Core Viewpoint - The emergence of 聚智科技 (Zhi Technology) as a new player in the baby monitoring market, following the success of Owlet, indicates a growing interest and potential in this niche sector, particularly in the context of its upcoming IPO in Hong Kong [1][23]. Company Overview - 聚智科技, originally an electronic technology company, was established in 2005 and transitioned to focus on baby monitoring products after acquiring 湖北聚智 (Hubei Zhi) in 2020 [3]. - The company’s primary brand, Hello Baby, offers around 150 products, with a significant market presence in the U.S., holding a 38.7% share in online sales of baby monitoring devices [3][4]. Financial Performance - 聚智科技 reported total revenue of 4.6 billion RMB in 2024, with 97% derived from baby monitoring products [4][12]. - Revenue growth from 2022 to 2024 was substantial, with figures of 1.91 billion RMB, 3.48 billion RMB, and 4.62 billion RMB, reflecting year-on-year increases of 82.67% and 32.76% [7][14]. - The company’s sales heavily rely on third-party e-commerce platforms, with over 96% of revenue coming from such channels by 2024, predominantly from Amazon [14][17]. Product Features and Market Strategy - Hello Baby products are designed without Wi-Fi connectivity, utilizing a proprietary 2.4GHz wireless transmission technology, which appeals to U.S. consumers concerned about privacy [8][10]. - The pricing strategy positions Hello Baby products in the mid to low range, with bestsellers priced around $60, making them competitive in the market [12]. Marketing and Sales Expenses - 聚智科技 has significantly increased its marketing and sales expenditures, which reached approximately 91.97 million RMB in 2024, accounting for about 53% of total revenue [14][19]. - The company has seen a rapid increase in advertising engagement on Amazon, with ad impressions growing from 238 million in 2022 to 570 million in 2024 [16]. Challenges and Risks - The company faces challenges related to its heavy dependence on e-commerce platforms, particularly Amazon, which poses risks if relationships with these platforms change [17]. - The impact of U.S. tariffs on Chinese imports has led to increased costs, with product prices raised by 10% to 25%, potentially affecting sales volume [19][21]. - Despite revenue growth, net profit has shown a decline, with a reported drop of approximately 15.2% in the first four months of 2025 compared to the same period in 2024 [21][22].

Core Viewpoint - 聚智科技 is attempting to restart its IPO journey after its initial application failed earlier this year, facing significant challenges including slowing revenue growth and heavy reliance on the U.S. market [2][3][22]. Group 1: Company Overview - 聚智科技 focuses on the baby monitoring device market with its HelloBaby brand, achieving revenue growth from millions to 462 million yuan since its launch in 2016 [2][3]. - The company has expanded its product offerings significantly, with over 15 products winning the Family Choice Award and sales exceeding 800,000 units in 2023 [8][9]. Group 2: Financial Performance - Revenue is projected to grow from 190 million yuan in 2022 to 462 million yuan in 2024, while net profit is expected to rise from 34.73 million yuan to 94.36 million yuan during the same period [9]. - However, revenue growth rate has sharply declined from 83% in 2023 to 33% in 2024, and net profit growth has decreased from 82% to 49% [10]. Group 3: Market Challenges - The company faces a dual challenge in the U.S. market, with approximately 75% of its revenue dependent on this region, which is experiencing a decline in birth rates and increased tariffs due to trade tensions [13][14]. - U.S. birth rates have decreased from 10.9‰ in 2020 to a projected 10.6‰ in 2025, further constraining the market for baby monitors [14]. Group 4: Business Model and Risks - 聚智科技's business model heavily relies on a single product category (baby monitors) and a single sales channel (Amazon), which poses significant risks if market conditions change [17][21]. - The company's dependence on Amazon has increased, with sales through the platform rising from 85% in 2022 to an expected 95.6% in 2024 [18]. Group 5: IPO and Future Plans - The company plans to use funds raised from its IPO to diversify its product offerings, expand sales channels, and enhance marketing efforts, particularly in North America [22]. - Despite the potential benefits of going public, the company faces uncertainties regarding its ability to successfully raise capital after its initial application was deemed invalid [23][27].

