Core Insights - Coosea is a representative Chinese tech company that is transforming "Made in China" into "Intelligent Manufacturing in China," integrating deeply into global supply chains and consumer markets [1][8] Global Footprint and Local Adaptation - Coosea's globalization strategy involves deep market adaptation and value integration, with its products sold in over 70 countries across Asia, America, Europe, Oceania, and Africa [3] - The company has established solid partnerships with major telecom operators in the competitive U.S. market, showcasing its ability to understand and respond to local consumer habits and cultural characteristics [3] Strategic Flexibility in Response to Market Changes - Coosea demonstrates strategic resilience by optimizing its supply chain and establishing partnerships with factories in regions like Vietnam, ensuring stable and efficient global supply chains [4] Product Foundation and Technological Empowerment - The company's extensive product matrix includes consumer smartphones, rugged phones, and IoT devices, supported by a research team of over 740 people focused on innovation and market customization [7] Connecting Chinese Manufacturing with Global Markets - Coosea acts as a "connector," leveraging China's efficient electronic manufacturing supply chain for cost advantages while understanding and serving local market needs [8] - The company's journey exemplifies the global development of Chinese tech firms, emphasizing technology and manufacturing strength to empower local markets in over 70 countries [8]

Company Overview - Coosea Intelligent is a leading global ODM provider for smartphones, offering comprehensive solutions including product definition, R&D, supply chain management, manufacturing, and after-sales services. The company has generated revenue from over 70 countries and regions, covering Asia, America, Europe, Oceania, and Africa. According to Frost & Sullivan, Coosea Intelligent is the second-largest ODM provider for local smartphone brands by shipment volume in 2024, and it is expected to rise to the top position in the first quarter of 2025 [4][5]. Product Offerings - Coosea Intelligent provides customized products that meet specific customer needs while maintaining cost advantages and excellent product performance. The main offerings include: 1. Smart devices, including consumer smartphones, rugged phones designed for industrial users, and other IoT devices. 2. Standalone printed circuit board (PCB) components and internet services related to smartphones and IoT. 3. Other services, primarily involving material procurement and R&D [5][6]. Technological Development - The company has established a core technology system for consumer smartphones and rugged phones, anticipating the growing trend of smartphone adoption. Coosea Intelligent has developed over 598 models of smartphones and PCB components, as well as over 46 other smart devices by July 31, 2025. The company continues to optimize its proprietary didoOS to meet the specific customization needs of global local brands and telecom operators [6][7]. Financial Performance - Coosea Intelligent's revenue for the fiscal years 2022, 2023, 2024, and the seven months ending July 31, 2025, were approximately RMB 1.713 billion, RMB 2.302 billion, RMB 2.717 billion, and RMB 1.584 billion, respectively. The net profit for the same periods was around RMB 110 million, RMB 203 million, RMB 207 million, and RMB 103 million, with net profit margins of 6.4%, 8.8%, 7.6%, and 6.5% [7][8][11]. Market Trends - The global smartphone market is nearing saturation, with a slight decline in shipment growth from 1.323 billion units in 2020 to 1.313 billion units in 2024. However, innovations such as AI smartphones, 5G smartphones, and foldable phones are expected to drive future growth. Emerging markets in South Asia, the Middle East, and Latin America still have significant growth potential, with smartphone penetration rates expected to increase [16][17]. Board of Directors - The board of Coosea Intelligent consists of six directors, including three executive directors and three independent non-executive directors. The directors serve a term of three years and may be re-elected upon expiration [21]. Shareholding Structure - Coosea Intelligent's shareholding structure includes Coosea Holdings with approximately 63% ownership, followed by Mr. Wang and Mr. Wu, each holding 13.5%, and several other shareholders holding smaller percentages [24]. Underwriting Team - The exclusive sponsor for Coosea Intelligent is CITIC Securities (Hong Kong) Limited, with legal advisors and auditors also appointed for compliance and financial reporting [27][28].

