鹿客科技冲刺IPO，患“小米依赖症”，自有业务萎缩

Core Viewpoint - Luoketech (Beijing) Co., Ltd. is applying for a mainboard IPO on the Hong Kong Stock Exchange, aiming to become the first "AI smart lock" stock in the market, with funds primarily allocated for technology R&D, brand marketing, overseas expansion, debt repayment, and working capital [1]. Group 1: Company Overview - Luoketech was founded in 2014 by Chen Bin, a master's degree holder from Tsinghua University, positioning itself as a pioneer in "global AI home security" with smart locks as its core product [4]. - The company is projected to lead the global market in smart lock shipments in 2024, with a market share of 10.5%, and ranks fourth globally and third in China for overall smart lock shipments, holding a 5.8% market share in the domestic market [4]. Group 2: Financial Performance - According to the prospectus, the company's revenue is expected to grow from 1.015 billion yuan in 2023 to 1.086 billion yuan in 2024, with a revenue of 774 million yuan in the first three quarters of 2025, reflecting an 11.5% year-on-year growth [6]. - The profits for 2023 and 2024 are projected to be 14.03 million yuan and 53.11 million yuan, respectively, with 31.98 million yuan reported for the first three quarters of 2025 [7]. Group 3: Cash Flow and Operational Challenges - The company faces cash flow challenges, with net cash inflow from operating activities dropping from 89.485 million yuan in 2023 to 1.247 million yuan in 2024, and a net outflow of 38.307 million yuan in the first three quarters of 2025, indicating increasing operational pressure [8]. - As of September 2025, the company's cash and cash equivalents were only 66.73 million yuan, significantly reduced from the beginning of the period [9]. Group 4: Business Structure and Risks - The company's revenue growth heavily relies on ODM (Original Design Manufacturing) business, which accounted for 61.6% of total revenue in the first three quarters of 2025, up from 50.6% in 2023, while its own brand business is declining [12]. - Revenue from the self-owned brand consumer products decreased from 319 million yuan in 2023 to 301 million yuan in 2024, further dropping to 159 million yuan in the first three quarters of 2025, leading to a decline in the overall gross margin from 35.2% in 2024 to 31.2% in 2025 [13][14]. - The company is significantly dependent on a single client, with sales to the top five clients accounting for 65.2% of total revenue, and sales to the largest client, Xiaomi, making up 60.6% [15][16].