Core Viewpoint - The company, Juzi Technology Development Co., Ltd., is a manufacturer of baby electronic products, primarily generating revenue from overseas sales, and has submitted a prospectus for an IPO on the Hong Kong Stock Exchange [1][2]. Group 1: Company Overview - Juzi Technology specializes in baby monitors and has developed the "HelloBaby" brand over the years [1]. - The company operates both online and offline sales channels, with significant sales through platforms like Amazon and Walmart, and over 88.2% of its revenue comes from overseas sales [1][2]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first four months of 2025 were 190 million, 348 million, 462 million, and 150 million yuan respectively, with net profits of 34.82 million, 63.36 million, 94.69 million, and 28.31 million yuan [1]. - Sales revenue from Amazon for the same periods were 163 million, 316 million, 442 million, and 130 million yuan, representing 85.4%, 90.8%, 95.6%, and 86.6% of total revenue respectively [2]. Group 3: Use of IPO Proceeds - The funds raised from the IPO will be used to expand sales channels and geographic coverage, enhance brand awareness, develop new products, upgrade existing products, procure new production equipment, and build warehouses equipped with smart storage systems [1]. Group 4: Customer Base - The company's customers include direct consumers purchasing online and ODM clients and distributors purchasing offline, with the total sales from the top five customers for the years 2022, 2023, 2024, and the first four months of 2025 being 24 million, 35 million, 20 million, and 13 million yuan, accounting for 12.4%, 10.1%, 4.4%, and 8.9% of total revenue respectively [2].

Core Viewpoint - The company, 聚智科技发展有限公司, is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the manufacturing of baby electronic products, primarily baby monitors, with a significant portion of its revenue generated from overseas sales [1]. Group 1: Company Overview - 聚智科技 specializes in the development and manufacturing of baby monitors under the "HelloBaby" brand, emphasizing research, design, production, quality control, sales, and marketing [1]. - The company generates over 88.2% of its revenue from international sales, indicating a strong reliance on overseas markets [1]. Group 2: Sales Channels and Revenue - The sales channels include both online and offline markets, with products sold on platforms like Amazon and Walmart, as well as through ODM customers and distributors [1]. - Revenue from Amazon for the years 2022, 2023, 2024, and the first four months of 2025 was reported as 1.63 billion, 3.16 billion, 4.42 billion, and 1.3 billion respectively, accounting for 85.4%, 90.8%, 95.6%, and 86.6% of total revenue [2]. Group 3: Financial Performance - The company's revenue figures for 2022, 2023, 2024, and the first four months of 2025 were 1.9 billion, 3.48 billion, 4.62 billion, and 1.5 billion respectively, with net profits of 348.2 million, 633.7 million, 946.9 million, and 283.1 million [1]. - The total sales from the top five customers for the same periods were 0.24 billion, 0.35 billion, 0.2 billion, and 0.13 billion, representing 12.4%, 10.1%, 4.4%, and 8.9% of total revenue [2]. Group 4: IPO Fund Utilization - The funds raised from the IPO will be allocated to expanding sales channels and geographic reach, enhancing brand awareness, developing new products, upgrading existing products, procuring new production equipment, and building warehouses equipped with smart storage systems [1].

港交所递表上市 尽管每年上市失败的企业数不胜数，但跨境电商领域的IPO热潮从未退却。 有消息显示，近日，亚马逊母婴细分类目龙头，主打婴儿监护器产品的知名品牌HelloBaby所属公司——聚智科技发展有限 公司（以下简称"聚智科技"）向港交所主板提交了招股书，预备港股冲击上市，新华汇富为独家保荐人。这也是该公司二 次向港交所递表，首次递表时间是今年1月17日。 聚智科技递交招股书 图源：HKEXnews 作为IPO预备军，聚智科技不管是资历还是业绩实力都不容小觑。 具体来说，该公司总部位于湖北省黄冈市，其前身是成立于2005年的倍耐特。经过多年电子技术研发和多方位的市场调 研，倍耐特创始人之一刘强察觉到母婴监护产品蕴含的巨大商机，于是公司开始钻研起母婴方向。2008年，倍耐特研发出 了婴儿监护器核心技术"2.4GHz无线音视频传输软件"。 一不做，二不休，婴儿监护器业务取得一个好的开头后，刘强又于2016年推出母婴科技品牌HelloBaby，主营婴儿监护器产 品。2020年，倍耐特又收购了湖北聚智科技的全部股权，并交由聚智科技负责HelloBaby产品的生产工作。 华经产业研究院的公开资料显示，全球育儿产品市场 ...

