Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] Group 1: Company Overview - Shangmi Technology was established in December 2013 and primarily provides Business Internet of Things (BIoT) solutions, including smart devices and BIoT PaaS platforms [1] - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share as of 2024 [1] Group 2: Financial Performance - Revenue from 2022 to 2024 was reported as 3.404 billion yuan, 3.071 billion yuan, and 3.456 billion yuan, with net profits of 160 million yuan, 101 million yuan, and 181 million yuan respectively [1][2] - Sales revenue from smart hardware devices accounted for approximately 99.5% of total revenue in 2022 and 2024, with figures of 3.389 billion yuan and 3.438 billion yuan [1][2] Group 3: Research and Development - R&D expenditures from 2022 to 2024 were 360 million yuan, 350 million yuan, and 390 million yuan, representing 10.5%, 11.5%, and 11.4% of total revenue respectively [2] Group 4: Customer Dynamics - The company has experienced customer attrition, with the number of clients decreasing from 2,506 in 2022 to 2,262 in 2024 [2] - Revenue from the top five customers accounted for 42.3%, 28.8%, and 41.1% of total revenue in the respective years, with the largest customer contributing 19.3%, 16.5%, and 22.0% [2] Group 5: Geographic Revenue Distribution - The Asia-Pacific, Middle East, and Africa regions contributed nearly half of the company's revenue, with growth expected from the European and American markets in 2024 [3] - Revenue from the Americas increased by 46.5% to 1.186 billion yuan, while European revenue rose by approximately 56.4% to 717 million yuan in 2024 [3] Group 6: Financing History - Shangmi Technology has completed at least six rounds of financing since its inception, raising over 500 million yuan [5] - Notable investors include Xiaomi, Meituan, Ant Group, and Shenzhen Capital Group [4][5] Group 7: Shareholding Structure - The company employs a dual-class share structure, with the founder holding 79.04% of the voting rights [6] - Ant Group holds 37.56% of the B-class shares, while Meituan and Xiaomi hold 11.29% and 10.72% respectively [6]