01 概念解析 在信息技术领域,软件供应链自主可控的重要性日益凸显。长期以来,我国基础软件市场由国外厂商主导, 在成本、安全性和本土化服务方面存在诸多挑战。 ODM模式指的是由采购方委托制造方承担从产品研发、设计、生产到后期维护的全流程服务。与仅负 责代工生产的OEM不同,ODM厂商具备独立研发设计能力,可提供成型产品或定制方案。 理解ODM模式是把握国产替代的关键。ODM即原始设计制造商,指的是采购方委托制造方提供从研发到 生产全链条服务的模式。 在信息技术领域,软件ODM的概念更加侧重于设计、开发与技术服务的全流程能力。与单纯的软件外包 不同,软件ODM厂商通常拥有自主知识产权的基础软件平台,能够根据客户需求提供定制化的解决方案。 国产替代的本质是在特定技术领域,用国内自主研发的产品和技术逐步替换原先依赖的国外产品或技 术。这一过程不仅仅是产品的简单替换,更涉及技术路线、开发习惯和产业生态的全面适应。 当前,国产软件正在迎来发展的黄金时期。在众多选择中,如何找到真正适合自己的ODM国产替代方案, 成为许多企业技术决策者面临的重要课题。 02 上海锐道信息技术有限公司:企业级应用开发领域的深耕者 上海锐道信 ...

首次递表港交所满6个月失效后，龙旗科技于12月29日再度向港交所提交了招股书。 初次递表时，距离其2024年3月成功登陆上交所仅隔15个月——推进"A+H"双资本平台布局节奏紧凑， 背后透出头部ODM（原始设计制造商）厂商于产业变革关键期的紧迫感。苏商银行特约研究员付一夫 向北京商报记者表示，这一布局核心是拓宽融资渠道、匹配ODM行业重资产属性与新业务需求，以抢 占AI风口先机，但也反映出企业资金需求的迫切性，后续研发转化效率值得关注。 招股书资料显示，当前全球消费电子市场正逐步回暖，2024年出货量重回增长轨道，预计2029年将从 21.13亿个增至24.9亿个；而ODM模式凭借成本与效率优势，渗透率持续提升，2024年已占据消费电子 市场46.2%的份额，预计2029年将进一步攀升至50.8%，成为行业主流制造模式。 与此同时，AI技术的爆发式发展正驱动智能产品制造从消费电子向汽车电子、智能机器人等泛生态领 域延伸，AI PC、智能眼镜等新兴品类迎来爆发式增长。 行业集中度较高的背景下，作为行业头部的龙旗科技需要抓紧时间、抓住增长。 01.坐二望一的龙头 弗若斯特沙利文资料显示，以2024年出货量计，龙旗 ...

首次递表港交所满6个月失效后，龙旗科技于12月29日再度向港交所提交了招股书。 初次递表时，距离其2024年3月成功登陆上交所仅隔15个月——推进"A+H"双资本平台布局节奏紧凑，背后透出头部ODM（原始设计制造商）厂商于产业变 革关键期的紧迫感。苏商银行特约研究员付一夫向北京商报记者表示，这一布局核心是拓宽融资渠道、匹配ODM行业重资产属性与新业务需求，以抢占AI 风口先机，但也反映出企业资金需求的迫切性，后续研发转化效率值得关注。 招股书资料显示，当前全球消费电子市场正逐步回暖，2024年出货量重回增长轨道，预计2029年将从21.13亿个增至24.9亿个；而ODM模式凭借成本与效率 优势，渗透率持续提升，2024年已占据消费电子市场46.2%的份额，预计2029年将进一步攀升至50.8%，成为行业主流制造模式。 与此同时，AI技术的爆发式发展正驱动智能产品制造从消费电子向汽车电子、智能机器人等泛生态领域延伸，AI PC、智能眼镜等新兴品类迎来爆发式增 长。 行业集中度较高的背景下，作为行业头部的龙旗科技需要抓紧时间、抓住增长。 01.坐二望一的龙头 弗若斯特沙利文资料显示，以2024年出货量计，龙旗科技 ...

