JuZhi Technology Development Limited has recently submitted its listing application to the main board of the Hong Kong Stock Exchange, marking the company's second attempt at going public.

According to the prospectus, JuZhi Technology is a manufacturer of mother-baby electronic products, primarily focusing on baby monitors and developing the "HelloBaby" brand in the mother-baby electronics sector. Leveraging Amazon's online channels, JuZhi Technology achieved 400 million yuan in baby monitor sales within a year.

**Founder's Background as Former Sales Representative**

JuZhi Technology's founder is 46-year-old Liu Qiang, who has over 24 years of experience in the electronics industry. In his younger years, Liu worked as a sales representative for a company in Shenzhen.

The prospectus shows that from January 2000 to April 2005, Liu served as a sales representative at Shenzhen Xunjun Electronic Technology Co., Ltd., a company primarily engaged in telephone software development.

In 2005, Shenzhen Benite Technology Co., Ltd. was established, with Liu serving as a director.

In 2008, Shenzhen Benite began developing 2.4GHz wireless audio-video transmission solution software. Through 2.4GHz wireless transmission technology, parents could instantly view and hear their babies from a distance, while enabling two-way communication and environmental parameter monitoring.

Leveraging accumulated software development and sales experience in 2.4GHz wireless audio-video transmission solutions, Shenzhen Benite further explored the baby monitor market. At that time, Liu believed existing baby monitors were expensive and had functional and user experience limitations, such as unstable signals, low video quality, and short transmission distances.

Consequently, Liu began developing the "HelloBaby" brand baby monitors in 2016.

In September 2018, JuZhi Technology (Hubei) Co., Ltd. was established. In June 2020, Shenzhen Benite acquired all equity in JuZhi Hubei, subsequently assigning baby monitor production responsibilities to JuZhi Hubei, which became JuZhi Technology's operating entity.

The prospectus indicates that in 2022, annual baby monitor sales first exceeded 400,000 units, and in 2023, first surpassed 800,000 units. By 2024, JuZhi Technology's baby monitor and other product sales reached nearly 1.4 million units, setting a historical record.

JuZhi Technology also stated that the company plans to develop intelligent automatic monitoring systems for its baby monitors and introduce AI technology. Through implementing these systems, the company expects baby monitors to analyze data from various sensors to understand baby sleep quality, feeding schedules, and potential health issues, providing optimal settings and intervention recommendations to enhance efficiency and deliver better baby care outcomes.

**Baby Monitor Annual Sales Exceed 400 Million Yuan**

Starting in 2016, JuZhi Technology began selling baby monitors through Amazon, establishing presence in major global mainstream markets, focusing on North America and Europe.

Driven by growing revenue from selling baby monitors under its own brand in the United States (particularly through Amazon) and increased sales to distributors and ODM customers, JuZhi Technology's revenue and profits both grew during the three years from 2022 to 2024.

The prospectus shows that from 2022 to 2024, JuZhi Technology achieved revenues of 190 million yuan, 348 million yuan, and 462 million yuan respectively, with profits of 34.822 million yuan, 63.366 million yuan, and 94.693 million yuan respectively.

In the first four months of 2025, JuZhi Technology achieved revenue of 150 million yuan, an increase of approximately 6.38% compared to 141 million yuan in the same period of 2024. However, net profit was 28.314 million yuan, a decline of 13.68% compared to 32.802 million yuan in the same period of 2024, showing increased revenue but decreased profit.

Specifically, JuZhi Technology's revenue primarily comes from selling baby monitors and other products, mainly including home telecommunications products, instant children's cameras, baby monitor accessories (such as chargers and replacement monitors), and components.

Baby monitor products are the main support for JuZhi Technology's performance. The prospectus shows that from 2022 to 2024, JuZhi Technology's baby monitor product revenue accounted for 91.5%, 95.4%, and 97.0% respectively. In the first four months of 2025, baby monitor product revenue remained at 97.0%.

From 2022 to 2024 and the first four months of 2025, revenue from baby monitors was 174 million yuan, 332 million yuan, 448 million yuan, and 146 million yuan respectively.

To address market fluctuations, JuZhi Technology decided to dynamically adjust prices. "We have raised product pricing, leading to decreased product sales volume," JuZhi Technology stated.

**Nearly 90% of Business Depends on Amazon**

The prospectus shows that calculated by baby monitors exported to the United States, China ranks first among all countries and regions, accounting for approximately 85.0% of total exports to the US market.

According to the Frost & Sullivan report, based on the quantity of baby monitors exported from China to the United States in 2024, JuZhi Technology ranks third among all exporters operating online and offline sales, with a 17.4% market share, and ranks first among online sales exporters with a 38.7% market share.

Regionally, JuZhi Technology's revenue mainly comes from overseas markets. The prospectus shows that during the reporting period, over 88.2% of JuZhi Technology's revenue came from overseas sales (such as the United States, Canada, Germany, France, and the United Kingdom).

In recent years, the United States has become JuZhi Technology's largest market, with revenue proportion continuously increasing while deepening dependence on the US market.

The prospectus shows that from 2022 to 2024 and the first four months of 2025, revenue from selling products to US customers accounted for approximately 56.8%, 70.9%, 75.5%, and 77.6% of total revenue respectively.

As of April 2025, JuZhi Technology's revenue from North America (United States, Canada) was 122 million yuan, accounting for 81.3% of total revenue; revenue from Europe (Germany, France, United Kingdom, and others) was 16.685 million yuan, accounting for 11.1% of total revenue.

From a sales channel perspective, JuZhi Technology's sales channels are divided into online and offline. Online sales are conducted through Amazon, Walmart, and proprietary websites, while offline sales are made to ODM customers and distributors.

JuZhi Technology primarily sells products to customers through Amazon and Walmart, with Amazon being the company's largest third-party e-commerce platform.

To promote product sales on third-party e-commerce platforms, JuZhi Technology has invested considerable resources and energy.

The prospectus shows that from 2022 to 2024 and the first four months of 2025, JuZhi Technology's marketing and advertising expenses were approximately 16.951 million yuan, 29.324 million yuan, 45.917 million yuan, and 16.765 million yuan respectively.

JuZhi Technology stated that the company places sponsored advertisements on Amazon to promote its brands and products, attracting consumer attention. Leveraging Amazon's recommendation algorithm, the company's advertising effectiveness on Amazon has been remarkable, attracting many potential consumers interested in baby monitor products.

"Compared to 2022, our marketing and advertising expenses for Amazon sponsored advertisements increased by approximately 136.8% in 2023, while related marketing and advertising expenses in 2024 further increased by approximately 75.1% compared to 2023. The advertising effect was immediate, with rapid growth in advertisement views and clicks for our products on Amazon," JuZhi Technology stated.

The prospectus shows that from 2022 to 2024 and the first four months of 2025, advertisement views for JuZhi Technology's products reached approximately 238 million, 444 million, 570 million, and 125 million times respectively; conversion rates were approximately 9.1%, 12.7%, 13.2%, and 12.8% respectively.

Benefiting from this, Amazon has become JuZhi Technology's third-party e-commerce platform with the largest revenue proportion, with annual revenue accounting for over 90%.

The prospectus shows that from 2022 to 2024 and the first four months of 2025, JuZhi Technology's sales revenue from third-party e-commerce platforms accounted for approximately 87.2%, 93.0%, 96.4%, and 87.4% of total revenue for the respective periods; among these, JuZhi Technology's total sales revenue from Amazon accounted for approximately 85.4%, 90.8%, 95.6%, and 86.6% of total revenue for the respective periods.