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商米科技转战港股:自称“全球最大安卓端BIoT提供商” “卖设备”收入占比超98% 九成产品依赖代工
Xin Lang Zheng Quan· 2025-06-27 10:25
Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. (Shangmi Technology), a provider of commercial Internet of Things (BIoT) solutions, is transitioning from the Science and Technology Innovation Board (STAR Market) to the Hong Kong Stock Exchange, backed by major investors like Ant Group, Meituan, and Xiaomi. The company has achieved profitability from 2022 to 2024, contrasting with its previous losses during its STAR Market application [1][3][4]. Financial Performance - Shangmi Technology reported revenues of RMB 34.04 billion, RMB 30.71 billion, and RMB 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 1.60 billion, RMB 1.01 billion, and RMB 1.81 billion during the same period [4][6]. - Despite a decline in revenue and net profit in 2023, the company has significantly improved its financial performance compared to its previous application period [4][6]. Business Model and Revenue Structure - The company claims to be the "largest Android-based BIoT provider globally," but over 98% of its revenue comes from hardware sales, indicating a reliance on a single revenue stream [3][6]. - The revenue from smart device sales for 2022-2024 was RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion, representing 99.5%, 98%, and 99.5% of total revenue, respectively [6][10]. Production and Cost Structure - Shangmi Technology relies heavily on OEM and ODM manufacturing, with over 92% of its products produced by third-party manufacturers, which affects its cost control and quality management [7][8][11]. - The gross profit margins for 2022-2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [7][11]. Shareholder Activity - Prior to the Hong Kong IPO, existing shareholders, including Ant Group's Yunxin Investment, have begun to reduce their stakes, indicating potential concerns about the company's future valuation and performance [2][13]. - Ant Group reduced its stake from 29.99% to 27.27% as part of a share transfer, reflecting a strategy to realize returns after a prolonged wait for the company's IPO [13]. Market Challenges - Shangmi Technology faces significant challenges in transitioning its business model from hardware sales to a more diversified IoT ecosystem service, which will be crucial for its valuation in the Hong Kong market [12][13]. - The company must address concerns regarding its business moat and the sustainability of its growth strategy amid competition and market dynamics [13].
商米科技IPO:董事长林喆毕业于职中,曾创办“我有外卖”并获雷军投资
Sou Hu Cai Jing· 2025-06-26 10:43
Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for Business Internet of Things (BIoT) solutions, with a focus on digital transformation in offline commercial scenarios [3]. Company Overview - Shangmi Technology is a provider of BIoT solutions that integrates smart hardware, software, and data insights to enhance operational efficiency in various business processes such as payment, membership management, order fulfillment, inventory control, and employee management [3]. - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share as of 2024 [3]. Financial Performance - Revenue for Shangmi Technology from 2022 to 2024 is projected to be 3.404 billion RMB, 3.071 billion RMB, and 3.456 billion RMB respectively [4]. - Net profit for the same period is expected to be 160 million RMB, 101 million RMB, and 181 million RMB respectively [4]. - The company anticipates significant growth in the Android-based BIoT solutions market over the next five years [3]. Leadership - The founder, Lin Zhe, is a serial entrepreneur with over 20 years of industry experience, having pioneered the first PC-based POS machine in 1999 and the first Android-based POS machine in 2011 [4][5]. - Lin Zhe has been serving as the Chairman and General Manager of the company since December 2013, overseeing overall business operations, strategy, and corporate development [5].
商米科技递表港交所 为全球最大的安卓端BIoT解决方案提供商
Zhi Tong Cai Jing· 2025-06-25 22:53
Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, Agricultural Bank of China International, and CITIC Securities as joint sponsors [1] Company Overview - Sunmi Technology is a leading provider of Business Internet of Things (BIoT) solutions globally, integrating smart hardware, software, and data insights to enable digital transformation in various offline business scenarios [3] - The company is currently the largest Android-based BIoT solution provider globally, holding over 10% market share based on projected 2024 revenue [3] - Sunmi Technology has deployed solutions in over 200 countries and regions, boasting the widest business network globally, with active smart devices increasing from approximately 3.2 million as of December 31, 2022, to an estimated 4.9 million by December 31, 2024 [3] Product and Service Offering - The BIoT solutions include smart devices and a BIoT PaaS platform, with each smart device supported by a professional commercial operating system (SUNMI OS) for efficient transaction and operation management [3] - The BIoT PaaS platform provides a unified software infrastructure with ready-to-use development tools for merchants and developers to efficiently develop, manage, and upgrade software applications for specific vertical scenarios [3] Market Presence - Sunmi Technology serves over 70% of the top 50 global food and beverage companies and has achieved over 70% coverage of the top 100 restaurant brands and over 60% coverage of the top 100 chain stores in China [3] Financial Performance - Revenue from the top five customers for 2022, 2023, and 2024 was approximately RMB 1.439 billion, RMB 0.885 billion, and RMB 1.421 billion, accounting for 42.3%, 28.8%, and 41.1% of total revenue, respectively [4] - The company's revenue for 2022, 2023, and 2024 was approximately RMB 3.404 billion, RMB 3.071 billion, and RMB 3.456 billion, with net profits of approximately RMB 0.160 billion, RMB 0.101 billion, and RMB 0.181 billion for the same years [4][6]