New stock news | Aqara International Ltd submits an application to the Hong Kong Stock Exchange to become the first stock of AI-driven smart space infrastructure.

According to an announcement by the Hong Kong Stock Exchange on March 29th, Aqara International Ltd has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as the sole sponsor. The prospectus shows that the company is a pioneer in building a Spatial Intelligence base operating system. Spatial Intelligence is an emerging paradigm that transforms the physical environment into a system driven by artificial intelligence (AI) that is computable, adaptable, and continuously evolving. Unlike the traditional view of smart homes and buildings as a collection of connected devices, the company models and operates spaces as semantic systems, where "space, people, devices, and behavior" are represented, understood, and executed through a consistent computational framework. This shift from controlling devices to operating spaces defines the next generation development direction of the industry. The company's products and solutions comprise an integrated system covering devices, edge, and cloud. On the device side, smart sensors and controllers provide perception and execution capabilities. At the edge, central coordination ensures local intelligence and reliability with low latency. At the system level, AqaraStudio coordinates cross-device collaboration, semantic modeling, and AI-driven decision-making. At the experience level, applications and interfaces provide intuitive access to spatial intelligence through natural interactions. Aqara has achieved full integration with the Apple Home ecosystem. As of December 31, 2025, Aqara has had 15+ categories and 340+ products connected to Apple Home. With Apple Home users using the company's products across multiple product categories, this further enhances the strong user stickiness of the company's product ecosystem. Since Aqara branded products entered the Apple store in 2019, over 30 products have been sold through Apple's official retail stores in 18 countries and regions, with the company's products directly integrated into Apple's premium global retail network, highlighting strong channel advantages. The company has established a truly international commercialization and scalable sales layout. Overseas income from Aqara branded spatial intelligence products and solutions had a compound annual growth rate of 28.7% from 2023 to 2025. In addition, the proportion of overseas income from Aqara brand products and solutions to total income increased from 42.2% in 2023 to 66.5% in 2025. According to Frost & Sullivan, the company has built the largest spatial intelligence sales network in China, with over 500 Aqara smart home experience stores in more than 210 cities in 31 provinces, and active business on major e-commerce platforms. As of December 31, 2025, the global sales channel network has served over 15 million users worldwide. The company's products and solutions have been deeply integrated into smart home ecosystems such as Amazon, Apple, Google, LG, Samsung, and Xiaomi. Specifically, the company has achieved one of the most comprehensive integrations with the Apple Home ecosystem, seamlessly connecting over 340 product models under 15 categories to the Apple Home platform and natively supporting Apple-exclusive features such as HomeKit Secure Video, Adaptive Lighting, Adaptive Temperature, and HomeKey. This comprehensive integration demonstrates the company's comprehensive support capability for Apple ecosystem devices. Deep integration with internationally renowned brands fully proves that the company can meet the strict technical and quality standards of the world's top companies while continuously advancing innovation to maintain technological competitiveness. Aqara's research and development expenditures were RMB 172.8 million, RMB 183.3 million, and RMB 233.7 million in 2023, 2024, and 2025, respectively, accounting for 12.0%, 12.3%, and 15.9% of the corresponding income. As of December 31, 2025, Aqara had 460 members in the research and development team, accounting for nearly 50% of the total full-time employees of the company; and has successfully been granted 1,262 authorized patents. The gross profit margin of Aqara products and solutions increased from 40.8% in 2023 to 44.2% in 2025. It is worth noting that the revenue from Aqara brand AI-driven products and solutions has achieved significant growth, increasing from RMB 4.657 billion in 2023 to RMB 9.073 billion in 2025, with a compound annual growth rate of 39.6%. According to Frost & Sullivan data, global revenue from spatial intelligence products and solutions is expected to reach RMB 101,430 billion by 2030, with a compound annual growth rate of 14.7% from 2025 to 2030. The global spatial intelligence infrastructure market is expected to reach RMB 18,593 billion by 2030, with a compound annual growth rate of 18.6% from 2025 to 2030. With strong support from the national AI strategy, smart city plans, and rapid deployment of spatial intelligence technology, the Chinese market is also expected to achieve strong growth. The Chinese market is expected to reach RMB 4,187 billion in revenue by 2030, with a compound annual growth rate of 20.9% from 2025 to 2030. By 2025, the global penetration rate of active AI in residential and commercial spaces for spatial intelligence infrastructure is 8.0% and 7.2%, respectively, and is expected to increase to 62.5% and 46.0% by 2030, showing a development space full of imagination.