Group 1 - The company *ST Jinglun (600355) announced a preliminary performance forecast for the first half of 2025, expecting a net loss attributable to shareholders of the parent company between -19 million and -22 million yuan [1] - The expected net profit excluding non-recurring gains and losses is also projected to be between -19 million and -22 million yuan, compared to a net loss of -20.11 million yuan in the same period last year [1] - The company anticipates revenue of approximately 83 million yuan, a 23.5% increase from 66.96 million yuan in the previous year, but overall gross profit is insufficient to cover operating expenses, leading to losses [1] Group 2 - *ST Jinglun has reported a continuous net loss for six consecutive years since 2019, with negative cash flow from operating activities for the past five years [1] - The company was established in 1994 and became the first publicly listed company in China initiated entirely by natural persons in 2002 [2] - Due to negative audited profits and revenues below 300 million yuan, the company's stock was subject to delisting risk warnings [2] Group 3 - The company's stock was suspended for one day on April 28 and resumed trading the next day under the new name "*ST Jinglun" [3] - In the secondary market, *ST Jinglun's stock opened lower but rose by 4.32%, trading at 2.9 yuan per share at the time of reporting [4]

Core Viewpoint - Company is a leading provider of smart commercial devices, primarily focusing on BIOT solutions, and has gained significant market traction with major investments from industry giants like Xiaomi, Meituan, and Ant Group [2][4]. Company Overview - Company, headquartered in Shanghai, has submitted its IPO application to the Hong Kong Stock Exchange and is recognized as the largest Android-based commercial IoT solution provider globally, with a market share exceeding 10% [2][7]. - The company has achieved substantial revenue growth, with projected revenues of approximately 34.04 billion, 30.71 billion, and 34.56 billion yuan for 2022, 2023, and 2024 respectively [7]. Industry Opportunities - The commercial IoT industry is experiencing rapid growth, with the global BIOT solutions market expected to increase from 235 billion yuan in 2024 to 313 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.9% [5]. - The Android-based BIOT segment is projected to grow even faster, with a CAGR of 23.7% [5]. Product and Market Strategy - Company has developed a comprehensive ecosystem that integrates smart hardware with cloud computing, AI, and big data, aiming to enhance operational efficiency for businesses [5][6]. - The company is not only selling terminal devices but also building a developer ecosystem to lower entry barriers for small and micro businesses [6]. Financial Performance - The company reported net profits of approximately 1.59 billion, 1.01 billion, and 1.81 billion yuan for 2022, 2023, and 2024 respectively [7]. - The majority of revenue is derived from smart device sales, which accounted for 99.5% of total revenue in 2024 [8]. Challenges - Company faces challenges such as a reliance on a single revenue model, with over 92% of products produced by OEM/ODM facilities, which limits control over product quality and profit margins [8]. - The company is heavily dependent on major clients, with the top five clients contributing 41.1% of revenue in 2024 [8].

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨巴里 编辑丨 关雎 图源 丨商米科技 如今，在超市自助收银台结账、在餐厅手机扫码下单、在酒店自助机办理入住时，还可以支付宝刷脸 支付、"碰一碰"支付，都在让人们的生活更加便利。 从手持 POS 机、自助收银台，到智能点餐机、医院挂号机，其背后的商业物联网（ BIoT ）解决方 案供应商商米科技，日前正式向港交所提交招股书。 其创始人林喆毕业于汕头的一家职业中学。骨子里有着潮汕人经商 DNA 的他，从 19 岁就开始创 业，开了一家电脑销售公司，单月销售额一度超 300 万 ， 赚下了第一桶金。 此后他又创建了一家做 DIY-POS 收款机的公司，产品远销到国外。 2013 年，他成立了"我有外 卖"平台，在外卖平台大战之际，他率先转型研发智能设备，成功获得来自小米、美团、蚂蚁科技等 巨头的投资。 如今，这家总部位于上海杨浦区的公司，按 2024 年营收计，已经成为全球最大的安卓端商业物联网 解决方案提供商，市场份额超过 10% ，其产品已经销往全球 ...

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