Core Viewpoint - The article highlights the rapid growth and significant achievements of Shangmi Technology, a company that has become a unicorn in the BIOT solutions market within just over three years, showcasing its innovative products and successful funding rounds [3][4][10]. Company Overview - Shangmi Technology, founded by Lin Zhe, is the world's largest provider of Android-based BIOT solutions, with a market share exceeding 10% by 2024 [4][8]. - The company has expanded its business to over 200 countries and regions, with a revenue forecast of 34.56 billion yuan for 2024, reflecting a 12.6% increase from 2023 [8][4]. Financial Performance - Shangmi Technology's revenue for 2022, 2023, and 2024 is projected at 34.04 billion yuan, 30.71 billion yuan, and 34.56 billion yuan, respectively, with corresponding net profits of 1.60 billion yuan, 1.01 billion yuan, and 1.81 billion yuan [8][4]. - The company achieved a valuation of over 1 billion USD in April 2019, marking its entry into the unicorn club [10][13]. Investment and Growth - The company has attracted significant investment, with early investors seeing returns of up to 31 times their initial investment as of March 2024 [14][9]. - Major investors include Ant Group's Yunxin Investment, which holds a 27.27% stake, and Xiaomi's Jin Xing Venture Capital, which owns 7.78% [16][14]. Product Innovation - Shangmi Technology has pioneered several products, including the world's first Android cash register and facial recognition payment devices, significantly impacting the retail and service industries [6][8]. - The company plans to evolve towards AI-driven BIOT solutions, enhancing its hardware and software capabilities to improve operational efficiency for business partners [8][4]. Market Position - The company has established a strong presence in the market, particularly in the Americas and Europe, where its revenue contribution exceeds 50% [8][4]. - The article notes that Shangmi Technology's devices are utilized across various sectors, including restaurants, supermarkets, and logistics [8][6].

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange after previously withdrawing its application for the Sci-Tech Innovation Board in 2022, aiming to raise 1 billion yuan [1] Group 1: Company Overview - Shangmi Technology was founded in 2013 and initially operated as a food delivery platform called "I Have Takeout," which was backed by Xiaomi [2] - The company transitioned from a food delivery service to providing Business Internet of Things (BIoT) solutions, focusing on selling smart devices such as Android cash registers and handheld scanners [4] Group 2: Financial Performance - The number of customers has declined for two consecutive years, with 2,506 in 2022, 2,337 in 2023, and projected 2,262 in 2024 [5] - Revenue figures for the years 2022 to 2024 are 3.4 billion yuan, 3.07 billion yuan, and 3.46 billion yuan, respectively, with profits of 160 million yuan, 100 million yuan, and 180 million yuan, indicating a decline in both revenue and profit in 2023 [5] - The revenue concentration from the top five customers was 42.3% in 2022, 28.8% in 2023, and 41.1% in 2024, highlighting a high dependency on major clients [5] Group 3: Production and Profitability - The company relies heavily on OEM production, with a projected sales volume of 3.803 million smart devices in 2024, while its design capacity is only 289,300 units, less than 8% of the sales volume [7] - Shangmi Technology's gross margins from 2022 to 2024 were 28.12%, 26.74%, and 28.85%, which are lower than the average gross margins of comparable companies [8] Group 4: Investment and Ownership Structure - The company has completed at least six rounds of financing, raising over 500 million yuan since its inception [8] - The ownership structure includes a dual-class share system, with the founder holding 79.04% of the voting rights prior to the IPO [8] - Major shareholders include Ant Group with 37.56%, Meituan with 11.29%, and Xiaomi with 10.72% [9]