Core Viewpoint - Coosea Intelligent Technology Co., Ltd. is positioned to become the world's largest ODM provider for local smartphone brands by Q1 2025, leveraging its comprehensive ODM solutions and global supply chain capabilities [1][21]. Business Model and Operations - Coosea Intelligent focuses on providing end-to-end ODM solutions, including product definition, R&D design, supply chain management, manufacturing, and after-sales services, with a presence in over 70 countries [1]. - The company's business model integrates technology, manufacturing, and services, allowing it to respond quickly to market demands [1]. Revenue and Growth - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 25.9% from 2022 to 2024, increasing from RMB 1.714 billion in 2022 to RMB 2.717 billion in 2024 [3]. - Revenue for the first seven months of 2025 reached RMB 1.584 billion, reflecting a year-on-year growth of 15.7% [3]. Profitability - Net profit increased by 87% from 2022 to 2024, with figures of RMB 110 million, RMB 203 million, and RMB 207 million respectively [4]. - The net profit margin for the first seven months of 2025 was 6.5%, slightly down from 6.8% in the same period of 2024 [4]. Gross Margin - The gross margin has remained stable around 22%, with slight increases from 19.2% in 2022 to 22.3% in 2024 [5]. - Different product categories show significant gross margin variations, with rugged phones at 33.8% and IoT products at 29.4%, while consumer smartphones lag at 18.5% [6]. Revenue Composition - Consumer smartphones accounted for 70.7% of total revenue in 2024, with significant contributions from rugged phones and IoT products [7]. - Internet services have seen rapid growth, doubling from RMB 66.12 million in 2022 to RMB 131 million in 2024, with a high gross margin of 91% [7]. Customer Concentration - The top five customers contributed 49.4% of total revenue as of July 2025, indicating a rising customer concentration risk [8]. - The largest single customer accounted for 14.9% of total revenue in the first seven months of 2025, highlighting potential vulnerability to customer order fluctuations [8]. Supplier Concentration - Supplier concentration has decreased, with the top five suppliers accounting for 34.5% of total procurement as of July 2025, down from 48.8% in 2022 [9]. - The largest supplier's share has dropped significantly, reducing dependency on single suppliers [9]. Management and Governance - The core management team has an average of over 9 years of experience in the smartphone industry, with the founder having over 15 years of experience [12]. - The ownership structure is highly concentrated, with the founder controlling a significant portion of the shares, which may impact decision-making [10]. Financial Challenges - The company faces financial risks, with a capital debt ratio of 554.1% as of July 2025, indicating high leverage and potential liquidity issues [13]. - The current ratio has remained below 1.5, suggesting weak short-term solvency compared to industry averages [13]. Industry Comparison - Coosea Intelligent has a higher gross margin than its peers but operates on a smaller scale and invests less in R&D compared to competitors [14]. - The company's R&D expense ratio of 8.3% is below the industry average of 10-15%, which may affect its long-term competitiveness [14].

（ 於開曼群島註冊成立的有限公司） 的申請版本 警告 本申請版 本乃根據 香港聯合 交易所有 限公司（「聯 交所」）及證券 及期貨事 務監察委 員會 （「證監會」）的要求而刊發，僅用作提供資料予香港公眾人士。 本申 請 版本 為草 擬 本， 其 內所 載資 料 並不 完 整， 亦可 能 會作 出重 大 變動 。 閣 下閱 覽 本 文 件 ， 即 代表 閣 下 知悉 、 接 納 並 向 本 公 司 、 其保 薦 人 、 整 體 協 調 人 、顧 問 或 包 銷 團 成 員表示同意： 香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確 性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Coosea Smart Technology Company Limited 酷 賽 智 能 科 技 股 份 有 限 公 司 （「本公司」） 倘於 適 當時 候向 香 港公 眾 人士 提出 要 約或 邀請 ， 準投 資 者務 請僅 依 據呈 交香 港 公司 註 冊處註冊的本公司招股章程作出投資決定；有關文本將於發售期內 ...

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]