Smart home security solution provider Imilab applies for listing in Shenzhen

Smart home security solutions provider Imilab has filed a prospectus on the Shenzhen Stock Exchange on Tuesday, in which the company plans to raise 644 million yuan ($96.16 million) to invest in a new generation of smart home industrialization projects, the development of its own cloud platform and the construction of an R&D center.

Established in 2014, Imilab now has a product pipeline that spans smart cameras, watches, doorbells, doors, peepholes and sweeping robots.

Xiaomi and Fortune Capital are also among the shareholders of the company, holding 8.52% and 4.25% of the shares respectively. In 2016, with the first AI device “Xiaobai Smart Camera” designed for XiaomiImilab’s annual sales exceeded 110 million yuan.

Prior to Imilab’s founding in 2014, founder Li Jianxin worked at several Fortune 500 companies, serving as chief product officer of Longqi Technology and senior manager of Acer’s mobile phone business group. He has also supported Internet, IT and communication brands such as Ali Baba, Baidu and Lenovo.

According to the company’s prospectus, from 2019 to 2021, Imilab’s operating profit was 875 million yuan, 1.12 billion yuan and 1.53 billion yuan respectively, with a CAGR of 32.35%. . Among them, smart cameras account for nearly 80%.

From 2020 to 2021, Imilab’s smart home camera market share increased year on year, with shipments totaling 8.04 million units and 10.28 million units respectively, with market shares reaching 19.90% and 22.11%.

From 2019 to 2021, the company’s operating profit for smart cameras was 761 million yuan, 1 billion yuan and 1.29 billion yuan respectively, accounting for 86.96%, 89.17% and 83. 88% of company totals, showing a downward trend, indicating that the company is gradually moving away from reliance on a single product.

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In 2020, Imilab launched smart doors, doorbells, peepholes and other smart products to expand product categories and further expand market coverage. From the perspective of overall strategic planning, the company takes home security as its core and has built three service environments and systems: physical security, environmental security, and system security.

As of December 31, 2020, Imilab has accumulated over 12 million users and shipped over 40 million units of smart hardware. Meanwhile, its products have entered 150 countries and regions around the world.

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