小米喂单，养大了一个“鹿客”_老虎社区_美港股上老虎

小米喂单，养大了一个“鹿客”

斑马消费02-18

小米出钱、喂订单，终于养大了做智能锁的鹿客科技。日前，该公司向港交所递表，正式向资本市场发起冲击，意欲成为“AI智能锁第一股”。虽然，鹿客科技的年营收已稳定在10亿元规模，在静脉智能锁细分市场也已做到了全球第一，但其业务结构相对单一、对小米重度依赖、自有品牌不强等诸多问题，仍值得公司管理层和投资者充分重视。十年成就智能锁老三2014年，云丁网络创立，在创始人陈彬的带领下，闯入中国方兴未艾的智能锁...

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拓拔野
·02-18
小米喂养出来了不少上市公司
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09:50","market":"hk","language":"zh","title":"小米喂单，养大了一个“鹿客”","url":"https://stock-news.laohu8.com/highlight/detail?id=2612492510","media":"斑马消费","summary":"小米出钱、喂订单，终于养大了做智能锁的鹿客科技。通过软件技术优势，拿下了一家长租公寓头部企业的订单，在中国智能锁行业初步站稳了脚跟。2017年，公司推出“鹿客”品牌，1699元的价格，以性价比的打法，快速打开C端市场。小米旗下天津金米，虽然只持有鹿客科技1.75%股权，但小米对公司的发展至关重要。期间，公司自有品牌业务收入占比逐年降低。来自小米ODM业务的增长，推动了鹿客科技的业绩提升。","content":"<html><body><article><p><a href=\"https://laohu8.com/S/XIACY\">小米</a>出钱、喂订单，终于养大了做智能锁的鹿客科技。</p><p>日前，该公司向<a href=\"https://laohu8.com/S/00388\">港交所</a>递表，正式向资本市场发起冲击，意欲成为“AI智能锁第一股”。</p><p>虽然，鹿客科技的年营收已稳定在10亿元规模，在静脉智能锁细分市场也已做到了全球第一，但其业务结构相对单一、对<a href=\"https://laohu8.com/S/01810\">小米</a>重度依赖、自有品牌不强等诸多问题，仍值得公司管理层和投资者充分重视。</p><p><strong>十年成就智能锁老三</strong></p><p>2014年，云丁网络创立，在创始人陈彬的带领下，闯入中国方兴未艾的智能锁赛道。</p><p>当时，<a href=\"https://laohu8.com/S/00464\">中国智能</a>门锁行业尚处于技术探索与市场培育的初期阶段，产品形态主要为电子密码锁、酒店刷卡锁等初级智能化产品为主，仅有极少数高端产品搭载指纹识别功能。</p><p>受技术成本高、消费者认知不足等多种因素影响，彼时的智能锁产品主要应用于酒店、办公场所等B端商用场景，C端家用场景渗透率极低。</p><p>陈彬于2007年7月，获得清华大学电子工程硕士学位，毕业后曾在<a href=\"https://laohu8.com/S/SONY\">索尼</a>、<a href=\"https://laohu8.com/S/BIDU\">百度</a>担任技术工作。从大厂辞职创业，加入智能硬件赛道，究竟是做2B还是2C的产品，合伙人之间也曾有过争论。</p><p>基于团队的技术背景，早期的云丁，最终选择了2B。通过软件<span>技术优势</span>，拿下了一家长租公寓头部企业的订单，在中国智能锁行业初步站稳了脚跟。</p><p>如今，自有品牌商业解决方案，仍是公司的重要业务板块之一。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260218095021135d163a473vho4a9b\"/><p>2017年，公司推出“鹿客”品牌，1699元的价格，以性价比的打法，快速打开C端市场。当年，仅一款产品就卖出了30万套，成为行业出货量最大的单品。借此，鹿客仅用1年时间，就实现了C端市场的10倍增长。公司顺势从云丁网络更名为鹿客科技。</p><p>随着中国智能锁市场的不断扩容，大量业内外玩家涌入其中，“千锁大战”一触即发。期间，鹿客因为没有及时抓住<a href=\"https://laohu8.com/S/PDD\">拼多多</a>、直播电商等新渠道的机会，早期建立起来的C端优势，一度被传统厂商超越。后来，果断向高端转型，终于重新夺回了市场份额。</p><p>招股书披露，公司是全球首家率先实现静脉智能锁规模化量产的企业。于2024年，公司静脉智能锁出货量全球第一，市场份额约10.5%；智能锁整体出货量全球第四，市场份额约为2.6%。2024年，公司在中国内地的智能锁出货量为120万套，排名第三，市场份额为5.8%。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260218095039078d163i02bp56baxf\"/><p><strong><a href=\"https://laohu8.com/S/81810\">小米</a>撑起半边天</strong></p><p>鹿客创业早期，虽然中国的创投市场火热，但很多市场化的投资机构，对智能锁赛道的投资热情并不高。