前段时间，我们曾在婴儿监测赛道上观察到不少优秀产品（详见白鲸往期《做App月入千万、卖硬件做出上市公司，这个赛道默默吸金》）。Owlet 作为 其中仅有的上市公司，成为当时重点梳理的对象之一。我们原以为 Owlet 的成功是这条小众赛道上的特例，然而，在近期港交所 2025 年夏季递表名单 中，又出现了一家来自湖北的公司，同样专攻婴儿监测。 | 05 HKEXnews披露易 | 上市公司文件 | 股權披露 | 新上市 | | --- | --- | --- | --- | | 25/07/2025 | 測超科技股份有限公司 | | | | | 25/07/2025 整體協調人公告 - 委任(經修訂) E四 | | | | | 11/07/2025 申請版本(第一次呈交)全文檔案 四国 多檔案》 | | | | | 前提交文件: | | | | | 11/07/2025 整體協調人公告 - 委任 [四 | | | | 23/07/2025 | 聚智科技發展有限公司 | | | | | 23/07/2025 整體協調人公告 - 委任 [四] | | | | | 23/07/2025 申請版本(第一次呈交)全文描案 ...

文 | 创业最前线，作者 | 孟祥娜，编辑 | 王亚静 近日，聚智科技再度向港交所递交招股书。 这家以HelloBaby品牌婴儿监护器为核心业务的母婴电子企业，正试图重启上市征程——其今年1月首次递表，已因招股书失效告终。 从2016年推出自有品牌至今，聚智科技凭借婴儿监护器这一大单品，营收实现了从千万级到4.62亿元的跨越。 但眼下，它正深陷多重困局：业绩增速显著放缓，对美国市场及亚马逊平台形成深度依赖，而美国新生儿出生率已然放缓，叠加"贸易战"带来的30%关税 压力，多重压力交织下，聚智科技的生存挑战愈发严峻。 二次闯关的聚智科技，能否借IPO撕开破局的口子？ 1、业绩增速放缓，美国市场遇双重绞杀 与不少港股公司创始人拥有海归背景不同，聚智科技创始人刘强是典型的"草根创业者"，起步于销售一线。 2000年至2005年，他在深圳迅骏电子（主营电话软件开发）担任销售员，这段经历让他对电子消费品的市场需求与用户痛点积累了敏锐直觉。 2005年，刘强与合伙人创办深圳倍耐特，初期业务覆盖液晶屏、触控屏、安防监控设备等技术开发与销售，同时涉足数码电子生产及进出口贸易。 看似多元的布局，实则为后续转型埋下伏笔：2008 ...

作者：杨溪 出品：洞察IPO 上交所&深交所 新 股 上 市 7月21日-7月27日，上交所主板有1家公司上市；深交所创业板有1家公司上市。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 技源集团：一家专业从事膳食营养补充产品研发创新及产业化的国际化企业集团。上市首日股价涨超274.54%，截至7月28日收报35.20元/股，较发行价 10.88元/股涨223.53%，总市值约141亿元。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 山大电力：主要从事电力系统相关智能产品技术研发与产业化，已形成电网智能监测和新能源两大业务板块。上市首日股价涨超356.00%，截至7月28 日收报53.05元/股，较发行价14.66元/股涨261.87%，总市值约86亿元。 通过上市委员会审议会议 7月21日-7月27日，上交所、深交所均无公司过会。 暂缓上市委员会议 7月21日-7月27日，上交所科创板有1家公司被暂缓审议。 上市委会议现场问询的主要问题包括相关产品技术是否存在知识产权纠纷风险、报告期对引进业务采用净额法确认收入是否符合企业会计准则规定、报告 期以前年度未 ...