据港交所12月29日披露，上海龙旗科技（603341）股份有限公司(简称：龙旗科技)向港交所主板提交上市申请，花旗、海通国际、国泰君安国际为其联 席保荐人。该公司曾于2025年6月27日向港交所递表。 | [編纂]的[編纂]數目 | : [編纂]股H股(視乎[編纂]行使與否而定） | [編纂]數目 | : [編纂]股H股(可予[編纂]) | | --- | --- | --- | --- | | [編纂]數目 | : [編纂]股H股(可予[編纂]及視乎[編纂] | 行使與否而定) | | | 最高[編纂] : | 每股H股[編纂],另加1.0%經紀佣金、 | 0.0027%證監會交易徵費、0.00015% | | | 會財局交易徵費及0.00565%聯交所交 | 易費(須於申請時以港元繳足,多繳股 | | | | 款可予狠禮) | 每股H股人民幣1.00元 | 咱信 | : | | [編纂] : [編纂] | | | | | Section and the first and the first and the contract and the contraction of the contraction o ...

来源：市值风云 增长乏力，急于变现。 作者 | 白猫 编辑 | 小白 气动工具又称为风动工具，以压缩空气为动力，驱动机械完成诸如拧紧、松开、切割、打磨、钻孔、喷 涂等各种工作任务。 这让风云君联想起装修时的一个场景：工人手持专业工具，随着干净利落的"咔呲"一声，钉子被快速射 出并钉入材料。原来这种高效能工具叫气动钉枪，也属于气动工具的大家族。 虽在公众视野中声量不高，气动工具实则是一个渗透汽车后市场、建筑装饰、家具制造等多领域的不可 或缺的行业，全球市场规模早已突破百亿美元。 眼下，北交所候场队伍中，一家主营气动工具的老牌企业——荣鹏股份，已经历三轮问询的"烤"验，一 起来看看。 依赖ODM模式，增长乏力 从全球供应链来看，气动工具行业的生产环节主要集中在以我国为代表的发展中国家，而流通环节的渠 道商则多以欧美企业为主。 这一格局，主要是各国工具使用场景差异以及多年来国际产业转移和分工形成的结果。 我国气动工具行业较欧美起步较晚，虽已成为气动工具制造大国，但产业仍以OEM/ODM模式为主，主 要为国际品牌商提供贴牌和代加工服务。 因此，国内气动工具生产企业虽然数量众多，但规模普遍较小，产业集中度低，市场竞争较 ...

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, facing scrutiny over revenue authenticity and reliance on external processing in its ODM business model [1][2] Group 1: Business Model - Mirui Technology primarily focuses on the research, design, production, and sales of smart network cameras and IoT video products, with a sales model mainly based on ODM and supplemented by its own brand [1] - The company's revenue from module products increased from 18.39% in 2021 to 34.73% in the first half of 2024, indicating a shift in sales strategy [1] - The company has a high customer concentration, with its top five module clients contributing approximately 80-90% of sales revenue, primarily located in Shenzhen [3] Group 2: Sales and Competition - Mirui Technology sells directly to both module clients and their downstream cross-border e-commerce clients, leading to potential competition between them [3][4] - The company has implemented a revenue-sharing and rebate mechanism for its value-added services, with a total sharing ratio of about 35%, where module clients receive 10% and cross-border e-commerce clients receive 25% [5] Group 3: Production Model - The production model of Mirui Technology relies heavily on external processing, with over 69% of production being outsourced, contrasting with peers who only outsource when capacity is insufficient [9][10] - The company claims that its high reliance on external processing aligns with industry norms, although this has raised questions regarding its operational independence and business integrity [8][12] Group 4: Regulatory Scrutiny - The company has faced multiple rounds of inquiries from regulators regarding the authenticity of its revenue, the rationale behind its high marketing expenses, and the nature of its external processing arrangements [7][13] - Discrepancies in disclosures regarding the transportation costs of raw materials to external processors have also been a point of concern for regulators [13]

