Aqara, a subsidiary of Lumi United Innovation, plans to go public in Hong Kong!

According to disclosure by the HKEX on March 29, Aqara International Ltd (Lumi United Innovation) officially submitted its prospectus to the HKEX, aiming to become the 'first global AI-driven spatial intelligence infrastructure company'.

Aqara was founded in 2009. As a key player in the Xiaomi ecosystem and a national-level specialized, refined, distinctive, and innovative (SRDI) "Little Giant" enterprise, it is a pioneer in building the operating system for Spatial Intelligence as the foundation of spatial intelligence, currently constructing spatial intelligence infrastructure as a continuous innovation platform.

绿米所说的“空间智能”，是将物理环境转变为由人工智能（AI）驱动的可计算、适应性强且持续演进的系统。与将智能家居及智能建筑视为连接设备集合的传统观点不同，公司将空间建模并运营为语义系统，在该系统中，空间、人员、设备及行为，均通过一致的计算框架加以表示、理解及执行。这一转变 —— 从控制设备转向运营空间 —— 定义了行业的下一代发展方向。

绿米的主要业务包括Aqara品牌空间智能产品及解决方案（自有品牌），以及ODM产品。2023年至2025年，绿米的总收入分别为14.39亿元、14.89亿元和14.72亿元。其中，Aqara品牌空间智能产品及解决方案的收入从8.99亿元增至9.47亿元，占总收入的比例从62.6%升至64.3%。

Its space intelligence products and Solution form an integrated system covering devices, edge, and cloud. At the device side, smart sensors and controllers provide perception and actuation capabilities. At the edge side, the hub coordinates local intelligence and ensures reliability and low latency. At the system layer, Aqara Studio coordinates cross-device collaboration, semantic modeling , and AI-driven decision-making. At the experience layer, applications and interfaces provide intuitive access to space intelligence through natural interaction.

Specifically, the company offers three categories of Aqara brand space intelligence products and Solutions, including:

• Sensors, including AI-enabled high-precision scenario sensors, smart cameras, door and window sensors , vibration sensors, motion sensors, temperature and humidity sensors, air quality monitoring panels, and smoke detectors;

• Hub, including smart gateway and smart screen;

• Controller, including smart switches and sockets, lighting control modules and luminaires, door locks, curtain motors, and thermostats.

As of December 31, 2025, Aqara's product matrix covers over 50 categories and more than 2,200 SKUs, with over 56 million devices activated globally and an average of 20.02 connected devices per Aqara App user.

▲Aqara product categories (Source: Aqara official website)

Integration with the Apple smart home ecosystem is a key differentiating advantage for Aqara's overseas markets. By the end of 2025, over 340 models across 15 product categories from Aqara are connected to Apple Home, natively supporting HomeKit Secure Video, adaptive lighting, adaptive temperature control, and Home Key, among other Apple-exclusive features. Products covering more than 30 models are available in Apple retail stores across 18 countries and regions. Additionally, Aqara has deeply integrated into smart home ecosystems such as Google, Xiaomi, and Samsung.

▲The newly launched Aqara Green Light All-in-One Ceiling Lamp

Regarding ODM business, the company develops and produces customized products for third-party enterprises such as Xiaomi.

Xiaomi is Aqara's largest customer. From 2023 to 2025, revenue from Xiaomi accounted for 471.6 million yuan, 501.5 million yuan, and 477.0 million yuan respectively, representing 32.8%, 33.7%, and 32.4% of total annual revenue; this proportion has remained almost unchanged over the three years.

From the perspective of regional revenue, Aqara's overseas business is the main source of revenue growth, with an established international, commercialized, and scaled sales layout. The share of overseas revenue from Aqara brand products and solutions increased from 42.2% of total revenue in 2023 to 66.5% in 2025.

Regarding R&D investment, the company's investments over three years were 173 million yuan, 183 million yuan, and 234 million yuan respectively, accounting for 12.0%, 12.3%, and 15.9% of revenue.

The prospectus shows that the company's post-Series D valuation in September 2021 was $850 million (approximately 5.884 billion yuan).

As the first AI-driven smart space infrastructure IPO, Lumi's listing is significant and will attract more capital into the smart home sector.