文｜公司研究室 7月23日，聚智科技发展有限公司(以下简称：聚智科技)向港交所主板递交上市申请，新华汇富为其独家保荐人。此前，该公司曾于 2025年1月17日向港交所递表。 据招股书，聚智科技是一家母婴电子产品制造商，于2018年在湖北黄冈成立，主业经营婴儿监护器，旨在提升父母与婴儿的日常生 活质素。公司计划通过发行新股筹集资金，用于业务扩展和技术研发。 受益北美市场，超过88.2%的收益源自出口 近几年，国内新生儿数量大幅下降，国内很多母婴企业遭受重创。与国内相比，美国与欧洲等发达国家消费者收入水平更高，且更 关注儿童安全。 弗若斯特沙利文数据显示，北美地区过去几年对于婴儿监护器的需求强于其他地区，市场规模在2019年-2023年的复合年增速为 9.6%，高于欧洲及其他地区。为此，国内部分企业通过跨境电商渠道，向欧美地区出口母婴电子产品，聚智科技便是其中一家。 报告期内，聚智科技有超过88.2%的收益源自向世界各地其他不同国家及地区（如美国、加拿大、德国、法国及英国）销售产品。 按2024年中国出口至美国的婴儿监护器数量计算，公司在所有经营线上销售的出口商中排名第一，占据38.7%市场份额。按出口美 国的婴 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Core Viewpoint - The baby monitor market is experiencing significant growth, with companies like 聚智科技 (Zhi Technology) benefiting from this trend, as evidenced by their increasing sales and revenue figures. Market Overview - The global baby monitor sales are projected to grow from 14.5 million units in 2020 to 20.3 million units by 2024, representing a compound annual growth rate (CAGR) of 8.8% [1] - North America is the largest market for baby monitors, with a CAGR of 9.2% from 2020 to 2024, expected to account for 40% of the global market share by 2024 [6] Company Performance - 聚智科技's revenue increased from 190 million RMB in 2022 to 348 million RMB in 2023, marking an 82.7% growth [1] - The company sold over 800,000 baby monitors in 2023, with projections to exceed 1.13 million units in 2024 [2] - The revenue from baby monitors constituted 91.5% of the total revenue in 2022, increasing to 97% by 2025 [3] Sales Channels - A significant portion of 聚智科技's revenue comes from third-party e-commerce platforms, primarily Amazon, which accounted for 85.4% of total revenue in 2022 [4] - The company’s revenue from North America represented 65.4% in 2022, increasing to 81.3% by 2025 [5] Profitability - The gross profit for 聚智科技 was 97.6 million RMB in 2022, with a gross margin of 51.2%, and it increased to 243.6 million RMB with a gross margin of 52.7% in 2024 [8] - The net profit for the first four months of 2023 was 28.3 million RMB, a decrease of 13.7% compared to the previous year [7] Competitive Landscape - 聚智科技 ranked third among Chinese exporters of baby monitors to the U.S., with a market share of 17.4% in 2023 [9][10] - The top five Chinese exporters accounted for over 90% of the total exports to the U.S. market [10] Future Plans - 聚智科技 plans to expand its product line and increase production capacity to 2.9 million units by 2027, a 128.3% increase from 2024 [11] - The company aims to enhance operational efficiency through the establishment of smart warehousing and expanding its online and offline market presence [11]

Company Overview - 聚智科技发展有限公司 (Juzhi Technology) submitted its IPO application to the Hong Kong Stock Exchange on July 23, marking its second attempt after an initial submission on January 17, 2025 [1] - The company, founded in 2015 and headquartered in Huanggang, Hubei, specializes in baby monitoring devices under the "HelloBaby" brand [4] - Over 88.2% of the company's revenue comes from overseas, with a gross profit margin of 52.69% [1][7] Market Dynamics - The global baby monitor market has seen strong growth, driven by rising demand for baby safety products and advancements in smart technology [3] - The market is expected to grow from 14.5 million units in 2020 to 20.3 million units by 2024, with a compound annual growth rate (CAGR) of 8.8% [3] - North America remains a key market, with sales projected to increase from 6.8 million units in 2022 to 8.1 million units by 2024 [3] Sales Performance - 聚智科技's baby monitor sales reached 1.14 million units, making it the leading online exporter of baby monitors to the U.S., capturing 38.7% of the market share [1][6] - The company achieved annual sales of 400,000, 858,000, and 1,138,000 units from 2022 to 2024, with a total of 375,000 units sold in the first four months of 2025 [5] - The company’s revenue for the reporting period was approximately 190 million, 348 million, 462 million, and 150 million yuan, showing consistent growth [7] Financial Performance - Net profit for the reporting period was approximately 34.82 million, 63.37 million, 94.69 million, and 28.31 million yuan, indicating stable profitability [7] - The gross profit margin remained around 50%, with figures of 51.24%, 45.78%, 52.69%, and 52.77% during the reporting period [7] - Approximately 87.2% to 96.4% of the company's revenue came from third-party e-commerce platforms, with Amazon being the largest contributor [7] IPO Utilization - The funds raised from the IPO will be used to expand sales channels and geographic coverage, enhance brand awareness, develop new products, upgrade existing products, and procure new production equipment [8]

