New Stock Interpretation | AI Smart Parking reveals its first winning card in the race track! Annual earnings of over one billion is just the starting point, SecuRAM Shareholders (02272) moves towards the Hong Kong Stock Exchange!

Digital operator in the spatial digitization sector "AI Smart Parking First Stock" KeTuo Technology (02272) is advancing towards the Hong Kong stock market and has entered the countdown phase. On June 17, this domestic hard technology company, one of the earliest to enter the AI smart parking track, officially started its IPO with impressive performance. It plans to globally issue 10.1128 million H shares, with 10% for sale in Hong Kong and 90% for international sale, at a price of HK$39.55 per share and 60 shares per lot. It is expected to officially debut on the Hong Kong stock market on June 26. In recent years, KeTuo Technology has undergone a profound transformation from a traditional equipment company to an AI digital operational service provider. Faced with industry adjustments and the "new normal" in the market, KeTuo Technology actively optimized its customer structure, eliminated low-margin engineering orders, effectively stabilized its business, and by 2025, the company's adjusted net profit reached 122 million yuan, a 32.6% year-on-year increase, and the adjusted net profit margin increased to 14.7%, making it the best-performing company in the field; at the same time, focusing on the "AI+ Parking" blue ocean direction, it vigorously promoted strategic transformation, and the company's emerging business operation service sector achieved a high-speed growth of 40.9% in 2025. In the view of GMTEight, KeTuo Technology's listing provides Hong Kong stock market investors with a rare investment target that has successfully transformed and upgraded its traditional business with the help of "AI+". The new layout of "hardware as foundation, software as empowerment, and high-growth operational services" has significantly weakened the company's cyclical nature, reshaped its growth visibility and valuation imagination. This may explain why well-known institutions such as Tencent and Hongtai Zhijing under the leadership of Yu Minhong have deeply invested in KeTuo Technology with real money. Reshaping Growth Logic through Operational Business In recent years, with the adjustment period of the domestic real estate industry, traditional parking equipment and extensive operation models directly impacted. At the same time, the number of urban vehicles continued to rise, with over 345 million vehicles by the end of 2024, while the total number of parking spaces is only 190 million, widening the supply-demand gap. The traditional "selling equipment, doing projects" model is not only unable to adapt to the new market environment but also unable to meet the increasingly detailed and intelligent needs of urban parking management, exacerbating the contradiction between parking resource waste and high operating costs. KeTuo Technology is one of the very few pioneers who foresaw the turning point in the industry and made changes ahead of others. While most of its peers were still deeply entrenched in the red sea of hardware sales, KeTuo took the initiative to adjust its strategic direction several years ago, transitioning from a single equipment supplier to an "AI+ Parking" operational service provider. Looking at the financial data, KeTuo Technology's strategic foresight is now transforming into solid performance returns. Data shows that in 2025, KeTuo Technology's parking lot operation revenue reached 175 million yuan, a significant increase of 40.9% year-on-year, with revenue share jumping from 13.1% in 2023 to 21.1%. This positive change can be attributed to KeTuo Technology's introduction of the world's first parking lot AI training center in 2023, customizing AI models for each parking lot through an automated continuous training framework. Subsequently, KeTuo continuously applied AI-native applications such as "AI kiosks," "AI parking managers," and "AI cloud customer service" to "arm" its main business, significantly improving parking management efficiency. Moreover, KeTuo Technology established a national parking lot operations command center in Dongshan, Zhangzhou, covering over 5,000 square meters, to achieve centralized management of large-scale unattended parking lots. Building on this foundation, KeTuo further leveraged its operational capabilities to deliver benchmark projects across the entire chain. The company has successfully landed projects in the Greater Bay Area Cultural and Sports Center, Shanxi Yungang Grottoes, Xi'an Wanxiang City, Changsha International Convention Center, Hangzhou Conference and Exhibition Center, and other city-level and landmark-level static traffic projects, covering a variety of complex scenarios such as large commercial complexes, cultural tourism areas, and public facilities, fully demonstrating its integrated solutions capabilities for large government and commercial complex projects. This indicates that the large-scale application of AI underlying technology has factually reshaped the company's growth logic. Benefiting from KeTuo Technology's strategic choice to actively optimize its customer structure and eliminate low-margin engineering orders, the company's intelligent parking system business has remained stable during the industry adjustment period, contributing revenue of 478 million yuan in 2025, maintaining at a high level; and profitability has even increased against the trend, optimizing the gross profit margin to 45.9%. At the same time, the share of revenue from parking management services has remained stable at around 21%. More importantly, under the combination of multiple business models, KeTuo's cross-selling capabilities have been significantly strengthened, with the prospectus showing that around 40% of parking lots used more than one service from KeTuo's three major business lines between 2023 and 2025, confirming the increasing customer stickiness and the continuous improvement in efficiency in the transformation from single projects to comprehensive services. In the new business landscape of "hardware foundation, AI+ software empowerment, and high-growth operational services," KeTuo Technology's profitability quality has continued to improve. In 2025, the company's adjusted net profit reached 122 million yuan, a 32.6% year-on-year increase, and the adjusted net profit margin rose to 