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 ...

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, although specific funding amounts and allocations have not been disclosed [1] Company Overview - Established in 2006, Coosea Intelligent is a provider of end-to-end solutions for smartphones, focusing on R&D, design, production, sales, and service [2] - The company is positioned as a significant player in the domestic smartphone brand solutions market, particularly serving local brands lacking independent design and production capabilities [2] - Coosea Intelligent has developed over 526 smartphone models and 46 other smart devices, with a strong emphasis on optimizing its proprietary didoOS to meet customization needs [2] Market Position - According to Frost & Sullivan data, Coosea Intelligent is the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, expected to rise to the top position in Q1 2025 [3] Financial Performance - Coosea Intelligent's revenue for 2022, 2023, and 2024 was approximately 1.713 billion, 2.302 billion, and 2.717 billion RMB, respectively, with profits of about 110 million, 203 million, and 207 million RMB [4] - The company has a high customer retention rate of 92.9% for local brands and 100% for telecom operators in 2024, indicating strong customer loyalty [4] Customer and Supplier Concentration - The revenue concentration from the top five customers was 38.4%, 44.1%, and 42.8% for the years 2022 to 2024, with the largest customer contributing 11.1% in 2022, increasing to 17.4% in 2023, and decreasing to 10.5% in 2024 [4] - In terms of geographical revenue distribution, 35% of the revenue in 2024 came from the Greater China region, while 28.2% came from the Americas [4] Supplier Dependency - Coosea Intelligent faces supplier dependency risks, with procurement from the top five suppliers accounting for 48.8%, 37.6%, and 33.2% of total procurement from 2022 to 2024 [5] - The company does not typically enter into long-term procurement agreements with suppliers, which raises concerns about the stability of raw material supply and pricing [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 - KUSAI Intelligent Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Company Overview - KUSAI Intelligent is a leading global smart technology company that provides comprehensive one-stop solutions encompassing product definition, R&D, supply chain management, manufacturing, and after-sales services [4] - The company has generated revenue from over 70 countries and regions, including Asia, America, Europe, Oceania, and Africa [4] - KUSAI is recognized as a driving force behind local brands and a symbol of China's manufacturing strength, being the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and expected to rise to the top in Q1 2025 [4] Product and Service Offerings - The company primarily offers smart devices, including consumer smartphones, rugged phones designed for industrial users, and other IoT products [5] - KUSAI has developed over 526 models of smartphones and PCB components, along with more than 46 other smart devices as of December 31, 2024 [5] - The company continuously optimizes its proprietary didoOS to meet the specific customization needs of global local brands and telecom operators [5] Financial Performance - KUSAI's revenue for the years 2022, 2023, and 2024 was approximately RMB 1.713 billion, RMB 2.302 billion, and RMB 2.717 billion, respectively [7] - The company's profits for the same years were approximately RMB 110 million, RMB 203 million, and RMB 207 million [7] - The gross profit for the years 2022, 2023, and 2024 was RMB 328 million, RMB 504 million, and RMB 606 million, respectively [8]

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA reached $18.1 million, reflecting a 49% increase compared to the previous year [4][16] - Consolidated first quarter sales increased by 22% to $72 million compared to the prior year [16] - GAAP EPS for Q1 was $0.36, compared to a loss of $0.57 in the same period last year [17] Business Line Data and Key Metrics Changes - Fire Safety revenue was $37.2 million, up 48% from last year, with adjusted EBITDA of $10.1 million compared to a small loss in the same period last year [14] - Specialty Products segment net sales increased by $7.5 million due to the IMS acquisition, but adjusted EBITDA decreased to $8 million from $12.4 million due to unplanned plant downtime [15][16] Market Data and Key Metrics Changes - Elevated wildfire activity in North America contributed positively to the quarter, particularly in California [12] - International markets saw a return to typical fire activity levels in Australia, with increased use of retardant [13] Company Strategy and Development Direction - The company aims to provide high-quality products and exceptional service while delivering private equity-like returns [5] - The operational strategy is built on three pillars: owning exceptional businesses, applying operational value drivers, and operating in a decentralized manner [6][7] - The recent acquisition of IMS is expected to enhance the company's operational capabilities and product offerings [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while Q1 showed strong performance, they remain disciplined in their approach for the full year [20] - The company anticipates that the earnings power of the Specialty Products business will rebound to normalized levels in 2026 [16] Other Important Information - The company repurchased 900,000 shares for approximately $8 million in Q1, indicating a belief that shares were trading below intrinsic value [19] - The company has a favorable debt structure with a net debt to LTM adjusted EBITDA ratio of 1.7 times and substantial liquidity of around $200 million [20] Q&A Session Summary Question: Clarification on tariff exposure and mitigation - Management indicated that the 2% to 3% EBITDA exposure is primarily cost-based and they believe they can mitigate a reasonable proportion of that [23][25] Question: Customer exposure to supply chain issues - Management noted they have less visibility down the supply chain but do not expect significant changes in end market demand [26] Question: Expectations for Q2 and Q3 sales - Management expects improvement in sales as the year progresses, despite tough comps from the previous year [27] Question: Competitive dynamics in the fire retardant market - Management stated that the exit of a competitor has made it less likely for alternative materials to be qualified soon, reinforcing their market position [28][29] Question: Economic sensitivity of business lines - Management clarified that the retardant business has close to no economic sensitivity, while the suppressants business has minimal exposure to economic fluctuations [36][39] Question: Customer enthusiasm for chlorine-free products - Management has not seen any slowdown in customer conversions to chlorine-free products despite potential economic uncertainties [40][42] Question: Long-term assumptions for 2025 - Management indicated that there are no changes to their long-term assumptions for 2025 at this time [43][45]