港股IPO丨商米科技：蚂蚁、美团、小米持股，安卓端商业物联网终端龙头即将赴港上市

臻研厂02-14

商米科技作为全球安卓端商业物联网终端龙头，产品覆盖广、海外布局成熟，同时获得蚂蚁集团、小米、美团等知名机构战略加持，生态协同效应显著，为渠道拓展与场景落地提供有力支撑。但公司也面临不容忽视的风险因素，客户流失与巴西市场纠纷拖累短期增长，回款周期拉长放大坏账与资金占用压力，叠加硬件收入占比过高，盈利水平与盈利稳定性弱于行业头部企业。从港股估值逻辑来看，硬件收入占比过高会直接压制估值弹性，软件与...

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Kong","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06810":2},"content_text":"商米科技作为全球安卓端商业物联网终端龙头，产品覆盖广、海外布局成熟，同时获得蚂蚁集团、小米、美团等知名机构战略加持，生态协同效应显著，为渠道拓展与场景落地提供有力支撑。但公司也面临不容忽视的风险因素，客户流失与巴西市场纠纷拖累短期增长，回款周期拉长放大坏账与资金占用压力，叠加硬件收入占比过高，盈利水平与盈利稳定性弱于行业头部企业。从港股估值逻辑来看，硬件收入占比过高会直接压制估值弹性，软件与服务收入占比提升是打开估值空间的关键。公司虽明确端云一体生态定位，并计划在上市后加大软件投入，但当前财务数据显示相关转型仍处于早期积累阶段，尚未形成稳定的高毛利贡献，估值修复仍需等待业务结构优化与风险缓释的明确信号。作者丨Jackie设计丨Tian公司简介公司是全球领先的商业物联网(BIoT)解决方案提供商。公司的颠覆性解决方案集成了智能硬件、软件及数据洞察，赋能众多线下商业场景实现数字化转型，提升核心商业运营流程（如支付、会员管理、订单履约、存货控制及员工管理）效率。根据灼识咨询的资料，按2024年的收入计，公司目前是全球最大的安卓端BIoT解决方案提供商，占有10%以上的市场份额。投资亮点全球领先的BIoT解决方案提供商：根据灼识咨询的资料，按2024年的收入计，公司目前是全球最大的安卓端BIoT解决方案提供商，占有10%以上的市场份额；广泛的全球覆盖与强大的本地化能力：截至2025年9月30日，公司的解决方案落地了超过200个国家和地区，覆盖包括全部G20国家在内的全球90%以上的市场；广泛的垂直场景覆盖与多元化客户基础：公司提供一整套智能设备，覆盖15大行业及超过100个细分垂直领域，涵盖餐饮、超市、运动健身、诊所及物流配送等。公司的主要商业合作伙伴包括全球领先零售及电商企业（如山姆会员商店、全家便利商店、泡泡玛特、阿里巴巴、京东及拼多多），以及领先的外卖平台（包括Glovo、Uber Eats、Keeta及Foodpanda）；知名投资机构的战略支持：蚂蚁集团、美团、小米、深创投等知名机构参投，可在供应链资源、线下场景接入及采购协同等方面提供有力支持，生态赋能优势突出。产品服务介绍公司的BIoT解决方案主要包括智能设备及BIoT PaaS平台。公司每台智能设备均由公司的专业商用操作系统（即SUNMI OS）提供支持，使商户能够高效管理及优化其交易与运营。公司的BIoT PaaS平台提供统一的软件基础设施，配备即用型开发工具，使商户及开发者能够高效开发、管理及升级用于智能设备的特定垂直场景软件应用程序。截至2025年9月30日，公司录得于商米应用市场的应用程序累计下载次数超2亿次。智能设备公司提供一整套智能设备，覆盖15大行业及超过100个细分垂直领域，涵盖餐饮、超市、运动健身、诊所及物流配送等。这一多元化产品组合由公司自研SUNMI OS驱动，专为满足商户在各种商业场景中的广泛应用需求而设计，如下图所示。资料来源：招股说明书BIoT PaaS平台公司已开发业界首个PaaS平台 — 商米大程序，一个低代码模块化的平台，使企业与开发者能高效构建、管理及升级用于其智能设备的软件应用程序。商米大程序由逾1,000个模组组成，覆盖20多个垂直领域。截至2025年9月30日，来自约10个国家及地区累计总数超过20,000家企业已采用商米大程序。客户覆盖面根据灼识咨询的资料，公司已服务全球前50大食品及饮料企业中逾70%的企业。在中国，公司已实现超过70%的餐饮百强品牌覆盖率及超过60%的百强连锁商店覆盖率。下表载列采用了公司智能BIoT解决方案的选定及公开宣布的主要客户和用户。资料来源：招股说明书截至2025年9月30日，公司的解决方案落地了超过200个国家和地区，覆盖包括全部G20国家在内的全球90%以上的市场。