<p><em>这家工业智能产品提供商依赖其知名母公司获得超过一半的收入，但这一金额正稳步下降</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/03060149/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_3-2-2026_135924_thebambooworks.com_-1024x678.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="678" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/03060149/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_3-2-2026_135924_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em><strong>图片来源：Bamboo Works</strong></em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Cosmoplat 物联网科技已申请在香港上市，声称其收入增长加速，并预计在 2024 年实现首个盈利，但其利润率却出乎意料地低</li>
<li>这家工业智能产品提供商正从家电巨头海尔分拆，后者去年提供了 58% 的收入</li>
</ul>
<p>拥有一个富有且知名的母公司对于那些幸运地出生在这样的家庭中的公司来说，往往是一把双刃剑。一方面，作为后代，你可以利用父母的名声和其他资源来建立自己的业务和声誉。另一方面，这样的后代在开始时往往依赖于他们知名的父母，试图摆脱他们的轨道往往会证明是困难的，甚至是不可能的。</p>
<p>这种关系描述了 <strong>Cosmoplat 物联网科技有限公司</strong> 的情况，这是一家科技公司，其 香港 IPO 申请 上周提交，代表了其努力走出 <strong>海尔集团</strong> 阴影的最新一步，海尔集团是中国领先的家电和电子制造商之一。</p>
<p>这份 IPO 申请是香港证券交易所 1 月份发布的 100 多份申请中的最后一批之一，这在通常是一个缓慢的月份中是一个巨大的数量，因为该市经历了数年来最强劲的 IPO 市场之一。尽管 Cosmoplat 能否在这庞大的竞争中脱颖而出仍是一个大问题，但其海尔的血统无疑会有所帮助。</p>
<p>Cosmoplat 成立于 2017 年，最初名为海尔工业控股有限公司，2022 年转为股份公司时更名为现在的名称，标志着其试图从海尔中独立的开始。它自称为提供工业智能产品和解决方案的公司，整合了人工智能、大数据和物联网技术，服务于制造业。</p>
<p>简单来说，Cosmoplat 提供的产品和服务帮助公司收集和理解其庞大的数据量，以更高效地运营。其客户包括涵盖家电、机械设备、电子、汽车、能源和化工等多个行业的制造商。</p>
<p>作为其持续转型的一部分，该公司去年将其模具制造业务出售给了另一家海尔子公司，以专注于其核心的工业智能业务。不久之后，它于去年八月收购了另一家公司——上海发现集团，从而进入了绿色制造解决方案业务。关于这次收购的更多信息稍后会提到。</p>
<p>Cosmoplat 并不避讳其海尔的根源，在上市文件中提到其著名母公司的次数达 273 次。但它也迅速指出，它拥有超过 9500 个付费企业客户。</p>
<p>这样的庞大数字在上市候选公司中相当常见，旨在展示他们拥有广泛和多样化的客户群。但深入研究上市文件显示，Cosmoplat 的最大客户在去年前三个季度占其收入的 58%。虽然这个比例很高，但相比 2023 年单一最大客户占其收入的 72% 有所改善。</p>
<p>虽然从未直接说明，但其客户名单中如此巨大的存在几乎肯定是海尔。海尔仍占 Cosmoplat 超过一半的收入这一事实令人担忧，尽管下降趋势是积极的。从去年九月开始，上海发现集团的业务将进一步降低 Cosmoplat 对海尔的依赖，可能甚至将其推近或低于 50% 的水平。</p>
<h4><strong>加速增长，利润率低</strong></h4>
<p>Cosmoplat 的财务状况中有三点突出，首先是收入增长加速和最近实现盈利的积极因素。另一方面，该公司的毛利率对于这种科技公司来说出乎意料地低，并且在其两个核心领域中正在下降，这可能反映了其客户多样化的努力。</p>
<p>这突显了拥有富有父母的另一个问题，即该父母往往愿意并能够以高价购买其后代的产品。但一旦后代走向现实世界，他们很快发现需要提供更具竞争力的价格以吸引潜在的新客户，从而压缩了其利润率。</p>
<p>该公司来自持续运营的收入（不包括去年出售的模具业务）在 2024 年同比增长仅为 1.6%。但随后在去年前三个季度，增长率上升至 22%，最新期间的收入从去年同期的 36.3 亿元人民币上升至 44.2 亿元人民币。</p>
<p>当 Cosmoplat 从去年九月开始增加来自上海发现集团的收入时，增长率可能会进一步上升。上海公司的收入在去年前八个月几乎翻了一番，从去年同期的 2.01 亿元人民币增至 3.96 亿元人民币，因为它很可能经历了来自制造商的强劲需求，寻求减少碳排放以符合中国的碳减排目标。</p>
<p>然后是利润率的较不积极问题。Cosmoplat 的毛利率在过去三年中相对停滞，维持在约 18% 的不理想水平。相比之下，<strong>Tuya</strong>（TUYA.US）为智能设备制造商提供人工智能物联网（AIoT）服务，其毛利率为 48%，这在提供此类高科技服务的公司中更为典型。</p>
<p>更重要的是，Cosmoplat 的物联网解决方案的毛利率在 2025 年前九个月仅为 12.7%，而这一主要业务在去年占据了 71% 的收入，并且在过去两年中一直在下降。其另一主要业务数据解决方案的毛利率则高得多，在最新的九个月期间达到了 31%，尽管它也总体上在下降。</p>
<p>Cosmoplat 在控制成本方面相当有效，过去三年中，行政、营销和研发费用占收入的比例稳步下降。这帮助公司在 2024 年实现了盈利，去年前三个月的持续经营利润从一年前的 5300 万元翻倍至 1.29 亿元。</p>
<p>投资者将密切关注 Cosmoplat 在未来几年如何努力确立与海尔的独立身份。我们报道过的另一家尝试类似分离的企业是金融科技公司 OneConnect，该公司从金融服务巨头平安分拆出来并单独上市。</p>
