Core Viewpoint - The company, Guangzhou Shiyuan Electronic Technology Co., Ltd. (referred to as "Shiyuan"), is planning a secondary IPO in Hong Kong to support its transformation strategy focused on AI and global expansion, despite facing declining profitability and increased competition from major tech players [2][4]. Financial Performance - In 2024, Shiyuan reported a record revenue of 22.40 billion yuan, marking an 11.05% increase from 2023 [3]. - The net profit attributable to shareholders significantly dropped by 29.13% to 970.96 million yuan [3]. - The overall gross margin decreased from 26.2% in 2022 to 20.9% in 2024 [2]. Business Structure and Challenges - The decline in profitability is attributed to changes in business structure, particularly in its core brands, "Seewo" and "MAXHUB," which experienced revenue slowdowns [3]. - Revenue from the education segment fell by 8.75%, while enterprise service revenue decreased by 2.60%, with the gross margin for this segment dropping from 35.6% in 2022 to 25.3% in 2024 [3]. - The "Smart Control Components" business, which has a lower gross margin of 14.3%, saw its revenue share increase from 41.9% in 2022 to 45.9% in 2024, negatively impacting overall profitability [3]. Research and Development Investment - Shiyuan's R&D expenditure reached 1.54 billion yuan in 2024, significantly exceeding its net profit of 970.96 million yuan [4]. - The management indicated plans to increase investments in AI technologies and smart hardware in 2025 [4]. Market Position and Competition - Shiyuan holds leading market shares in several niche markets, including liquid crystal display control boards and interactive smart panels [4]. - The company faces competitive pressure from major technology firms like Huawei and Lenovo, which may impact its ability to transition from a hardware manufacturer to an AI-driven technology platform [4].

Group 1 - The National Standards Administration has approved the release of important national standards, including three standards related to aging-friendly technology for smart multimedia terminals, which will be implemented from January 1, 2026 [1] - The company, Visionox, played a significant role in the development of these standards, integrating its technological expertise in display interaction and insights into the needs of the elderly [4] - The standards address the "digital divide" faced by the elderly, focusing on key pain points in their use of smart terminals, with specific technical specifications and evaluation systems for devices like smartphones and smart TVs [4][5] Group 2 - The standards require terminals to have features such as screen reading capabilities, adjustable font sizes, and simplified operation to accommodate the elderly's needs [5] - The "Acoustic Measurement Based on Output" standard fills a gap in the measurement standards for passive sound systems, promoting improved acoustic performance and quality upgrades in the industry [5] - As of December 31, 2024, the company has been involved in the development of 15 national standards, 15 industry standards, and 80 group standards, demonstrating its commitment to driving collaborative development within the industry [8]