Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (商米科技) is preparing for an IPO on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission to issue up to 46 million shares [2][9]. Company Overview - Founded in 2013, Sunmi Technology is a leading provider of Business Internet of Things (BIoT) solutions, integrating smart hardware, software, and data insights to enable digital transformation in various offline business scenarios [2][3]. - The company holds over 10% of the global market share for Android-based BIoT solutions, which is expected to experience explosive growth in the next five years [2]. Business Model - Sunmi Technology's primary revenue sources include sales of smart devices, followed by its PaaS platform and customized services [6]. - The company has served over 70% of the top 50 global food and beverage companies and has a coverage rate exceeding 70% among China's top 100 restaurant enterprises [5]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.241 billion, respectively [14][15]. - Net profits for the same periods were RMB 159 million, RMB 101 million, RMB 181 million, and RMB 56 million [14]. Market Presence - As of September 30, 2025, Sunmi Technology's solutions have been deployed in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries [8]. - The company has approximately 6.4 million active smart devices and aims to build the largest ecosystem for commercial and merchant application developers [8]. Shareholder Structure - The company has a dual-class share structure, with Class A shares granting 10 votes per share and Class B shares granting 1 vote per share. The controlling shareholder, Mr. Lin Zhe, holds 27.38% of the shares but commands 79.04% of the voting rights [9][10]. Management Team - The board of directors consists of 9 members, including 4 executive directors and 3 independent non-executive directors, with Mr. Lin Zhe serving as the chairman and CEO [12][13].

Core Viewpoint - Shanghai Shangmi Technology, a provider of Business Internet of Things (BIoT) solutions, is undergoing a listing hearing on the Hong Kong Stock Exchange, aiming to be listed on the main board [1] Company Overview - The company's BIoT solutions include smart devices and BIoT PaaS platforms [1] - It has served over 70% of the top 50 global food and beverage companies [1] - In China, it has achieved over 70% coverage of the top 100 restaurant brands and over 60% coverage of the top 100 chain stores [1] Market Reach - As of September last year, the company's solutions have been implemented in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries [1] Shareholding Structure - Alibaba's Ant Group holds a 27.3% stake in Shangmi, while Meituan and Xiaomi hold 8.2% and 7.8% stakes, respectively [1]

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聆訊後資料集的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聆訊後資料集全部或任何部份內容而產 生或倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai Sunmi Technology Co., Ltd. 上海商米科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立以不同投票權控制的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集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，僅用作向香港公眾人士提供資料。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 表示 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： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記 前，不會向香港公眾人士發出要約或邀請。倘在適當時候向香港公眾人士發出要約或邀請，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 發售期內向公眾人 ...

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. has re-submitted its IPO application to the Hong Kong Stock Exchange after the previous application became invalid, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] Company Overview - Sunmi Technology focuses on providing smart commercial devices and integrated "end-cloud" services, forming a product and service system consisting of smart commercial devices, commercial operating systems, and IoT cloud management platforms [1] - The company's Business IoT (BIoT) solutions include smart devices and a BIoT PaaS platform, with each smart device supported by its proprietary commercial operating system, SUNMIOS, enabling merchants to efficiently manage and optimize transactions and operations [1] - According to Zhaoshang Consulting, Sunmi Technology is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share based on 2024 revenue [1] Market Presence - Sunmi Technology has served over 70% of the top 50 global food and beverage companies, achieving over 70% coverage of China's top restaurant brands and over 60% coverage of the top chain stores [1] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 were approximately CNY 3.404 billion, CNY 3.071 billion, CNY 3.456 billion, and CNY 2.241 billion, respectively [2] - The net profit for the same periods was approximately CNY 160 million, CNY 101 million, CNY 181 million, and CNY 56.079 million [2] Funding History - The founder, Lin Zhe, started with selling POS machines and received support from major tech companies like Xiaomi, Meituan, and Ant Group during the entrepreneurial journey [3] - The company has undergone several funding rounds, including angel investment of CNY 5 million in 2014, A round financing of CNY 20 million from Xiaomi's subsidiary and Shenzhen Capital Group, and B round financing of CNY 1.05 billion from Meituan in 2015 [3] - In 2019, Sunmi Technology received two rounds of investment from Ant Group totaling CNY 928 million and CNY 680 million, along with additional investments from other firms [3] Shareholding Structure - As of March 2024, Lin Zhe holds 27.38% of the shares with 79.04% voting rights, while other significant shareholders include Ant Group (27.27% shareholding, 7.87% voting rights), Meituan (8.20% shareholding, 2.37% voting rights), and Xiaomi (7.78% shareholding, 2.25% voting rights) [4]