Core Viewpoint - The recent IPO application by Juzi Technology, a leading cross-border e-commerce company in the baby products sector, has generated excitement in the market, especially given the favorable domestic policies that reduce overseas regulatory risks [1][3]. Company Overview - Juzi Technology, founded in 2018, specializes in baby monitoring devices and has become the largest online exporter of such products in the U.S. market, capturing a market share of 38.7% with sales of 1.138 million units in 2024 [3][12]. - The founder, Liu Qiang, transitioned from a sales role in a software company to entrepreneurship, leveraging his marketing skills to achieve significant success without traditional VC/PE funding [7][10]. Financial Performance - Juzi Technology has shown rapid revenue growth from approximately 190 million yuan in 2022 to an expected 462 million yuan in 2025, with net profits increasing from about 34.82 million yuan to 94.69 million yuan over the same period [12]. - The company heavily invests in marketing, with expenditures reaching 91.97 million yuan in 2024, significantly outpacing R&D spending [12]. Sales Channels - Approximately 90% of Juzi Technology's revenue comes from third-party e-commerce platforms, with Amazon being the primary channel, contributing around 85.4% to 95.6% of total revenue in recent years [12][13]. - The company's reliance on Amazon for sales has been a double-edged sword, providing substantial revenue but also exposing it to risks associated with changes in platform policies and external factors [13][16]. Market Challenges - The recent imposition of tariffs by the U.S. government is expected to increase costs and potentially reduce sales volumes, with estimated tariff expenses rising significantly over the next few years [15][16]. - The company aims to use IPO proceeds to expand its sales channels and geographic reach to mitigate risks associated with its current market dependency [16].

Core Viewpoint - The IPO market in Hong Kong is heating up, with a notable focus on a cross-border e-commerce company, 聚智科技, which specializes in maternal and infant technology products and has recently submitted its prospectus to the Hong Kong Stock Exchange [1][3]. Company Overview - 聚智科技 was founded by Liu Qiang, who transitioned from a sales role in a phone software development company to entrepreneurship in 2005, establishing 贝耐特公司 to focus on electronic technology research and sales [1][3]. - The company identified significant potential in the maternal and infant electronics market, successfully developing a core technology for baby monitors in 2008 and launching the "HelloBaby" brand in 2016 [1][3]. Market Position - Under Liu Qiang's leadership, 聚智科技 has become the largest online exporter of baby monitors to the U.S. market without external VC/PE financing, relying solely on a "family model" for growth [3]. - The company has adjusted its equity structure ahead of the IPO, with Liu Qiang holding 80% of the shares through Harbaby International and investment firm 鸿达财富 holding 20% [3]. IPO Journey - 聚智科技's initial attempt to list on the Hong Kong Stock Exchange in January 2025 was unsuccessful due to the invalidation of its prospectus, but the company remains determined to pursue its IPO amid favorable market conditions [3][4]. - The IPO application is seen as a potential catalyst for revitalizing the Hong Kong market and providing insights for other Chinese companies aiming for global expansion [4]. Challenges and Competition - The company faces challenges, including a high dependency on Amazon, which raises concerns about its risk resilience [4]. - Increasing competition from other Chinese firms entering the U.S. maternal and infant market necessitates continuous enhancement of 聚智科技's competitiveness and market share [4]. Market Sentiment - Opinions on 聚智科技's IPO prospects are mixed, with some believing that the growing acceptance of tech companies in the Hong Kong market could lead to a successful listing, while others express concerns over intensified competition and potential performance volatility [4].

近日，聚智科技发向港交所递交招股书，拟在香港主板挂牌上市，新华汇富担任独家保荐人。 聚智科技是一家母婴电子产品制造商，专注于提升父母与婴儿的日常生活质量。公司收益主要来自销售婴儿监护器及其他产品，主要包 括家用电讯产品、即影即有儿童相机、婴儿监护器配件（如充电器及替换监视器）及组件。其中，2024年婴儿监视器的收入占比约达 97%。 聚智科技的收入主要来自于海外市场。以2024年为例，公司在北美的收入占80.7%，欧洲、亚洲分别占15.8%、2.5%。且公司主要通过亚 马逊平台销售，占总收入的95.6%。 创始人持股80% IPO前，创始人刘强通过哈贝比国际持有公司80%股权，股权较为集中。2024年8月，鸿达财富以1990.03万港元的对价认购了聚智科技 20%的股份，成为公司唯一的外部投资者。 此次港股IPO募集资金，聚智科技计划将资金用于扩大销售渠道及地理覆盖范围以及提高品牌知名度、研发新产品以及升级及迭代现有 产品、采购新生产设施所需设备及机器，扩充及建设配备智能仓储系统的仓库、补充一般营运资金。 （文章序列号：1951168648345423872/PLH） 业绩增速放缓 根据招股书，在2022年至 ...