Group 1: New Listings - Shanghai Stock Exchange had 1 company listed from July 21 to July 27 [2] - Shenzhen Stock Exchange's ChiNext had 1 company listed during the same period [2] Group 2: Performance of Newly Listed Companies - Jiyuan Group, engaged in dietary nutrition supplements, saw its stock price rise over 274.54% on the first day, closing at 35.20 CNY per share, a 223.53% increase from the issue price of 10.88 CNY, with a total market capitalization of approximately 14.1 billion CNY [3] - Shanda Electric Power, focused on smart products for power systems, experienced a first-day stock price increase of over 356.00%, closing at 53.05 CNY per share, a 261.87% rise from the issue price of 14.66 CNY, with a total market capitalization of around 8.6 billion CNY [4] Group 3: Listing Committee Reviews - No companies passed the listing committee review on either the Shanghai or Shenzhen stock exchanges from July 21 to July 27 [5] Group 4: Companies with Deferred Listing Reviews - Hengkun New Materials, specializing in key materials for integrated circuits, had its listing review deferred, with inquiries focusing on potential intellectual property disputes and revenue recognition methods [6][7] Group 5: Hong Kong Stock Exchange Listings - Hong Kong Stock Exchange had 1 new company listed during the period, Nanjing Weili Zhibo-B, a clinical-stage biotech company, which saw a first-day increase of 91.71%, closing at 73.30 HKD per share, a 109.43% rise from the issue price of 35.00 HKD, with a total market capitalization of approximately 14.2 billion HKD [12] Group 6: Companies Submitting Listing Applications - Eight companies submitted listing applications to the Hong Kong Stock Exchange, including: - Goer Microelectronics, a provider of smart sensing solutions, with a market share of 2.2% in the global smart sensing market [18] - Tianyu Semiconductor, a leading supplier of silicon carbide epitaxial wafers in China, with a market share of 30.6% in revenue [23] - Daxing Technology, a well-known folding bicycle company, holding a 26.3% market share in retail volume [28] - Juzi Technology, a manufacturer of baby electronic products, with projected revenues of 1.90 billion CNY to 4.62 billion CNY from 2022 to 2024 [31] - LeMo IoT, a provider of massage services through machines, with a market share of 33.9% in 2022 [37] - Jinyan High-tech, a major producer of kaolin materials, with a market share of 19.1% in 2024 [41] - Shengruan Technology, a provider of intelligent solutions for the oil and gas industry, ranked second in the independent smart energy solutions market [44] - AIWB, a one-stop smart property building solutions provider in the U.S. [49]

Core Viewpoint - 聚智科技发展有限公司 has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for business expansion and technology development [1] Group 1: Company Overview - 聚智科技, established in 2018 in Huanggang, Hubei, specializes in manufacturing baby monitoring devices to enhance the quality of daily life for parents and infants [1] - The company has become the third-largest exporter of baby monitors to the United States, holding a market share of approximately 14.6% [6] Group 2: Financial Performance - In the fiscal years 2022, 2023, 2024, and the first four months of 2025, 聚智科技 reported revenues of approximately CNY 190 million, CNY 348 million, CNY 462 million, and CNY 150 million respectively, with net profits of CNY 34.82 million, CNY 63.37 million, CNY 94.69 million, and CNY 28.31 million [8] - The company's marketing expenses accounted for nearly 20% of total revenue during the reporting period, significantly higher than its research and development expenses [10][11] Group 3: Market Dynamics - Over 88.2% of 聚智科技's revenue comes from exports to various countries, including the United States, Canada, Germany, France, and the UK [7] - The demand for baby monitors in North America has been strong, with a compound annual growth rate of 9.6% from 2019 to 2023, surpassing other regions [3] Group 4: Challenges and Strategies - The company faces challenges due to its heavy reliance on the U.S. market and a single product structure, which poses risks to its operations [7] - In 2023, 聚智科技's gross profit margin decreased to 45.8% from 51.2% in 2022, attributed to price reductions on certain models as part of a market penetration strategy [16] Group 5: Regulatory Compliance - The China Securities Regulatory Commission has requested 聚智科技 to provide additional compliance opinions regarding its overseas structure and related regulatory procedures [18]

