Core Viewpoint - Coosea Intelligent Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, strategic acquisitions, IT system upgrades, and general corporate purposes [1][2]. Company Overview - Established in 2006, Coosea Intelligent specializes in end-to-end solutions for smartphones, including R&D, design, production, sales, and service [2]. - The company serves local smartphone brands lacking independent design and production capabilities, providing consumer smartphones, rugged phones, and IoT products [2]. - Coosea Intelligent has developed over 526 smartphone models and 46 other smart devices as of December 31, 2024 [2]. Production Capacity - As of December 31, 2024, Coosea Intelligent's production facilities include six SMT production lines with an annual capacity of 6.3 million units and eight smart device assembly lines with a capacity of 4.7 million units [3]. Market Position - Coosea Intelligent is the second-largest end-to-end solution provider for local smartphone brands globally by shipment volume in 2024, having reached the top position in Q1 of the same year [3]. Financial Performance - Revenue figures for Coosea Intelligent are as follows: approximately CNY 1.71 billion in 2022, CNY 2.30 billion in 2023, and CNY 2.72 billion in 2024 [4][5]. - The company reported profits of approximately CNY 110 million in 2022, CNY 203 million in 2023, and CNY 207 million in 2024 [4][5]. Customer Concentration - In 2022, 2023, and 2024, the revenue contribution from the top five customers was 38.4%, 44.1%, and 42.8%, respectively, indicating a high customer concentration [7]. - The retention rates for major local brand clients and telecom operators were 92.9% and 100%, respectively, in 2024 [7]. Revenue Breakdown by Region - As of December 31, 2024, 35% of Coosea Intelligent's revenue came from the Greater China region, while 28.2% was from the Americas [9].

Group 1 - The "West Lake Conference" held on May 21, 2025, focused on promoting asset management towards real economy and new quality productivity, with the release of the "2025 Asset Management Towards Real TOP List" research report [2] - Guolian Minsheng Securities ranked among the top 5 asset management institutions for investing in specialized and innovative "little giant" listed companies, highlighting its commitment to supporting high-quality development of listed companies [2] - The conference, organized by the Securities Times, has been influential in the asset management sector since its inception in 2015, attracting numerous experts and institutions to promote the service of the capital market to the real economy [2] Group 2 - The "asset management towards real" strategy has become a core direction for the development of the capital market and asset management industry, particularly in supporting technological innovation and specialized enterprises [3] - Guolian Minsheng Securities has actively increased capital investment in specialized and innovative fields, providing tailored solutions for listed companies and supporting their growth with a market value of 935 million yuan in specialized "little giant" enterprises [3] - The company aims to empower the real economy and new quality productivity development through a comprehensive financial service system, emphasizing the integration of investment banking, investment, and research [3]

Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the development of the technology innovation bond (科创债) market in China, drawing comparisons with the experiences of the United States, Japan, and Europe in their respective bond markets [1][2][3]. Core Insights and Arguments - **U.S. Experience**: The U.S. technology innovation bond market benefited from government-backed funds (SBIC) supporting early-stage tech companies and the rise of high-yield bond markets, providing flexible financing channels, particularly in the electronic communication and computer sectors [1][4]. - **Japan's Challenges**: Japan's technology bond market faced limitations due to the capital market's development level and a focus on the yen's appreciation post-Plaza Accord, leading to a bubble in stocks and real estate, which restricted the growth of the technology bond market [1][6]. - **European Growth**: The European technology bond market started later but gained momentum with the EU's monetary unification and the removal of capital flow barriers, especially after the pandemic, supported by the European Central Bank's bond-buying programs [1][9]. - **China's Rapid Development**: China's high-tech industry has seen rapid growth through policy support and market mechanisms, establishing dedicated technology innovation bonds and continuously innovating market structures [1][3][10]. Important but Overlooked Content - **Comparative Analysis**: Unlike the U.S., Japan, and Europe, China has established a distinct regulatory framework for technology innovation bonds, indicating the government's commitment to supporting the tech sector [3][10]. - **Future Prospects**: The Chinese technology bond market is still in its early stages but is expected to expand in size and align more closely with mature overseas markets, providing more opportunities for investors [3][9][10]. - **Historical Context**: The U.S. technology bond market's evolution included significant milestones such as the introduction of the 144A rule, which enhanced liquidity and reduced financing costs for issuers, while Japan's market faced setbacks due to economic crises and a preference for bank loans over bond issuance [4][5][7][8]. This summary encapsulates the key points discussed in the conference call regarding the development of the technology innovation bond market across different regions, highlighting the unique challenges and opportunities faced by each.