Core Viewpoint - Kaos IoT Technology Co., Ltd., a subsidiary of Haier Group, has officially submitted its IPO application to the Hong Kong Stock Exchange, marking a significant expansion of the "Haier system" capital landscape and potentially establishing the first "AI + Industrial Internet" stock in Hong Kong [1] Group 1: Company Overview - Kaos is an industrial internet platform created by Haier, leveraging 40 years of manufacturing experience and focusing on large-scale customization with user participation [5] - The company has developed the COSMOPlat industrial internet platform, integrating industrial intelligent software, operating systems, and IoT solutions to assist enterprises in digital transformation [7] Group 2: Financial Performance - In 2023 and 2024, Kaos reported revenues of 49.94 billion and 50.69 billion respectively, with gross profits of 8.9 billion and 9.19 billion [3] - For the first nine months of 2025, Kaos achieved a revenue of 44.21 billion, a year-on-year increase of 21.62%, and a gross profit of 7.95 billion, up 18.91% [3] - The profit from continuing operations for the same period was 1.29 billion, reflecting a significant year-on-year growth of 145.16% [3] Group 3: Business Segments - The data intelligence business is increasingly contributing to overall revenue, with revenues of approximately 11.49 billion in 2024, a growth of about 25.9%, and 12.8 billion in the first nine months of 2025, a year-on-year increase of 59.6% [4] - IoT solutions generated 31.4 billion in revenue, accounting for 71% of total revenue [4] Group 4: Global Expansion - Kaos is accelerating its global presence, with overseas revenue of approximately 7.09 billion in 2024, an increase of about 0.85 billion from the previous year, and over 12% of total revenue coming from international markets [4] - The company's solutions have been deployed in over 20 countries, serving more than 50 overseas enterprises [4] Group 5: Industry Recognition - Kaos has been recognized as the top industrial internet platform in China based on revenue, and its COSMOPlat platform has received an "A" rating from the Ministry of Industry and Information Technology for seven consecutive years [7] - The company has actively participated in the formulation of 17 international standards and 102 national and industry standards, ranking among the leaders in the industry [7] Group 6: Broader Haier Group Developments - In addition to Kaos, Haier Group's other significant segment, Haier New Energy, has also initiated its IPO process, further expanding the Haier Group's portfolio of listed companies [8] - Currently, Haier Group has eight listed companies across various sectors, including home appliances, healthcare, smart manufacturing, fintech, and automotive services, showcasing strong ecological synergy and capital incubation capabilities [8]