Lumi Lianchuang, a Shenzhen company founded in 2009, has quietly become a leading player in the global space intelligent infrastructure field.
A few days ago, it officially submitted a prospectus to the Hong Kong Stock Exchange, intending to further attract the attention of the capital market.
The close relationship between Lumi Lianchuang and Xiaomi has attracted much attention.
Xiaomi is not only its largest customer, but also an important shareholder. In the past three years, more than 30% of Lumi’s revenue has come directly from the ODM foundry business of Xiaomi’s ecological chain.
At the same time, Lumi’s presence in the European and North American markets is increasingly deepening. In 2025, overseas revenue will account for more than two-thirds of the total revenue, becoming a new engine for the company’s revenue.
The smart home industry is transforming from single-point device interconnection to overall space intelligence.
For many families, smart home used to mean using mobile phones to control lights or air conditioners, but now it has been upgraded to realize automatic perception and self-decision-making throughout the house through sensors, controllers and central systems.
For example, the “spatial intelligence” solution built by Lumi uses AI sensors to monitor room status, and then makes decisions through the local central gateway. Finally, the instructions are executed by controllers such as smart switches and door locks.
This architecture makes the home environment more like a thinking assistant rather than a passive device.
Market data also proves this trend: the SmartThings platform in the United States and Bosch Smart Home in Germany are actively launching similar spatial smart scenarios to promote the rapid evolution of the industry.
At the product level, Lumi has established three major hardware systems including sensors, hubs, and controllers through the Aqara brand, and has opened up mainstream ecosystems such as Apple, Google, Xiaomi, and Samsung with its self-developed operating system.
At CES 2026, the smart door lock U400 released by Lumi became the focus of the industry with its support for Apple Home Key and UWB hands-free unlocking functions.
In contrast, there are some manufacturers that only focus on single-product interconnection. For example, in the past two years, Oomi Home in the United States only sold a single smart socket and was gradually marginalized in the market competition. The lack of system-level advantages made it difficult for it to sustain growth.
Although Lumi’s revenue has stabilized at around 1.5 billion yuan and its gross profit margin has increased from 29.7% to 38.4%, its net profit has been negative for three consecutive years, mainly affected by fluctuations in the fair value of preferred shares.
R&D investment continues to increase, with the proportion of R&D expenditure reaching 15.9% in 2025, and technical barriers continue to thicken.
The company has obtained a total of 1,262 authorized patents, and its core R&D team accounts for about half of its total employees.
Xiaomi’s weight in Lumi’s revenue structure has always remained high. From 2023 to 2025, the revenue from Xiaomi has always exceeded 32%.
Although this pattern of high reliance on a single customer brings stable orders, it also creates hidden risks.
A similar situation has occurred with SwitchBot in Japan. SwitchBot once relied on Amazon channels. Later, due to Amazon’s policy adjustments, its revenue fluctuated sharply, reminding similar companies in the industry to diversify their customer structure early.
Lumi’s equity distribution is quite interesting.
Founder You Yanjun and his family firmly control the voting rights, and industrial capitals such as Xiaomi, Midea, and China Telecom all hold shares.
The management team has backgrounds in Xiaomi, Kuaishou, Samsung, and investment banks, covering multiple lines of R&D, sales, and capital operations, providing guarantees for the company’s internationalization and technological upgrading.
In 2025, Lumi’s number of activated devices worldwide will reach 56 million, and Aqara App users will connect to an average of 20 devices, showing its platform stickiness and user depth.
In the next few years, the smart home market may become more intense.
Globally, open standards such as Matter promote ecological integration, European market demand is growing rapidly, and system capabilities and protocol compatibility have become the key to success.
If Lumi can continue to expand the proportion of its own brands and deepen its R&D moat, it is expected to seize a larger share of the global space intelligence track.
However, if we rely too much on a single major customer or lag behind in adapting to international standards and localizing services, we may repeat the mistakes of other OEMs that have fallen into trouble due to market changes.