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Core Viewpoint - The baby monitor market is experiencing significant growth, with companies like 聚智科技 (Zhi Technology) benefiting from this trend, as evidenced by their increasing sales and revenue figures. Market Overview - The global baby monitor sales are projected to grow from 14.5 million units in 2020 to 20.3 million units by 2024, representing a compound annual growth rate (CAGR) of 8.8% [1] - North America is the largest market for baby monitors, with a CAGR of 9.2% from 2020 to 2024, expected to account for 40% of the global market share by 2024 [6] Company Performance - 聚智科技's revenue increased from 190 million RMB in 2022 to 348 million RMB in 2023, marking an 82.7% growth [1] - The company sold over 800,000 baby monitors in 2023, with projections to exceed 1.13 million units in 2024 [2] - The revenue from baby monitors constituted 91.5% of the total revenue in 2022, increasing to 97% by 2025 [3] Sales Channels - A significant portion of 聚智科技's revenue comes from third-party e-commerce platforms, primarily Amazon, which accounted for 85.4% of total revenue in 2022 [4] - The company’s revenue from North America represented 65.4% in 2022, increasing to 81.3% by 2025 [5] Profitability - The gross profit for 聚智科技 was 97.6 million RMB in 2022, with a gross margin of 51.2%, and it increased to 243.6 million RMB with a gross margin of 52.7% in 2024 [8] - The net profit for the first four months of 2023 was 28.3 million RMB, a decrease of 13.7% compared to the previous year [7] Competitive Landscape - 聚智科技 ranked third among Chinese exporters of baby monitors to the U.S., with a market share of 17.4% in 2023 [9][10] - The top five Chinese exporters accounted for over 90% of the total exports to the U.S. market [10] Future Plans - 聚智科技 plans to expand its product line and increase production capacity to 2.9 million units by 2027, a 128.3% increase from 2024 [11] - The company aims to enhance operational efficiency through the establishment of smart warehousing and expanding its online and offline market presence [11]

Company Overview - 聚智科技发展有限公司 (Juzhi Technology) submitted its IPO application to the Hong Kong Stock Exchange on July 23, marking its second attempt after an initial submission on January 17, 2025 [1] - The company, founded in 2015 and headquartered in Huanggang, Hubei, specializes in baby monitoring devices under the "HelloBaby" brand [4] - Over 88.2% of the company's revenue comes from overseas, with a gross profit margin of 52.69% [1][7] Market Dynamics - The global baby monitor market has seen strong growth, driven by rising demand for baby safety products and advancements in smart technology [3] - The market is expected to grow from 14.5 million units in 2020 to 20.3 million units by 2024, with a compound annual growth rate (CAGR) of 8.8% [3] - North America remains a key market, with sales projected to increase from 6.8 million units in 2022 to 8.1 million units by 2024 [3] Sales Performance - 聚智科技's baby monitor sales reached 1.14 million units, making it the leading online exporter of baby monitors to the U.S., capturing 38.7% of the market share [1][6] - The company achieved annual sales of 400,000, 858,000, and 1,138,000 units from 2022 to 2024, with a total of 375,000 units sold in the first four months of 2025 [5] - The company’s revenue for the reporting period was approximately 190 million, 348 million, 462 million, and 150 million yuan, showing consistent growth [7] Financial Performance - Net profit for the reporting period was approximately 34.82 million, 63.37 million, 94.69 million, and 28.31 million yuan, indicating stable profitability [7] - The gross profit margin remained around 50%, with figures of 51.24%, 45.78%, 52.69%, and 52.77% during the reporting period [7] - Approximately 87.2% to 96.4% of the company's revenue came from third-party e-commerce platforms, with Amazon being the largest contributor [7] IPO Utilization - The funds raised from the IPO will be used to expand sales channels and geographic coverage, enhance brand awareness, develop new products, upgrade existing products, and procure new production equipment [8]

Core Viewpoint - 聚智科技发展有限公司 is preparing for an IPO on the Hong Kong Stock Exchange, marking the addition of a new listed company in Hubei province [1][3]. Company Overview - 聚智科技 is a manufacturer of baby electronic products, primarily focusing on baby monitors. The company began selling baby monitors through Amazon in 2016 and has established a presence in major global markets, particularly in North America and Europe [5]. - The company ranks first among online exporters of baby monitors from China to the U.S. with a market share of approximately 17.4%, and third among all exporters (both online and offline) with the same market share [5]. Financial Performance - 聚智科技's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were RMB 190.5 million, RMB 348.0 million, RMB 462.4 million, and RMB 150.0 million, respectively. The net profits for the same periods were approximately RMB 34.8 million, RMB 63.4 million, RMB 94.7 million, and RMB 28.3 million [6][7]. - The majority of the company's revenue comes from the sale of baby monitors, contributing approximately RMB 174 million, RMB 332 million, RMB 448 million, and RMB 146 million in respective years, accounting for 91.5%, 95.4%, 97.0%, and 97.0% of total revenue [7]. Product Details - 聚智科技's baby monitor brand is "HelloBaby," featuring proprietary 2.4GHz wireless digital audio and video technology that allows parents to monitor their babies remotely, including two-way communication and environmental parameter monitoring [5]. - In 2023, the company sold over 800,000 baby monitors, and in 2024, the total sales of baby monitors and other products reached nearly 1.4 million units [8].

