Core Viewpoint - 聚智科技 is attempting to restart its IPO journey after its initial application failed earlier this year, facing significant challenges including slowing revenue growth and heavy reliance on the U.S. market [2][3][22]. Group 1: Company Overview - 聚智科技 focuses on the baby monitoring device market with its HelloBaby brand, achieving revenue growth from millions to 462 million yuan since its launch in 2016 [2][3]. - The company has expanded its product offerings significantly, with over 15 products winning the Family Choice Award and sales exceeding 800,000 units in 2023 [8][9]. Group 2: Financial Performance - Revenue is projected to grow from 190 million yuan in 2022 to 462 million yuan in 2024, while net profit is expected to rise from 34.73 million yuan to 94.36 million yuan during the same period [9]. - However, revenue growth rate has sharply declined from 83% in 2023 to 33% in 2024, and net profit growth has decreased from 82% to 49% [10]. Group 3: Market Challenges - The company faces a dual challenge in the U.S. market, with approximately 75% of its revenue dependent on this region, which is experiencing a decline in birth rates and increased tariffs due to trade tensions [13][14]. - U.S. birth rates have decreased from 10.9‰ in 2020 to a projected 10.6‰ in 2025, further constraining the market for baby monitors [14]. Group 4: Business Model and Risks - 聚智科技's business model heavily relies on a single product category (baby monitors) and a single sales channel (Amazon), which poses significant risks if market conditions change [17][21]. - The company's dependence on Amazon has increased, with sales through the platform rising from 85% in 2022 to an expected 95.6% in 2024 [18]. Group 5: IPO and Future Plans - The company plans to use funds raised from its IPO to diversify its product offerings, expand sales channels, and enhance marketing efforts, particularly in North America [22]. - Despite the potential benefits of going public, the company faces uncertainties regarding its ability to successfully raise capital after its initial application was deemed invalid [23][27].