在全球咖啡文化加速渗透与中国消费升级共振的浪潮下，中国咖啡机行业正迎来历史性拐点——从"小众工具"蜕变为"生活方式载体"，从代工制造迈向技术 自主与品牌出海。作为这一转型浪潮中的标杆企业，格米莱控股有限公司(以下简称"格米莱")正式向香港资本市场发起冲击。 据港交所1月29日披露，格米莱向港交所主板递交上市申请书，中信证券为其独家保荐人。在国产替代浪潮进入咖啡设备行业的当下，深耕行业十余年的格 米莱到底成色几何呢？ 战略转型效果显著，营收净利稳步上行 尽管被称为"高端咖啡机国货代表"，公司营收实则"半自动主导、商用稳增"。报告期内，其半自动意式咖啡机收入分别为2.39亿元、4.23亿元、2.63亿元及 3.80亿元，呈显著增长态势，且占营收比重持续提升，从2023年的77.6%升至2025年九个月的84.6%，进一步巩固其核心业务地位。 据招股书显示，格米莱是中国专业咖啡机企业。历经十余年发展，公司已建立一个综合业务模式，涵盖产品设计、研发、制造、销售及售后服务，并实现了 对咖啡机行业价值链的全面覆盖。目前公司的产品分销至全球逾60个国家及地区，累积销量超过200万件，已服务超过40万名用户，并已成为进军国际 ...

来源：活报告 2026年1月29日，格米莱首次向港交所递交招股书，拟在香港主板上市，独家保荐人为中信证券。 公司是中国领先的专业咖啡机企业，2024年收入4.98亿元，净利润0.4亿元，毛利率40.54%；2025年前9个月收入4.49亿元，净利润0.54亿元， 同比增长363.36%，毛利率44.06%。 公司是中国领先的专业咖啡机企业，致力于引领咖啡美好生活。历经十余年发展，公司已建立一个综合业务模式，涵盖产品设计、研发、制 造、销售及售后服务，并实现了对咖啡机行业价值链的全面覆盖。 根据弗若斯特沙利文，就收入而言，公司位列中国咖啡机行业第二大咖啡机品牌，亦为国内第一大咖啡机品牌，2024年的市场份额约为 7.5%；公司位列中国半自动意式咖啡机行业第一大咖啡机品牌，市场份额约为16.0%，亦为分体式半自动意式咖啡机行业第一大品牌，市场份 额约为27.9%。 公司已形成多系列、适配家庭、办公室、餐厅及咖啡馆等多元使用场景的意式咖啡机产品体系，拥有丰富的SKU，为不同用户群体提供专业、 可靠且具审美价值的咖啡制作设备。此外，公司已将产品线扩展至专业磨豆机、咖啡豆及其他咖啡机配件。 公司的业务模式包含自有品牌销 ...

Core Viewpoint - Gemilai Holdings Limited, a professional coffee machine company, has submitted its IPO application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [2][21]. Business Overview - Gemilai positions itself as a leading professional coffee machine enterprise in China, covering the entire value chain from design, R&D, manufacturing, sales, to after-sales service [4][24]. - The core product is the Italian coffee machine, with a complete product system suitable for various settings including homes, offices, restaurants, and cafes, featuring a rich SKU lineup [4][24]. - The product line has expanded to include professional grinders, coffee beans, and other accessories, creating a professional ecosystem around coffee preparation [4][24]. Market Position - Gemilai's products are sold in over 60 countries and regions, with cumulative sales exceeding 2 million units [4][23]. - According to Frost & Sullivan, Gemilai ranks as the second-largest brand in China's coffee machine industry by revenue in 2024, holding a market share of approximately 7.5% [5][25]. - In the semi-automatic coffee machine segment, Gemilai is the leading brand in China with a market share of about 16.0%, and in the split-type semi-automatic coffee machine segment, it holds a market share of approximately 27.9% [6][26]. Sales Strategy - Gemilai employs an integrated online and offline sales model, utilizing platforms like Tmall, JD.com, Douyin, Amazon, and its own website to effectively reach consumers [8][29]. - The offline channel consists of a nationwide dealer network that provides sales, technical support, and localized services to commercial and professional clients [8][29]. Market Growth - The global coffee machine market is projected to grow from $15.3 billion in 2019 to $30.6 billion in 2024, with a CAGR of 14.9%, and is expected to reach $59.5 billion by 2029 [9][30]. - The Chinese coffee machine market is experiencing even faster growth, with the market size expected to increase from 2 billion yuan in 2019 to 5.3 billion yuan in 2024, reflecting a CAGR of 21.5% [9][30]. - By 2029, the market is anticipated to reach 12.5 billion yuan, with a projected CAGR of 18.7% over the next five years [9][30]. Financial Performance - Gemilai's total revenue has shown rapid growth, reaching 307.7 million yuan in 2023 and projected to increase to 497.6 million yuan in 2024, a year-on-year growth of approximately 61.7% [10][31]. - For the nine months ending September 30, 2025, the company achieved revenue of 449.3 million yuan, a 44.1% increase compared to the same period in 2024 [10][31]. - The self-owned brand revenue grew significantly from 213 million yuan in 2023 to 410 million yuan in 2024, marking a year-on-year increase of about 92.5% [12][32]. Use of IPO Proceeds - The net proceeds from the IPO will be used for capacity expansion and digital upgrades, brand and service system enhancement, R&D investment, information infrastructure development, and general corporate purposes [13][34][38].

