瞭望塔财经前言：九安智能用低于同行一半的期间费用率，"压榨"出远超行业的净利润增长，这家公司创业板IPO背后藏着数据美化与盈利可持续性的双重 拷问。 瞭望塔财经近日获悉，广东九安智能科技股份有限公司创业板IPO申请已于2025年12月25日获受理，保荐机构为申万宏源证券承销保荐有限责任公司。 招股书披露，2022年至2024年，公司营收从4.84亿元增至7.8亿元，而归母净利润则从3403万元飙升至1.02亿元，两年间增长了近200%。 在净利润远超同行增速的光环下，瞭望塔财经在分析其招股书及相关财务数据后发现，公司盈利高增长的背后存在多处数据逻辑异常和商业模式隐患。 新浪财经上市公司研究院的报道指出，在净利润两年增长两倍的情况下，公司却没有吸引到外部战略投资者，股东全为实控人、高管及员工持股平台。 更引人关注的是，公司在2023年6月还发生了股东减资退出。当时公司估值约1.6亿元，而此次IPO预估值却高达约42.56亿元，短短两年多时间估值增长超过 25倍。 1、业务背景 广东九安智能科技股份有限公司成立于2007年1月15日，总部位于广州市番禺区。公司自称是一家智能视觉产品制造商、物联网运营服务商和技术方 ...

在智能硬件赛道竞争白热化的今天,Coosea酷赛智能作为全球领先的智能科技企业,用覆盖全链条的硬核 服务,给出了本土品牌赋能的最优解。 作为本土品牌背后的赋能者,Coosea酷赛智能的核心竞争力始于精准的产品定义能力。不同于盲目跟风 的行业乱象,它深耕70多个国家和地区的市场,深入洞察不同区域的消费水平、功能偏好、文化特质与竞 争格局,为每个市场量身定制"专属方案",让产品在合适的时间以合适的价格,精准触达目标人群。这种扎 根本土的产品定义逻辑,正是其能持续推出爆款机型的关键。 稳定的供应链是全链条服务的基石。Coosea酷赛智能与数十家核心供应商建立长期合作,核心零部件均 配备多家备选供应商,从源头保障供货稳定。同时,通过ERP、SRM、MES系统全流程对接,实现物料可视 化管理,让采购、交付、管理效率翻倍,为快速响应市场需求提供了坚实支撑。 最让人惊艳的,是贯穿始终的品控体系。98%的产品合格率不仅远超95%的行业基准,更背后藏着全流程 的严苛把控:研发阶段通过射频、天线、可靠性等多维度实验室测试;采购环节对进厂物料逐一严检;生产 过程中,印刷、焊接等关键工序均设专属测试程序;组装完成后,还要经过电流、音 ...

Core Viewpoint - Chinese enterprises are actively engaging in the long-term proposition of becoming "global enterprises," with significant growth in overseas market contributions and a shift towards innovation and localization in their global strategies [2][3]. Group 1: Market Expansion and Revenue Contribution - The market scale for Chinese enterprises going global is expanding, with a record export value of 13 trillion RMB in the first half of 2025, a year-on-year increase of 7.2% [2]. - In Q1 2025, China's total foreign direct investment reached 40.9 billion USD, up 6.2% year-on-year [2]. - A-share companies' overseas revenue is projected to exceed 10 trillion RMB in 2024, marking a 2.8-fold increase over the past decade, with overseas revenue accounting for 14.28% of total revenue, a rise of 4.65 percentage points compared to ten years ago [2]. Group 2: Globalization Trends and Strategies - The current phase of globalization for Chinese enterprises emphasizes not just "going out," but also the ability to "stay" and "integrate" into foreign markets [3]. - The transition from "goods going out" to "value going out" is driven by systematic evolution in technology, organization, and market strategy, focusing on product innovation and localization [3][4]. - A notable trend is the shift from "manufacturing" to "intelligent manufacturing," with many enterprises concentrating on key technology sectors such as smart manufacturing and AI [3]. Group 3: Localization and Organizational Changes - Many technology-driven enterprises are establishing R&D centers overseas from the outset, adopting a "native globalization" approach rather than the traditional "local first, then global" model [4]. - Over two-thirds of selected enterprises have set up local operational teams and decision-making centers abroad, enhancing local market responsiveness [4]. - The concept of localization has evolved from mere channel development to a comprehensive approach that includes organizational adaptation and local management integration [4]. Group 4: Sustainable Global Layout and Innovation - Content-driven enterprises are moving away from "traffic export" models to focus on building sustainable local content ecosystems, with some establishing "content outposts" for local narrative participation [5]. - The globalization of Chinese enterprises is now characterized by a need to reconstruct capabilities, driven by product, investment, and value outputs [5]. Group 5: Leadership and Governance - "Leading figures" in the globalization process are those who optimize organizational, governance, and product structures to build globally capable enterprises [7]. - These enterprises are increasingly establishing comprehensive overseas management systems that encompass strategic planning, brand building, and ESG responsibilities [7]. Group 6: Innovation and Market Responsiveness - Innovative figures focus on "opportunity structures," seeking unmet user needs and distribution gaps in global markets, emphasizing speed and product adaptability [27]. - Successful practices involve designing products for global users from the start, with flat organizational structures and market-aligned decision-making [27]. Group 7: Emerging Enterprises and Industry Concentration - The characteristics of outbound enterprises are becoming industry-specific, with technology-driven companies playing crucial roles in global applications of AI, robotics, and software services [56]. - Consumer brands leverage China's supply chain advantages to create closed loops of "front-end branding + back-end manufacturing" in overseas markets [56]. - Cultural and content enterprises are deeply engaging in local narrative construction, moving beyond simple content export strategies [56].

Core Insights - The rise of AI large models is driving a new trend in the integration of AI and hardware, leading to the emergence of phenomenon-level AI hardware products [1][2] - Tuya Smart is leveraging cutting-edge AI technologies to assist B-end customers in rapidly responding to market changes, enhancing the deployment of AI hardware in daily life [1][2] - The transition from traditional AI to AI large models is expected to significantly lower the barriers for users to adopt smart hardware, facilitating widespread adoption [2][3] Company Developments - Tuya Smart launched four major products at its global developer conference, including the TuyaOpen open-source development framework and the HEDV edge computing platform, aimed at capturing new opportunities in the AI Agent era [1][2] - The company has integrated several global mainstream large language models into its AI Agent development platform, enabling developers to create popular AI products such as smart rings and AI dolls [2][3] - Tuya Smart has established a comprehensive cooperation agreement with Kid King to advance the development of AI companion smart hardware and related technologies [2][3] Industry Trends - The integration of AI large models into smart hardware is enhancing device capabilities, allowing for multi-modal interactions and expert-level efficiency optimization [3][4] - The overall penetration rate of AI Agent applications in the smart hardware industry is still below 5%, indicating that the industry is in the early stages of exploring these applications [3][4] - The market is expected to see a surge in new AI hardware categories by 2025, following validation or invalidation by the market, which will lead to the emergence of scalable new AI hardware products [5]