Core Insights - Chengdu is reshaping its economic landscape through a robust digital infrastructure, driven by advancements in computing power, integrated facilities, and data elements [1] Group 1: Computing Power - Chengdu's total computing power has reached 8754 PFlops, with the national supercomputing center achieving speeds of 10 quintillion calculations per second, enabling advanced research [4] - The AI industry in Chengdu is projected to reach a scale of 107.9 billion yuan in 2024, marking a 39% year-on-year growth, with significant increases in both core industry size and the number of related enterprises [4] Group 2: Integrated Infrastructure - Chengdu has established 283 smart factories and digital workshops, becoming a pilot city for "5G + Industrial Internet" applications, facilitating a comprehensive transformation in manufacturing [5] - The city has built a national top-level node in the industrial internet sector, with a registered volume of 10.92 billion identifiers, and has developed extensive testing scenarios in the vehicle networking domain [5][6] Group 3: Data Activation - Chengdu has opened 319 million public data entries since 2018, with over 6.19 million visits to its public data platform, aiming to activate dormant data for industrial growth [9] - The "Rong Data Park" serves as a public service space for the data element industry, attracting 261 data vendors and offering 1050 data products, contributing over 1.4 billion yuan to secondary data vendors [9]

Group 1 - Three companies from Xiamen, Fujian Province, won the China Patent Excellence Award: Xiamen Xinda IoT Technology Co., Ltd., Kehua Data Co., Ltd., and Xiamen Qianzhao Optoelectronics Co., Ltd. [1] - Xiamen Xinda IoT Technology Co., Ltd. developed RFID electronic tag technology that can read information from over 300 items simultaneously, improving inventory efficiency and reducing labor costs [1]. - Kehua Data Co., Ltd. focuses on the renewable energy sector, with a patented technology that combines rectifier modules and supercapacitors, breaking foreign technology monopolies and filling domestic gaps in wind power pitch control systems [1]. - Xiamen Qianzhao Optoelectronics Co., Ltd. created a transistor patent technology that addresses critical issues in 5G base station RF devices, achieving domestic production of core 5G chips [1]. Group 2 - The success of these three companies is supported by various initiatives from the Xiang'an District Market Supervision Administration, which introduced the first district-level intellectual property reward subsidy policy in Xiamen to stimulate innovation [2]. - The administration established a key enterprise cultivation database and formed a service team of intellectual property experts and technical consultants to provide comprehensive services, including patent mining, high-quality application writing, award application preparation, and defense coaching [2]. - The administration plans to enhance guidance on the transformation and application of patents by building a platform for collaboration between industry, academia, and research institutions, facilitating the transfer and transformation of patent achievements into enterprises [2].

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨 关雎 图源 丨商米科技 如今，在超市自助收银台结账、在餐厅手机扫码下单、在酒店自助机办理入住时，还可以支付宝刷脸 支付、"碰一碰"支付，都在让人们的生活更加便利。 从手持 POS 机、自助收银台，到智能点餐机、医院挂号机，其背后的商业物联网（ BIoT ）解决方 案供应商商米科技，日前正式向港交所提交招股书。 其创始人林喆毕业于汕头的一家职业中学。骨子里有着潮汕人经商 DNA 的他，从 19 岁就开始创 业，开了一家电脑销售公司，单月销售额一度超 300 万 ， 赚下了第一桶金。 此后他又创建了一家做 DIY-POS 收款机的公司，产品远销到国外。 2013 年，他成立了"我有外 卖"平台，在外卖平台大战之际，他率先转型研发智能设备，成功获得来自小米、美团、蚂蚁科技等 巨头的投资。 如今，这家总部位于上海杨浦区的公司，按 2024 年营收计，已经成为全球最大的安卓端商业物联网 解决方案提供商，市场份额超过 10% ，其产品已经销往全球 ...

天眼查资料显示，成都秦川物联网科技股份有限公司，成立于2001年，位于成都市，是一家以从事研究 和试验发展为主的企业。企业注册资本16800万人民币。通过天眼查大数据分析，成都秦川物联网科技 股份有限公司共对外投资了6家企业，参与招投标项目295次，财产线索方面有商标信息59条，专利信息 1379条，此外企业还拥有行政许可65个。 金融界2025年6月28日消息，国家知识产权局信息显示，成都秦川物联网科技股份有限公司申请一项名 为"一种小型铜套密封机构"的专利，公开号CN120212236A，申请日期为2025年04月。 专利摘要显示，本发明公开了一种小型铜套密封机构，包括安装板和设于安装板上的多个密封组件，所 述密封组件包括导气柱、顶块、压头、弹性件和调节杆；所述导气柱贯穿设置在安装板上，所述顶块位 于安装板下侧并与所述导气柱下端连接；所述压头安装于顶块下侧并与所述导气柱下端抵接，且所述压 头的气道与导气柱的气道连通；所述弹性件位于安装板上侧并与导气柱连接，用于对导气柱产生向上的 驱动力；所述调节杆有多个且贯穿设置在安装板上，所述调节杆下端与顶块抵接。通过调整调节杆就可 以实现顶块的多角度调节，继而调节压头 ...