公司除服务企业及商户外，亦赋能软件开发者，致力打造全球最大的商业及商户应用程序开发者生态系统。以下世界地图显示截至2026年1月3日全球范围内连接至公司DMP的智能设备。创始人创始人林喆先生拥有逾30年的创业经验，于19岁开始创业，并于1996年6月创立广东川田科技有限公司，是中国首家民营POS机企业，该公司为本公司现时附属公司之一。2013年，林喆先生在上海创立商米科技（前身为上海我有信息科技），专注智能商用IoT硬件与商业物联网解决方案。历轮融资情况自成立以来，公司历经了多轮融资，融资额合计21.7亿元人民币，投资者包括蚂蚁集团（云鑫创投）、美团（汉涛咨询）、小米（金星创投）、深创投等知名机构。按2024年3月的股权换让价格计算，公司最新估值为55.8亿元。股权结构资料来源：招股说明书商米科技采用不同投票权架构，A类股份每股可投10票，B类股份每股可投1票。截至IPO前，林喆先生持有全部A类股份，持股27.38%，拥有79.04%的投票权；此外，林喆先生作为沃邮合伙、沃有合伙及宁波握友的普通合伙人，可行使其附带投票权，最终合计持股约38.84%，拥有82.35%的投票权，为控股股东。云鑫创投（蚂蚁集团），持股27.27%，拥有7.87%的投票权；汉涛咨询（美团），持股8.20%，拥有2.37%的投票权；金星创投（小米），持股7.78%，拥有2.25%的投票权；深创投，持股6.88%，拥有1.99%的投票权；善商投资，持股4.12%，拥有1.19%的投票权。行业概况全球BIoT解决方案市场稳步增长，由2020年的约人民币1,890亿元增长至2024年的约人民币2,350亿元，期间复合年增长率约为5.6%。BIoT解决方案广泛应用于零售及餐饮服务等高频商业领域。随着数字化转型在医疗健康、教育及旅游等更多行业呈现良好发展势头，预期BIoT的采用将渗透至更广泛的行业领域。此外，现有设备及系统的持续升级预期将进一步推动市场增长。到2029年，全球BIoT解决方案市场规模预期将达到人民币3,130亿元，2024年至2029年的复合年增长率预期将约为5.9%，这表明在全球各行业中存在持续需求和巨大的持续发展和应用空间。资料来源：招股说明书财务情况2022-2025年前三季度，公司营收分别为34.0亿元、30.7亿元、34.6亿元、22.4亿元。从收入构成来看，公司营收高度依赖智能设备销售，硬件收入占比高达99%，PaaS平台及定制服务等软件相关收入贡献微薄，收入结构的单一性成为营收增长的潜在制约。2023年公司营收同比下滑9.8%，主要受市场环境影响，全球POS市场于2020年至2022年经历强劲的增长，导致2023年全行业进入去库存阶段，终端用户吸收过往年度增加的出货量需要时间，新设备的采购及部署暂时减少。2024年公司营收恢复增长，同比增长12.6%；2025年营收增速放缓，同比增长2.1%。营收增速偏缓的核心原因包括三方面：一是付费客户持续流失，2022-2025年前三季度付费客户从2506家降至1965家，三年累计减少21.6%，长尾市场获客能力减弱；二是客户集中度高，2024年前五大客户贡献41.1%的收入，客户结构的稳定性直接影响营收增长；三是拉美市场受仲裁纠纷影响，商米科技与巴西核心客户B的独家分销协议争议持续时间已超一年。该客户向国际商会仲裁庭发起违约索赔，索赔金额约3.54亿美元，折合下来相当于商米科技2024年全年营收的七成。此前巴西法院出具的临时禁令，要求商米科技继续履行独家供货的相关义务，这一要求直接限制了公司在拉美市场的商业拓展空间以及自主定价权限，纠纷导致区域业务恢复受阻，制约了整体营收增长空间。该区域2024年收入占比达到23.7%，2025年前三个月收入占比下降至15.5%。此外，商米科技的应收账款周转天数呈现大幅攀升态势，从2022年的36天逐步延长至2025年前三季度的99天。回款周期的显著拉长，进一步放大了新兴市场汇率波动及信用风险所带来的坏账隐患。公司的存货周转天数也从2024年的67天增加至2025年前九个月的115天，存货金额达7.6亿元，较2024年底增长51.8%，存在存货减值风险。资料来源：招股说明书2022-2025年前三季度，公司毛利率分别为28.1%、26.7%、28.9%、32.9%，整体呈上升趋势。尽管公司整体毛利率有所提升，但与行业龙头35%-40%的水平相比仍存在差距，以硬件为主的业务结构决定其毛利率天花板相对有限。报告期内，公司经调净利率分别为6.1%、3.4%、6.4%、4.2%，与毛利率同步波动，整体处于低位，盈利水平偏弱。