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]