经过筹备A股上市一年并历经多期辅导后，海尔集团旗下的工业互联网独角兽——卡奥斯物联科技股份有限公司(下 称"卡奥斯")于2026年1月底正式"弃A转港"，向港交所递交了招股说明书。 依托海尔四十年的制造经验与大规模定制模式，卡奥斯打造了知名的COSMOPlat工业互联网平台。而在全球制造业加 速数智化升级的今天，这家拥有深厚制造基因的科技巨头，究竟能否通过资本市场的赋能，在工业AI时代确立其领先 地位？ BaaS引擎驱动的数智化跃迁 智通财经APP了解到，卡奥斯的底层竞争力并非源于实验室的纯粹算法，而是植根于海尔集团长达四十年的智能制造 实践与大规模定制经验。 其中，卡奥斯自主研发的COSMOPlat工业互联网平台，被公司定义为端云一体的数智化解决方案，通过BaaS(最佳业 务实践即服务)引擎，将工业知识、经验模型化与软件化。 从技术架构上看，卡奥斯搭建了从底层的物联感知的边缘计算，到中层的工业操作系统与工业大脑，再到上层的工业 智能软件的完整全栈能力。这种架构使其在捕捉2024年中国基于平台的工业数据智能解决方案市场中，以1.2%的份额 位居行业第一。 而与此同时，这种领先地位伴随着市场极度分散的现实，前三 ...

Core Viewpoint - Kaos IoT Technology Co., Ltd., a subsidiary of Haier Group, has officially shifted its IPO focus from A-shares to Hong Kong, aiming to leverage capital markets for growth in the industrial AI era [1]. Group 1: Company Overview - Kaos has developed the COSMOPlat industrial internet platform, which integrates 40 years of manufacturing experience and large-scale customization from Haier Group [1]. - The company holds a 1.2% market share in the platform-based industrial data intelligence solutions market in China for 2024, leading the industry [1][2]. Group 2: Business Model and Revenue Structure - Kaos's revenue is primarily derived from data intelligence solutions and IoT solutions, with the former focusing on smart and green manufacturing [2]. - In the first nine months of 2023 to 2025, IoT solutions contributed over 70% of revenue, but with a low gross margin of approximately 12.7%, impacting overall profitability [2][5]. - Data intelligence solutions, with a gross margin exceeding 30%, have increased their share from 18.3% in 2023 to 29.0% in the first nine months of 2025 [2]. Group 3: Financial Performance - The company's revenue for 2023, 2024, and the first nine months of 2025 was 4.994 billion, 5.069 billion, and 4.421 billion yuan, respectively [5]. - Kaos transitioned from a loss of 82.72 million yuan in 2023 to a profit of 65.14 million yuan in 2024, with profits rising to 176 million yuan in the first nine months of 2025 [5][6]. Group 4: Strategic Moves and Market Position - Kaos is enhancing its green manufacturing capabilities through acquisitions and divesting non-core assets, reflecting a strategy to optimize asset quality [4]. - The company is addressing its reliance on Haier Group, which accounted for 57.7% of its revenue in the first nine months of 2025, down from 72.2% in 2023 [6]. Group 5: Future Outlook - Kaos plans to use IPO proceeds to upgrade its industrial models and develop high-value industrial intelligence, aiming for a transition from equipment connectivity to value creation [7]. - The company is also focusing on expanding its overseas market presence, with overseas revenue reaching 709 million yuan in 2024, indicating a growing share of total revenue [7][8].

Core Insights - The article highlights the successful registration of multiple large models in Qingdao, including the "Zhuo Shu" model developed by Inspur (Shandong) Big Data Technology Co., Ltd, which aims to activate the potential of data elements in various key sectors [1][2][3] Group 1: Company Developments - Inspur's "Zhuo Shu" model has been applied in enterprise credit, macroeconomics, and grassroots governance, showcasing its versatility across multiple scenarios [1] - The "Qi Zhi Kong Ming" model by Innovation Qizhi is tailored for the manufacturing sector, supporting various industrial applications such as text perception and data analysis [1] - The "Tian Zhi" model from Kaos focuses on industrial applications, excelling in industrial scene analysis and knowledge Q&A [2] Group 2: Industry Initiatives - Qingdao has implemented the "Moli Qingdao" three-year action plan to accelerate the development of a large model ecosystem, promoting a structured approach to model registration and evaluation [2][3] - The city aims to strengthen scenario application demonstrations and create benchmarks for vertical model empowerment to drive large-scale applications [3] - Efforts are being made to foster an open ecosystem that encourages algorithm open-sourcing, data sharing, and service openness, contributing to a vibrant open-source collaborative environment [3]