Core Viewpoint - Zhuhai Precision Measurement Control Technology Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant revenue growth but notable fluctuations in net profit, with a sharp decline in net profit margin in the first half of 2025, indicating underlying operational conditions and potential risks [1] Business Model - The company operates in both industrial and consumer sectors, leveraging over a decade of measurement and control technology to provide customized equipment and services across various industries, including consumer electronics, automotive, and home appliances [2] - The primary business model is ODM, focusing on major clients in consumer electronics, automotive, and home appliances, which allows for stable business through the influence of key customers but also leads to dependency on a few large clients [3] Financial Data - Revenue has shown a compound annual growth rate (CAGR) of 23.3%, with significant changes in product structure, including a decline in online testing equipment revenue in 2023, followed by a recovery in 2024 [4] - Net profit has fluctuated significantly, with figures of 0.714 billion, 0.181 billion, and 0.596 billion from 2022 to 2024, and a loss of 1.184 billion in the first half of 2025, primarily due to increased R&D and administrative expenses [5] Profitability Metrics - Gross margin has varied, with rates of 54.6%, 42.0%, and 43.2% from 2022 to 2024, while net margin has seen a decline from 12.6% to -58.3% in the first half of 2025, influenced by revenue, costs, and expenses [8][9] Related Transactions - The company has overlapping relationships with clients and suppliers, which may pose potential risks to financial stability and operational performance, despite being confirmed to follow normal commercial terms [10] Financial Challenges - High customer concentration risk is evident, with the top five customers accounting for 70.6% to 46.9% of revenue from 2022 to the first half of 2025, indicating vulnerability to changes in orders or financial health of major clients [11] - R&D investment has increased significantly, with expenditures rising from 0.852 billion in 2022 to 0.84 billion in the first half of 2025, representing a growing proportion of total revenue, which may affect profitability if expected returns are not realized [12] - The company faces risks associated with overseas operations, including regulatory changes and trade policy shifts, with revenue from U.S. clients increasing from 0.3% in 2022 to 22.1% in the first half of 2025 [13] Industry Comparison - As of 2024, the company ranks as the second-largest provider of testing equipment and services for consumer electronics in China and is among the top ten ODM providers in smart measurement and control solutions, highlighting its competitive position [14] Customer and Supplier Concentration - The company relies heavily on major clients, with the largest customer contributing 21.9% to 31.8% of revenue from 2022 to the first half of 2025, indicating a need to diversify its customer base [15] - Supplier concentration has varied, with the top five suppliers accounting for 18.1% to 20.9% of total sales costs from 2022 to the first half of 2025, suggesting potential risks related to procurement stability [16] Management and Governance - The founder and chairman holds approximately 23.65% of the issued shares, indicating concentrated ownership and strong control over company decisions [17][18] - The lack of detailed disclosure regarding management compensation and incentive mechanisms raises concerns about alignment between management and shareholder interests [19]

Core Viewpoint - The recent performance report of AUX Electric (2580.HK) shows revenue growth, but underlying issues such as declining market share and product quality concerns raise red flags for future performance [2][4][10]. Group 1: Business Performance - AUX Electric reported total revenue of 20.085 billion RMB for the first half of 2025, a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 1.873 billion RMB, up 5.1% [4]. - The company's home air conditioning business remains its core, contributing nearly 90% of total revenue, with a revenue of 17.915 billion RMB, reflecting a growth of 17.3% year-on-year [6][7]. Group 2: Market Position and Competition - AUX's market share in the domestic online air conditioning market has declined, dropping from 7.35% in 2024 to 6.55% in the first half of 2025, falling to seventh place behind brands like Midea and Gree [5][6]. - The competitive landscape has intensified, with the average industry price decreasing and the share of sales in the sub-2200 RMB segment rising to 35.2%, putting pressure on AUX's low-price strategy [5]. Group 3: Product and R&D Challenges - AUX's product structure is increasingly seen as a weakness, with a lack of diversification compared to competitors who are expanding into other appliance categories [8]. - The company has faced numerous quality issues, with complaints about product failures and inadequate after-sales service, highlighting insufficient R&D investment and weak self-research capabilities [10][11]. - R&D expenditure for AUX in the first half of 2025 was only 312 million RMB, representing a low R&D expense ratio of 1.55%, significantly lower than competitors like Gree and Midea [11].

