小米百度站台，鹿客科技冲刺AI智能锁第一股

Core Viewpoint - Luoketech is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on AI smart locks, with significant backing from major investors like Baidu and Xiaomi [1][2][7]. Company Overview - Founded in 2014, Luoketech specializes in smart locks and comprehensive security solutions for homes and communities, achieving the highest global shipment volume of vein recognition smart locks [2][5]. - The company was previously known as Yunding Technology and rebranded in 2022, focusing on smart security with its core product being the "Lockin Luoke" smart door lock [4]. Product Development - Luoketech has pioneered several innovations in smart lock technology, including the first integrated apartment smart lock system in 2015 and the first mass-produced vein recognition smart lock in 2021 [4]. - The company plans to evolve beyond hardware manufacturing to become an "AI home security steward," integrating AI algorithms and sensing technologies into its products [4]. Market Position - According to Frost & Sullivan, Luoketech is the first company to achieve large-scale production of vein recognition smart locks, with a projected market share of 10.5% in 2024 [5]. - The company ranks fourth globally in smart lock shipments, holding a market share of 2.6% [5]. Financial Performance - In 2023, Luoketech reported revenues of 1.01 billion RMB, with projections of 1.09 billion RMB for 2024 and an 11.5% increase in revenue to 773.58 million RMB in the first three quarters of 2025 compared to the same period in 2024 [6]. - The company's profit for 2023 was 14.03 million RMB, increasing to 53.11 million RMB in 2024, with a profit of 31.98 million RMB in the first three quarters of 2025 [6]. Business Structure - Luoketech's revenue is primarily derived from three segments: ODM (Original Design Manufacturing), proprietary brand consumer products, and commercial solutions [5]. - The ODM business contributed 476 million RMB in revenue for the first three quarters of 2025, accounting for 61.6% of total revenue, while proprietary brand consumer product revenue decreased to 159 million RMB [5]. Shareholder Composition - The founder, Chen Bin, controls 30.35% of the company, with Baidu being the largest external investor at 18.43% [8][9]. - Other notable investors include Shunwei Capital and Fosun Group, indicating strong backing from prominent venture capital firms [8]. Sales Channels - Luoketech markets its proprietary brand "Luoke" through major e-commerce platforms, partner networks, and offline stores, while also providing ODM services to brands like Xiaomi [10]. - The company aims to expand its reach, with a target shipment volume of 1.3 million units by 2025, covering over 50 countries and regions [10].