Core Viewpoint - KUSAI Intelligent Technology Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, focusing on the development, design, manufacturing, and sales of smartphones and motherboards, primarily providing end-to-end solutions for local smartphone brands [1][2]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 1.713 billion yuan, 2.302 billion yuan, and 2.717 billion yuan, respectively, with net profits of 110 million yuan, 203 million yuan, and 207 million yuan, indicating a slowdown in growth for 2024 [2][6]. - The average selling price of consumer smartphones has been declining, recorded at 572 yuan, 510 yuan, and 500 yuan for the years 2022, 2023, and 2024 [4][5]. Market Position - KUSAI's consumer smartphone revenue accounted for 65.5%, 68.8%, and 70.7% of total revenue in 2022, 2023, and 2024, respectively [3][6]. - The company is the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and it is expected to rank first in the first quarter of 2025 [3]. - KUSAI's global smartphone shipment volume was 6 million units in 2024, ranking 8th among global end-to-end solution providers with a market share of only 1.2% [3]. Customer and Revenue Distribution - The majority of KUSAI's products are sold overseas, with total overseas revenue of 1.044 billion yuan, 1.537 billion yuan, and 1.766 billion yuan for 2022, 2023, and 2024, representing 60.9%, 66.8%, and 65.0% of total revenue, respectively [6]. - The company's inventory has been increasing, with balances of 286 million yuan, 369 million yuan, and 470 million yuan for the years 2022, 2023, and 2024, accounting for 29.3%, 28.3%, and 33.4% of total assets [6]. - The top five customers contributed revenues of 658 million yuan, 1.015 billion yuan, and 1.164 billion yuan for 2022, 2023, and 2024, making up 38.4%, 44.1%, and 42.8% of total revenue, respectively [6].

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 [1][2]. Company Overview - Established in 2006, Coosea Intelligent specializes in end-to-end solutions for smartphones, including R&D, design, production, sales, and service [2]. - The company serves local smartphone brands lacking independent design and production capabilities, providing consumer smartphones, rugged phones, and IoT products [2]. - Coosea Intelligent has developed over 526 smartphone models and 46 other smart devices as of December 31, 2024 [2]. Production Capacity - As of December 31, 2024, Coosea Intelligent's production facilities include six SMT production lines with an annual capacity of 6.3 million units and eight smart device assembly lines with a capacity of 4.7 million units [3]. Market Position - Coosea Intelligent is the second-largest end-to-end solution provider for local smartphone brands globally by shipment volume in 2024, having reached the top position in Q1 of the same year [3]. Financial Performance - Revenue figures for Coosea Intelligent are as follows: approximately CNY 1.71 billion in 2022, CNY 2.30 billion in 2023, and CNY 2.72 billion in 2024 [4][5]. - The company reported profits of approximately CNY 110 million in 2022, CNY 203 million in 2023, and CNY 207 million in 2024 [4][5]. Customer Concentration - In 2022, 2023, and 2024, the revenue contribution from the top five customers was 38.4%, 44.1%, and 42.8%, respectively, indicating a high customer concentration [7]. - The retention rates for major local brand clients and telecom operators were 92.9% and 100%, respectively, in 2024 [7]. Revenue Breakdown by Region - As of December 31, 2024, 35% of Coosea Intelligent's revenue came from the Greater China region, while 28.2% was from the Americas [9].

Group 1 - The core viewpoint of the article is that KUSAI Intelligent Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of end-to-end solutions for local smartphone brands and telecom operators [1][3] - KUSAI is recognized as the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and it is projected to become the largest by the first quarter of 2025 [1] - The company has developed over 526 models of smartphones and printed circuit board components, along with more than 46 types of other smart devices by the end of 2024 [1] Group 2 - KUSAI's revenue has shown robust growth, increasing from RMB 1,713.5 million in 2022 to RMB 2,301.9 million in 2023, representing a growth of 34.3%, and further rising by 18.0% to RMB 2,717.0 million in 2024 [2] - The gross profit also increased significantly, from RMB 328.4 million in 2022 to RMB 504.1 million in 2023, a growth of 53.5%, and then by 20.2% to RMB 605.8 million in 2024 [2] - Net profit rose from RMB 110.1 million in 2022 to RMB 203.2 million in 2023, an increase of 84.6%, and further to RMB 206.6 million in 2024 [2]