来源：预审IPO 文/瑞财经 李姗姗 在大西洋彼岸，一座漂亮的大房子，配上郁郁葱葱、修剪整齐的草坪，是北美家庭的门面担当，也是他 们热爱生活的一种体现。 在美国，草坪所占大陆表面积的约1.3%，比土地比农作物还多。而整洁油亮的草坪需要花费时间、精 力和金钱去打理，超过60%的家庭每周花3小时在草坪和花园的修剪、浇灌等护理上。 巨量的需求催生了诸多割草机企业，国内的中坚科技（002779.SZ）亦凭借旗下的TOPSUN、中坚、伐 木者等品牌闯进欧美市场。 近日，这家由吴明根家族在背后操盘的企业，向港交所递交了招股书，试图通过向智能割草机器人转型 进一步打开国际市场。 01 吴明根一家四口控股 "白酒教父"加持 二十八年前的冬天，吴明根家族共同托举的一家企业——中坚科技诞生了。 1997年12月，中坚科技的前身永康市中坚工具制造有限公司成立，初始注册资本380万元，由永康博大 以房屋及土地使用权出资73.2%，吴明根以机器设备及实物资产出资26.8%。其中，永康博大由吴明根 的兄弟吴明厅以及吴明厅的配偶应媛琳持有。 因永康博大用作出资的房产和土地使用权无法办理过户手续，2003年5月，该部分出资变更为由浙江博 大 ...

Core Viewpoint - The company Zhongjian Technology is facing significant performance pressure as it prepares for an IPO on the Hong Kong Stock Exchange, with plans to raise funds for key areas including the industrialization of quadruped robots and the expansion of production bases in Thailand and China [1][2][34]. Group 1: Financial Performance - The company's revenue growth has noticeably slowed since 2025, with core profit indicators experiencing a substantial decline [3][12]. - In 2022, the company reported revenue of 512.4 million RMB, which surged to 971 million RMB in 2024 [6][8]. - Net profit increased from 27.4 million RMB in 2022 to 61.5 million RMB in the first half of 2024, but growth momentum halted in the second quarter of 2025 [7][9][10]. - The first quarter of 2025 saw revenue of 286 million RMB, a year-on-year increase of 4.96%, while the second quarter's revenue slightly increased to 217 million RMB, but net profit plummeted by 35.81% [9][10]. - By the third quarter of 2025, revenue dropped to 146 million RMB, with a significant net loss of 28.6 million RMB, marking a year-on-year decline of 482.99% [11]. Group 2: Product Sales and Pricing - The company's core product sales have declined, with lawn mower sales dropping from 46,400 units to 42,100 units and chainsaw sales falling from 225,500 units to 152,200 units in the first half of 2025 [13][14]. - Despite the decline in sales volume, revenue growth has been maintained primarily through price increases, with the average price of lawn mowers rising from 4,006.6 RMB in 2022 to 6,713.6 RMB in the first half of 2025 [15][16]. Group 3: Market Dependency and Challenges - The company heavily relies on overseas markets, with 88.5% of its revenue in the first half of 2025 coming from Europe and North America [17]. - However, signs of weakening demand in these markets are becoming evident, as export values for electric tools and lawn mowers have shown negative growth [18]. - The company is also facing challenges in its transition to smart robotics, with significant R&D investments not yet yielding expected results [19][28]. Group 4: Corporate Governance and Compliance Issues - The company has been expanding its related party transactions, with sales to entities controlled by executives increasing from 746,000 RMB in 2024 to 1.18 million RMB in the first half of 2025 [25][26]. - Compliance issues have arisen, including a workplace accident resulting in a fatality and failure to pay adequate social security and housing funds for some employees [31][33]. Group 5: Strategic Direction and Future Outlook - The IPO on the Hong Kong Stock Exchange is seen as a critical step for the company to break through performance pressures and invest in the smart robotics sector [34]. - The outdoor power equipment industry is undergoing significant changes, with new product categories like smart lawn mowers still in the early stages of market penetration, but competition is intensifying [34].