Core Viewpoint - Sunmi Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the growing commercial Internet of Things (BIoT) market, despite facing challenges such as revenue fluctuations and customer attrition [1][3][20] Group 1: Company Overview - Sunmi Technology, established in December 2013, is a provider of commercial IoT solutions, focusing on integrating smart IoT devices with cloud services to create a connected commercial ecosystem [3] - The company has achieved over $100 million in global revenue within three years of launching its first BIOT integrated device, becoming one of the youngest players among the top ten industry participants [4][9] Group 2: Market Potential - The global BIoT solutions market is projected to grow from approximately 189 billion RMB in 2020 to about 235 billion RMB by 2024, with a compound annual growth rate (CAGR) of around 5.6% [5] - The market for Android-based BIOT solutions is expected to expand significantly, with a forecasted growth from 32 billion RMB in 2024 to 92 billion RMB by 2029, reflecting a remarkable CAGR of 23.7% [8] Group 3: Financial Performance - Sunmi Technology's revenue decreased from 3.404 billion RMB in 2022 to 3.071 billion RMB in 2023, before rebounding slightly to 3.456 billion RMB in 2024, indicating a net revenue growth of only 52 million RMB over three years [14] - The company's net profit for the years 2022, 2023, and 2024 was 1.60 billion RMB, 1.01 billion RMB, and 1.81 billion RMB respectively, with gross profit margins of 28.1%, 26.7%, and 28.9% [15][17] Group 4: Customer Base and Challenges - Sunmi Technology serves approximately 61,000 commercial partners globally, with a market share exceeding 10% in the Android-based BIOT solutions sector [9] - The number of customers has declined from 2,506 in 2022 to 2,262 in 2024, highlighting a significant challenge in maintaining customer relationships amid increasing competition [18][20]

Group 1 - The Eurobike 2025 event in Frankfurt, Germany, focuses on "Shaping Active Mobility," highlighting the future of green transportation, digital connectivity, and sustainable mobility [1] - Weimob Communication (300590) showcases its advanced IoT solutions for E-bikes and micro-mobility, marking its first appearance at Eurobike [1] - The company aims to establish closer partnerships with local E-bike brands and solution providers in Europe to drive digital transformation and green mobility ecosystem [4] Group 2 - Weimob Communication presents multiple intelligent management terminal devices for two-wheeled vehicles, including SC350MG, ZK102, and MT105, covering a complete range of scenarios from basic positioning to remote operation management [2] - The SC350MG device stands out for its strong data communication capabilities, positioning accuracy, and flexibility, integrating various communication technologies and offering a comprehensive digital solution for E-bike manufacturers [2] - The company also showcases its diverse IoT solutions across various vertical industries, including smart transportation, logistics monitoring, and industrial networking [3] Group 3 - The demand for smart hardware and digital solutions is increasing as the EU intensifies policies on low-carbon and sustainable transportation, accelerating the adoption of electric bicycles and shared micro-mobility [4] - Weimob Communication plans to leverage its global resources and R&D advantages to provide smarter, more reliable, and sustainable products and services [4] - The company is committed to deepening its focus on intelligent mobility solutions for two-wheeled vehicles and expanding its IoT offerings across multiple sectors [4]

