Core Viewpoint - Videotimes Technology Holdings Limited (referred to as "the Company") is preparing for an IPO on the Hong Kong Stock Exchange, with significant reliance on Amazon for revenue and facing challenges in growth and profitability [1][2]. Financial Performance - The Company's revenue surged from RMB 191 million in 2022 to RMB 348 million in 2023, marking an 83% year-on-year increase. However, growth slowed to 32.5% in 2023-2024, and revenue for the first four months of 2025 was RMB 150 million, only a 6.4% increase year-on-year [2][3]. - The Company recorded a profit of RMB 28.3 million in the first four months of 2025, a decline of 13.7% compared to the previous year, marking the first instance of negative profit growth [2][3]. Revenue Dependence - The Company is heavily reliant on Amazon, with 95.6% of its revenue coming from this platform as of 2024. Additionally, 77.6% of its revenue is generated from the U.S. market, and 95% of its income is derived from baby monitors, indicating a significant risk due to this concentration [5][6]. Marketing vs. R&D Investment - In 2024, the Company's marketing expenditure reached RMB 91.97 million, which is 13.3 times higher than its R&D investment of RMB 6.93 million. The R&D expense ratio has consistently been below 3%, leading to concerns about product differentiation and competitive edge [3][4]. Market Position - The Company ranked third in baby monitor exports to the U.S. in 2024, with an export volume of 830,400 units and a market share of 17.4%. However, it faces competition from larger firms that have diversified product lines, which could threaten its market position [8][6]. Governance Issues - The Company's ownership structure is highly concentrated, with one individual controlling 80% of the shares, raising concerns about decision-making transparency and minority shareholder protection [11][9]. - There are indications of governance deficiencies, including the absence of independent directors and incomplete disclosure of key acquisitions, which could pose risks to corporate governance [13][16].