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SmartMore

smartmore.com ↗

Shenzhen/HK spinoff selling AI-powered machine-vision systems for factory defect detection.

Losing its protection
Assessed 26 July 2026 · Evidence as of 26 July 2026
The structural protection is eroding.
On the recordSince 26 July 2026 · Checkable from H1 2026 · Every call on the record Checkpoint: HKEX IPO pricing and audited FY2025 gross margin disclosure
The call

SmartMore has real customers and government money behind it, but its own IPO filing will show whether it runs like a software company or a systems integrator getting squeezed.

SmartMore sells software that helps factories inspect products using artificial intelligence and cameras. Copying it is getting easier because larger companies like Cognex and Keyence have already released their own AI inspection tools, and simpler no-code platforms let smaller factories build similar systems without needing SmartMore's expertise. SmartMore also withdrew a research paper from a major conference, suggesting even their newest ideas may not be staying ahead. The one thing that could change this: if their profit margins stay high when they go public in 2025, it would prove their integrated approach (combining hardware, software, and services) creates real value that competitors cannot easily replicate, but if margins shrink to typical system-integrator levels, it signals their software advantage is already eroding.

Why
01
AI pressure: No-code defect-detection platforms (Landing AI LandingLens, Roboflow, SwitchOn DeepInspect) and frontier multimodal models like GPT-5.4. No-code AI vision tools let factories build their own inspection models, squeezing the software layer SmartMore sells on top of hardware. Could AI do the core job? Only partly.
02
Bigger players: Cognex (OneVision), Keyence, Hikrobot. Cognex shipped its own AI-native OneVision platform in 2025, Keyence owns no-code inspection, and Hikrobot undercuts on price in China. Could a giant copy it? Yes, easily.
03
What protects it. An installed base of 100+ named industrial customers and on-site integration work that is costly to rip out once deployed.
What would change this call
SmartMore's audited FY2025 gross margin disclosed in HKEX IPO prospectus pricing documents. Below 45% would show it operates as a systems integrator, not a software company.
Cognex OneVision deployment counts or wins in China/Asia over the next 6 to 12 months. Rapid OneVision adoption would show incumbents taking share in SmartMore's core market.
Whether SmartMore's HKEX IPO prices at or below the ~$1.3B HKIC-era valuation. A lower IPO valuation would signal weaker investor confidence in its competitive position.
Key numbers
  • HKIC valued SmartMore near $1.3B (HK$10B) (2024-06)
  • HKEX filing projects ~$150M FY2025 revenue (2026-03)
  • 100+ named enterprise customers claimed (2026-03)
Named risks
  • IndustryGPT paper withdrawn from ICLR 2026 peer review, undercutting proprietary-model differentiation claims. Severity: high
  • Audited FY2025 gross margins could reveal systems-integrator level margins (30-50%) rather than SaaS-like margins, confirming SenseTime-style compression. Severity: high
  • Peer Chinese AI companies (SenseTime, CloudWalk, Megvii, Yitu) had weak or failed HKEX/STAR listings, raising IPO reception risk. Severity: medium
  • Exposure to US chip export controls despite founder's public downplaying of impact. Severity: medium
  • Conflicting, unverified headcount and revenue figures across sources create pre-IPO disclosure uncertainty. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
CognexcontestingCognex shipped AI-native OneVision cloud platform in June 2025, directly matching SmartMore's offering
KeyencecontestingKeyence dominates turnkey no-code AI vision cameras (VS, CV-X, XG-X series) as of 2026
Hikrobotlosing toHikrobot undercuts on cost in China, pressuring SmartMore's domestic pricing as of 2026
Landing AI / Roboflow / SwitchOn (no-code AI inspection)gaining onNo-code, few-image-training platforms commoditizing SmartMore's software layer, cited June 2026
Questions people ask
Is SmartMore profitable in 2026?
Unclear. SmartMore's HKEX IPO filing (March 2026) includes PwC-audited financials for FY2023-2025 and press reports cite a revenue trajectory near USD $150 million annually by 2025, but no profit figure has been disclosed publicly yet.
Who owns SmartMore?
SmartMore is privately held, founded December 2019 by Dr. Jia Jiaya (ex-Tencent Youtu Lab head). Investors include IDG Capital, Lenovo Capital and ZhenFund; Hong Kong Investment Corporation took a strategic stake in June 2024. It filed for a Hong Kong IPO in March 2026.
Could AI replace SmartMore's technology?
Partly. SmartMore's own defect-inspection software layer is being commoditized by no-code rivals like Cognex OneVision (launched June 2025) and Landing AI, and its flagship IndustryGPT research paper was withdrawn from ICLR 2026 peer review in November 2025, weakening its proprietary-model claims.
Who is SmartMore's biggest competitor?
Globally, Cognex and Keyence, both established machine-vision incumbents; Cognex shipped its AI-native OneVision cloud platform in June 2025. Domestically in China, Hikrobot competes aggressively on cost, pressuring SmartMore's pricing in the same deal cycles.
Is SmartMore going public?
Yes. SmartMore filed HKEX IPO documents in March 2026, with a PwC accountant's report covering fiscal years 2023 through 2025 and sponsors Morgan Stanley, CICC Hong Kong Securities and Deutsche Securities Asia named in the filing.
What is SmartMore's core product?
SMore ViMo, an industrial vision cloud platform the company says includes 100+ built-in algorithms and 1,000+ documented use cases for defect detection, AI-OCR and quality inspection, alongside newer generative products IndustryGPT and SMore LrMo launched in 2023-2024.
Timeline
  • 2026-03-18Press reports cite HKEX filing showing revenue trajectory near USD $150M annually by 2025
  • 2026-03SmartMore files HKEX IPO documents naming Morgan Stanley, CICC, Deutsche Securities as sponsors
  • 2025-11-11IndustryGPT research paper withdrawn from ICLR 2026 peer review
  • 2025-06Cognex launches AI-native OneVision cloud machine-vision platform
  • 2024-06Hong Kong Investment Corporation makes strategic investment; valuation ~HK$10bn (~$1.3B)
  • 2021-06Series B round raises ~$200M, pushing valuation above $1 billion
  • 2020-10Series A round raises over $100M
  • 2020-07Pre-Series A round closes with Lenovo Capital, ZhenFund, IDG Capital
  • 2020-01Angel round led by IDG Capital
  • 2019-12SmartMore founded by Dr. Jia Jiaya, ex-Tencent Youtu Lab head and CUHK professor
Revision history
26 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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