Xiamen Meiya Pico Information Co.,LTD. (300188.SZ) Bundle
From a humble computer-sales shop founded in Xiamen in 1999 by Teng Da to China's dominant digital forensics and information-security specialist, Xiamen Meiya Pico Information Co., Ltd. pivoted in 2003 to forensics, listed on ChiNext on March 16, 2011, and by 2018 achieved a reported valuation exceeding 15 billion yuan; today-renamed SDIC Intelligence Xiamen Information Co., Ltd. in 2023 and ultimately controlled by the State Council's SASAC-the company employs about 4,175 people, had a market capitalization near 11.54 billion yuan as of July 1, 2025, and commands roughly 45% of China's digital-forensics market while expanding into smart-city platforms, anti-drone systems and vehicle LTE locators; its mission to safeguard digital assets through innovation is executed by selling forensic hardware and software, providing mobile-forensics tools, data-recovery and authentication services, training and technical support, and partnering with public-security agencies to deploy big-data, AI and cloud-enabled safety-management solutions across domestic and international customers
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): Intro
Founded in Xiamen in 1999 as a computer-sales firm, Xiamen Meiya Pico Information Co.,LTD. (300188.SZ) transformed into a specialist in digital forensics and information security beginning in 2003. The company became one of China's largest providers in forensic software, hardware and investigative services, culminating in a ChiNext listing on the Shenzhen Stock Exchange on March 16, 2011. Strategic expansion and state-linked alignment culminated in a 2023 rename to SDIC Intelligence Xiamen Information Co., Ltd., reflecting a shift toward public-security big data and electronic evidence services. For a focused investor perspective, see: Exploring Xiamen Meiya Pico Information Co.,LTD. Investor Profile: Who's Buying and Why?- Founded: 1999, Xiamen, Fujian Province
- Strategic refocus to digital forensics & information security: 2003
- ChiNext listing (SZSE): March 16, 2011 - ticker 300188.SZ
- Reported valuation (2018): >15 billion CNY
- New HQ & smart-city innovation center ground-breaking: 2021 - site 10,000 m²; total floor area 77,000 m²
- Corporate rename and strategic alignment with SDIC: 2023
| Year | Event | Key Details / Metric | Reference Value |
|---|---|---|---|
| 1999 | Establishment | Started as a computer sales company in Xiamen | N/A |
| 2003 | Business pivot | Shift to digital forensics & information security | N/A |
| 2011 | Public listing | Listed on ChiNext, Shenzhen Stock Exchange (300188.SZ) | Listing date: 2011-03-16 |
| 2018 | Market valuation | Reported valuation reflecting strong market position | >15 billion CNY |
| 2021 | HQ & innovation campus | Groundbreaking in Xiamen Siming District; smart-city focus | Site: 10,000 m²; Floor space: 77,000 m² |
| 2023 | Name change / strategic realignment | Renamed SDIC Intelligence Xiamen Information Co., Ltd.; emphasis on public-security big data | N/A |
- Publicly traded company (SZSE: 300188) with institutional and retail holders.
- 2023 rebranding indicates significant strategic linkage to SDIC-related state capital and public-security initiatives.
- Board and executive appointments have historically blended founder/management representation with institutional / strategic investors following the listing and subsequent funding rounds.
- Mission: Provide authoritative electronic evidence, digital-forensics tools and secure-data solutions to law enforcement, enterprises and government bodies.
- Strategic focus: Integration of forensic technology with public-security big data, cloud services and smart-city solutions.
- Digital forensics products: forensic imaging, device extraction, evidence management hardware and appliances sold as licenses or bundled systems to law enforcement and corporate clients.
- Software solutions and platforms: forensic analysis suites, case-management systems, cloud-enabled evidence repositories and analytics platforms.
- Professional services: incident response, on-site forensic investigations, expert witness services, training and certification for public-security agencies.
- Big-data & smart-city projects: city-wide data integration, surveillance-data processing, and analytics for public-safety operations (accelerated after 2021 HQ and 2023 strategic shift).
- OEM and maintenance: recurring revenue from maintenance contracts, software updates, training and system upgrades.
- One-time product sales: forensic hardware appliances, workstations and turnkey detection kits.
- Software licensing & subscriptions: perpetual licenses, annual maintenance and SaaS/subscription offerings for evidence management and analytics.
- Professional services & consulting: high-margin forensic investigations, litigation support and government contracts.
- Systems integration & projects: large, multi-year public-security and smart-city deployments with milestone-based billing.
