<p><em>這家工業智能產品提供商依賴其知名母公司獲得超過一半的收入，但這一金額正穩步下降</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>圖片來源：Bamboo Works</strong></em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>Cosmoplat 物聯網科技已申請在香港上市，聲稱其收入增長加速，並預計在 2024 年實現首個盈利，但其利潤率卻出乎意料地低</li>
<li>這家工業智能產品提供商正從家電巨頭海爾分拆，後者去年提供了 58% 的收入</li>
</ul>
<p>擁有一個富有且知名的母公司對於那些幸運地出生在這樣的家庭中的公司來説，往往是一把雙刃劍。一方面，作為後代，你可以利用父母的名聲和其他資源來建立自己的業務和聲譽。另一方面，這樣的後代在開始時往往依賴於他們知名的父母，試圖擺脱他們的軌道往往會證明是困難的，甚至是不可能的。</p>
<p>這種關係描述了 <strong>Cosmoplat 物聯網科技有限公司</strong> 的情況，這是一家科技公司，其 香港 IPO 申請 上週提交，代表了其努力走出 <strong>海爾集團</strong> 陰影的最新一步，海爾集團是中國領先的家電和電子製造商之一。</p>
<p>這份 IPO 申請是香港證券交易所 1 月份發佈的 100 多份申請中的最後一批之一，這在通常是一個緩慢的月份中是一個巨大的數量，因為該市經歷了數年來最強勁的 IPO 市場之一。儘管 Cosmoplat 能否在這龐大的競爭中脱穎而出仍是一個大問題，但其海爾的血統無疑會有所幫助。</p>
<p>Cosmoplat 成立於 2017 年，最初名為海爾工業控股有限公司，2022 年轉為股份公司時更名為現在的名稱，標誌着其試圖從海爾中獨立的開始。它自稱為提供工業智能產品和解決方案的公司，整合了人工智能、大數據和物聯網技術，服務於製造業。</p>
<p>簡單來説，Cosmoplat 提供的產品和服務幫助公司收集和理解其龐大的數據量，以更高效地運營。其客户包括涵蓋家電、機械設備、電子、汽車、能源和化工等多個行業的製造商。</p>
<p>作為其持續轉型的一部分，該公司去年將其模具製造業務出售給了另一家海爾子公司，以專注於其核心的工業智能業務。不久之後，它於去年八月收購了另一家公司——上海發現集團，從而進入了綠色製造解決方案業務。關於這次收購的更多信息稍後會提到。</p>
<p>Cosmoplat 並不避諱其海爾的根源，在上市文件中提到其著名母公司的次數達 273 次。但它也迅速指出，它擁有超過 9500 個付費企業客户。</p>
<p>這樣的龐大數字在上市候選公司中相當常見，旨在展示他們擁有廣泛和多樣化的客户羣。但深入研究上市文件顯示，Cosmoplat 的最大客户在去年前三個季度佔其收入的 58%。雖然這個比例很高，但相比 2023 年單一最大客户佔其收入的 72% 有所改善。</p>
<p>雖然從未直接説明，但其客户名單中如此巨大的存在幾乎肯定是海爾。海爾仍佔 Cosmoplat 超過一半的收入這一事實令人擔憂，儘管下降趨勢是積極的。從去年九月開始，上海發現集團的業務將進一步降低 Cosmoplat 對海爾的依賴，可能甚至將其推近或低於 50% 的水平。</p>
<h4><strong>加速增長，利潤率低</strong></h4>
<p>Cosmoplat 的財務狀況中有三點突出，首先是收入增長加速和最近實現盈利的積極因素。另一方面，該公司的毛利率對於這種科技公司來説出乎意料地低，並且在其兩個核心領域中正在下降，這可能反映了其客户多樣化的努力。</p>
<p>這突顯了擁有富有父母的另一個問題，即該父母往往願意並能夠以高價購買其後代的產品。但一旦後代走向現實世界，他們很快發現需要提供更具競爭力的價格以吸引潛在的新客户，從而壓縮了其利潤率。</p>
<p>該公司來自持續運營的收入（不包括去年出售的模具業務）在 2024 年同比增長僅為 1.6%。但隨後在去年前三個季度，增長率上升至 22%，最新期間的收入從去年同期的 36.3 億元人民幣上升至 44.2 億元人民幣。</p>
<p>當 Cosmoplat 從去年九月開始增加來自上海發現集團的收入時，增長率可能會進一步上升。上海公司的收入在去年前八個月幾乎翻了一番，從去年同期的 2.01 億元人民幣增至 3.96 億元人民幣，因為它很可能經歷了來自制造商的強勁需求，尋求減少碳排放以符合中國的碳減排目標。</p>
<p>然後是利潤率的較不積極問題。Cosmoplat 的毛利率在過去三年中相對停滯，維持在約 18% 的不理想水平。相比之下，<strong>Tuya</strong>（TUYA.US）為智能設備製造商提供人工智能物聯網（AIoT）服務，其毛利率為 48%，這在提供此類高科技服務的公司中更為典型。</p>
<p>更重要的是，Cosmoplat 的物聯網解決方案的毛利率在 2025 年前九個月僅為 12.7%，而這一主要業務在去年佔據了 71% 的收入，並且在過去兩年中一直在下降。其另一主要業務數據解決方案的毛利率則高得多，在最新的九個月期間達到了 31%，儘管它也總體上在下降。</p>
