智通财经APP获悉，据港交所12月31日披露，酷赛智能科技股份有限公司(下称：酷赛智能)向港交所主板递交上市申请，中信证券为其独家保荐人。这是该 公司年内第二次递表港交所，曾于6月25日递交过上市申请。 公司简介 招股书显示，酷赛智能是全球领先的智能手机ODM企业，提供囊括产品定义、研发、供应链管理、制造和售后服务的解决方案。于往绩纪录期间，公司的 收入来自70多个国家或地区，涵盖亚洲、美洲、欧洲、大洋洲和非洲。根据弗若斯特沙利文数据，于2024年，按出货量计算，酷赛智能是全球第二大面向本 土智能手机品牌的ODM解决方案提供商；于2025年第一季度，酷赛智能升至榜首。 多年来，酷赛智能成为一家全球领先的智能手机ODM公司，拥有独立运营及管理智能手机品牌的丰富经验，从而使公司从大多数主要以其他品牌制造商起 步的市场参与者中脱颖而出。公司的智能硬件产品定义能力能够根据对相关国家或地区的整体消费水平、面对客户群体的主要功能偏好、当地文化及竞争格 局等各类环境的深刻理解精准地定义产品。 凭借卓越的产品定义能力，酷赛智能提供可满足特定客户需求的定制化产品，同时保持成本优势和优异的产品性能，以提供更佳的消费者体验。于往绩 ...

来源：新浪港股-好仓工作室 主营业务与商业模式：全球第二大本土智能手机ODM，2025年一季度跃居榜首 酷赛智能科技股份有限公司（简称"酷赛智能"）是一家全球领先的智能硬件ODM解决方案提供商，专 注于为客户提供从产品定义、研发设计到供应链管理、制造及售后的一站式服务。公司主要产品包括消 费类智能手机、三防手机、物联网设备及配套印刷电路板组件，业务覆盖全球70余个国家和地区。 核心商业模式呈现"技术+制造+服务"三位一体特征：通过深度参与客户产品定义环节，将研发能力转化 为差异化竞争力；依托宜宾生产基地的规模化制造能力，实现柔性生产与成本控制；凭借全球化供应链 网络和本地化服务体系，快速响应不同区域市场需求。根据弗若斯特沙利文数据，按出货量计算，公司 2024年位列全球第二大面向本土智能手机品牌的ODM解决方案提供商，并于2025年第一季度跃升至全 球第一。 截至2025年7月31日，公司已开发超过598款智能手机及印刷电路板组件型号，以及46种其他智能设备， 累计获得151项专利、275项软件版权利及31项商标。按地区划分，亚洲市场占比68.4%，美洲市场占比 26.8%，欧洲市场占比3.7%，形成以亚洲为 ...

（ 於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版 本乃根據 香港聯合 交易所有 限公司（「聯 交所」）及證券 及期貨事 務監察委 員會 （「證監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本申 請 版本 為草 擬 本， 其 內所 載資 料 並不 完 整， 亦可 能 會作 出重 大 變動 。 閣 下閱 覽 本 文 件 ， 即 代表 閣 下 知悉 、 接 納 並 向 本 公 司 、 其保 薦 人 、 整 體 協 調 人 、顧 問 或 包 銷 團 成 員表示同意： 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Coosea Smart Technology Company Limited 酷 賽 智 能 科 技 股 份 有 限 公 司 （「本公司」） 倘於 適 當時 候向 香 港公 眾 人士 提出 要 約或 邀請 ， 準投 資 者務 請僅 依 據呈 交香 港 公司 註 冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內 ...

来源：@经济观察报微博 记者 郑晨烨 经济观察报记者郑晨烨 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 1997年，在宁波做业务员的陈凯峰，拥有了人生第一部手机。 那时候，手机是纯粹的奢侈品，当时实行的是双向收费，不仅打出去要钱，接听电话也要按分钟扣钱，而陈凯峰当时一个月的工资还不到3000元，但他每个 月报销的话费账单通常在2000元到3000元之间。 那是中国电子通信产业爆发的前夜，在那之前，陈凯峰腰里别着传呼机，手里拿着像砖头一样的移动电话，在公共场合甚至还需要使用磁卡电话亭。 二十八年后，陈凯峰坐在深圳的办公室里，作为酷赛智能的董事长向记者讲述这段往事。他现在的生意，是把智能手机卖到全球七十多个国家。 从1997年那个拿着昂贵手机的年轻人，到2025年把超600万台手机卖遍全球的操盘手，陈凯峰完整地经历了中国手机产业从无到有、从草根到正规、从狂热 到冷静的全过程。 21世纪的第一个25年，他做过功能机的特色创新，也在鸟巢开过群星璀璨的品牌发布会，最终在巨头林立的市场缝隙中，找到了一条看似不显眼但却足够宽 阔 ...