截至2025年9月30日，公司账上现金及现金等价物约15.1亿元，安全边际充足。但其杠杆率（贷款/权益）从2022年的17.9%飙升至2025年三季度末的70.6%，债务压力显著增加。资料来源：招股说明书可比公司基于业务模式、财务指标及行业定位，本文选取新大陆、优博讯、百富环球、移卡作为商米科技的可比公司。新大陆：国内领先的数字支付终端与商业数字化服务商，核心业务涵盖智能 POS、扫码支付终端、自助收银设备及商户 SaaS 云服务，产品覆盖全球超 120 个国家和地区。公司以智能硬件为入口，叠加商户运营、数据服务与数字化解决方案，形成 “硬件 + 软件 + 服务” 的一体化商业模式。优博讯：专注于智能数据终端、智能支付终端与 IoT 行业解决方案，主营手持 PDA、移动 POS、台式收银机、专用打印设备等硬件产品，并配套云平台与行业数字化系统，广泛应用于零售、物流、餐饮、金融等领域。公司坚持硬件研发与场景化软件结合，服务中小商户与连锁企业数字化升级。百富环球：全球领先的电子支付终端解决方案提供商，主营台式 POS、移动 POS、安卓智能终端及支付系统服务，产品销往全球 120 多个国家和地区，是国际市场份额领先的支付硬件厂商。公司以支付终端为基础，逐步拓展 SaaS 与增值服务，推进 “硬件 + 服务” 转型。移卡：基于支付的一站式商户科技服务平台，以支付服务为入口，为线下小微及连锁商户提供支付受理、智能终端、SaaS 管理、营销及数字化运营服务，覆盖餐饮、零售、休闲娱乐等高频场景。公司通过 “支付 + 终端 + SaaS” 构建商户生态，是线下商户数字化的典型服务商。注：PS=市值/2024年营业收入，PE=市值/2024年净利润资料来源：iFinD，臻研厂从营收规模看，商米科技 处于行业中游位置，显著低于行业头部的新大陆和百富环球，与移卡体量接近，尚未进入行业第一阵营。商米科技的营收增速呈现出明显的阶段性特征，在行业整体承压的背景下展现出更强的复苏弹性。2023年全球商用 IoT 终端需求疲软，多数公司营收下滑，商米同比下降 9.8%，跌幅小于优博讯和百富环球，但不及实现正增长的新大陆和移卡，这主要是由于商米海外收入占比高，受拉美市场纠纷和全球供应链扰动影响更大。2024 年商米营收同比增长 12.6%，在可比公司中表现最为亮眼，这一强劲反弹主要得益于公司在亚太、欧洲等新兴市场的渠道拓展有效弥补了拉美市场的缺口，产品结构优化带动了整体收入增长，以及核心客户采购恢复、订单稳定性增强。2025 年前三季度商米营收同比增长 2.1%，增速显著放缓，主要是由于客户流失以及巴西冲裁纠纷公司带来的业务拓展受阻。相比之下，新大陆和优博讯增速更快，主要受益于国内市场需求回暖及行业解决方案业务的拉动。商米科技的毛利率2025 年前三季度提升至32.9%，但与同行相比仍存在明显差距，核心原因在于业务结构和产品定位的差异。百富环球毛利率显著领先，主要因为其产品以高端智能 POS 和金融级支付终端为主，客户以大型银行和国际连锁企业为主，议价能力强，同时在核心芯片和支付安全技术上具备专利壁垒，有效控制了成本。新大陆毛利率高于商米，得益于其 “硬件 + 支付服务 + SaaS” 的综合模式，高毛利的支付科技和数字化服务业务占比更高，有效拉升了整体毛利率。优博讯毛利率与商米接近，均以硬件销售为主，且产品定位偏向中低端市场，因此盈利空间受限。移卡毛利率波动较大，主要因为其业务以支付服务为主，硬件收入占比低，而支付服务的费率受市场竞争影响较大。商米毛利率偏低的核心症结在于收入结构高度依赖硬件销售，缺乏高毛利的软件服务和解决方案业务支撑，同时产品定价权有限，易受供应链成本和海外关税上调的侵蚀。商米科技净利率显著低于百富环球和新大陆，主要受多重因素影响。商米为维持全球市场竞争力，持续加大研发投入和海外渠道建设，费用率高于同行，直接侵蚀了净利润；同时，巴西仲裁纠纷带来的或有负债和汇率波动损失，进一步压低了净利率。从估值水平来看，商米科技当前 PS 为1.6 倍，显著低于新大陆和优博讯，略高于移卡和百富环球，处于行业中下游水平。这一估值定位反映了市场对商米科技盈利稳定性和海外风险的谨慎态度，其偏低的净利率、高度集中的客户结构、拉美市场的不确定性以及业务结构高度依赖硬件销售，使得投资者给予了一定的风险折价；而 PE 偏高则直接反映了公司盈利能力偏弱的现状，在营收规模相近的情况下，净利润规模被大幅压缩，导致 PE 倍数被动抬升，形成“低盈利推高 PE、低估值压制 PS” 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