Core Viewpoint - Kaos IoT has submitted its application for listing in Hong Kong, emphasizing accelerating revenue growth and the expectation of achieving profitability for the first time in 2024, although profit margins remain low [1][2]. Group 1: Company Background and Market Position - Kaos IoT, established in 2017 and formerly known as Haier Industrial Holdings, is attempting to operate independently from its parent company, Haier Group, which contributed 58% of its revenue last year [2][5]. - The company positions itself as a supplier of industrial digitalization products and solutions, integrating AI, big data, and IoT technologies to serve manufacturing clients across various sectors [5]. - The company has a significant customer base, with over 9,500 paying enterprise clients, although it remains heavily reliant on Haier for revenue [5][6]. Group 2: Financial Performance - Revenue growth is accelerating, with a 22% year-on-year increase in the first nine months of the previous year, rising from 3.63 billion to 4.42 billion [8]. - Despite the revenue growth, the company faces challenges with low profit margins, with a gross margin hovering around 18% over the past three years, significantly lower than competitors like Tuya Smart, which has a gross margin of 48% [7][8]. - The company has shown improvement in profitability, with net income from continuing operations increasing from 53 million to 129 million year-on-year in the first nine months [9]. Group 3: Strategic Developments - The company sold its mold manufacturing business to focus on its core industrial digitalization operations and acquired Shanghai Carbon Source Group to enter the green manufacturing solutions market [5][8]. - The reliance on Haier is decreasing, with the revenue contribution from its largest customer dropping from 72% to 58%, indicating a positive trend towards diversification [6][9]. - Investors will closely monitor the company's progress in establishing its independence from Haier and improving its profit margins to demonstrate its capabilities as a high-tech company [9].

Group 1 - The core viewpoint of the article highlights the accelerated expansion of the Haier Group's capital layout, with its subsidiary Kaos officially submitting an IPO application to the Hong Kong Stock Exchange after initiating A-share listing guidance for Haier New Energy [1][2] - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, leveraging advanced technologies such as AI, IoT, and big data to drive high-quality development in manufacturing [2][3] - The financial performance of Kaos shows a steady improvement, with projected revenues of approximately 4.994 billion yuan in 2023 and 5.069 billion yuan in 2024, alongside a turnaround to profitability in 2024 with a net profit of approximately 651.36 million yuan [3][4] Group 2 - Over half of Kaos's revenue is dependent on Haier Group, which has consistently been its largest customer, contributing 57.7% of revenue in the first three quarters of 2025 [4][5] - The Haier Group holds approximately 78.04% of the voting rights in Kaos, and the sales to its top five customers accounted for about 69.7% of Kaos's revenue in 2025 [4][5] - The Haier Group's capital layout now spans across A and H shares, with a total of eight listed platforms, and if both Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group could increase to ten [1][8]

"海尔系"资本版图正加速扩容。继旗下新能源企业海尔新能源启动A股上市辅导后，1月30日，卡奥斯物联科技股份有限公司（以下简称"卡奥斯"）也正式递 交上市申请材料，欲冲击港交所上市。本次赴港IPO背后，卡奥斯业绩稳步提升，2024年净利实现扭亏为盈。不过，卡奥斯亮眼业绩背后，离不开海尔集团 的支持。报告期内，海尔集团始终系公司第一大客户，于2025年前三季度为公司贡献57.7%营收。北京商报记者还注意到，在本次递表港交所前，卡奥斯还 曾进行过科创板上市辅导。对于海尔集团而言，无论是卡奥斯还是海尔新能源，均系其资本版图扩张路上的关键"落子"。截至目前，海尔系已经构建起横跨 A、H两地，囊括8家上市平台的资本版图；若上述两家公司均能顺利完成IPO进程，集团旗下上市公司数量有望增至10家。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | (人民幣千元) | % (人民幣千元 ...

Core Viewpoint - The "Haier system" is rapidly expanding its capital footprint, with Kaos IoT Technology Co., Ltd. submitting its application for an IPO on the Hong Kong Stock Exchange, following Haier New Energy's A-share listing guidance [1][11] Group 1: Company Performance - Kaos reported steady revenue growth, achieving approximately CNY 4.994 billion in 2023 and CNY 5.069 billion in 2024, with a net profit turnaround from a loss of CNY 82.72 million in 2023 to a profit of CNY 65.14 million in 2024 [3][13] - For the first three quarters of 2025, Kaos generated approximately CNY 4.421 billion in revenue, up from CNY 3.635 billion in the same period the previous year, with a profit of approximately CNY 176 million, significantly higher than the CNY 35.71 million from the previous year [3][13] Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing over 57.7% of the company's revenue in the first three quarters of 2025, with sales to Haier amounting to CNY 2.549 billion [4][14] - The proportion of sales to the top five customers was approximately 69.7% in 2025, with Haier's contribution being CNY 3.607 billion in 2023, CNY 3.421 billion in 2024, and CNY 2.549 billion in 2025 [4][14] Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on platform revenue for 2024 [2][12] - The decision to pursue a listing on the Hong Kong Stock Exchange follows challenges faced in attempting to list on the STAR Market, where regulatory scrutiny and lengthy approval processes were significant factors [2][12] Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed entities, with the potential to increase to ten if both Kaos and Haier New Energy successfully complete their IPOs [1][11][18] - The total market capitalization of Haier's listed companies exceeds CNY 330 billion, with Haier Smart Home leading at CNY 235.472 billion [17][18]

Core Viewpoint - The Haier Group is expanding its capital footprint with the recent IPO applications of its subsidiaries, Kaos and Haier New Energy, aiming to increase the number of listed companies under its umbrella to ten if both IPOs are successful [1][12]. Group 1: Company Performance - Kaos has shown steady performance improvement, with revenues of approximately RMB 4.994 billion in 2023 and RMB 5.069 billion in 2024, and a projected net profit turnaround from a loss of RMB 82.72 million in 2023 to a profit of RMB 65.14 million in 2024 [4]. - For the first three quarters of 2025, Kaos reported revenues of about RMB 4.421 billion, up from RMB 3.635 billion in the same period the previous year, with a corresponding profit of approximately RMB 176 million, significantly higher than the RMB 35.71 million from the previous year [4]. Group 2: Dependency on Haier Group - Haier Group is the largest customer of Kaos, contributing 57.7% of its revenue in the first three quarters of 2025, with sales to Haier amounting to RMB 25.49 billion [6]. - The sales to the top five customers accounted for approximately 69.7% of Kaos's revenue in the same period, indicating a high dependency on a limited customer base [6]. Group 3: Market Position and Strategy - Kaos is positioned as a leading provider of industrial data intelligence solutions in China, ranking first in the market based on projected revenue for 2024 [3]. - The decision to pursue a listing on the Hong Kong Stock Exchange instead of the Sci-Tech Innovation Board is seen as a strategic move to avoid stringent regulatory pressures associated with the latter [3][4]. Group 4: Capital Expansion - The Haier Group has established a capital structure that spans both A-share and H-share markets, currently comprising eight listed companies with a total market value exceeding RMB 330 billion [9]. - If Kaos and Haier New Energy successfully complete their IPOs, the number of listed companies under Haier Group will increase to ten, further solidifying its market presence [12].