<p>但尽管 OneConnect 尽了最大努力，仍然无法摆脱平安，最终在去年被其母公司私有化，退出了纽约和香港证券交易所。Cosmoplat 显然在主张其独立性方面取得了更好的进展，但如果想要说服投资者其作为一家前沿科技公司的实力，就需要改善其毛利率。</p>
<p><em>要订阅 Bamboo Works 的免费周刊，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

海尔智家

<p>Cosmoplat 物联网科技已提交香港 IPO 申请，旨在摆脱其母公司海尔的依赖，海尔去年为其提供了 58% 的收入。该公司成立于 2017 年，收入增长加速，预计将在 2024 年实现盈利，尽管利润率较低。Cosmoplat 对海尔的依赖正在减少，其最大客户对收入的贡献相比往年有所下降。此次 IPO 恰逢香港上市市场强劲，令人对 Cosmoplat 能否脱颖而出产生疑问</p>

<p><em>The provider of industrial intelligence products relies on its well-known parent for more than half of its revenue, but the amount has been falling steadily</em></p>
<div class="lb-trans"><p><em>这家工业智能产品提供商依赖其知名母公司获得超过一半的收入，但这一金额正稳步下降</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/03060149/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_3-2-2026_135924_thebambooworks.com_-1024x678.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/03060149/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_3-2-2026_135924_thebambooworks.com_-1024x678.jpeg"/></p>
<p><em><strong>image credit: Bamboo Works</strong></em></p>
<div class="lb-trans"><p><em><strong>图片来源：Bamboo Works</strong></em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Cosmoplat IoT Technology has filed for a Hong Kong IPO, boasting accelerating revenue growth and its first profits in 2024, but also surprisingly low margins</li>
<li>The provider of industrial intelligence products is being spun off for a separate listing from home appliance giant Haier, which provided 58% of its revenue last year</li>
</ul>
<div class="lb-trans"><ul>
<li>Cosmoplat 物联网科技已申请在香港上市，声称其收入增长加速，并预计在 2024 年实现首个盈利，但其利润率却出乎意料地低</li>
<li>这家工业智能产品提供商正从家电巨头海尔分拆，后者去年提供了 58% 的收入</li>
</ul>
</div><p>Having a wealthy, famous parent is a classic double-edged sword if you're a company that's lucky enough to be born into such a family. On the one hand, as the offspring you can draw on your parent's fame and other resources to build up your own business and reputation. On the other, such offspring are inherently dependent on their famous parents in the beginning, and trying to break out of their orbits can often prove difficult, if not impossible.</p>
<div class="lb-trans"><p>拥有一个富有且知名的母公司对于那些幸运地出生在这样的家庭中的公司来说，往往是一把双刃剑。一方面，作为后代，你可以利用父母的名声和其他资源来建立自己的业务和声誉。另一方面，这样的后代在开始时往往依赖于他们知名的父母，试图摆脱他们的轨道往往会证明是困难的，甚至是不可能的。</p>
</div><p>That relationship describes the situation for <strong>Cosmoplat IoT Technology Co. Ltd.</strong>, a tech company whose application for a Hong Kong IPO last week represents the latest step in its efforts to emerge from the shadow of <strong>Haier Group</strong>, its massive parent that is one of China's leading home appliance and electronics makers.</p>
<div class="lb-trans"><p>这种关系描述了 <strong>Cosmoplat 物联网科技有限公司</strong> 的情况，这是一家科技公司，其 香港 IPO 申请 上周提交，代表了其努力走出 <strong>海尔集团</strong> 阴影的最新一步，海尔集团是中国领先的家电和电子制造商之一。</p>
