On the evening of January 30, KaiOS Industrial Internet Technology Co., Ltd. (hereinafter referred to as "KaiOS"), under the Haier Group Corporation, submitted a listing application to the Hong Kong Stock Exchange, formally initiating the process for a Hong Kong IPO. This listing plan had been in the works for over five years. On July 29, 2020, Haier Smart Home announced its intention to transfer its 54.50% stake in Haier KaiOS to Haier Ecosystem Investment for 4.06 billion yuan, aiming to further focus on its core smart home business, while KaiOS would concentrate on the industrial internet ecosystem. If KaiOS successfully lists in Hong Kong, it will represent the industrial internet segment of Haier's three major business tracks, following the listings of Haier Smart Home in smart living, and Yuanqin Life and Haier Biological in the health sector. Against the backdrop of accelerating vertical applications of large models and the scaled implementation of industrial internet, Haier KaiOS is attempting to leverage capital markets to speed up the execution of its "digital economy industrial ecosystem" strategy and market expansion.

As a leading industrial internet platform, public information shows that KaiOS is a provider of industrial intelligent products and solutions, dedicated to accelerating the digital and intelligent transformation of the manufacturing sector through the deep integration of advanced technologies like AI, IoT, and big data with industrial applications. The company has independently developed the COSMOPlat industrial internet platform, driven by a large industrial model, building a technical architecture that deeply integrates industrial intelligent software and agents, industrial operating systems and industrial brains, with IoT systems and edge computing devices. It offers enterprises integrated end-to-cloud data intelligence and IoT solutions, enabling data collection at the hardware level and intelligent decision-making at the cloud level to assist customers in their intelligent transformation. Operating data disclosed in KaiOS's prospectus reveals that for 2023 and 2024, the company achieved revenues of 4.994 billion yuan and 5.070 billion yuan, respectively, with net profits of 65.14 million yuan and 176 million yuan. In the first nine months of 2025, KaiOS's revenue reached 4.42 billion yuan, a 22% increase year-over-year, while its continuing operations net profit hit 146 million yuan, surging 156% year-over-year, indicating steadily improving profitability.

The company's main business comprises two major segments: Data Intelligence Solutions and IoT Solutions. The former includes sub-segments such as smart manufacturing solutions, green manufacturing solutions, specialized platform construction, and operational maintenance; the latter includes variable frequency intelligent control solutions and system intelligent control solutions. In the first nine months of 2025, the IoT Solutions business generated revenue of 3.14 billion yuan, up 10.86% year-over-year, accounting for 71% of total revenue. The Data Intelligence Solutions business generated revenue of 1.28 billion yuan, a significant increase of 59.64% year-over-year, accounting for 29% of total revenue; although a smaller proportion, it is growing faster. From a gross margin perspective, the Data Intelligence Solutions segment had a gross margin of 31.0% in the first nine months of 2025, while the IoT Solutions segment had a gross margin of 12.7%.

As the industrial internet platform under Haier, a leading Chinese home appliance manufacturer, and backed by its vast business scale and industry footprint, KaiOS has secured a position at the forefront of China's industrial internet sector. According to the prospectus, the company has deep expertise in vertical industries such as home appliances, machinery equipment, electronics, automotive, and energy chemicals, having served over 160,000 enterprises cumulatively, including more than 9,500 paying customers. Data from Frost & Sullivan indicates that, based on 2024 figures, KaiOS ranked first in China's platform-based industrial data intelligence solutions market with a 1.2% share. In terms of specific cases, KaiOS has participated in the construction of 17 Lighthouse Factories, including China's first Sustainable Lighthouse Factory. Furthermore, as a leading industrial internet platform by scale, the Haier KaiOS platform was recognized by China's Ministry of Industry and Information Technology in 2019 as the top platform among the ten cross-industry, cross-domain "Dual-Cross" industrial internet platforms. The company also led the formulation of the world's first international standard for the functional architecture of industrial internet systems, standardizing the architectural development of cross-industry, cross-domain industrial internet platforms globally and promoting their worldwide adoption.