作者：杨溪 出品：洞察IPO 上交所&深交所 新 股 上 市 7月21日-7月27日，上交所主板有1家公司上市；深交所创业板有1家公司上市。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 技源集团：一家专业从事膳食营养补充产品研发创新及产业化的国际化企业集团。上市首日股价涨超274.54%，截至7月28日收报35.20元/股，较发行价 10.88元/股涨223.53%，总市值约141亿元。 | 数据来源：公开信息；图表制作：洞察IPO | | --- | 1. 山大电力：主要从事电力系统相关智能产品技术研发与产业化，已形成电网智能监测和新能源两大业务板块。上市首日股价涨超356.00%，截至7月28 日收报53.05元/股，较发行价14.66元/股涨261.87%，总市值约86亿元。 通过上市委员会审议会议 7月21日-7月27日，上交所、深交所均无公司过会。 暂缓上市委员会议 7月21日-7月27日，上交所科创板有1家公司被暂缓审议。 上市委会议现场问询的主要问题包括相关产品技术是否存在知识产权纠纷风险、报告期对引进业务采用净额法确认收入是否符合企业会计准则规定、报告 期以前年度未 ...

文｜公司研究室 7月23日，聚智科技发展有限公司(以下简称：聚智科技)向港交所主板递交上市申请，新华汇富为其独家保荐人。此前，该公司曾于 2025年1月17日向港交所递表。 据招股书，聚智科技是一家母婴电子产品制造商，于2018年在湖北黄冈成立，主业经营婴儿监护器，旨在提升父母与婴儿的日常生 活质素。公司计划通过发行新股筹集资金，用于业务扩展和技术研发。 受益北美市场，超过88.2%的收益源自出口 近几年，国内新生儿数量大幅下降，国内很多母婴企业遭受重创。与国内相比，美国与欧洲等发达国家消费者收入水平更高，且更 关注儿童安全。 弗若斯特沙利文数据显示，北美地区过去几年对于婴儿监护器的需求强于其他地区，市场规模在2019年-2023年的复合年增速为 9.6%，高于欧洲及其他地区。为此，国内部分企业通过跨境电商渠道，向欧美地区出口母婴电子产品，聚智科技便是其中一家。 报告期内，聚智科技有超过88.2%的收益源自向世界各地其他不同国家及地区（如美国、加拿大、德国、法国及英国）销售产品。 按2024年中国出口至美国的婴儿监护器数量计算，公司在所有经营线上销售的出口商中排名第一，占据38.7%市场份额。按出口美 国的婴 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange reported that during the week of July 21 to July 27, a total of 9 companies submitted applications, 1 company passed the hearing, and 1 new stock was listed. Company Summaries - **GoerTek Inc.**: Submitted an application on July 21, focusing on smart sensing interaction solutions, particularly acoustic sensors. It is the fifth largest global provider in this sector with a market share of 2.2% and the largest in China. Revenue for 2022 to 2024 was approximately RMB 31.21 billion, RMB 30.01 billion, and RMB 45.36 billion respectively, with net profits of RMB 3.26 billion, RMB 2.89 billion, and RMB 3.09 billion [2][2]. - **Guangdong Tianyu Semiconductor Co., Ltd.**: Submitted an application on July 22, specializing in silicon carbide epitaxial wafers. It holds the top position in China's market with a revenue market share of 30.6%. Revenue for 2022 to 2024 was approximately RMB 4.37 billion, RMB 11.71 billion, and RMB 5.2 billion respectively, with net profits of RMB 281.4 million, RMB 95.88 million, and a loss of RMB 500 million [3][3]. - **Daheng Technology (Shenzhen) Co., Ltd.**: Submitted an application on July 22, known for its folding bicycles, holding a market share of 26.3% in volume and 36.5% in revenue in China. Revenue for 2022 to 2024 was approximately RMB 2.54 billion, RMB 3 billion, and RMB 4.51 billion respectively, with net profits of RMB 314.34 million, RMB 34.85 million, and RMB 52.29 million [4][4]. - **Juzhi Technology Development Co., Ltd.**: Submitted an application on July 23, focusing on baby monitoring products. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 3.48 billion, and RMB 4.62 billion respectively, with net profits of RMB 34.82 million, RMB 63.36 million, and RMB 94.69 million [5][6]. - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Submitted an application on July 24, specializing in vaccines. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [7][7]. - **Fujian Lemo IoT Technology Co., Ltd.**: Submitted an application on July 25, a leader in smart massage services in mainland China, with a market share of 33.9% to 42.9% from 2022 to 2024. Revenue for 2022 to 2024 was approximately RMB 3.30 billion, RMB 5.87 billion, and RMB 7.98 billion respectively, with net profits of RMB 6.48 million, RMB 87.34 million, and RMB 85.81 million [8][8]. - **Anhui Jinyan High Clay New Materials Co., Ltd.**: Submitted an application on July 25, specializing in kaolin materials with a market share of 19.1%. Revenue for 2022 to 2024 was approximately RMB 1.90 billion, RMB 2.05 billion, and RMB 2.67 billion respectively, with net profits of RMB 24.42 million, RMB 43.61 million, and RMB 52.60 million [9][9]. - **Shandong Shengruan Technology Co., Ltd.**: Submitted an application on July 26, providing digital solutions for energy and manufacturing sectors. Revenue for 2022 to 2024 was approximately RMB 3.91 billion, RMB 5.02 billion, and RMB 5.25 billion respectively, with net profits of RMB 37.60 million, RMB 53.70 million, and RMB 59.30 million [10][10]. - **AIWB Inc.**: Submitted an application on July 25, focusing on smart building solutions in Texas. Revenue for 2022 to 2024 was approximately USD 103 million, USD 121 million, and USD 105 million respectively, with net losses of USD 347,000, USD 620,000, and USD 531,000 [11][11]. Company Hearing and IPO - **Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.**: Passed the hearing on July 27, focusing on innovative vaccines with two core products. Revenue for 2023 to 2025 was approximately RMB 52.17 million, RMB 260 million, and RMB 410,000 respectively, with net losses of RMB 425 million, RMB 259 million, and RMB 87.32 million [12][12]. - **Vili Zhibo-B (09887.HK)**: Launched an IPO from July 17 to July 22, with a subscription rate of 3494.78 times in the public offering. The stock began trading on July 25 at HKD 67.10, a 91.71% increase [13][14].