</div><p>The IPO application was one of the last of more than 100 published by the Hong Kong Stock Exchange in January, a huge amount for what's normally a slow month, as the city experiences one of its strongest IPO markets in years. Whether Cosmoplat can stand out from that huge crowd is a big question, though its Haier lineage should certainly help.</p>
<div class="lb-trans"><p>这份 IPO 申请是香港证券交易所 1 月份发布的 100 多份申请中的最后一批之一，这在通常是一个缓慢的月份中是一个巨大的数量，因为该市经历了数年来最强劲的 IPO 市场之一。尽管 Cosmoplat 能否在这庞大的竞争中脱颖而出仍是一个大问题，但其海尔的血统无疑会有所帮助。</p>
</div><p>Founded in 2017 as Haier Industrial Holdings Co. Ltd., Cosmoplat took on its current name with its conversion to a joint stock company in 2022, marking the start of its attempts to assert its independence from Haier. It bills itself as a provider of industrial intelligence products and solutions that integrate AI, big data and IoT for the manufacturing sector.</p>
<div class="lb-trans"><p>Cosmoplat 成立于 2017 年，最初名为海尔工业控股有限公司，2022 年转为股份公司时更名为现在的名称，标志着其试图从海尔中独立的开始。它自称为提供工业智能产品和解决方案的公司，整合了人工智能、大数据和物联网技术，服务于制造业。</p>
</div><p>Put more simply, Cosmoplat provides products and services that help companies gather and make sense of their huge volumes of data to run their operations more efficiently. Its customers are manufacturers covering a range of sectors, including home appliances, machinery equipment, electronics, automotive, energy and chemicals.</p>
<div class="lb-trans"><p>简单来说，Cosmoplat 提供的产品和服务帮助公司收集和理解其庞大的数据量，以更高效地运营。其客户包括涵盖家电、机械设备、电子、汽车、能源和化工等多个行业的制造商。</p>
</div><p>As part of its ongoing transformation, the company sold off its mold-making business last year to another Haier unit to focus on its core industrial intelligence business. Not long afterwards, it acquired another company, Shanghai Discovery Group, last August, giving it an entry into the green manufacturing solutions business. More on that acquisition shortly.</p>
<div class="lb-trans"><p>作为其持续转型的一部分，该公司去年将其模具制造业务出售给了另一家海尔子公司，以专注于其核心的工业智能业务。不久之后，它于去年八月收购了另一家公司——上海发现集团，从而进入了绿色制造解决方案业务。关于这次收购的更多信息稍后会提到。</p>
</div><p>Cosmoplat isn't shy about its Haier roots, with the name of its famous parent mentioned 273 times in the listing document. But it's also quick to point out that it has more than 9,500 paying enterprise customers as well.</p>
<div class="lb-trans"><p>Cosmoplat 并不避讳其海尔的根源，在上市文件中提到其著名母公司的次数达 273 次。但它也迅速指出，它拥有超过 9500 个付费企业客户。</p>
</div><p>Such big numbers are quite common among listing candidates, seeking to show they have a broad range and diverse array of customers. But a deeper dive into the listing document shows Cosmoplat's biggest customer accounted for 58% of its revenue in the first nine months of last year. While that's high, it's an improvement from 2023, when the single largest customer accounted for 72% of its revenue.</p>
<div class="lb-trans"><p>这样的庞大数字在上市候选公司中相当常见，旨在展示他们拥有广泛和多样化的客户群。但深入研究上市文件显示，Cosmoplat 的最大客户在去年前三个季度占其收入的 58%。虽然这个比例很高，但相比 2023 年单一最大客户占其收入的 72% 有所改善。</p>
