Industrial Internet platform provider COSMOPlat Technology Co., Ltd. (COSMOPlat) has submitted a listing application to the Hong Kong Stock Exchange. With annual revenue reaching approximately 5 billion yuan, COSMOPlat is poised to become the ninth listed company under the Haier Group umbrella.

The company's core offering is the COSMOPlat Industrial Internet platform, which functions as an intelligent operating system and application store for factories. This platform connects various equipment and production lines, enabling real-time monitoring and data-driven optimization. COSMOPlat develops specialized applications for predictive maintenance, AI-powered quality inspection, and energy management, serving over 9,500 clients across diverse sectors including home appliances, automotive, and chemicals.

According to Frost & Sullivan data, COSMOPlat ranks first in China's platform-based industrial data intelligence solutions market by 2024 revenue. The company generates income through two primary business segments: data intelligence solutions and IoT solutions.

The data intelligence solutions segment, which involves implementing smart manufacturing systems and developing customized software, has demonstrated strong growth. Revenue from this segment reached 1.28 billion yuan in the first nine months of 2025, representing 29% of total revenue, with an average contract value of 11.823 million yuan per major client.

Meanwhile, the IoT solutions business, focused on manufacturing smart controllers and integrated solutions for home and commercial appliances, remains the company's primary revenue source despite a declining proportion. This segment contributed 3.14 billion yuan in the first nine months of 2025, accounting for 71% of total revenue.

Notably, while IoT solutions generate most revenue, they maintain lower gross margins of 12.7%, compared to the data intelligence solutions segment's 31% margin. Overall, COSMOPlat reported revenue of 4.421 billion yuan with a profit of 176 million yuan for the first nine months of 2025. Government subsidies contributed significantly to profitability, accounting for 28.67% of profits during this period.

Haier Group holds approximately 78.04% of the voting rights in COSMOPlat and serves as both its largest customer and primary supplier. Transactions with Haier Group represented 57.7% of total revenue and 22.3% of total procurement in the first nine months of 2025. The company acknowledges that maintaining its relationship with Haier Group is crucial to its operational performance.

COSMOPlat initially pursued a listing on Shanghai's STAR Market but shifted to Hong Kong citing regulatory uncertainties and alignment with global expansion strategies. Industry experts note that Hong Kong's market offers more mature valuation frameworks for industrial internet platform companies.

Haier Group currently controls eight listed companies spanning home appliances, healthcare, technology, and insurance sectors, with a combined market capitalization exceeding 325 billion yuan. These include Haier Smart Home, Haier Biomedical, Yingkang Life Sciences, Shanghai RAAS Blood Products, Siasun Robot & Automation, Thunderobot Technology, Autohome, and Zhongmiao Holdings.

Another Haier Group affiliate, Haier New Energy Technology Co., Ltd., has recently initiated listing preparations, potentially bringing the group's total to ten listed entities. COSMOPlat aims to further develop its integrated platform, industrial software, and smart terminal solutions to drive digital transformation in manufacturing.