Core Viewpoint - Zhongjian Technology has submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds primarily for expanding its robotics business and increasing production capacity domestically and internationally to capitalize on the artificial intelligence robotics market [2]. Group 1: Company Overview - Zhongjian Technology, established in 1997, specializes in outdoor power equipment, including a full range of gasoline and lithium battery products such as chainsaws and lawn mowers [3]. - The company has achieved significant overseas sales, with products sold in over 50 countries and regions, and only 5% of its revenue coming from mainland China as of mid-2025 [5]. Group 2: Financial Performance - In 2024, Zhongjian Technology's total revenue increased from 512 million yuan in 2022 to 971 million yuan, with a compound annual growth rate (CAGR) of 37.6%, while net profit rose from 27.4 million yuan to 61.5 million yuan, with a CAGR of 49.8% [5]. - However, in 2025, the company experienced a slowdown in revenue growth, with a 4.45% year-on-year increase in the first three quarters, and a significant 43.6% drop in net profit [6][7]. Group 3: Market Challenges - The company faced challenges due to global tariff disruptions, leading to a decline in sales of its core products, particularly chainsaws, which saw a drop from 225,500 units to 152,200 units year-on-year [8]. - The overall export environment is tough, with a decline in export amounts for electric tools and lawn mowers to North America [8]. Group 4: Strategic Initiatives - To mitigate international trade friction, Zhongjian Technology has established a production base in Thailand to optimize its supply chain [8]. - The company is diversifying into the robotics sector, having developed capabilities in smart lawn mowers and quadruped robots, with initial orders for its Lingrui P1 quadruped robot targeting enterprise and government markets [9][11]. Group 5: Future Outlook - The global smart lawn mower market is projected to grow from $1.2 billion in 2024 to $9.9 billion by 2029, with a CAGR of 51.8%, indicating a promising opportunity for Zhongjian Technology [9]. - The company has partnered with major tech firms like OpenAI and NVIDIA to enhance its robotics capabilities, although it faces short-term profit pressures and increased R&D expenditures [11].

Core Viewpoint - Zhejiang Zhongjian Technology Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, positioning itself as a leading manufacturer in the outdoor power equipment sector in China, with plans to expand into the intelligent robotics market [1][3]. Company Overview - The company specializes in the research, design, production, and sales of outdoor power equipment and has established itself as a significant player in the industry through continuous technological innovation and high product quality [3]. - Zhongjian Technology has developed an intelligent lawn mowing robot, marking its entry into the smart robotics sector, while also focusing on advanced intelligent robot development [3][5]. - The company exports its products to over 50 countries and regions, with a significant portion of sales coming from Europe and North America, serving various applications such as landscaping, lawn care, agriculture, and urban management [3][5]. Product Portfolio - The product range includes wheeled outdoor equipment suitable for efficient mowing tasks, featuring strong power systems and enhanced operational comfort, with key products being riding mowers and push mowers [4]. - Handheld outdoor tools are designed for ease of use and efficiency, catering to home gardening and professional landscaping needs, including chainsaws, brush cutters, blowers, and hedge trimmers [4]. - The company has developed multiple proprietary brands, including "TOPSUN" and "Zhongjian," to diversify revenue sources and reduce reliance on single products or markets [4]. Financial Performance - Revenue figures for the company show a growth trajectory, with revenues of RMB 512.43 million in 2022, RMB 666.62 million in 2023, and projected revenues of RMB 970.89 million in 2024 [9]. - The net profit for the same periods was approximately RMB 27.41 million in 2022, RMB 48.12 million in 2023, and is projected to reach RMB 61.51 million in 2024 [10]. - Research and development expenditures have also increased, reflecting the company's commitment to innovation, with R&D spending of RMB 28.35 million in 2022, RMB 30.60 million in 2023, and projected to rise to RMB 72.68 million in 2024 [11]. Industry Overview - The global outdoor power equipment market is substantial and continues to grow, with a projected market size of USD 25.7 billion in 2024, expected to reach USD 32 billion by 2029, reflecting a compound annual growth rate (CAGR) of 4.5% [12]. - The smart lawn mower market is anticipated to experience rapid growth, with projections indicating an increase from USD 1.2 billion in 2024 to USD 9.9 billion by 2029, representing a remarkable CAGR of 51.8% [12][14]. - The intelligent robotics market is also on the rise, expected to grow from USD 500 million in 2024 to USD 27.4 billion by 2029, with a CAGR of 118.9% [15].