</div><p>While it's never directly stated, that huge presence in its customer book is almost certainly Haier. The fact that Haier still accounts for more than half of Cosmoplat's revenue is worrisome, though the downward trend is positive. The addition of Shanghai Discovery Group's business to Cosmoplat's revenue starting from last September will further drive down the Haier reliance, potentially even pushing it close to or even below the 50% level.</p>
<div class="lb-trans"><p>虽然从未直接说明，但其客户名单中如此巨大的存在几乎肯定是海尔。海尔仍占 Cosmoplat 超过一半的收入这一事实令人担忧，尽管下降趋势是积极的。从去年九月开始，上海发现集团的业务将进一步降低 Cosmoplat 对海尔的依赖，可能甚至将其推近或低于 50% 的水平。</p>
</div><h4><strong>Accelerating growth, weak margins</strong></h4>
<div class="lb-trans"><h4><strong>加速增长，利润率低</strong></h4>
</div><p>Three things stand out about Cosmoplat's financials, led by the positive elements of accelerating revenue growth and its recent move into the black. On the negative side, the company's gross margins are surprisingly low for this kind of tech company, and are falling in its two core areas, probably reflecting its customer diversification drive.</p>
<div class="lb-trans"><p>Cosmoplat 的财务状况中有三点突出，首先是收入增长加速和最近实现盈利的积极因素。另一方面，该公司的毛利率对于这种科技公司来说出乎意料地低，并且在其两个核心领域中正在下降，这可能反映了其客户多样化的努力。</p>
</div><p>This highlights another problem of having a wealthy parent, namely, that parent is often willing and able to purchase products from its offspring at inflated prices. But once that offspring goes out into the real world, it quickly discovers it needs to offer prices that are more competitive to potential new customers, undercutting its margins.</p>
<div class="lb-trans"><p>这突显了拥有富有父母的另一个问题，即该父母往往愿意并能够以高价购买其后代的产品。但一旦后代走向现实世界，他们很快发现需要提供更具竞争力的价格以吸引潜在的新客户，从而压缩了其利润率。</p>
</div><p>The company's revenue from continuing operations, which excludes the molds business that was sold last year, grew just 1.6% in 2024 from the previous year. But then the growth rate picked up to 22% in the first nine months of last year, as the figure for the latest period rose to 4.42 billion yuan from 3.63 billion yuan a year earlier.</p>
<div class="lb-trans"><p>该公司来自持续运营的收入（不包括去年出售的模具业务）在 2024 年同比增长仅为 1.6%。但随后在去年前三个季度，增长率上升至 22%，最新期间的收入从去年同期的 36.3 亿元人民币上升至 44.2 亿元人民币。</p>
</div><p>The growth rate is likely to pick up even more when Cosmoplat starts adding revenue from Shanghai Discovery Group starting from September last year. The Shanghai company's revenue nearly doubled to 396 million yuan in the first eight months of last year from 201 million yuan a year earlier, as it most likely experienced strong demand from manufacturers looking for ways to reduce their carbon emissions in line with China's aggressive carbon reduction goals.</p>
<div class="lb-trans"><p>当 Cosmoplat 从去年九月开始增加来自上海发现集团的收入时，增长率可能会进一步上升。上海公司的收入在去年前八个月几乎翻了一番，从去年同期的 2.01 亿元人民币增至 3.96 亿元人民币，因为它很可能经历了来自制造商的强劲需求，寻求减少碳排放以符合中国的碳减排目标。</p>