Core Insights - The waterproof, dustproof, and shockproof mobile phone industry is experiencing significant growth due to increasing demand for reliable communication devices in extreme environments, driven by outdoor activities, industrial inspections, and emergency rescue operations [1][11][12] - The market size of China's three-proof mobile phone industry is projected to reach 138 billion yuan in 2024, with a year-on-year growth of 15%, and is expected to grow to 180 billion yuan by 2025 [1][12] Industry Overview - Three-proof mobile phones are designed for outdoor enthusiasts, featuring waterproof, dustproof, and shock-resistant capabilities, making them suitable for harsh weather conditions and special applications [3][5] - The industry is categorized into outdoor sports, military, and fashionable types, with varying levels of protection defined by national standards [3][6] Industry Development History - The first three-proof mobile phone, Siemens S10 active, was launched in 1997, followed by Ericsson's R250 PRO in 1999, marking the beginning of the three-proof mobile phone market [6][7] - Notable advancements include Sony's Xperia Z in 2013, which combined waterproof, dustproof, and shockproof features, and Huawei's Mate 20 Pro in 2018, which also met high protection standards [7][8] Industry Supply Chain - The supply chain consists of upstream raw materials (waterproof adhesives, dustproof nets), components (screens, batteries, chips), and downstream sales channels (e-commerce platforms, physical stores) [8][10] Market Dynamics - The three-proof mobile phone industry is characterized by a diverse competitive landscape, with major players like Huawei and Xiaomi integrating three-proof features into mainstream models, while specialized manufacturers focus on industrial and outdoor applications [12][13] Future Trends - Technological upgrades will focus on advanced materials and precision engineering, enhancing durability and performance in extreme conditions [16] - The application scenarios for three-proof mobile phones are expected to expand beyond industrial and emergency use to include broader outdoor and everyday life contexts [17][18] - User experience improvements will aim to combine ruggedness with usability, incorporating AI for enhanced functionality in challenging environments [19]

Core Viewpoint - KUSAI Intelligent Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, focusing on the development, design, manufacturing, and sales of smartphones and motherboards, primarily providing end-to-end solutions for local smartphone brands [1][2]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 1.713 billion yuan, 2.302 billion yuan, and 2.717 billion yuan, respectively, with net profits of 110 million yuan, 203 million yuan, and 207 million yuan, indicating a slowdown in growth for 2024 [2][6]. - The average selling price of consumer smartphones has been declining, recorded at 572 yuan, 510 yuan, and 500 yuan for the years 2022, 2023, and 2024 [4][5]. Market Position - KUSAI's consumer smartphone revenue accounted for 65.5%, 68.8%, and 70.7% of total revenue in 2022, 2023, and 2024, respectively [3][6]. - The company is the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and it is expected to rank first in the first quarter of 2025 [3]. - KUSAI's global smartphone shipment volume was 6 million units in 2024, ranking 8th among global end-to-end solution providers with a market share of only 1.2% [3]. Customer and Revenue Distribution - The majority of KUSAI's products are sold overseas, with total overseas revenue of 1.044 billion yuan, 1.537 billion yuan, and 1.766 billion yuan for 2022, 2023, and 2024, representing 60.9%, 66.8%, and 65.0% of total revenue, respectively [6]. - The company's inventory has been increasing, with balances of 286 million yuan, 369 million yuan, and 470 million yuan for the years 2022, 2023, and 2024, accounting for 29.3%, 28.3%, and 33.4% of total assets [6]. - The top five customers contributed revenues of 658 million yuan, 1.015 billion yuan, and 1.164 billion yuan for 2022, 2023, and 2024, making up 38.4%, 44.1%, and 42.8% of total revenue, respectively [6].

Group 1: Export Growth and Market Expansion - Shenzhen's total import and export value is projected to reach 4.5 trillion yuan in 2024, reclaiming the title of "China's Foreign Trade Capital" with exports of 2.81 trillion yuan, a growth of 14.6% [1] - In the first five months of this year, Shenzhen's total import and export value reached 1.78 trillion yuan, with exports amounting to 1.06 trillion yuan [1] - The export of mobile phones to Africa reached 340 million yuan in May, showing a year-on-year growth of 19.1%, highlighting the strong demand in the African market [2] Group 2: Key Product Categories - In the first five months of 2025, Shenzhen's export of electromechanical products reached 793.69 billion yuan, accounting for 75% of the total export value, with electronic components and computers showing significant growth [3] - The export of lithium batteries and electric vehicles reached 28.87 billion yuan and 11.18 billion yuan respectively, with growth rates of 33.1% and 16.7% [3] Group 3: Food and Agricultural Products - Shenzhen has enhanced its fresh fruit export capabilities, with a 30.2% year-on-year increase in the export of fresh fruits and agricultural products through the airport [4] - The export of traditional food items like rice dumplings has also seen significant growth, with over 157 tons exported in the first five months, a 95.2% increase [5] Group 4: Trade Agreements and Cost Reduction - The issuance of origin certificates under free trade agreements has facilitated the export of lithium batteries, with 3,489 certificates issued, covering a value of 3.25 billion yuan [6] - The reduction in trade costs due to these agreements has provided a competitive pricing advantage for Shenzhen's products in international markets [6] Group 5: Innovation and New Market Development - Shenzhen's Chuangtong Yigou Technology Co., Ltd. reported a 130% increase in export value to 473 million yuan in the first five months, successfully entering new markets like ASEAN [7] - The city is leveraging technological innovation and cultural dissemination to expand its overseas market presence across various sectors [7]

