9月5日，中国证监会公示《境外发行上市备案补充材料要求(2025年8月29日—2025年9月4日)》，证监 会国际司共对12家企业出具补充材料要求。其中要求商米科技补充说明前期A股申报及撤回情况等事 项。据悉，2025年6月25日，商米科技向港交所递交上市申请，德意志银行、中信证券和农银国际为联 席保荐人。 证监会请商米科技补充说明以下事项，请律师核查并出具明确的法律意见： 一、公司及下属公司经营范围涉及第二类增值电信业务并持有增值电信业务许可证，请结合相关政策及 公司及下属公司经营范围详细说明业务经营不涉及外资禁止或限制准入领域的原因，并就本次发行上市 前后是否符合《外商投资准入特别管理措施(负面清单)(2024年版)》出具明确结论性意见。 五、请补充说明本次拟参与"全流通"的股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 据招股书，商米科技是全球领先的商业物联网(BIoT)解决方案提供商。公司的解决方案集成了智能硬 件、软件及数据洞察，赋能众多线下商业场景实现数字化转型，提升核心商业运营流程(如支付、会员 管理、订单履约、存货控制及员工管理)效率。 根据灼识咨询的资料，按2024年的收入计，公司目 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Sunmi Technology, regarding their overseas listing applications [1] - Sunmi Technology submitted its listing application to the Hong Kong Stock Exchange on June 25, 2025, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] - The CSRC has requested Sunmi Technology to clarify its business operations related to value-added telecommunications services and compliance with foreign investment regulations [2] Group 2 - Sunmi Technology is recognized as a leading provider of Business Internet of Things (BIoT) solutions, integrating smart hardware, software, and data insights to enhance digital transformation in various offline business scenarios [3] - The company holds over 10% of the global market share for Android-based BIoT solutions, making it the largest provider in this segment as of 2024 [3] - Sunmi Technology has deployed its solutions in over 200 countries and regions, with active smart devices increasing from approximately 3.2 million at the end of 2022 to an estimated 4.9 million by the end of 2024 [3]

Core Viewpoint - The company, Shangmi Technology, is aiming for an IPO on the Hong Kong Stock Exchange after previously withdrawing its application for the A-share market. The company has faced challenges such as revenue fluctuations and customer attrition, which are magnified in the competitive landscape of the commercial IoT sector [1][4]. Group 1: Company Background and Development - Shangmi Technology was founded in 2013, evolving from a POS machine manufacturer to a leading provider of commercial IoT solutions, capitalizing on the growth of the food delivery market [2][4]. - The company launched its first smart POS machine in 2016, achieving over $100 million in global revenue within three years [2]. - By 2024, Shangmi is projected to hold over 10% of the global market share in the Android-based BIoT solutions sector, serving approximately 61,000 commercial partners worldwide [4]. Group 2: Financial Performance - Shangmi's revenue decreased from 34.04 billion RMB in 2022 to 30.71 billion RMB in 2023, with a slight recovery expected to 34.56 billion RMB in 2024, indicating a net revenue growth of only 52 million RMB over three years [9][10]. - The net profit for 2022, 2023, and 2024 was reported at 1.60 billion RMB, 1.01 billion RMB, and 1.81 billion RMB, respectively, with gross profit margins fluctuating between 26.7% and 28.9% [9][10]. - The decline in revenue is primarily attributed to a drop in sales from smart device sales, which accounted for 98% of total revenue [10]. Group 3: Market Position and Competition - The competitive landscape includes major players like Xiaomi, Ant Group, and Meituan, all of whom have invested in Shangmi Technology [5][6]. - The company has experienced a reduction in its customer base, dropping from 2,506 in 2022 to 2,262 in 2024, highlighting the challenges of maintaining client relationships in a competitive market [13]. - Shangmi's reliance on a few major clients is evident, with the top five clients contributing 42.3%, 28.8%, and 41.1% of revenue over the reporting period [13]. Group 4: Future Plans and Funding - The company plans to use the funds raised from the IPO for R&D in BIoT hardware and software solutions, enhancing supply chain operations, and global market expansion [8].