Company Overview - Gemilai Holdings Limited is a leading professional coffee machine company in China, focusing on enhancing the coffee experience. The company has developed a comprehensive business model covering product design, R&D, manufacturing, sales, and after-sales service, achieving full coverage of the coffee machine industry's value chain. Its products are distributed in over 60 countries and regions, with cumulative sales exceeding 2 million units and serving over 400,000 users, establishing itself as a representative Chinese coffee machine brand in the international market [4][5]. - The company has developed a diverse product line of espresso machines suitable for various usage scenarios, including homes, offices, restaurants, and cafes. It offers a wide range of SKUs to provide professional, reliable, and aesthetically pleasing coffee-making equipment for different user groups. Additionally, the product line has expanded to include professional grinders, coffee beans, and other coffee machine accessories [4]. Market Position - According to Frost & Sullivan, Gemilai ranks as the second-largest coffee machine brand in China by revenue and the largest domestic coffee machine brand, with an estimated market share of approximately 7.5% in 2024. In the semi-automatic espresso machine segment, it holds the top position with a market share of about 16.0%, and in the split-type semi-automatic espresso machine sector, it leads with a market share of approximately 27.9% [5]. Financial Performance - For the fiscal years ending September 30, Gemilai reported revenues of approximately RMB 308 million, RMB 499 million, and RMB 449 million for 2023, 2024, and the first nine months of 2025, respectively [6]. - The company's profit for the same periods was approximately RMB 22.01 million, RMB 40.01 million, and RMB 53.97 million [7]. - The gross profit margins for the fiscal years were 41.9%, 40.5%, and 44.1% for 2023, 2024, and the first nine months of 2025, respectively [9]. Industry Overview - The global coffee machine market size increased from USD 15.3 billion in 2019 to USD 30.6 billion in 2024, with a compound annual growth rate (CAGR) of 14.9%. It is expected to further expand to USD 59.5 billion by 2029, with a CAGR of 14.1%. The home coffee machine market is projected to grow from USD 9.3 billion in 2019 to USD 20.6 billion in 2024, with a CAGR of 17.2%, and is expected to reach USD 43.3 billion by 2029 [11]. - In China, the coffee machine market size grew from RMB 2 billion in 2019 to RMB 5.3 billion in 2024, with a CAGR of 21.5%. It is anticipated to expand to RMB 12.5 billion by 2029, with a CAGR of 18.7%. The home coffee machine market is expected to grow from RMB 1.1 billion in 2019 to RMB 3.8 billion in 2024, with a CAGR of 28.1%, and reach RMB 10.3 billion by 2029 [13]. - The online coffee machine market in China is projected to grow from RMB 1.3 billion in 2019 to RMB 4.2 billion in 2024, with a CAGR of 26.4%, and is expected to reach RMB 10.9 billion by 2029 [15].