</p><p>此前，陈彬在接受媒体采访时透露，他作为CEO，除了做产品，另一个最重要的工作就是融资。2014年-2018年，他大约见了300个投资机构，几乎把当时市面上能见的投资机构都见过了。</p><p>2014年7月，公司拿下<a href=\"https://laohu8.com/S/300648\">星云</a>创盟和杭州险峰的首轮融资，分别为160万元和107万元，投后估值约1300万元。</p><p>其后，公司密集融资，<a href=\"https://laohu8.com/S/00992\">联想</a>、美的、小米、<a href=\"https://laohu8.com/S/09888\">百度</a>等相继投资。据招股书显示，鹿客创立以来，融资几乎没有停止过，期间，累计从一级市场拿到资金近10亿元。</p><p>2025年11月，<a href=\"https://laohu8.com/S/000931\">中关村</a>科学城科技成长三期基金，投入2亿元拿下鹿客科技5.71%股权，公司投后估值约35亿元。</p><p>目前，创始人陈彬直接持有鹿客科技15.33%股权，为单一第一大股东，并通过多家机构，合计控制公司约30.35%股权；百度参与了公司多轮融资，持有18.43%股权，为第二大股东；顺为持股7.25%，为第三大外部机构股东。</p><p>小米旗下天津金米，虽然只持有鹿客科技1.75%股权，但小米对公司的发展至关重要。</p><p>鹿客科技的收入，主要靠销售鹿客品牌智能锁及AI智能管家；为品牌公司提供ODM服务；提供云丁品牌商业解决方案。</p><p>2023年-2024年，公司超过一半的收入，来自ODM代工，2025年前9个月，ODM项目收入更是高达61.6%。期间，公司自有品牌业务收入占比逐年降低。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260218095040771d163yzfncyrbp1g\"/><p>2019年，小米推出自有品牌智能锁，就是由鹿客代工。</p><p>2023年-2024年及2025年前9个月，小米均为鹿客科技绝对的第一大客户，分别贡献了公司各期收入的48.6%、51.7%和60.6%。</p><p>来自小米ODM业务的增长，推动了鹿客科技的业绩提升。报告期内，公司收入分别为10.15亿元、10.86亿元和7.74亿元；<span>净利润</span>分别为1402.6万元、5311.3万元和3198.1万元。</p><p>虽然，鹿客科技的业绩看似稳步增长，但从招股书反映出的财务数据来看，这一增长并不算太健康。</p><p>报告期内，公司经营性现金流持续下降，分别为8948.5万元、124.7万元和-3830.7万元；应收账款规模持续攀升、周转效率迅速降低，周转天数分别为70天、83天及101天；公司逾期应收贸易款规模持续攀升，分别为1209.1万元、2501.2万元和4850.4万元。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260218095053847d163amlokgpl2oh\"/><p>当下，中国的“千锁大战”远没有到停战的时候，智能锁行业参与者众多、市场分散的情况突出。未来，随着行业竞争的进一步加剧，洗牌在所难免。</p><p>鹿客科技如果不能扩大自有品牌在C端市场的规模和影响力，即便能长期拿下小米的ODM订单，资本市场对其的估值逻辑，也只能是代工商。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米喂单，养大了一个“鹿客”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米喂单，养大了一个“鹿客”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-18 09:50 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260218095058a705c75e&s=b><strong>斑马消费</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>小米出钱、喂订单，终于养大了做智能锁的鹿客科技。日前，该公司向港交所递表，正式向资本市场发起冲击，意欲成为“AI智能锁第一股”。虽然，鹿客科技的年营收已稳定在10亿元规模，在静脉智能锁细分市场也已做到了全球第一，但其业务结构相对单一、对小米重度依赖、自有品牌不强等诸多问题，仍值得公司管理层和投资者充分重视。十年成就智能锁老三2014年，云丁网络创立，在创始人陈彬的带领下，闯入中国方兴未艾的智能锁...