On December 25th, the initial public offering (IPO) application of Guangdong Jiu'an Intelligent Technology Co., Ltd. (Jiu'an Intelligent) for the Shenzhen Stock Exchange's ChiNext board was accepted. Shenwan Hongyuan Group Co., Ltd. is acting as the sponsor, and the company aims to raise 1.06438 billion yuan. According to the prospectus, Jiu'an Intelligent is a smart vision product manufacturer, Internet of Things (IoT) operation service provider, and IoT technology solution provider. Centered on core technologies such as visual imaging and analysis, wireless transmission, IoT platform technology, and AI vision application models, the company independently develops, manufactures, and sells smart hardware products, and provides operational services using its IoT cloud platform, establishing an integrated "hardware + platform + service" model. Currently, the global smart camera market has reached a scale of hundreds of billions, characterized by diverse application scenarios and personalized demand. To adapt to market trends, the company has expanded from its previous focus solely on the R&D, production, and sale of smart camera modules and terminals to directly serving end-users through its self-developed "Jiushangtong" IoT cloud platform and "Yishiyun" app, thereby building its integrated "hardware + platform + service" model. The company has evolved from supplying hardware products to terminal brand owners to providing comprehensive solutions that integrate hardware product technology, IoT cloud platform deployment, and end-user operation, having cumulatively collaborated with over 200 terminal brand owners. During the reporting period, the company's main business performed strongly, with sales volume of smart hardware products exceeding 11 million units in 2024, representing an increase of approximately 32% compared to 2023. Its main business revenue grew rapidly, with operating revenue reaching 484 million yuan, 645 million yuan, and 780 million yuan in 2022, 2023, and 2024 respectively, achieving a compound annual growth rate (CAGR) of 26.95%. The prospectus notes that the company's actual controller, Li Yuan, directly and indirectly controls a total of 74.29% of the company's shares, potentially indicating a risk of improper control by the actual controller. After deducting issuance expenses, the proceeds from this offering will be entirely used for projects related to the company's main business. Financially, for the years 2022, 2023, 2024, and the period from January to June 2025, the company achieved operating revenues of approximately 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan, respectively. Net profit for the same periods was 34.0264 million yuan, 85.9504 million yuan, 102 million yuan, and 44.7883 million yuan, respectively.
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