Core Viewpoint - Zhejiang Zhongjian Technology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, positioning itself as a leading manufacturer in the outdoor power equipment sector in China, with plans to expand into the intelligent robotics market [1][3]. Company Overview - The company specializes in the research, design, production, and sales of outdoor power equipment and has established itself as a significant player in the industry through continuous technological innovation and high product quality [3]. - Zhongjian Technology has developed an intelligent lawnmower, marking its entry into the intelligent robotics field, and aims to provide efficient, environmentally friendly, and smart outdoor power equipment and robotics products globally [3][5]. Product Range - The product portfolio includes wheeled outdoor equipment and handheld tools, catering to various operational environments and user needs. Key products consist of riding mowers, push mowers, chainsaws, brush cutters, blowers, and hedge trimmers [4]. - The company has established multiple brands, including "TOPSUN" and "Zhongjian," to diversify revenue sources and reduce reliance on single products or markets [4]. Market Presence - Zhongjian Technology's products are exported to over 50 countries and regions, with significant sales in Europe and North America, primarily used in landscaping, lawn care, agricultural maintenance, and urban landscape management [3][5]. Financial Performance - The company's revenue for the years 2022, 2023, and projected for 2024 is RMB 512.43 million, RMB 666.62 million, and RMB 970.89 million, respectively [6][7]. - Net profit for the same years is approximately RMB 27.41 million, RMB 48.12 million, and RMB 61.51 million, respectively [8]. R&D Investment - Research and development expenditures for 2022, 2023, and projected for 2024 are RMB 28.35 million, RMB 30.60 million, and RMB 72.68 million, respectively, indicating a strong commitment to innovation [9]. Industry Overview - The global outdoor power equipment market is projected to reach USD 25.7 billion in 2024, growing to USD 32 billion by 2029, with a compound annual growth rate (CAGR) of 4.5% [10]. - The intelligent lawnmower market is expected to grow from USD 1.2 billion in 2024 to USD 9.9 billion by 2029, with a remarkable CAGR of 51.8%, highlighting the potential for market disruption [10][12].

Core Viewpoint - Zhejiang Zhongjian Technology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, positioning itself as a leading manufacturer in the outdoor power equipment sector in China, with plans to expand into the intelligent robotics market [1][3]. Company Overview - The company specializes in the research, design, production, and sales of outdoor power equipment and has established itself as a significant player in the industry through continuous technological innovation and high product quality [3]. - Zhongjian Technology has developed an intelligent lawn mower, marking its entry into the intelligent robotics field, and aims to provide efficient, environmentally friendly, and smart outdoor power equipment and robotics products globally [3][5]. Product Range - The product portfolio includes wheeled outdoor equipment and handheld outdoor tools, catering to various operational environments and user needs. Key products consist of riding mowers, push mowers, chainsaws, brush cutters, blowers, and hedge trimmers [4]. - The company has established multiple brands, including "TOPSUN" and "Zhongjian," to diversify revenue sources and reduce reliance on single products or markets [4]. Market Presence - Zhongjian Technology's products are exported to over 50 countries and regions, with significant sales originating from Europe and North America, serving applications in landscaping, lawn care, agricultural maintenance, and urban landscape management [3][5]. Financial Performance - The company's revenue for the years 2022, 2023, and projected for 2024 is RMB 512.43 million, RMB 666.19 million, and RMB 970.89 million, respectively [6][7]. - Net profit for the same years is approximately RMB 27.41 million, RMB 48.12 million, and RMB 61.51 million, respectively [8]. Research and Development - Research and development expenditures for 2022, 2023, and projected for 2024 are RMB 28.35 million, RMB 30.60 million, and RMB 72.68 million, respectively, indicating a strong commitment to innovation [9]. Industry Overview - The global outdoor power equipment market is projected to reach USD 25.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.5% expected until 2029 [10]. - The intelligent lawn mower market is anticipated to grow from USD 1.2 billion in 2024 to USD 9.9 billion by 2029, with a remarkable CAGR of 51.8%, highlighting significant market potential and a shift in industry dynamics [10][12].