Core Viewpoint - The baby monitor market is experiencing significant growth, with companies like 聚智科技 (Zhi Technology) benefiting from this trend, as evidenced by their increasing sales and revenue figures. Market Overview - The global baby monitor sales are projected to grow from 14.5 million units in 2020 to 20.3 million units by 2024, representing a compound annual growth rate (CAGR) of 8.8% [1] - North America is the largest market for baby monitors, with a CAGR of 9.2% from 2020 to 2024, expected to account for 40% of the global market share by 2024 [6] Company Performance - 聚智科技's revenue increased from 190 million RMB in 2022 to 348 million RMB in 2023, marking an 82.7% growth [1] - The company sold over 800,000 baby monitors in 2023, with projections to exceed 1.13 million units in 2024 [2] - The revenue from baby monitors constituted 91.5% of the total revenue in 2022, increasing to 97% by 2025 [3] Sales Channels - A significant portion of 聚智科技's revenue comes from third-party e-commerce platforms, primarily Amazon, which accounted for 85.4% of total revenue in 2022 [4] - The company’s revenue from North America represented 65.4% in 2022, increasing to 81.3% by 2025 [5] Profitability - The gross profit for 聚智科技 was 97.6 million RMB in 2022, with a gross margin of 51.2%, and it increased to 243.6 million RMB with a gross margin of 52.7% in 2024 [8] - The net profit for the first four months of 2023 was 28.3 million RMB, a decrease of 13.7% compared to the previous year [7] Competitive Landscape - 聚智科技 ranked third among Chinese exporters of baby monitors to the U.S., with a market share of 17.4% in 2023 [9][10] - The top five Chinese exporters accounted for over 90% of the total exports to the U.S. market [10] Future Plans - 聚智科技 plans to expand its product line and increase production capacity to 2.9 million units by 2027, a 128.3% increase from 2024 [11] - The company aims to enhance operational efficiency through the establishment of smart warehousing and expanding its online and offline market presence [11]