Group 1 - The core point of the article is that Xiamen Ruiyun Lian Innovation Technology Co., Ltd. has submitted an application for an initial public offering (IPO) to list its H-shares on the Hong Kong Stock Exchange [2] - Ruiyun Lian, established in 2012, is a leading global provider of intelligent cloud intercom solutions, with its registered office located in Xiamen Torch High-tech Zone Software Park Innovation Building [4] - The company's brand Akuvox integrates various advanced technologies, including network communication, intercom, security, artificial intelligence, cloud computing, and mobile internet, establishing a strong R&D capability and unique advantages in the industry [6] Group 2 - Ruiyun Lian's products serve over 110 countries and regions, providing comprehensive solutions for residential communities, business offices, elderly care, and public alarm systems, meeting the quality requirements of the mid-to-high-end markets in Europe and the United States [6] - As of September 30, 2025, the cumulative global sales of Ruiyun Lian's smart community solutions are expected to reach approximately 2 million units, with cloud services covering over 530,000 households, ranking second globally in household coverage [8] - The company's revenue for the years 2023, 2024, and the first nine months of 2025 is reported to be RMB 274 million, RMB 347 million, and RMB 277 million respectively, with net profits of RMB 38.175 million, RMB 53.438 million, and RMB 44.573 million, indicating a steady growth trend [10] Group 3 - Before the IPO, the major shareholders of Ruiyun Lian include Chuangzhi Times with a 56.87% stake and Fujian listed company StarNet Ruijie with a 37.92% stake, making them the top two shareholders of the company [12]

Core Viewpoint - Xiamen Ruiyun Lianchuang Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CMBI as the sole sponsor, indicating its intention to expand its market presence in the smart intercom solutions sector [3]. Company Overview - Founded in 2016, Ruiyun Lianchuang specializes in AI-driven smart intercom solutions, access control systems, smart home devices, and cloud services [3]. - According to Frost & Sullivan, Ruiyun Lianchuang is the largest provider of smart intercom solutions in North America and Europe by shipment volume in 2024 [3]. Product and Market Performance - As of September 30, 2025, Ruiyun Lianchuang has sold nearly 2 million units of its smart community solutions globally [4]. - The company's cloud services cover over 530,000 households, ranking second globally in household coverage, and have reached over 5,400 enterprises employing more than 163,000 staff [4]. Financial Performance - For the fiscal year ending December 31, 2023, Ruiyun Lianchuang reported revenues of RMB 273.84 million, with a profit of RMB 38.18 million, and a gross profit of RMB 136.56 million, resulting in a gross margin of 49.9% [5]. - In the first nine months of 2024, revenues increased to RMB 347.11 million, with profits rising to RMB 53.44 million and a gross profit of RMB 180.73 million, achieving a gross margin of 52.1% [5]. - For the first nine months of 2025, revenues are projected at RMB 277.18 million, with profits expected to be RMB 44.57 million and a gross profit of RMB 140.53 million, maintaining a gross margin of 50.7% [5].