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. (Shangmi Technology), a provider of commercial Internet of Things (BIoT) solutions, is transitioning from the Science and Technology Innovation Board (STAR Market) to the Hong Kong Stock Exchange, backed by major investors like Ant Group, Meituan, and Xiaomi. The company has achieved profitability from 2022 to 2024, contrasting with its previous losses during its STAR Market application [1][3][4]. Financial Performance - Shangmi Technology reported revenues of RMB 34.04 billion, RMB 30.71 billion, and RMB 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of RMB 1.60 billion, RMB 1.01 billion, and RMB 1.81 billion during the same period [4][6]. - Despite a decline in revenue and net profit in 2023, the company has significantly improved its financial performance compared to its previous application period [4][6]. Business Model and Revenue Structure - The company claims to be the "largest Android-based BIoT provider globally," but over 98% of its revenue comes from hardware sales, indicating a reliance on a single revenue stream [3][6]. - The revenue from smart device sales for 2022-2024 was RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion, representing 99.5%, 98%, and 99.5% of total revenue, respectively [6][10]. Production and Cost Structure - Shangmi Technology relies heavily on OEM and ODM manufacturing, with over 92% of its products produced by third-party manufacturers, which affects its cost control and quality management [7][8][11]. - The gross profit margins for 2022-2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [7][11]. Shareholder Activity - Prior to the Hong Kong IPO, existing shareholders, including Ant Group's Yunxin Investment, have begun to reduce their stakes, indicating potential concerns about the company's future valuation and performance [2][13]. - Ant Group reduced its stake from 29.99% to 27.27% as part of a share transfer, reflecting a strategy to realize returns after a prolonged wait for the company's IPO [13]. Market Challenges - Shangmi Technology faces significant challenges in transitioning its business model from hardware sales to a more diversified IoT ecosystem service, which will be crucial for its valuation in the Hong Kong market [12][13]. - The company must address concerns regarding its business moat and the sustainability of its growth strategy amid competition and market dynamics [13].

金十数据6月27日讯，美银证券发表研究报告指，小米集团(01810.HK)日前举行「人车家全生态发布 会」，当中市场聚焦於YU7的定价，YU7、YU7Pro及YU7Max的定价分别为25.35万元、27.99万元及 32.99万元人民币。该行指，YU7定价大致符预期，虽然Max版本的定价稍高於其预期的25至30万元范 围，但价格表现仍好过Tesla Model Y。而YU7开售一小时内，已收到逾28.9万辆订单，表现较SU7首日 订单量约8.9万辆更好。该行维持买入评级，基於强劲的电动车势头，以及稳健的智能手机及物联网增 长；目标价66港元。 美银证券：小米YU7定价大致符合预期 订单胜SU7 ...

Core Insights - The article highlights the advancements made by Hangzhou Yingshi Network Co., Ltd. (Yingshi) in the field of AI and visual IoT, particularly through the launch of the upgraded Yingshi Blue Ocean Model 2.0 and the EZVIZ HomePlay OS, aimed at enhancing user experience and addressing fragmented AI scenarios [1][2][3] Group 1: Product Developments - Yingshi launched the upgraded Yingshi Blue Ocean Model 2.0, focusing on enhancing perception, understanding, and memory capabilities through multi-dimensional integration and specialized memory [2] - The EZVIZ HomePlay OS has undergone a comprehensive upgrade, enabling developers to create intelligent applications quickly and cost-effectively, addressing challenges posed by fragmented AI scenarios [3] Group 2: Market Applications - Yingshi is building a home AI elderly care service system, leveraging cloud services, AI capabilities, and age-friendly devices to monitor and assist the elderly, with an average of 4.3 interactions per day [4] - The company is also innovating in the retail sector by developing capabilities for unmanned self-service scenarios, addressing industry pain points such as labor shortages and high costs [5] Group 3: Strategic Vision - Yingshi aims to empower developers to become builders of vertical intelligent scenarios through a dual approach of technology support and ecosystem collaboration, targeting a trillion-dollar market in fragmented AI scenarios [5]

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to capitalize on the growing demand for Business Internet of Things (BIoT) solutions, with a focus on digital transformation in offline commercial scenarios [3]. Company Overview - Shangmi Technology is a provider of BIoT solutions that integrates smart hardware, software, and data insights to enhance operational efficiency in various business processes such as payment, membership management, order fulfillment, inventory control, and employee management [3]. - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share as of 2024 [3]. Financial Performance - Revenue for Shangmi Technology from 2022 to 2024 is projected to be 3.404 billion RMB, 3.071 billion RMB, and 3.456 billion RMB respectively [4]. - Net profit for the same period is expected to be 160 million RMB, 101 million RMB, and 181 million RMB respectively [4]. - The company anticipates significant growth in the Android-based BIoT solutions market over the next five years [3]. Leadership - The founder, Lin Zhe, is a serial entrepreneur with over 20 years of industry experience, having pioneered the first PC-based POS machine in 1999 and the first Android-based POS machine in 2011 [4][5]. - Lin Zhe has been serving as the Chairman and General Manager of the company since December 2013, overseeing overall business operations, strategy, and corporate development [5].