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. (referred to as "Sunmi Technology") has re-submitted its IPO application to the Hong Kong Stock Exchange after its previous application expired, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1]. Group 1: Market Position and Business Model - Sunmi Technology focuses on providing smart commercial devices and integrated "end-to-cloud" services, forming a product and service system consisting of smart commercial devices, commercial operating systems, and IoT cloud management platforms [3]. - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share, with expectations for explosive growth in the Android BIoT solutions market over the next five years [3][2]. Group 2: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 is approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.244 billion respectively, with net profits of RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56 million for the same periods [4][5]. Group 3: Client Base and Market Coverage - Sunmi Technology has established partnerships with over 44,000 global commercial partners as of December 31, 2022, projected to grow to approximately 58,000 by December 31, 2024, and further to about 64,000 by September 30, 2025 [3]. - The company's solutions have been implemented in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries, and spanning over 100 industry verticals such as restaurants, supermarkets, and logistics [3]. Group 4: Shareholding Structure - The founder Lin Zhe holds a 27.38% stake in the company, with significant voting power, while major shareholders include Ant Group, Meituan, and Xiaomi, holding 27.27%, 8.20%, and 7.78% respectively [12][13].

Company Overview - The company, Shanghai Sunmi Technology Group Co., Ltd., is a leading provider of Business Internet of Things (BIoT) solutions globally, integrating smart hardware, software, and data insights to empower offline business scenarios for digital transformation [3][4] - As of 2024, the company holds over 10% market share in the Android-based BIoT solutions sector, making it the largest provider in this category [3] - The company has expanded its global business partnerships from approximately 44,000 in 2022 to an expected 64,000 by September 2025 [3] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.241 billion respectively [7][10] - The net profit for the same periods was approximately RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56 million [8][10] - The gross profit margin improved from 28.1% in 2022 to 32.9% in 2025 [9][10] Industry Insights - The global BIoT solutions market is projected to grow from approximately RMB 189 billion in 2020 to RMB 235 billion by 2024, with a compound annual growth rate (CAGR) of about 5.6% [11] - The Android-based BIoT solutions market is expected to reach approximately RMB 32 billion in 2024, with a significant CAGR of 23.7% projected from 2024 to 2029 [15] - The overall BIoT market is anticipated to reach RMB 313 billion by 2029, indicating sustained demand and growth potential across various industries [11]

Company Overview - The company is a leading provider of Business Internet of Things (BIoT) solutions globally, integrating smart hardware, software, and data insights to empower offline business scenarios for digital transformation [3][4] - As of 2024, the company holds over 10% market share in the Android-based BIoT solutions market, making it the largest provider in this segment [3] - The company has expanded its global business partnerships from approximately 44,000 in 2022 to an expected 64,000 by September 2025 [3] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, were approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.241 billion respectively [7][10] - The net profit for the same periods was approximately RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56 million [8][10] - The gross profit margin improved from 28.1% in 2022 to 32.9% in the nine months ending September 30, 2025 [9][10] Industry Insights - The global BIoT solutions market is projected to grow from approximately RMB 189 billion in 2020 to RMB 235 billion by 2024, with a compound annual growth rate (CAGR) of about 5.6% [11] - The Android-based BIoT solutions market is expected to reach approximately RMB 320 billion by 2024, with a CAGR of 23.7% from 2024 to 2029 [15] - The non-Android BIoT solutions market is anticipated to grow from RMB 1,720 billion in 2020 to RMB 2,030 billion by 2024, with a CAGR of 4.2% [17] Product and Technology - The company offers a range of BIoT solutions, including smart devices and a BIoT PaaS platform, which supports efficient management and optimization of transactions and operations for merchants [5][6] - The company has recorded over 200 million downloads of applications from its app marketplace as of September 30, 2025 [5] - The company has a strong presence in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries [6]

Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (商米科技) is seeking to go public through an IPO on the Hong Kong Stock Exchange, having appointed a new overall coordinator while maintaining existing sponsors [1][2] Company Overview - Founded in December 2013, the company transitioned from providing delivery solutions for the restaurant industry to becoming a leading provider of Business Internet of Things (BIoT) solutions, with over 10% market share in the global Android-based BIoT solutions market by 2024 [2][3] - As of the application date, the company serves approximately 61,000 commercial partners globally, an increase from about 44,000 at the end of 2022 [2] Financial Performance - The company reported revenues of approximately CNY 34.04 billion, CNY 30.71 billion, and CNY 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of CNY 1.59 billion, CNY 1.01 billion, and CNY 1.81 billion [4] - The gross margin fluctuated from 28.1% in 2022 to 26.7% in 2023, then rebounded to 28.9% in 2024, attributed to increased sales in Europe and improved cost management [4] Revenue Structure - The company's revenue heavily relies on smart device sales, which accounted for 99.5%, 98%, and 99.5% of total revenue in 2022, 2023, and 2024, respectively [6] - The concentration of revenue from major clients is significant, with the top five clients contributing 42.3%, 28.8%, and 41.1% of total revenue during the same period [6] Production and Supply Chain - The company primarily operates on an OEM/ODM model, with over 92% of its smart devices produced by third-party manufacturers [7][8] - The company has increased its own production capacity from 52,800 units in 2023 to approximately 290,000 units in 2024, yet this still represents only 8% of the total sales volume for that year [7] Market Position and Challenges - The company has a broad business network across over 100 industry verticals, including restaurants, supermarkets, and logistics [3] - Despite a strong shareholder base, including Ant Group and Xiaomi, there are concerns regarding the company's technological capabilities due to its reliance on the OEM model, which may affect its valuation and growth prospects in the IPO process [8]

Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (Sunmi Technology) is seeking to go public on the Hong Kong Stock Exchange, having appointed CMB International as one of its overall coordinators, while its existing sponsors remain unchanged. The company has not yet disclosed the total amount of funds it aims to raise or the number of shares to be issued in this IPO [1]. Group 1: Company Background and Market Position - Sunmi Technology was established in December 2013 and initially focused on providing takeaway solutions for the restaurant industry. After receiving investment from Xiaomi in 2014, the company transitioned to the smart commercial equipment sector and rebranded in 2016 [2]. - As of 2024, Sunmi Technology is recognized as the largest Android-based Business IoT (BIoT) solution provider globally, holding over 10% market share, with approximately 61,000 commercial partners served worldwide [2][3]. Group 2: Financial Performance - The company reported a decline in both revenue and net profit in 2023, with revenues of approximately RMB 30.71 billion, down from RMB 34.04 billion in 2022. However, a recovery is expected in 2024, with projected revenues of RMB 34.56 billion [6][9]. - The gross profit margin fluctuated from 28.1% in 2022 to 26.7% in 2023, before rebounding to 28.9% in 2024, attributed to increased sales in Europe and improved cost management [9]. Group 3: Revenue Structure and Dependency - Sunmi Technology's revenue heavily relies on smart device sales, which accounted for 99.5% of total revenue in 2022 and 2024, with revenues from smart devices being RMB 33.89 billion, RMB 30.08 billion, and RMB 34.38 billion for the years 2022, 2023, and 2024, respectively [9][11]. - The company has a concentrated customer base, with revenues from its top five customers representing 42.3%, 28.8%, and 41.1% of total revenue from 2022 to 2024 [11]. Group 4: Production and Supply Chain - Over 92% of Sunmi Technology's smart devices are produced by third-party manufacturers, indicating a reliance on the OEM/ODM model. The company collaborates with around 30 third-party manufacturers to meet production demands [12][14]. - The company has been increasing its own production capacity, with designed capacity rising from 52,800 units in 2023 to approximately 236,466 units in 2024 [13][14]. Group 5: Future Plans and Use of Proceeds - The funds raised from the IPO are intended for research and development of BIoT hardware and software solutions, strengthening supply chain and production operations, global market expansion, and general corporate purposes [5].

Core Viewpoint - Sunmi Technology Group has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of Android-based Business Internet of Things (BIoT) solutions and to capitalize on the growing market opportunities in the IoT sector [1][10]. Financial Performance - The company experienced a decline in revenue and net profit in 2023, with revenues of approximately 3.07 billion RMB and a net profit of about 101 million RMB. However, a recovery is anticipated in 2024, with projected revenues of approximately 3.46 billion RMB and a net profit of around 181 million RMB [1][2]. - The gross profit margin fluctuated from 28.1% in 2022 to 26.7% in 2023, with an expected increase to 28.9% in 2024, attributed to increased sales in developed markets and improved cost management [2][7]. Revenue Structure - Sunmi Technology's revenue heavily relies on smart device sales, accounting for 99.5% of total revenue in both 2022 and 2024. The revenue from smart devices was approximately 33.89 billion RMB in 2022, 30.08 billion RMB in 2023, and is expected to be 34.38 billion RMB in 2024 [3][4]. - The company has a strong dependency on a few major clients, with revenues from the top five clients constituting 42.3% in 2022, 28.8% in 2023, and 41.1% in 2024 [7]. Market Position and Growth Potential - Sunmi Technology is recognized as the largest provider of Android-based BIOT solutions globally, holding over 10% market share as of 2024. The global market for Android-based BIOT solutions is projected to grow from approximately 32 billion RMB in 2024 to about 92 billion RMB by 2029, with a compound annual growth rate of 23.7% [8][10]. - The company has established a presence in over 200 countries and regions, serving around 58,000 business partners, including a significant portion of the top 50 global food and beverage companies [10]. Product and Service Development - The company offers a comprehensive BIOT solution that includes smart devices and a BIOT PaaS platform, enabling merchants to efficiently manage and optimize their operations. The platform supports low-code development, allowing for rapid deployment of applications tailored to specific business needs [3][13]. - Future plans include enhancing AI capabilities and expanding software services, aiming to transition from a hardware-centric model to a more diversified software service provider [14].