Jiu'an Intelligent Entrepreneurship Board IPO has been accepted, providing integrated solutions of "hardware + platform + service"

On December 25th, the Initial Public Offering (IPO) of Guangdong Jiuan Intelligent Technology Co., Ltd. (referred to as Jiuan Intelligent) on the Shenzhen Stock Exchange ChiNext has been accepted. Shenwan Hongyuan Group Securities is its sponsor institution, and it plans to raise 1.06438 billion yuan. According to the prospectus, Jiuan Intelligent is a manufacturer of intelligent visual products, an operator of IoT services, and a provider of IoT technology solutions. The company focuses on visual imaging and analysis technology, wireless transmission technology, IoT platform technology, and AI visual application models. It independently researches, develops, produces, and sells intelligent hardware products, and utilizes IoT cloud platforms to provide operational services, establishing an integrated model of "hardware + platform + service." Currently, the global smart camera market has reached a scale of hundreds of billions, with diverse scenes and personalized demand characteristics. To adapt to market trends, the company has expanded from its previous focus on the research, development, production, and sale of intelligent camera modules and terminals to serving end users directly through the independently developed "Jiushangtong" IoT cloud platform and "Yishi Cloud" APP, establishing an integrated model of "hardware + platform + service." The company has evolved from providing hardware products to terminal brand merchants to offering hardware product technical solutions, IoT cloud platform deployment, and end-user operations as a complete solution. It has collaborated with more than 200 terminal brand merchants. During the reporting period, the company's main business performance stood out, with the sale of smart hardware products exceeding 11 million in 2024, representing a growth of approximately 32% from 2023. The main operating income grew rapidly, with operating income of 484 million yuan, 645 million yuan, and 780 million yuan in 2022, 2023, and 2024, respectively, with an average compound annual growth rate of 26.95%. The prospectus notes that Li Yuan, the actual controller of the company, controls 74.29% of the company's shares through direct and indirect holdings, and attention should be paid to the risk of improper control by the actual controller. The funds raised in this offering, after deducting issuance expenses, will be used for the following projects related to the company's main business: Financially, in the years 2022, 2023, 2024, and January to June 2025, the company achieved operating income of approximately 484 million yuan, 645 million yuan, 780 million yuan, and 323 million yuan, respectively. During the same period, the net profits were 34.0264 million yuan, 85.9504 million yuan, 102 million yuan, and 44.7883 million yuan, respectively.