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, having previously withdrawn its application for the Sci-Tech Innovation Board in 2022, indicating a strategic shift towards an IPO in Hong Kong [1][3]. Company Overview - Founded in 2013 by Lin Zhe, Shangmi Technology specializes in Business Internet of Things (BIoT) solutions, providing services across various sectors including restaurants, supermarkets, fitness, clinics, and logistics [3][4]. - The company has developed several innovative products, including the world's first on-demand delivery POS solution and a comprehensive BIOT platform, achieving significant international sales [3][9]. Financial Performance - The company has experienced fluctuations in revenue, with total revenues of approximately RMB 34.04 billion in 2022, RMB 30.71 billion in 2023, and projected RMB 34.56 billion in 2024 [12]. - The gross profit margins for these years were 28.1%, 26.7%, and 28.9% respectively, with a notable decline in 2023 attributed to a decrease in high-margin sales from the Americas [12]. Revenue Composition - Over 90% of the company's revenue is derived from smart device sales, with a significant portion coming from smart financial devices, which saw a revenue increase of 39.8% in 2023 [6][8]. - The PaaS platform and custom services contribute a minor share of the total revenue, indicating a heavy reliance on hardware sales [7][8]. Market Position - Shangmi Technology is recognized as the largest provider of Android-based BIOT solutions globally, holding over 10% market share [16]. - The company has established a strong presence in the food and beverage sector, serving over 70% of the top 50 global companies in this industry [16]. Customer Base and Risks - The number of customers has declined from 2,506 in 2022 to 2,262 in 2024, raising concerns about future revenue growth if new customers are not attracted [17]. - The company faces credit risks related to accounts receivable, which have increased significantly over the years, indicating potential liquidity challenges [17]. Future Outlook - The global BIOT solutions market is projected to grow, with an expected compound annual growth rate of 5.9% from 2024 to 2029, suggesting potential opportunities for Shangmi Technology [13]. - Despite being the largest player in its segment, the company must navigate competitive pressures and operational risks to sustain growth [18].

Group 1 - The core viewpoint of the article highlights the competitive landscape of the food delivery industry in China, with major players like Meituan, Ele.me, and JD engaged in a subsidy war, while Sunmi Technology, a leader in the Android-based BIOT solutions, is preparing for an IPO in Hong Kong [2] - Sunmi Technology, founded by Lin Zhe, has evolved from selling POS machines to becoming a key player in the BIOT sector, receiving support from major tech companies like Xiaomi, Meituan, and Ant Group [2][3] - The company faces challenges such as declining customer numbers, a single revenue model, reliance on OEM production, and rising accounts receivable, indicating potential risks for future growth [2][12][21] Group 2 - Lin Zhe, the founder of Sunmi Technology, started his entrepreneurial journey at a young age, initially selling computers before transitioning to POS machines, where he developed a competitive edge by creating affordable domestic products [4][6] - The company has experienced fluctuations in revenue, with significant growth from 2018 to 2020, but a decline in 2023 followed by recovery in 2024, indicating volatility in its business performance [14][19] - Sunmi Technology's revenue heavily relies on hardware sales, with smart devices accounting for over 99% of total revenue, while software and service revenues remain minimal [16][17] Group 3 - The company has a high customer concentration risk, with a significant portion of revenue coming from its top five clients, and has seen a decline in total customer numbers over the past three years [21][22] - Sunmi Technology's production model is heavily dependent on third-party manufacturers, which raises concerns about quality control and profit margins due to the OEM/ODM approach [23][26] - The company's accounts receivable have surged, indicating potential cash flow issues, with the turnover days increasing from 36 days in 2022 to 89 days in 2024 [27]

Core Viewpoint - Company is a leading provider of smart commercial devices, primarily focusing on BIOT solutions, and has gained significant market traction with major investments from industry giants like Xiaomi, Meituan, and Ant Group [2][4]. Company Overview - Company, headquartered in Shanghai, has submitted its IPO application to the Hong Kong Stock Exchange and is recognized as the largest Android-based commercial IoT solution provider globally, with a market share exceeding 10% [2][7]. - The company has achieved substantial revenue growth, with projected revenues of approximately 34.04 billion, 30.71 billion, and 34.56 billion yuan for 2022, 2023, and 2024 respectively [7]. Industry Opportunities - The commercial IoT industry is experiencing rapid growth, with the global BIOT solutions market expected to increase from 235 billion yuan in 2024 to 313 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.9% [5]. - The Android-based BIOT segment is projected to grow even faster, with a CAGR of 23.7% [5]. Product and Market Strategy - Company has developed a comprehensive ecosystem that integrates smart hardware with cloud computing, AI, and big data, aiming to enhance operational efficiency for businesses [5][6]. - The company is not only selling terminal devices but also building a developer ecosystem to lower entry barriers for small and micro businesses [6]. Financial Performance - The company reported net profits of approximately 1.59 billion, 1.01 billion, and 1.81 billion yuan for 2022, 2023, and 2024 respectively [7]. - The majority of revenue is derived from smart device sales, which accounted for 99.5% of total revenue in 2024 [8]. Challenges - Company faces challenges such as a reliance on a single revenue model, with over 92% of products produced by OEM/ODM facilities, which limits control over product quality and profit margins [8]. - The company is heavily dependent on major clients, with the top five clients contributing 41.1% of revenue in 2024 [8].

