted its IPO application to the Hong Kong Stock Exchange, facing significant financial and competitive pressures despite its market position as the third-largest player in China's smart lock industry with a market share of 5.8% in 2024 [3][15]. Financial Performance - The company's revenue for 2023 and 2024 is projected to be 1.015 billion and 1.086 billion RMB, respectively, reflecting a modest growth rate of approximately 7% [6][7]. - For the first nine months of 2025, revenue reached 774 million RMB, an 11.5% increase from 694 million RMB in the same period of the previous year [6][7]. - Gross profit for 2023 and 2024 is expected to be 316 million and 383 million RMB, with a gross margin of 31.1% and 35.2% respectively [7]. - The profit for the first nine months of 2025 was 32 million RMB, compared to 6.83 million RMB in the same period of the previous year, indicating a profit margin of 4.1% [6][7]. Revenue Structure - The ODM (Original Design Manufacturer) business contributed 476 million RMB, accounting for 61.6% of total revenue in the first nine months of 2025, showing significant growth compared to 350 million RMB in the previous year [9]. - Revenue from self-owned brand consumer products declined to 159 million RMB, representing 20.5% of total revenue, down from 193 million RMB in the same period last year [10]. - Revenue from self-owned brand commercial solutions remained stagnant at 121 million RMB, nearly unchanged from 130 million RMB in the previous year [10]. Competitive Landscape - The company has lost its leading position in the smart lock industry, with competitors surpassing it in market share and sales volume [14]. - Negative consumer feedback regarding product quality and service experience has been accumulating, with nearly 1,000 complaints reported on consumer platforms, highlighting issues such as product malfunctions and poor after-sales service [15]. Management Actions - In response to financial pressures, the company's board, led by founder Chen Bin, has implemented significant salary reductions for executives, with total director compensation dropping from 10.3 million RMB in 2023 to 2.4 million RMB in the first nine months of 2025 [21][22]. - This drastic salary cut is seen as a strategy to optimize financial metrics and demonstrate commitment to overcoming challenges, although it raises concerns about the stability and motivation of the management team [22][23].