<p>Cosmoplat 在控制成本方面相當有效，過去三年中，行政、營銷和研發費用佔收入的比例穩步下降。這幫助公司在 2024 年實現了盈利，去年前三個月的持續經營利潤從一年前的 5300 萬元翻倍至 1.29 億元。</p>
<p>投資者將密切關注 Cosmoplat 在未來幾年如何努力確立與海爾的獨立身份。我們報道過的另一家嘗試類似分離的企業是金融科技公司 OneConnect，該公司從金融服務巨頭平安分拆出來並單獨上市。</p>
<p>但儘管 OneConnect 盡了最大努力，仍然無法擺脱平安，最終在去年被其母公司私有化，退出了紐約和香港證券交易所。Cosmoplat 顯然在主張其獨立性方面取得了更好的進展，但如果想要説服投資者其作為一家前沿科技公司的實力，就需要改善其毛利率。</p>
<p><em>要訂閲 Bamboo Works 的免費週刊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

海爾智家

<p>Cosmoplat 物聯網科技已提交香港 IPO 申請，旨在擺脱其母公司海爾的依賴，海爾去年為其提供了 58% 的收入。該公司成立於 2017 年，收入增長加速，預計將在 2024 年實現盈利，儘管利潤率較低。Cosmoplat 對海爾的依賴正在減少，其最大客户對收入的貢獻相比往年有所下降。此次 IPO 恰逢香港上市市場強勁，令人對 Cosmoplat 能否脱穎而出產生疑問</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>這家工業智能產品提供商依賴其知名母公司獲得超過一半的收入，但這一金額正穩步下降</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>圖片來源：Bamboo Works</strong></em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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 物聯網科技已申請在香港上市，聲稱其收入增長加速，並預計在 2024 年實現首個盈利，但其利潤率卻出乎意料地低</li>
<li>這家工業智能產品提供商正從家電巨頭海爾分拆，後者去年提供了 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>擁有一個富有且知名的母公司對於那些幸運地出生在這樣的家庭中的公司來説，往往是一把雙刃劍。一方面，作為後代，你可以利用父母的名聲和其他資源來建立自己的業務和聲譽。另一方面，這樣的後代在開始時往往依賴於他們知名的父母，試圖擺脱他們的軌道往往會證明是困難的，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>這種關係描述了 <strong>Cosmoplat 物聯網科技有限公司</strong> 的情況，這是一家科技公司，其 香港 IPO 申請 上週提交，代表了其努力走出 <strong>海爾集團</strong> 陰影的最新一步，海爾集團是中國領先的家電和電子製造商之一。</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>這份 IPO 申請是香港證券交易所 1 月份發佈的 100 多份申請中的最後一批之一，這在通常是一個緩慢的月份中是一個巨大的數量，因為該市經歷了數年來最強勁的 IPO 市場之一。儘管 Cosmoplat 能否在這龐大的競爭中脱穎而出仍是一個大問題，但其海爾的血統無疑會有所幫助。</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 成立於 2017 年，最初名為海爾工業控股有限公司，2022 年轉為股份公司時更名為現在的名稱，標誌着其試圖從海爾中獨立的開始。它自稱為提供工業智能產品和解決方案的公司，整合了人工智能、大數據和物聯網技術，服務於製造業。</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>簡單來説，Cosmoplat 提供的產品和服務幫助公司收集和理解其龐大的數據量，以更高效地運營。其客户包括涵蓋家電、機械設備、電子、汽車、能源和化工等多個行業的製造商。</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>作為其持續轉型的一部分，該公司去年將其模具製造業務出售給了另一家海爾子公司，以專注於其核心的工業智能業務。不久之後，它於去年八月收購了另一家公司——上海發現集團，從而進入了綠色製造解決方案業務。關於這次收購的更多信息稍後會提到。</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 並不避諱其海爾的根源，在上市文件中提到其著名母公司的次數達 273 次。