</div><p>Then there's the less positive issue of margins. Cosmoplat's gross margin has been relatively stagnant at an unimpressive level of around 18% over the last three years. By comparison, <strong>Tuya</strong> (TUYA.US), a provider of AI internet of things (AIoT) services for smart device makers, has a gross margin of 48%, which is far more typical of providers of such high-tech services.</p>
<div class="lb-trans"><p>然后是利润率的较不积极问题。Cosmoplat 的毛利率在过去三年中相对停滞，维持在约 18% 的不理想水平。相比之下，<strong>Tuya</strong>（TUYA.US）为智能设备制造商提供人工智能物联网（AIoT）服务，其毛利率为 48%，这在提供此类高科技服务的公司中更为典型。</p>
</div><p>What's more, Cosmoplat's gross margin for its IoT solutions, its main segment that accounted for 71% of revenue last year, was just 12.7% in the first nine months of 2025 and has been falling over the last two years. The margin for its other main segment in data solutions is much higher at 31% in the latest nine-month period, though it's also generally falling.</p>
<div class="lb-trans"><p>更重要的是，Cosmoplat 的物联网解决方案的毛利率在 2025 年前九个月仅为 12.7%，而这一主要业务在去年占据了 71% 的收入，并且在过去两年中一直在下降。其另一主要业务数据解决方案的毛利率则高得多，在最新的九个月期间达到了 31%，尽管它也总体上在下降。</p>
</div><p>Cosmoplat has been quite effective at controlling costs, with administrative, marketing and R&amp;D all dropping steadily over the last three years as a percentage of revenue. That helped the company become profitable in 2024, and its profit from continuing operations in the first nine months of last year more than doubled to 129 million yuan from 53 million yuan a year earlier.</p>
<div class="lb-trans"><p>Cosmoplat 在控制成本方面相当有效，过去三年中，行政、营销和研发费用占收入的比例稳步下降。这帮助公司在 2024 年实现了盈利，去年前三个月的持续经营利润从一年前的 5300 万元翻倍至 1.29 亿元。</p>
</div><p>Investors will be watching closely to see how Cosmoplat advances in its efforts to stake out its own identity separate from Haier in the coming years. One other corporate offspring we've reported on that attempted a similar separation was financial technology company OneConnect, which was spun off from financial services giant Ping An and separately listed.</p>
<div class="lb-trans"><p>投资者将密切关注 Cosmoplat 在未来几年如何努力确立与海尔的独立身份。我们报道过的另一家尝试类似分离的企业是金融科技公司 OneConnect，该公司从金融服务巨头平安分拆出来并单独上市。</p>
</div><p>But despite its best efforts, OneConnect could never free itself from Ping An, and ended up being privatized by its parent from the New York and Hong Kong stock exchanges last year. Cosmoplat certainly seems to be making better progress in asserting its independence, though it will need to improve its margins if it wants to convince investors of its prowess as a cutting-edge tech company.</p>
<div class="lb-trans"><p>但尽管 OneConnect 尽了最大努力，仍然无法摆脱平安，最终在去年被其母公司私有化，退出了纽约和香港证券交易所。Cosmoplat 显然在主张其独立性方面取得了更好的进展，但如果想要说服投资者其作为一家前沿科技公司的实力，就需要改善其毛利率。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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Cosmoplat 通过香港首次公开募股宣示从母公司海尔独立