"KaiOS has already gained a first-mover advantage in platform construction," Zhou Yunjie, Chairman of the Haier Group Board of Directors, stated in a previous interview. He noted that on one hand, the platform empowers enterprises to integrate user resources across the entire process, facilitating a shift from mass production to mass customization; on the other hand, it helps small and medium-sized enterprises and ecosystem partners jointly create and share value for users.

Notably, while the backing of the Haier Group provides KaiOS with significant business volume and scenario advantages, it also results in the company's current operations being highly dependent on related-party customers. Prospectus data shows that revenue from its largest customer, the Haier Group, accounted for a substantial 72.2% of total revenue in 2023, 67.5% in 2024, and remained high at 57.7% in the first nine months of 2025. Revenue from the top five customers accounted for 81.7%, 80.2%, and 69.7% in the same periods, respectively. The prospectus also acknowledges in its risk factors section that a significant portion of the company's revenue during the track record period came from related-party transactions... maintaining and deepening the existing cooperative relationship with the Haier Group and providing more value to it are crucial to operating performance. Although the long-term relationships with these related parties provide predictability for future revenue, there is no guarantee that these relationships will continue on the same terms, nor is there a guarantee of securing orders for its products. Previously, when Haier's Gooday Supply Chain Technology Co., Ltd. attempted a listing on the ChiNext board, its high proportion of related-party transactions and high customer concentration faced widespread market scrutiny. In November 2024, Gooday voluntarily withdrew its IPO application, and Haier Smart Home announced it would gain control over Gooday through entrusted voting rights and include it in its consolidated financial statements.

On the other hand, KaiOS is actively expanding its base of independent third-party customers. The proportion of revenue from independent third-party customers increased from 27.2% in 2023 to 41.1% in the first nine months of 2025. At the Haier Group's 40th-anniversary commemoration and future ten-year development strategy seminar held at the end of 2024, Zhou Yunjie revealed that through co-building an industrial internet platform for the beer and beverage industry with Tsingtao Brewery, Tsingtao became the first beer company to possess a World Lighthouse Factory; furthermore, through co-building the "Haixingyun" automotive industry internet platform with Chery Automobile, they aim to create Lighthouse Factories in the automotive industry...

Although KaiOS holds the top position in China's platform-based industrial data intelligence solutions market for 2024 with a 1.2% share, the market is highly fragmented, with the combined market share of the top three participants being only 3.3%. Whether KaiOS can further expand its market share while developing its third-party customer base will be key to its future operations. Beyond the issue of customer concentration, the industrial internet sector that KaiOS focuses on also faces numerous developmental challenges. On one hand, the vast number and complexity of industrial categories and supply chain processes mean that a single solution is difficult to apply across diverse scenarios and needs, significantly increasing the pressure for technological iteration and application. On the other hand, within industrial digitalization, as customer demands continuously evolve and new industry standards and business norms are constantly introduced, forecasting technological trends and applying them while balancing cost-effectiveness presents a test for KaiOS as an industry leader.

It is noteworthy, however, that R&D expenditures for 2023, 2024, the first nine months of 2024, and the first nine months of 2025 were 422 million yuan, 373 million yuan, 2.802 billion yuan, and 295 million yuan respectively, accounting for 8.5%, 7.4%, 7.7%, and 6.7% of total revenue. This indicates a downward trend in R&D investment. The prospectus points out in its risk factors that to maintain a competitive advantage, R&D expenditures are expected to continue increasing in the future. If these investments fail to achieve the expected results, the company's financial condition and operating performance could be materially adversely affected. Among the stated purposes of this IPO, KaiOS explicitly stated that the primary uses of the raised funds include: continuously strengthening the construction of core platform and product capabilities, including upgrading the carbon energy management platform, advancing the R&D and application of large industrial models and intelligent agents, and enhancing underlying platform capabilities; increasing market expansion and commercialization investments to boost the penetration of its solutions in key industries and regions; utilizing funds for exploring potential investment and acquisition opportunities; and supplementing working capital. As vertical applications of large models accelerate and industrial digitalization construction moves from individual practices to ecosystem collaboration, continuously maintaining its technological competitiveness in the industrial internet field is an essential requirement for its stable operation.