14.7%. In the process of KeTuo Technology's proactive transformation, the company's economies of scale have also been concurrently released. By the end of 2025, the company had serviced 30,644 parking lots, a 36.3% increase from the data in 2023, indicating that KeTuo's scale delivery and operational capabilities have continued to strengthen. It is worth mentioning that while KeTuo Technology continues to achieve inclusive development with its independently developed scientific and technological strength, the support from Tencent's ecosystem has provided significant assistance to the company's "evolution". It is reported that Tencent had previously made two strategic investments in KeTuo Technology and is currently the third largest shareholder. With Tencent's empowerment, KeTuo's "Speed Parking" mini-program under the WeChat ecosystem has built a user pool of tens of millions of active vehicle owners, achieving a leap from a B-end equipment vendor to a C-end traffic platform. Potential Growth Stock to Ignite the New IPO Market in "AI+ Parking" If the explosion of operational business is the "essence" of KeTuo Technology's transformation, then the choice of top-tier capital is the most direct "vote" of the market on the company's value. As mentioned earlier, Tencent, as KeTuo Technology's third largest shareholder, has made two strategic investments in the company since 2018. Looking back further, the "bond" between the two can be traced back even earlier. In 2014, when KeTuo launched "Speed Parking," it selected WeChat as the most important carrier and thus opened the channel for information exchange between vehicle owners and parking lots. This made KeTuo Technology the first intelligent parking enterprise in the country to cooperate with WeChat. From co-creation of products to strategic investments, Tencent has shown continuous trust in KeTuo with substantial investments over the years. In the process of cultivating the user ecosystem, KeTuo further focused on off-peak shared parking with the "Woniupark" WeChat mini-program, digitizing idle resources to increase turnover. In March 2026, the brand's mental image and user stickiness were further consolidated with the launch of the IP image "Woxiaobo". This sharing system not only bridges the "last mile" of scene services but also becomes a core hub for KeTuo to get high-frequency traffic, with the data and user scale resulting from it translating into diversified business increments, continuously releasing the long tail effect of the platform. Similarly, the prospectus shows that Yu Minhong's Hongtai Zhijing, under the founder of New Oriental, also holds 3.72% of KeTuo Technology. In the author's view, the entry of top industry capital and well-known investment institutions into the company is the strongest endorsement of KeTuo's transformation direction and the scarcity of its business model. And now, as KeTuo Technology is about to debut on the Hong Kong stock market, its visibility and sustainability of growth can be said to have been strengthened in an unprecedented way. Firstly, in terms of the track, according to the Zhishi Consulting report, the market size of China's intelligent parking space operation is expected to grow from 33.6 billion yuan in 2025 to 91.9 billion yuan in 2029, with a compound annual growth rate of 28.6%. With a market share of 3.3%, KeTuo Technology ranks second in the industry, under a highly dispersed structure where the top five operators collectively hold less than 18% of the market share, top companies naturally have more room for integration and growth elasticity. Of course, it must be acknowledged that a large industry space does not mean all participants will benefit from it. GMTEight believes that the reason why KeTuo Technology has been long favored by Tencent and other institutions is fundamentally because it has built multiple competitive barriers: nearly two decades of deep cultivation in the industry has accumulated massive operational data and scene experience; the 30,000+ parking lots in service constitute a scale foundation that is difficult for peers to replicate; AI technology capabilities covering the entire business process from hardware to software to operations. Moreover, Tencent's ecosystem's empowerment with a C-end user pool of tens of millions has completely differentiated the company from single equipment manufacturers. Looking ahead, the growth path of KeTuo Technology is also clear. On the one hand, following the established transformation strategy, the AI deployment at scale is expected to continue lowering marginal operating costs, and in the subsequent process of continued release of the industry's Matthew effect, top companies are expected to accelerate the integration of the decentralized market share. Currently, KeTuo's urban-level smart transportation projects have been implemented in several cities such as Chongqing, Taiyuan, and Luoyang, with replicability being verified; meanwhile, the integrated new business of "Parking + Charging" is also becoming a strong profit growth point for the company. On the other hand, the expansion into high-margin overseas markets has opened up a broader growth space for the company. By now, KeTuo's business footprint has extended to over 60 countries and regions worldwide and has achieved deep localization adaptation of products in key markets such as Thailand, Singapore, and Kuwait. Conclusion Currently, the global tech stock bull market is in full swing, and companies with strong core scientific and technological capabilities are being chased by investors worldwide. The timing of KeTuo Technology's IPO can be considered very opportune. Moreover, looking at the IPO pricing, based on the valuation level corresponding to its issue price, compared to comparable companies, there is a significant discount, which leaves a great potential for performance for KeTuo Technology post-listing. In terms of the industry, the competitive landscape remains highly dispersed, and the Matthew effect has yet to fully emerge, with AI undoubtedly being a key variable in determining victory. Positioned within this, considering that KeTuo Technology is accelerating its transformation towards a platform-based operational service provider and the increasing "AI content" in its business processes through the integration of various perspectives, KeTuo's performance after its debut on the Hong Kong stock market is naturally worth looking forward to.