2026年1月13日，曾折戟科创板的商业物联网（BIoT）解决方案提供商——上海商米科技集团股份有限 公司再次向港交所递交主板上市申请。此次IPO由德意志银行、中信证券及农银国际联合保荐，拟发行 不超过4600万股普通股。 尽管商米科技以全球安卓端BIoT解决方案龙头身份亮相（2024年市场份额超10%），但其高度依赖硬件 销售、客户持续流失、代工模式利润薄弱的隐忧，为其资本化征程蒙上浓重阴影。 硬件依赖症：收入占比99.5%下的增长瓶颈 商米科技的业绩增长呈现"规模与风险并存"的特征。2022年至2024年，公司营收分别为34.04亿元、 30.71亿元、34.56亿元，净利润分别为1.60亿元、1.01亿元、1.81亿元，均呈"V型"增长趋势，波动较 大。 更值得警惕的是，其智能设备销售收入占比连续三年超过99.5%，而软件服务（PaaS平台及定制业务） 收入占比最高仅2%（2023年），2024年再度回落至0.5%。这种"单腿走路"的商业模式，导致公司抗风 险能力显著弱化。 业务单一性直接反映在盈利质量上。2024年公司毛利率虽回升至28.9%，但仍低于行业龙头35%-40%的 水平。其硬件毛利率长期受 ...

Core Viewpoint - The company, Yuanwanggu, plans to raise 690 million yuan through a private placement to fund various projects, including the construction of an RFID electronic tag production line and a new IoT terminal project, with concerns about the compliance and transparency of the funding allocation [1][18]. Group 1: Fundraising Details - Yuanwanggu intends to issue up to 221,927,220 shares to no more than 35 specific investors, raising a maximum of 690 million yuan for several projects, including 190 million yuan for the RFID electronic tag production line and 200 million yuan for working capital [2][19]. - The total investment for the RFID electronic tag production line is approximately 209.86 million yuan, with 190.34 million yuan allocated from the raised funds [3][20]. - Compared to a previously terminated fundraising plan of 300 million yuan, the new plan's total fundraising amount has doubled, with significant increases in the funding amounts for various projects, particularly a 550% increase in working capital allocation [3][21]. Group 2: Project Specifics - The new IoT terminal project, which has a funding allocation of 135 million yuan, lacks detailed descriptions regarding whether it focuses on production expansion or research and development [4][21]. - The RFID electronic tag production line project is expected to increase production capacity by 2 billion tags upon completion, while the innovation center project is aimed at research and training for vertical application models [4][21]. - The lack of clarity regarding the nature of the IoT terminal project raises questions about its classification as either a capital expenditure or a working capital allocation, which could affect compliance with regulatory limits on funding usage [8][25]. Group 3: Related Party Transactions - The fundraising plan includes several projects that show signs of related party transactions, such as the innovation center project, which involves leasing facilities from a company controlled by the actual controller, Xu Yusuo [9][26]. - The rental and renovation costs for the innovation center project amount to approximately 8.9 million yuan, raising concerns about the necessity of leasing from a related party when the company has existing facilities [12][29]. - Previous transactions involving the company's assets and the actual controller have led to scrutiny regarding potential profit manipulation and benefit transfer to the controlling shareholder [13][30]. Group 4: Shareholder Actions - Prior to the announcement of the fundraising plan, the actual controller, Xu Yusuo, disclosed a significant share reduction plan, intending to sell up to 22,192,722 shares, which is about 3% of the total share capital [14][31]. - Since the company's listing, Xu Yusuo has cumulatively reduced his holdings by over 1.1 billion yuan and has pledged a significant portion of his shares, raising concerns about the motivations behind the fundraising and share reduction activities [16][32]. - As of December 12, 2025, Xu Yusuo had pledged 93.22 million shares, representing approximately 87.84% of his total holdings, indicating a high level of financial leverage [17][32].

Core Viewpoint - The company has established deep collaborations with multiple toy enterprises, creating a comprehensive technology solution that integrates hardware, AI models, algorithms, and IoT platforms to enhance toy functionalities [2] Group 1: Technology and Innovation - The complete technology solution enables clients to quickly implement AI features such as voice interaction and emotional perception in toys [2] - The solution aims to shorten the product development cycle for clients, facilitating a transition from "single interaction" to "full-scenario emotional companionship" in toys [2]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] Group 2: Business Growth and Strategy - The company is expanding its overseas market for smart vehicle terminals, with a steady increase in overseas customer numbers and successful entry into a foreign automotive brand's supplier system [2] - The commercial vehicle monitoring terminal market is expected to grow due to increasing safety regulations and technological advancements, with a shift towards intelligent video recording devices [2] - The smart travel component business saw significant growth, achieving revenue of CNY 229 million in the first half of 2025, a 39.26% increase year-on-year [3] Group 3: Market Trends and Opportunities - The domestic market for smart sleep terminals is expanding, driven by a growing demand for sleep health solutions, with 26% of people sleeping less than 6 hours and 65% experiencing weekly sleep disturbances [4] - The sleep economy market is expected to continue growing, providing ample opportunities for the company's smart sleep terminal products [4]

