Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. (referred to as "Mirui Technology") is set to go public on the Beijing Stock Exchange, marking a shift from the medical device sector to a focus on smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [1] Financial Performance - Mirui Technology's revenue for the past three years was 549 million yuan, 673 million yuan, and 743 million yuan, with net profits of 39.15 million yuan, 71.58 million yuan, and 81.66 million yuan respectively [2] - For the first half of 2025, the company reported a revenue of 356 million yuan and a net profit of 32 million yuan [6] Product Pricing - The average price of smart network cameras has shown a decline, with a price of 84.88 yuan in the first half of 2025, down from 89.8 yuan in 2024, indicating a decrease of 5.48% [2] Competitive Landscape - Compared to peers, Mirui Technology's gross profit margin remains competitive, although it has slightly decreased in 2025 compared to previous years [6][8] - The company has a lower bad debt provision ratio compared to smaller companies on the ChiNext board, indicating better financial stability [8] Management and Ownership - The actual controller of Mirui Technology, Yuan Haizhong, holds a direct stake of 65.66% and an indirect stake of 32.34%, totaling 98% control over the company [11] - Yuan has a history of involvement in other companies, including a previous attempt to list another company, Boling Electric, which faced regulatory issues [13][16] Regulatory Scrutiny - Mirui Technology has faced multiple rounds of inquiries from the Beijing Stock Exchange, focusing on revenue verification and compliance, reflecting heightened regulatory scrutiny in the IPO process [9][10]