Core Viewpoint - Huakin Technology, a leading ODM in the smart product design sector, is set to go public in Hong Kong, potentially becoming the first ODM stock in the market, with a market value of 95.7 billion yuan [5][7]. Group 1: Company Overview - Huakin Technology, established in 2005, is recognized as the global leader in ODM shipments for smartphones, tablets, and smart wearables, with major clients including Samsung, Huawei, Xiaomi, Amazon, ASUS, and Sony [5][6]. - The company achieved a revenue of 109.878 billion yuan and a net profit of 2.926 billion yuan in 2024, showcasing its strong financial performance [5][25]. Group 2: Founder Background - The founder, Qiu Wensheng, is a notable figure in the tech industry, having graduated from Tsinghua University and Zhejiang University, and previously worked at ZTE as a key talent [6][18]. - Qiu's vision of "revitalizing Chinese manufacturing" has driven Huakin Technology's growth and innovation in the ODM space [15][18]. Group 3: Industry Dynamics - The ODM model, which allows manufacturers to design, develop, and produce products based on client specifications, has evolved from traditional OEM practices, requiring higher technical capabilities and innovation [12][23]. - The competitive landscape in the ODM sector is intensifying, with major brands like Apple, Samsung, Huawei, and Xiaomi pushing for advanced technology and innovation, thereby increasing the demands on ODM providers [12][13]. Group 4: Future Strategy - Huakin Technology is pursuing a "3+N+3 global smart product platform strategy," aiming to diversify its business while strengthening its position in the smart electronics market and expanding into new areas such as humanoid robots and new energy vehicles [25]. - The company plans to leverage its upcoming IPO to raise funds for international expansion and enhance its global influence in the ODM industry [25].

Core Viewpoint - Aokai Electric (HK2580) reported a total revenue of 20.085 billion RMB for the first half of 2025, marking a year-on-year increase of 16.7%, with net profit attributable to shareholders reaching 1.873 billion RMB, up 5.1% year-on-year [1][2] Revenue Breakdown - The majority of Aokai's revenue comes from air conditioning, with home air conditioning contributing 17.915 billion RMB, accounting for 89.2% of total revenue, which is a 17.3% increase from the previous year [1][3] - Among home air conditioning sales, wall-mounted units generated 15.386 billion RMB, representing 76.6% of the segment, while cabinet units and mobile air conditioners contributed 2.338 billion RMB and 0.190 billion RMB, respectively [3] - Central air conditioning accounted for 1.922 billion RMB, or 9.6% of total revenue, with a year-on-year growth of 15.0% [3] Brand Performance - Aokai's main brand generated 9.956 billion RMB, making up 49.6% of total revenue, with a year-on-year increase of 15.2% [5] - The sub-brands Huasuan and AUFIT generated 0.503 billion RMB and 0.516 billion RMB, respectively, together accounting for only 5.1% of total revenue, with Huasuan experiencing a significant decline of 39.5% year-on-year [5][4] ODM Business Growth - Aokai's ODM (Original Design Manufacturer) revenue reached 8.861 billion RMB, representing 44.1% of total revenue and an 18.8% increase year-on-year, becoming a key growth driver for the company [4][5] - The overseas market revenue from ODM grew significantly, with Asia (excluding China), Europe, and South America showing increases of 34.5%, 27.8%, and 55.7%, respectively [5][6] Market Dynamics - The Chinese market remains the largest contributor, generating 9.246 billion RMB, accounting for 46.0% of total revenue, although this is a decrease of nearly 5 percentage points year-on-year [6][7] - The overall air conditioning market in China saw a double-digit growth in sales volume and revenue, contrasting with Aokai's slower growth in the domestic market [6] Financial Metrics - Aokai's gross margin for the first half of 2025 was 19.5%, down from 21.1% in the same period of 2024, attributed to a strategic optimization of order mix and increased sales through ODM [7][8] - The company's R&D expenditure remains low, at only 1.6% of total revenue, compared to sales and administrative expenses which are higher [8] Stock Performance - Aokai was listed on the Hong Kong Stock Exchange on September 2, 2023, with a net amount raised of 3.9935 billion HKD, but the stock price has declined approximately 15% since its debut [8][9]