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after previously withdrawing its application for the Sci-Tech Innovation Board in 2022, aiming to raise 1 billion yuan [1] Group 1: Company Overview - Shangmi Technology was founded in 2013 and initially operated as a food delivery platform called "I Have Takeout," which was backed by Xiaomi [2] - The company transitioned from a food delivery service to providing Business Internet of Things (BIoT) solutions, focusing on selling smart devices such as Android cash registers and handheld scanners [4] Group 2: Financial Performance - The number of customers has declined for two consecutive years, with 2,506 in 2022, 2,337 in 2023, and projected 2,262 in 2024 [5] - Revenue figures for the years 2022 to 2024 are 3.4 billion yuan, 3.07 billion yuan, and 3.46 billion yuan, respectively, with profits of 160 million yuan, 100 million yuan, and 180 million yuan, indicating a decline in both revenue and profit in 2023 [5] - The revenue concentration from the top five customers was 42.3% in 2022, 28.8% in 2023, and 41.1% in 2024, highlighting a high dependency on major clients [5] Group 3: Production and Profitability - The company relies heavily on OEM production, with a projected sales volume of 3.803 million smart devices in 2024, while its design capacity is only 289,300 units, less than 8% of the sales volume [7] - Shangmi Technology's gross margins from 2022 to 2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [8] Group 4: Investment and Ownership Structure - The company has completed at least six rounds of financing, raising over 500 million yuan since its inception [8] - The ownership structure includes a dual-class share system, with the founder holding 79.04% of the voting rights prior to the IPO [8] - Major shareholders include Ant Group with 37.56%, Meituan with 11.29%, and Xiaomi with 10.72% [9]

Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (Sunmi Technology) is seeking to go public on the Hong Kong Stock Exchange, having appointed CMB International as one of its overall coordinators, while its existing sponsors remain unchanged. The company has not yet disclosed the total amount of funds it aims to raise or the number of shares to be issued in this IPO [1]. Group 1: Company Background and Market Position - Sunmi Technology was established in December 2013 and initially focused on providing takeaway solutions for the restaurant industry. After receiving investment from Xiaomi in 2014, the company transitioned to the smart commercial equipment sector and rebranded in 2016 [2]. - As of 2024, Sunmi Technology is recognized as the largest Android-based Business IoT (BIoT) solution provider globally, holding over 10% market share, with approximately 61,000 commercial partners served worldwide [2][3]. Group 2: Financial Performance - The company reported a decline in both revenue and net profit in 2023, with revenues of approximately RMB 30.71 billion, down from RMB 34.04 billion in 2022. However, a recovery is expected in 2024, with projected revenues of RMB 34.56 billion [6][9]. - The gross profit margin fluctuated from 28.1% in 2022 to 26.7% in 2023, before rebounding to 28.9% in 2024, attributed to increased sales in Europe and improved cost management [9]. Group 3: Revenue Structure and Dependency - Sunmi Technology's revenue heavily relies on smart device sales, which accounted for 99.5% of total revenue in 2022 and 2024, with revenues from smart devices being RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion for the years 2022, 2023, and 2024, respectively [9][11]. - The company has a concentrated customer base, with revenues from its top five customers representing 42.3%, 28.8%, and 41.1% of total revenue from 2022 to 2024 [11]. Group 4: Production and Supply Chain - Over 92% of Sunmi Technology's smart devices are produced by third-party manufacturers, indicating a reliance on the OEM/ODM model. The company collaborates with around 30 third-party manufacturers to meet production demands [12][14]. - The company has been increasing its own production capacity, with designed capacity rising from 52,800 units in 2023 to approximately 236,466 units in 2024 [13][14]. Group 5: Future Plans and Use of Proceeds - The funds raised from the IPO are intended for research and development of BIoT hardware and software solutions, strengthening supply chain and production operations, global market expansion, and general corporate purposes [5].

