February 6, 2026—Lockin Technology (Beijing) Co., Ltd. ("Lockin Technology" or the "Company") submitted its listing application to The Stock Exchange of Hong Kong Limited, aiming for a listing on the Main Board, with China Galaxy International Capital Limited acting as the sole sponsor. Founded in 2014, the Company is principally engaged in the provision of smart door locks and home security management solutions. A successful listing would make Lockin Technology the first listed company on HKEX with smart locks as its primary business.

According to a Frost & Sullivan report, the global home security management solutions market size is expected to reach USD 66 billion by 2029, expanding at a compound annual growth rate (CAGR) of 11.4%.

Business Evolution: The Technical Path from Apartment Locks to Vein Recognition

The Company was formerly known as Yunding Network Technology (Beijing) Co., Ltd. In 2015, it launched its integrated "Yunding" smart lock and management system for the apartment rental sector. This system connected door locks to the internet and integrated them with property management Software-as-a-Service (SaaS) platforms and IoT devices such as smart utility meters. According to Frost & Sullivan, Lockin Technology held the leading position in China's apartment smart lock segment in 2024, with an estimated market share of approximately 20.2%.

The Company launched the industry's first mass-produced finger vein recognition smart lock in 2021, followed by the first mass-produced palm vein recognition smart lock in 2023. Per Frost & Sullivan, Lockin Technology is recognized as the world's first company to achieve mass production of vein recognition smart locks. In 2024, its shipment volume of vein recognition smart locks ranked first globally, with a market share of 10.5%. Its total smart lock shipments for the year reached 1.3 million units, placing it fourth globally with a 2.6% market share. In China, the Company ranked third with 1.2 million units shipped, capturing a 5.8% market share.

In early 2026, Lockin Technology introduced its flagship AI smart lock, the V7 Max, featuring its proprietary long-distance wireless optical charging technology "Aochong." The product is equipped with front and rear touchscreens, three cameras, and an integrated cloud AI model.

Financial Performance: Revenue Structure and Profitability

The prospectus reveals that the Company's revenue for the years 2023 and 2024, and for the nine months ended September 30, 2025, was approximately RMB 1,015 million, RMB 1,086 million, and RMB 774 million, respectively. Revenue for the first three quarters of 2025 represented an increase of 11.5% year-over-year. Profit for the period/Net profit for the year amounted to RMB 14.0 million, RMB 53.1 million, and RMB 32.0 million for the same periods, respectively.

In terms of revenue composition, income from ODM (Original Design Manufacturing) projects accounted for 50.6%, 53.4%, and 61.6% of total revenue in 2023, 2024, and the first nine months of 2025, respectively. ODM revenue for the nine-month period in 2025 grew 36.4% year-over-year to RMB 476 million. Conversely, revenue from self-branded consumer products declined 17.8% to RMB 159 million during the same period, with its contribution to total revenue decreasing from 27.8% to 20.5%. Revenue from self-branded commercial solutions also decreased by 6.9% to RMB 121 million.

The Company's gross profit margin was 31.1%, 35.2%, and 31.2% for the respective periods. The gross margin for ODM projects decreased from 22.4% for the nine months ended September 30, 2024, to 20.1% for the same period in 2025. The gross margin for self-branded consumer products remained robust at 48.4%.

Shareholding Structure and Customer Profile

Prior to the IPO, entities affiliated with Baidu, Inc. collectively hold an 18.43% stake, constituting the largest external shareholder. Shunwei Capital holds 7.25%, S.A.S. Dragon Holdings (SIG) holds 6.49%, and Zhongguancun Science City Technology Growth Phase III Equity Investment Fund holds 5.71%. Xiaomi Corporation holds shares through its investment vehicles. Founder Mr. Chen Bin, directly and through several holding platforms, controls approximately 30.35% of the voting rights. The Company completed its last funding round in November 2025, attaining a post-money valuation of RMB 3.5 billion.

Customer concentration is notable. Sales to the top five customers accounted for 53.6%, 56.8%, and 65.2% of total revenue for 2023, 2024, and the nine months ended September 30, 2025, respectively. Sales to the single largest customer represented 48.6%, 51.7%, and 60.6% for the same periods. The strategic partnership with this key customer, widely understood to be Xiaomi, was established in 2017, under which Lockin Technology manufactures smart locks on an ODM basis for integration into the Mi Home ecosystem.

The Company's trade receivables and notes receivable stood at RMB 196 million, RMB 296 million, and RMB 283 million as of the end of 2023, 2024, and September 30, 2025, respectively. The days sales outstanding (DSO) lengthened from 70 days in 2023 to 83 days in 2024, and further to 101 days for the first nine months of 2025. As of January 15, 2026, this balance was RMB 362 million.

Use of Proceeds and Future Strategy

As outlined in the prospectus, the net proceeds from the global offering are intended to be allocated towards the research and development of biometric chips, global market expansion, and the iterative development of AI algorithms. The Company stated that listing in Hong Kong is aimed at strengthening its working capital position, enhancing its corporate profile and global influence, and optimizing its capital structure and shareholder base.

Frost & Sullivan forecasts that global smart door lock shipments will increase from 54.0 million units in 2025 to 89.9 million units in 2029, at a CAGR of 13.6%. Within this segment, shipments of vein recognition smart locks are projected to surge from 1.9 million units to 6.3 million units over the same period, representing a much higher CAGR of 35.6%.

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