Core Viewpoint - 聚智科技发展有限公司 is preparing for an IPO on the Hong Kong Stock Exchange, marking the addition of a new listed company in Hubei province [1][3]. Company Overview - 聚智科技 is a manufacturer of baby electronic products, primarily focusing on baby monitors. The company began selling baby monitors through Amazon in 2016 and has established a presence in major global markets, particularly in North America and Europe [5]. - The company ranks first among online exporters of baby monitors from China to the U.S. with a market share of approximately 17.4%, and third among all exporters (both online and offline) with the same market share [5]. Financial Performance - 聚智科技's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were RMB 190.5 million, RMB 348.0 million, RMB 462.4 million, and RMB 150.0 million, respectively. The net profits for the same periods were approximately RMB 34.8 million, RMB 63.4 million, RMB 94.7 million, and RMB 28.3 million [6][7]. - The majority of the company's revenue comes from the sale of baby monitors, contributing approximately RMB 174 million, RMB 332 million, RMB 448 million, and RMB 146 million in respective years, accounting for 91.5%, 95.4%, 97.0%, and 97.0% of total revenue [7]. Product Details - 聚智科技's baby monitor brand is "HelloBaby," featuring proprietary 2.4GHz wireless digital audio and video technology that allows parents to monitor their babies remotely, including two-way communication and environmental parameter monitoring [5]. - In 2023, the company sold over 800,000 baby monitors, and in 2024, the total sales of baby monitors and other products reached nearly 1.4 million units [8].

Group 1: Company Highlights - Vailizhibo-B (HK09887) listed on the Hong Kong Stock Exchange on July 25, with a significant dark market performance, reaching a peak of HKD 82.00, up over 134% from the IPO price of HKD 35.00, closing at HKD 69.75, a 99.29% increase [1] - SenseTime (HK00020) announced a placement to raise approximately HKD 2.5 billion by issuing about 1.667 billion Class B subscription shares at a subscription price of HKD 1.50, a discount of about 6.25% from the last closing price of HKD 1.64 [2] - Juzi Technology submitted a new prospectus to the Hong Kong Stock Exchange for a second time, focusing on the baby electronic products sector, with projected sales of nearly 1.4 million baby monitors in FY2024, marking a historical high [3] - Zhonghui Biotechnology-B submitted a listing application to the Hong Kong Stock Exchange, focusing on innovative vaccines, with core products including a quadrivalent influenza virus subunit vaccine and a rabies vaccine under development [4] Group 2: Market Performance - The Hang Seng Index closed at 25,667.18, with a gain of 0.51% on July 24 [5] - The Hang Seng Tech Index stood at 5,743.00, experiencing a slight decline of 0.05% [5] - The National Enterprises Index reached 9,257.62, with an increase of 0.18% [5]

Core Viewpoint - HelloBaby's parent company, 聚智科技, is seeking to go public on the Hong Kong Stock Exchange, marking its second attempt after a previous application expired [1][2]. Financial Performance - 聚智科技 reported revenues of approximately 191 million, 348 million, and 462 million yuan for the years 2022 to 2024, with year-on-year growth rates of 82.67% and 32.76% for the latter two years [2]. - The net profit attributable to shareholders was 35 million, 63 million, and 94 million yuan for the same period, with growth rates of 82.11% and 49.21% [2]. Market Dependency - The company attributes its revenue growth to its own brand sales of baby monitors in the U.S., primarily through Amazon, with over 90% of its revenue coming from overseas [3][8]. - In 2024, revenue from North America was 374 million yuan, accounting for 80.7% of total revenue, while revenue from Europe was 75 million yuan, making up 15.8% [3]. Marketing and Advertising Expenditure - 聚智科技's marketing and advertising expenses were approximately 17 million, 29.3 million, 45.9 million, and 16.8 million yuan for the years 2022 to 2024 and the first four months of 2025 [4]. - A significant portion of this expenditure was directed towards Amazon, with a 136.8% increase in sponsored ads from 2022 to 2023 and a further 75.1% increase in 2024 [5]. Sales Performance on Amazon - The number of ad impressions and clicks for 聚智科技's products on Amazon saw significant growth, with impressions reaching approximately 238 million, 444 million, and 570 million for the years 2022 to 2024 [6]. - Sales revenue from Amazon was approximately 163 million, 316 million, and 442 million yuan for the same years, representing about 85.4%, 90.8%, and 95.6% of total revenue [6]. Market Share - 聚智科技 holds a 38.7% market share among online sellers of baby monitors exported to the U.S., ranking third among all exporters based on the number of units sold [7]. Trade Risks - The company faces increased risks due to the U.S.-China trade tensions, with potential tariffs on its products reaching up to 30% [8][10]. - Despite a revenue increase of approximately 5.63% in the first four months of 2025, net profit declined by 15.15% compared to the same period in 2024 [9]. Pricing Strategy - In response to the tariffs, 聚智科技 raised its product prices in the U.S. from approximately $70-$80 to $80-$100, resulting in a potential decrease in sales volume [10][11]. Future Outlook - The company has stockpiled approximately 266,000 baby monitors in U.S. warehouses to mitigate the impact of tariffs, which should sustain sales for about three to four months [11]. - The long-term impact of tariffs and market conditions remains uncertain, raising questions about the company's future strategy post-tariff exemption period [12].