Group 1: Core Highlights - The exhibition "Beautiful Life Shenzhen Creation" will showcase 174 innovative products from 69 Shenzhen tech companies, featuring several "world's first" products [1] - The event is organized by the Shenzhen Municipal Bureau of Industry and Information Technology and the Shenzhen Small and Medium Enterprises Service Bureau, highlighting Shenzhen's strengths in technological innovation and high-quality manufacturing [1][5] - The exhibition includes various cutting-edge fields such as robotics, artificial intelligence, low-altitude economy, and smart home entertainment, with dedicated zones for different innovation scenarios [1] Group 2: Robotics and Outdoor Sports - The robotics section features advanced robots ready for mass production, including the X100 underwater robot and third-generation humanoid robots [2] - In the outdoor sports area, products like the "Explorer No. 1 V14" electric skateboard and electric hydrofoil surfboard showcase high performance and innovative designs, catering to extreme sports enthusiasts [3] Group 3: Display Technology - The exhibition includes impressive display technologies such as a 4.2×6 meter holographic screen that can seamlessly blend into environments, and advanced transparent display technologies that enhance aesthetic integration with architecture [4] - Many showcased products, like the X3 Pro AR glasses and Insta360 X5 camera, are recent releases, emphasizing the freshness and market readiness of the innovations [4] Group 4: Market Impact and Production Readiness - All exhibited products are not conceptual but are ready for mass production, demonstrating significant innovation and market success both domestically and internationally [5] - The exhibition aims to convey the charm of "Shenzhen Creation" through a concentrated display of these innovative products [5]

Group 1 - The core viewpoint of the article is that Coosea Intelligent Technology Co., Ltd. is preparing for an IPO in Hong Kong, focusing on the smartphone sector, with a projected revenue exceeding 2.7 billion yuan in 2024 [1][4] - Coosea Intelligent was founded in 2006 and has developed over 526 smartphone and PCB component models, with a global sales network covering more than 73 countries [4][11] - The company has shifted its IPO strategy from A-share to Hong Kong after terminating its relationship with Minsheng Securities in January 2025 [1][4] Group 2 - The average selling price of consumer smartphones has decreased from 572 yuan in 2022 to 500 yuan in 2024, while the average price of rugged smartphones has dropped from 1,246 yuan to 1,054 yuan during the same period [11][12] - Coosea Intelligent's revenue from overseas markets accounted for over 60% of total revenue in the reporting period, with sales in the U.S. representing 18.2%, 20.9%, and 24.9% of total revenue from 2022 to 2024 [13] - The company faces challenges in the competitive smartphone market, with net profit growth slowing down significantly despite revenue growth, indicating a need for strategic adjustments to maintain market share [15][20]

Core Viewpoint - Coosea Intelligent Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, strategic acquisitions, IT system upgrades, and general corporate purposes [1][2]. Company Overview - Established in 2006, Coosea Intelligent specializes in end-to-end solutions for smartphones, including R&D, design, production, sales, and service [2]. - The company serves local smartphone brands lacking independent design and production capabilities, providing consumer smartphones, rugged phones, and IoT products [2]. - Coosea Intelligent has developed over 526 smartphone models and 46 other smart devices as of December 31, 2024 [2]. Production Capacity - As of December 31, 2024, Coosea Intelligent's production facilities include six SMT production lines with an annual capacity of 6.3 million units and eight smart device assembly lines with a capacity of 4.7 million units [3]. Market Position - Coosea Intelligent is the second-largest end-to-end solution provider for local smartphone brands globally by shipment volume in 2024, having reached the top position in Q1 of the same year [3]. Financial Performance - Revenue figures for Coosea Intelligent are as follows: approximately CNY 1.71 billion in 2022, CNY 2.30 billion in 2023, and CNY 2.72 billion in 2024 [4][5]. - The company reported profits of approximately CNY 110 million in 2022, CNY 203 million in 2023, and CNY 207 million in 2024 [4][5]. Customer Concentration - In 2022, 2023, and 2024, the revenue contribution from the top five customers was 38.4%, 44.1%, and 42.8%, respectively, indicating a high customer concentration [7]. - The retention rates for major local brand clients and telecom operators were 92.9% and 100%, respectively, in 2024 [7]. Revenue Breakdown by Region - As of December 31, 2024, 35% of Coosea Intelligent's revenue came from the Greater China region, while 28.2% was from the Americas [9].