Shanghai Longcheer Technology Co.,Ltd. (603341.SH) has passed the listing hearing of the Hong Kong Stock Exchange's main board, with Citigroup, Haitong International, and Guotai Junan International acting as joint sponsors. According to its prospectus, Longcheer Technology is a world-leading smart product and service provider, offering solutions—including product research, design, manufacturing, and support—to globally renowned smart product brands and leading technology enterprises. Per Frost & Sullivan data, based on 2024 consumer electronics ODM shipment volume, the company is the world's second-largest consumer electronics ODM manufacturer, holding a 22.4% market share; based on 2024 smartphone ODM shipment volume, it is the world's largest smartphone ODM manufacturer, commanding a 32.6% market share. The company primarily competes in the global consumer electronics ODM market, a segment of the broader global smart product ODM market, which itself is part of the global smart product manufacturing industry. Leveraging its mature expertise across the value chain, the company has built a diverse product portfolio encompassing smartphones, AI PCs, automotive electronics, tablets, smartwatches/wristbands, and smart glasses, among other items. Concurrently, the company has established a core client base covering major industry leaders, including Xiaomi, Samsung Electronics, Lenovo, Honor, OPPO, and vivo. These achievements are supported by a research, development, and engineering team of approximately 5,200 professionals, who possess extensive experience in multi-platform and multi-operating system product development. Longcheer Technology has created one of the industry's most extensive and integrated smart product ecosystems, compatible with the most prevalent platforms such as Android and Windows. Addressing new customer demands, emerging market opportunities, and technological innovations in the AI era, the company's product portfolio is structured around a "1+2+X" framework: "1" signifies the core smartphone business, "2" represents key growth areas in personal computing and automotive electronics, and "X" denotes emerging consumer electronics categories, including tablets, wearables, TWS earbuds, and smart glasses, thereby perfecting its comprehensive product offerings. In 2024, revenue from the company's smartphone products reached RMB 36.133 billion, accounting for approximately 77.9% of its total annual revenue; its tablet business generated RMB 3.696 billion, representing about 8% of total revenue; and its AIoT business revenue surged significantly to RMB 5.573 billion, constituting roughly 12% of total annual revenue. Financially, for the years ended December 31, 2022, 2023, and 2024, and for the nine months ended September 30, 2024, and 2025, Longcheer Technology reported revenues of approximately RMB 29.343 billion, RMB 27.185 billion, RMB 46.382 billion, RMB 34.921 billion, and RMB 31.332 billion, respectively. For the same periods, its annual profits were approximately RMB 562 million, RMB 603 million, RMB 493 million, RMB 425 million, and RMB 514 million.
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