| | | | | | 繁體 English [] 移动端 お 微博 ● 微信 人 无障碍 | | | --- | --- | --- | --- | --- | --- | --- | | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | 请输入关键字 | O | | △ 首页 价 机构概况 | 宣 新闻发布 | ■ 政务信息 | 吕. 办事服务 | 曰 互动交流 | 000 统计信息 | 目 专题专栏 | | ♥ 当前位置：首页 > 政务信息 > 政府信息公开 > 主动公开 > 按主题查看 > 国际合作 > 境外证券发行 > 结果公示 | | | | | | | | 索 引 号 bm56000001/2026-00000117 | | | ਜੋ | 炭 | 结果公示;备案管理 | | | 发布机构 | | | 发文日期 | | 2026年01月05日 | | | 称 名 | 关于上海商米科技集团股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书 | | | | | | | 文 팀 国合函〔2025〕2371 号 | | | ...

据此前招股书披露，商米科技是全球领先的商业物联网(BIoT)解决方案提供商。公司的解决方案集成了智能硬件、软件及数据洞察，赋能众多线下商业场景 实现数字化转型，提升核心商业运营流程(如支付、会员管理、订单履约、存货控制及员工管理)效率。根据灼识咨询的资料，按2024年的收入计，公司目前 是全球最大的安卓端BIoT解决方案提供商，占有10%以上的市场份额。 上海商米科技集团股份有限公司(简称：商米科技)于6月25日递交的港股招股书满6个月，于12月25日失效，递表时德意志银行、农银国际和中信证券为其联 席保荐人。 ...

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, having previously withdrawn its application for the Sci-Tech Innovation Board in 2022, indicating a strategic shift towards an IPO in Hong Kong [1][3]. Company Overview - Founded in 2013 by Lin Zhe, Shangmi Technology specializes in Business Internet of Things (BIoT) solutions, providing services across various sectors including restaurants, supermarkets, fitness, clinics, and logistics [3][4]. - The company has developed several innovative products, including the world's first on-demand delivery POS solution and a comprehensive BIOT platform, achieving significant international sales [3][9]. Financial Performance - The company has experienced fluctuations in revenue, with total revenues of approximately RMB 34.04 billion in 2022, RMB 30.71 billion in 2023, and projected RMB 34.56 billion in 2024 [12]. - The gross profit margins for these years were 28.1%, 26.7%, and 28.9% respectively, with a notable decline in 2023 attributed to a decrease in high-margin sales from the Americas [12]. Revenue Composition - Over 90% of the company's revenue is derived from smart device sales, with a significant portion coming from smart financial devices, which saw a revenue increase of 39.8% in 2023 [6][8]. - The PaaS platform and custom services contribute a minor share of the total revenue, indicating a heavy reliance on hardware sales [7][8]. Market Position - Shangmi Technology is recognized as the largest provider of Android-based BIOT solutions globally, holding over 10% market share [16]. - The company has established a strong presence in the food and beverage sector, serving over 70% of the top 50 global companies in this industry [16]. Customer Base and Risks - The number of customers has declined from 2,506 in 2022 to 2,262 in 2024, raising concerns about future revenue growth if new customers are not attracted [17]. - The company faces credit risks related to accounts receivable, which have increased significantly over the years, indicating potential liquidity challenges [17]. Future Outlook - The global BIOT solutions market is projected to grow, with an expected compound annual growth rate of 5.9% from 2024 to 2029, suggesting potential opportunities for Shangmi Technology [13]. - Despite being the largest player in its segment, the company must navigate competitive pressures and operational risks to sustain growth [18].

Core Insights - The revenue model of the company is highly dependent on hardware sales, with 99.5% of revenue in 2024 coming from this segment, while the PaaS platform "商米大程序" contributed only 0.5% of revenue, indicating a lack of sustainable software subscription model [1][7] - The total number of customers has decreased by nearly 10% over three years, and to maintain customer relationships, the company has extended credit terms, resulting in an increase in accounts receivable turnover days from 36 days in 2022 to 89 days in 2024, with accounts receivable accounting for 30.3% of total revenue in 2024, impacting cash flow and increasing bad debt risk [1][10][12] Group 1: Business Model and Financial Performance - The company is recognized as the "largest Android-based BIOT solution provider" globally, with a market share exceeding 10% and operations in over 200 countries [6] - Revenue figures for 2022 to 2024 are reported as 34.04 billion, 30.71 billion, and 34.56 billion RMB respectively, with net profits of 1.60 billion, 1.01 billion, and 1.81 billion RMB, indicating a slight recovery in 2024 but overall stagnation compared to 2022 [6][9] - The revenue is primarily derived from "smart device sales" and "PaaS platform and customized services," with smart device sales consistently accounting for over 98% of total revenue during 2022-2024 [7][9] Group 2: Customer Concentration and Credit Risk - The company faces challenges of high customer concentration and ongoing customer attrition, with the top five customers accounting for 42.3%, 28.8%, and 41.1% of revenue from 2022 to 2024, and the largest single customer contributing 19.3%, 16.5%, and 22.0% respectively [10][12] - The total number of customers has declined from 2506 in 2022 to 2262 in 2024, reflecting a loss of nearly 10% over three years [10] Group 3: Manufacturing and Cost Structure - The company relies heavily on OEM production, with over 90% of products manufactured by approximately 30 OEM factories, while its own production capacity accounts for only 3.3% of total output [2][16] - The reliance on OEMs has raised concerns about cost control, with the gross margin improving to 28.9% in 2024 but still below industry peers [2][17]