但它也迅速指出，它擁有超過 9500 個付費企業客户。</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>這樣的龐大數字在上市候選公司中相當常見，旨在展示他們擁有廣泛和多樣化的客户羣。但深入研究上市文件顯示，Cosmoplat 的最大客户在去年前三個季度佔其收入的 58%。雖然這個比例很高，但相比 2023 年單一最大客户佔其收入的 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>雖然從未直接説明，但其客户名單中如此巨大的存在幾乎肯定是海爾。海爾仍佔 Cosmoplat 超過一半的收入這一事實令人擔憂，儘管下降趨勢是積極的。從去年九月開始，上海發現集團的業務將進一步降低 Cosmoplat 對海爾的依賴，可能甚至將其推近或低於 50% 的水平。</p>
</div><h4><strong>Accelerating growth, weak margins</strong></h4>
<div class="lb-trans"><h4><strong>加速增長，利潤率低</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 的財務狀況中有三點突出，首先是收入增長加速和最近實現盈利的積極因素。另一方面，該公司的毛利率對於這種科技公司來説出乎意料地低，並且在其兩個核心領域中正在下降，這可能反映了其客户多樣化的努力。</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>這突顯了擁有富有父母的另一個問題，即該父母往往願意並能夠以高價購買其後代的產品。但一旦後代走向現實世界，他們很快發現需要提供更具競爭力的價格以吸引潛在的新客户，從而壓縮了其利潤率。</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>該公司來自持續運營的收入（不包括去年出售的模具業務）在 2024 年同比增長僅為 1.6%。但隨後在去年前三個季度，增長率上升至 22%，最新期間的收入從去年同期的 36.3 億元人民幣上升至 44.2 億元人民幣。</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>當 Cosmoplat 從去年九月開始增加來自上海發現集團的收入時，增長率可能會進一步上升。上海公司的收入在去年前八個月幾乎翻了一番，從去年同期的 2.01 億元人民幣增至 3.96 億元人民幣，因為它很可能經歷了來自制造商的強勁需求，尋求減少碳排放以符合中國的碳減排目標。</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>然後是利潤率的較不積極問題。Cosmoplat 的毛利率在過去三年中相對停滯，維持在約 18% 的不理想水平。相比之下，<strong>Tuya</strong>（TUYA.US）為智能設備製造商提供人工智能物聯網（AIoT）服務，其毛利率為 48%，這在提供此類高科技服務的公司中更為典型。</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 的物聯網解決方案的毛利率在 2025 年前九個月僅為 12.7%，而這一主要業務在去年佔據了 71% 的收入，並且在過去兩年中一直在下降。其另一主要業務數據解決方案的毛利率則高得多，在最新的九個月期間達到了 31%，儘管它也總體上在下降。</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 在控制成本方面相當有效，過去三年中，行政、營銷和研發費用佔收入的比例穩步下降。這幫助公司在 2024 年實現了盈利，去年前三個月的持續經營利潤從一年前的 5300 萬元翻倍至 1.29 億元。</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>投資者將密切關注 Cosmoplat 在未來幾年如何努力確立與海爾的獨立身份。我們報道過的另一家嘗試類似分離的企業是金融科技公司 OneConnect，該公司從金融服務巨頭平安分拆出來並單獨上市。</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>但儘管 OneConnect 盡了最大努力，仍然無法擺脱平安，最終在去年被其母公司私有化，退出了紐約和香港證券交易所。Cosmoplat 顯然在主張其獨立性方面取得了更好的進展，但如果想要説服投資者其作為一家前沿科技公司的實力，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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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Cosmoplat 通過香港首次公開募股宣示從母公司海爾獨立