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] Group 1: Company Overview - Shangmi Technology was established in December 2013 and primarily provides Business Internet of Things (BIoT) solutions, including smart devices and BIoT PaaS platforms [1] - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share as of 2024 [1] Group 2: Financial Performance - Revenue from 2022 to 2024 was reported as 3.404 billion yuan, 3.071 billion yuan, and 3.456 billion yuan, with net profits of 160 million yuan, 101 million yuan, and 181 million yuan respectively [1][2] - Sales revenue from smart hardware devices accounted for approximately 99.5% of total revenue in 2022 and 2024, with figures of 3.389 billion yuan and 3.438 billion yuan [1][2] Group 3: Research and Development - R&D expenditures from 2022 to 2024 were 360 million yuan, 350 million yuan, and 390 million yuan, representing 10.5%, 11.5%, and 11.4% of total revenue respectively [2] Group 4: Customer Dynamics - The company has experienced customer attrition, with the number of clients decreasing from 2,506 in 2022 to 2,262 in 2024 [2] - Revenue from the top five customers accounted for 42.3%, 28.8%, and 41.1% of total revenue in the respective years, with the largest customer contributing 19.3%, 16.5%, and 22.0% [2] Group 5: Geographic Revenue Distribution - The Asia-Pacific, Middle East, and Africa regions contributed nearly half of the company's revenue, with growth expected from the European and American markets in 2024 [3] - Revenue from the Americas increased by 46.5% to 1.186 billion yuan, while European revenue rose by approximately 56.4% to 717 million yuan in 2024 [3] Group 6: Financing History - Shangmi Technology has completed at least six rounds of financing since its inception, raising over 500 million yuan [5] - Notable investors include Xiaomi, Meituan, Ant Group, and Shenzhen Capital Group [4][5] Group 7: Shareholding Structure - The company employs a dual-class share structure, with the founder holding 79.04% of the voting rights [6] - Ant Group holds 37.56% of the B-class shares, while Meituan and Xiaomi hold 11.29% and 10.72% respectively [6]

Core Insights - Sunmi Technology is preparing for an IPO on the Hong Kong Stock Exchange, backed by major investors including Ant Group, Meituan, Xiaomi, and Shenzhen Capital Group [1][2][6] - The company has established itself as a leader in the commercial IoT sector, with a market share exceeding 10% and operations in over 200 countries [2][20] - Sunmi's revenue is projected to reach 3.46 billion yuan in 2024, with a significant increase in monthly active devices to 4.9 million [2][20] Company Overview - Founded in 2013 as "Shanghai I Have Information," Sunmi initially focused on providing delivery solutions for the restaurant industry before pivoting to smart commercial devices [1][6] - The company has developed a range of devices, including desktop terminals, handheld POS systems, and smart scales, covering the entire supply chain from procurement to cash management [6][13] - Sunmi's founder, Lin Zhe, has a background in traditional business and has successfully transitioned the company into a major player in the smart device market [10][12] Financial Performance - In 2022, Sunmi's revenue was 3.404 billion yuan, which decreased to 3.071 billion yuan in 2023 but is expected to rebound to 3.456 billion yuan in 2024 [20] - The company's net profit for 2024 is projected to be 181 million yuan, with a gross margin recovering from 26.7% in 2023 to 28.9% in 2024 [20] Market Position - Sunmi is recognized as the largest provider of Android-based commercial IoT solutions globally, with devices active in over 150 sub-industries [20] - The company has captured over 70% of the top 100 restaurant brands and 60% of the top 100 chain stores in China [17][20] - Sunmi's international revenue has surpassed 70%, with significant contributions from the Asia-Pacific, Middle East, Africa, and the Americas [18][20] Future Prospects - The company aims to raise 1 billion yuan through its IPO to enhance R&D, expand production capacity, and accelerate international growth [20][21] - Sunmi faces the challenge of evolving from a device manufacturer to a platform provider, which will be crucial for maintaining profitability and market leadership [21]