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260218095058a705c75e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) 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A-SGD"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260218095058a705c75e&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2612492510","content_text":"小米出钱、喂订单，终于养大了做智能锁的鹿客科技。日前，该公司向港交所递表，正式向资本市场发起冲击，意欲成为“AI智能锁第一股”。虽然，鹿客科技的年营收已稳定在10亿元规模，在静脉智能锁细分市场也已做到了全球第一，但其业务结构相对单一、对小米重度依赖、自有品牌不强等诸多问题，仍值得公司管理层和投资者充分重视。十年成就智能锁老三2014年，云丁网络创立，在创始人陈彬的带领下，闯入中国方兴未艾的智能锁赛道。当时，中国智能门锁行业尚处于技术探索与市场培育的初期阶段，产品形态主要为电子密码锁、酒店刷卡锁等初级智能化产品为主，仅有极少数高端产品搭载指纹识别功能。受技术成本高、消费者认知不足等多种因素影响，彼时的智能锁产品主要应用于酒店、办公场所等B端商用场景，C端家用场景渗透率极低。陈彬于2007年7月，获得清华大学电子工程硕士学位，毕业后曾在索尼、百度担任技术工作。从大厂辞职创业，加入智能硬件赛道，究竟是做2B还是2C的产品，合伙人之间也曾有过争论。基于团队的技术背景，早期的云丁，最终选择了2B。通过软件技术优势，拿下了一家长租公寓头部企业的订单，在中国智能锁行业初步站稳了脚跟。如今，自有品牌商业解决方案，仍是公司的重要业务板块之一。2017年，公司推出“鹿客”品牌，1699元的价格，以性价比的打法，快速打开C端市场。当年，仅一款产品就卖出了30万套，成为行业出货量最大的单品。借此，鹿客仅用1年时间，就实现了C端市场的10倍增长。公司顺势从云丁网络更名为鹿客科技。随着中国智能锁市场的不断扩容，大量业内外玩家涌入其中，“千锁大战”一触即发。期间，鹿客因为没有及时抓住拼多多、直播电商等新渠道的机会，早期建立起来的C端优势，一度被传统厂商超越。后来，果断向高端转型，终于重新夺回了市场份额。招股书披露，公司是全球首家率先实现静脉智能锁规模化量产的企业。于2024年，公司静脉智能锁出货量全球第一，市场份额约10.5%；智能锁整体出货量全球第四，市场份额约为2.6%。2024年，公司在中国内地的智能锁出货量为120万套，排名第三，市场份额为5.8%。小米撑起半边天鹿客创业早期，虽然中国的创投市场火热，但很多市场化的投资机构，对智能锁赛道的投资热情并不高。此前，陈彬在接受媒体采访时透露，他作为CEO，除了做产品，另一个最重要的工作就是融资。2014年-2018年，他大约见了300个投资机构，几乎把当时市面上能见的投资机构都见过了。2014年7月，公司拿下星云创盟和杭州险峰的首轮融资，分别为160万元和107万元，投后估值约1300万元。其后，公司密集融资，联想、美的、小米、百度等相继投资。据招股书显示，鹿客创立以来，融资几乎没有停止过，期间，累计从一级市场拿到资金近10亿元。2025年11月，中关村科学城科技成长三期基金，投入2亿元拿下鹿客科技5.71%股权，公司投后估值约35亿元。目前，创始人陈彬直接持有鹿客科技15.33%股权，为单一第一大股东，并通过多家机构，合计控制公司约30.35%股权；百度参与了公司多轮融资，持有18.43%股权，为第二大股东；顺为持股7.25%，为第三大外部机构股东。小米旗下天津金米，虽然只持有鹿客科技1.75%股权，但小米对公司的发展至关重要。鹿客科技的收入，主要靠销售鹿客品牌智能锁及AI智能管家；为品牌公司提供ODM服务；提供云丁品牌商业解决方案。2023年-2024年，公司超过一半的收入，来自ODM代工，2025年前9个月，ODM项目收入更是高达61.6%。期间，公司自有品牌业务收入占比逐年降低。2019年，小米推出自有品牌智能锁，就是由鹿客代工。2023年-2024年及2025年前9个月，小米均为鹿客科技绝对的第一大客户，分别贡献了公司各期收入的48.6%、51.7%和60.6%。来自小米ODM业务的增长，推动了鹿客科技的业绩提升。报告期内，公司收入分别为10.15亿元、10.86亿元和7.74亿元；净利润分别为1402.6万元、5311.3万元和3198.1万元。虽然，鹿客科技的业绩看似稳步增长，但从招股书反映出的财务数据来看，这一增长并不算太健康。报告期内，公司经营性现金流持续下降，分别为8948.5万元、124.7万元和-3830.7万元；应收账款规模持续攀升、周转效率迅速降低，周转天数分别为70天、83天及101天；公司逾期应收贸易款规模持续攀升，分别为1209.1万元、2501.2万元和4850.4万元。当下，中国的“千锁大战”远没有到停战的时候，智能锁行业参与者众多、市场分散的情况突出。未来，随着行业竞争的进一步加剧，洗牌在所难免。鹿客科技如果不能扩大自有品牌在C端市场的规模和影响力，即便能长期拿下小米的ODM订单，资本市场对其的估值逻辑，也只能是代工商。","news_type":1,"symbols_score_info":{"81810":0.6,"MIUmain":0.6,"HXXD.SI":0.6,"01810":1.86,"XIACY":1.86}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}