香港聯合交易所有限公司及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聲明，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。 Zhejiang Zhongjian Technology Co., Ltd. 浙江中堅科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 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、其聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處 長登記的本公司招股章程作出投資決定，招股章程的文本將於發售期內可供公眾閱覽。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應 根據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充、修 ...

Core Viewpoint - The garden tools market is expected to experience steady growth driven by increased environmental awareness, the rise of home gardening culture, and the proliferation of smart battery-powered devices, with a projected market size of $34.9 billion by 2030 and a CAGR of 4.3% in the coming years [2][4]. Market Overview - Garden tools are specifically designed to assist in gardening, landscaping, and horticultural activities, helping users manage plants, lawns, and soil efficiently [1]. - The market is seeing a shift towards sustainable and durable tools due to global trends in sustainability and urban greening [2]. Market Trends - The global garden tools market is expanding due to the increasing popularity of home gardening, urban beautification, and sustainable lifestyles [14]. - There is a growing demand for smart, ergonomic, and battery-powered garden tools, with innovations such as lithium-ion battery technology and robotic lawn mowers gaining traction [14]. Market Drivers - Key drivers of the garden tools market include the growth of residential construction, urban greening projects, and the rise of leisure gardening and outdoor aesthetics [15]. - Increased disposable income and heightened environmental sustainability awareness are making gardening a lifestyle choice [15]. Market Size and Segmentation - The global garden tools market is projected to reach $34.9 billion by 2030, with a CAGR of 4.3% [4]. - As of 2024, the top five manufacturers hold approximately 39.0% of the market share, with major players including Husqvarna, Stihl, and Toro [9]. - In terms of product type, lawn mowers currently dominate the market with a share of about 39.8% [11]. - Offline sales represent the primary demand source, accounting for approximately 74.5% of the market [13]. Supply Chain Dynamics - The garden tools industry relies on raw materials such as carbon steel, stainless steel, aluminum, plastic, and rubber for manufacturing [17]. - Distribution occurs through retail chains, hardware stores, and e-commerce platforms, serving home gardeners, landscaping companies, and municipal departments [17].

Core Insights - The article highlights the remarkable journey of Ni Zugen, the founder of Lek Electric, who built a nearly 10 billion yuan cleaning appliance giant from scratch with an initial loan of 30,000 USD [3][32] - Lek Electric has become an "invisible champion" in the vacuum cleaner industry, producing over 270 million small appliances, including more than 200 million vacuum cleaners by 2024 [5][32] Company Background - Ni Zugen was born in 1957 in a poor rural area of Jiangsu and started working in agriculture at a young age [5] - After serving in the military, he became an engineer at Chunhua Electric Appliance Factory, where he focused on improving motor quality [8][9] - In 1994, he founded Suzhou Jinlaike Electric Co., the predecessor of Lek Electric, with a focus on creating the best vacuum cleaners [9][20] Innovation and Growth - Lek Electric adopted an original design manufacturer model, emphasizing independent research and development rather than traditional OEM practices [9][20] - The company achieved significant milestones, including the production of the first domestic high-performance vacuum cleaner motor with a speed exceeding 30,000 RPM in 1997 [11][22] - By 2004, Lek Electric became the largest vacuum cleaner manufacturer globally, with an annual production of 8 million units [11][22] Diversification Strategy - To sustain growth amid a slowing market, Lek Electric pursued a diversification strategy, expanding into garden tools and kitchen appliances while leveraging its core motor technology [13][15][16] - The company launched its own brand "LEXY" in 2009, transitioning from an OEM to a brand-driven enterprise [19][20] - Lek Electric successfully entered the water purification market with innovative products, further broadening its business scope [22][26] International Expansion - In response to challenges such as the US-China trade war, Lek Electric began establishing overseas manufacturing facilities, starting with Vietnam [26][30] - The company faced initial setbacks during the construction of its Vietnamese factory but managed to complete it under tight deadlines, significantly increasing production capacity [30][32] - By 2024, Lek Electric's brand value exceeded 10 billion yuan, with revenues of 9.765 billion yuan and net profits of 1.23 billion yuan, exporting to over 100 countries [32][33]