Group 1 - The National Robot Industry Index increased by 3.4%, while the China Securities Intelligent Electric Vehicle Index rose by 0.6%, the China Securities Consumer Electronics Theme Index climbed by 1.8%, and the China Securities Internet of Things Theme Index went up by 0.7% [1][5] - The robot ETF managed by E Fund (159530) saw a net subscription exceeding 100 million units during the half-day trading session [1] Group 2 - The China Securities Intelligent Electric Vehicle Index focuses on the intelligent electric vehicle sector, which is expected to become a representative direction for embodied intelligence, covering various industry chain segments including power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [3] Group 3 - The China Securities Consumer Electronics Theme Index emphasizes AI hardware, which is currently a major category of smart terminal products, consisting of stocks from companies involved in component production, complete machine brand design, and manufacturing [5]

Group 1 - The core point of the news is that Huihan Microelectronics Co., Ltd. has seen a stock price increase of 5.09%, reaching 142.80 yuan per share, with a total market capitalization of 14.926 billion yuan [1] - The company, established on July 11, 2008, specializes in the research, production, and sales of intelligent terminals for vehicle networking and IoT smart modules, along with providing software and technical services [1] - The revenue composition of the company's main business includes 74.71% from vehicle networking intelligent terminals, 18.17% from IoT smart modules, 7.00% from software and services, and 0.12% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Huihan shares, with the GF Consumer Discretionary Link A fund holding 900 shares, representing 0.04% of the fund's net value [2] - The GF Consumer Discretionary Link A fund, established on April 15, 2015, has a current size of 169 million yuan and has achieved a year-to-date return of 0.66% [2] - The fund manager, Yao Xi, has been in position for 4 years and 62 days, with the best return during this period being 113.53% and the worst being -46.97% [2]

根据警示函内容，鸿泉技术的违规问题主要包括四个方面：一是在2024年年度报告及2025年半年度报告中，未按规定披露与实际控 制人何军强发生的非经营性资金往来；二是募集资金现金管理审议程序不规范，存在超期未审议的情况；三是未按规定召开审计委 员会会议；四是对子公司上海成生科技有限公司、上海弦数智能科技有限公司未能实施有效管控。 1月15日，鸿泉技术发布公告称，公司收到中国证券监督管理委员会浙江监管局下发的《关于对杭州鸿泉物联网技术股份有限公司及 相关人员采取出具警示函措施的决定》，因存在四项违规问题被监管部门出具警示函，相关责任人员同步被采取监管措施。 监管部门要求，公司及相关人员需认真吸取教训，加强证券法律法规学习，提高公司规范运作水平和信息披露质量，并于收到警示 函之日起10个工作日内提交书面整改报告，杜绝此类违规行为再次发生。 针对警示函所指出的问题，鸿泉技术及相关责任人表示高度重视，将认真吸取教训，深刻反思并严肃整改。公告披露，警示函中提 及的公司与实际控制人非经营性资金往来金额为400万元，该事项已整改完毕，不会影响公司正常经营活动。 监管部门指出，公司上述行为违反了《上市公司监管指引第8号-上市公司 ...

（编辑 丛可心） 证券日报网讯 1月15日，九联科技在互动平台回答投资者提问时表示，卫星物联网和蜂窝物联网互为补 充，公司产品满足部分场景的综合应用，公司密切关注"空天地一体化网络"建设的前瞻性机会。公司的 研发、产品、业务方向内容请持续关注公司在上海证券交易所网站和公司指定信息披露媒体刊登的相关 公告。 ...

Core Insights - The article discusses the launch of "Hey Tuya," an AI life assistant by Tuya Smart, marking its first consumer-facing product after 12 years of development in the IoT sector [1][2]. Group 1: Product Overview - "Hey Tuya" is designed to assist consumers with various daily tasks, including schedule management, to-do lists, health monitoring, and interaction with smart home devices [2]. - The product is currently in the testing phase and is expected to be officially launched later this year [2]. Group 2: Competitive Landscape - Tuya Smart claims that there are currently no direct competitors offering similar services, positioning itself as a unique value provider with an open platform for developers [3]. Group 3: Market Potential and Challenges - The penetration rate of smart home devices is relatively low, with only about 6%-7% of homes currently equipped, indicating significant growth potential [7]. - Key challenges include enhancing cross-device experiences and continuously identifying real user needs to match technological capabilities [7]. Group 4: Business Model - Tuya operates under three main business models: PaaS (Platform as a Service) for device manufacturers, solution business for emerging product categories, and SaaS (Software as a Service) for end-users [8]. - The company maintains a B2B2C structure, empowering device suppliers while also focusing on consumer insights to optimize product offerings [9]. Group 5: Future Outlook - Tuya anticipates that 2025 will be a foundational year for AI devices, with ongoing efforts to encourage developers to explore AI applications [9].

Group 1 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -100 million and -120 million yuan, representing a year-on-year decrease of 53.29% to 83.95% [2] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between -105 million and -125 million yuan, a year-on-year decrease of 46.45% to 74.34% [2] - The previous year's net profit attributable to shareholders of the parent company was -65.24 million yuan [4] Group 2 - The decline in net profit is primarily due to a decrease in operating income, attributed to intensified domestic market competition affecting the sales volume and price of IoT smart gas meters [6] - The gross profit margin has decreased due to lower sales volume of IoT smart gas meters and low production capacity utilization, leading to higher fixed costs [6] - High expenses related to R&D investments and personnel costs in the company's strategic layout across three business segments have also impacted net profit [6]