Group 1: Company Highlights - Vailizhibo-B (HK09887) listed on the Hong Kong Stock Exchange on July 25, with a significant dark market performance, reaching a peak of HKD 82.00, up over 134% from the IPO price of HKD 35.00, closing at HKD 69.75, a 99.29% increase [1] - SenseTime (HK00020) announced a placement to raise approximately HKD 2.5 billion by issuing about 1.667 billion Class B subscription shares at a subscription price of HKD 1.50, a discount of about 6.25% from the last closing price of HKD 1.64 [2] - Juzi Technology submitted a new prospectus to the Hong Kong Stock Exchange for a second time, focusing on the baby electronic products sector, with projected sales of nearly 1.4 million baby monitors in FY2024, marking a historical high [3] - Zhonghui Biotechnology-B submitted a listing application to the Hong Kong Stock Exchange, focusing on innovative vaccines, with core products including a quadrivalent influenza virus subunit vaccine and a rabies vaccine under development [4] Group 2: Market Performance - The Hang Seng Index closed at 25,667.18, with a gain of 0.51% on July 24 [5] - The Hang Seng Tech Index stood at 5,743.00, experiencing a slight decline of 0.05% [5] - The National Enterprises Index reached 9,257.62, with an increase of 0.18% [5]

Core Viewpoint - HelloBaby's parent company, 聚智科技, is seeking to go public on the Hong Kong Stock Exchange, marking its second attempt after a previous application expired [1][2]. Financial Performance - 聚智科技 reported revenues of approximately 191 million, 348 million, and 462 million yuan for the years 2022 to 2024, with year-on-year growth rates of 82.67% and 32.76% for the latter two years [2]. - The net profit attributable to shareholders was 35 million, 63 million, and 94 million yuan for the same period, with growth rates of 82.11% and 49.21% [2]. Market Dependency - The company attributes its revenue growth to its own brand sales of baby monitors in the U.S., primarily through Amazon, with over 90% of its revenue coming from overseas [3][8]. - In 2024, revenue from North America was 374 million yuan, accounting for 80.7% of total revenue, while revenue from Europe was 75 million yuan, making up 15.8% [3]. Marketing and Advertising Expenditure - 聚智科技's marketing and advertising expenses were approximately 17 million, 29.3 million, 45.9 million, and 16.8 million yuan for the years 2022 to 2024 and the first four months of 2025 [4]. - A significant portion of this expenditure was directed towards Amazon, with a 136.8% increase in sponsored ads from 2022 to 2023 and a further 75.1% increase in 2024 [5]. Sales Performance on Amazon - The number of ad impressions and clicks for 聚智科技's products on Amazon saw significant growth, with impressions reaching approximately 238 million, 444 million, and 570 million for the years 2022 to 2024 [6]. - Sales revenue from Amazon was approximately 163 million, 316 million, and 442 million yuan for the same years, representing about 85.4%, 90.8%, and 95.6% of total revenue [6]. Market Share - 聚智科技 holds a 38.7% market share among online sellers of baby monitors exported to the U.S., ranking third among all exporters based on the number of units sold [7]. Trade Risks - The company faces increased risks due to the U.S.-China trade tensions, with potential tariffs on its products reaching up to 30% [8][10]. - Despite a revenue increase of approximately 5.63% in the first four months of 2025, net profit declined by 15.15% compared to the same period in 2024 [9]. Pricing Strategy - In response to the tariffs, 聚智科技 raised its product prices in the U.S. from approximately $70-$80 to $80-$100, resulting in a potential decrease in sales volume [10][11]. Future Outlook - The company has stockpiled approximately 266,000 baby monitors in U.S. warehouses to mitigate the impact of tariffs, which should sustain sales for about three to four months [11]. - The long-term impact of tariffs and market conditions remains uncertain, raising questions about the company's future strategy post-tariff exemption period [12].