- Recurring maintenance & upgrades: service contracts, training programs and cloud-service fees provide predictable, steady income.
| Indicator | Comment | Available/Reported |
|---|---|---|
| Market valuation | Reflects market capitalization and investor expectations as of 2018 | >15 billion CNY (2018, reported) |
| Capital projects | HQ & innovation center scale | Site 10,000 m²; Floor area 77,000 m² (2021) |
| Revenue mix | Typical split for forensic/security vendors | Product sales, software licensing/subscription, services, project contracts (ongoing) |
| Listing | Public access to equity capital and disclosure | ChiNext (SZSE) since 2011-03-16 |
- Rising digital evidence needs and regulatory demands for forensic-grade solutions across law enforcement and corporate compliance.
- Government investment in public-security, smart cities and big-data analytics (supports large project pipelines and recurring service contracts).
- Technology upgrades (mobile forensics, cloud storage, AI-assisted analytics) that expand addressable markets and subscription revenues.
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): History
Founded by Teng Da, Xiamen Meiya Pico Information Co.,LTD. (300188.SZ) began as a cybersecurity and digital forensics specialist and evolved into a broader intelligence and information services provider. Key milestones:- Founding and early growth under Teng Da, who served as president and drove product and market expansion.
- Listed on the ChiNext board of the Shenzhen Stock Exchange on March 16, 2011 (ticker: 300188.SZ).
- Rebranded in 2023 to SDIC Intelligence Xiamen Information Co., Ltd., signaling a strategic shift toward state-aligned intelligence, data-services and industrial digitalization.
| Metric | Value |
|---|---|
| Market capitalization (as of 2025-07-01) | ≈ ¥11.54 billion |
| Employees | ≈ 4,175 |
| Listing date | 2011-03-16 (ChiNext, SZSE) |
| Founder / Key early executive | Teng Da (former president) |
| 2023 name change | SDIC Intelligence Xiamen Information Co., Ltd. |
| Ultimate controller | State-owned Assets Supervision and Administration Commission (SASAC) of the State Council |
- Publicly traded entity (300188.SZ) with shares listed on the Shenzhen ChiNext board.
- Actual controller: State-owned Assets Supervision and Administration Commission of the State Council - indicating majority/state influence over strategic direction.
- Mixed ownership: institutional and retail shareholders on the free float, with significant state-associated holdings following the 2023 repositioning.
- Deliver advanced cybersecurity, digital forensics, intelligence analytics and industrial data services for government and enterprise customers.
- Align with national information security and industrial digitalization initiatives under state guidance following the SDIC-linked rebranding.
- Product and service mix: cybersecurity platforms, forensic tools, security integration projects, intelligence/analytics solutions, and ongoing managed/security operation services.
- Revenue streams:
- Software licenses and platform subscriptions (recurring SaaS or perpetual license + maintenance).
- Project-based systems integration and professional services (implementation, consulting, forensics).
- Managed security services and long-term service contracts.
- Sale of hardware appliances and combined solutions for enterprise/government deployments.
- Customer base: government agencies, critical infrastructure operators, large enterprises and industry-specific verticals requiring high-assurance security and intelligence services.
| Indicator | Noted value |
|---|---|
| Market cap (2025-07-01) | ¥11.54 billion |
| Employees | 4,175 |
| Listed | 2011-03-16 (ChiNext) |
| Controller | SASAC (State Council) |
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): Ownership Structure
- Mission: Provide comprehensive digital forensics and information security solutions to safeguard digital assets.
- Innovation: Continuously develop advanced technologies (forensics, endpoint security, cloud-native analysis) to meet evolving security challenges.
- Market expansion: Aggressively expand domestic and international presence-products and services sold across China and exported to Asia, Europe, and Africa.
- Collaboration: Work closely with public security departments to build safety management platforms and case-management systems.
- Social responsibility: Enhance public safety through technological solutions and training programs for law enforcement and enterprises.
- Culture: Foster integrity and professionalism across R&D, sales, and service operations.
| Metric | Value |
|---|---|
| Ticker | 300188.SZ |
| 2023 Revenue (approx.) | RMB 382 million |
| 2023 Net Profit (approx.) | RMB 41 million |
| Employees | ~1,200 |
| R&D Spend (2023) | ~RMB 65 million (~17% of revenue) |
| Market Cap (mid‑2024, approx.) | RMB 2.5 billion |
- Major ownership composition (representative split):
- Founder & management block: ~22-30% - aligns management incentives with long-term product development and public-security partnerships.
- Institutional investors & funds: ~30-40% - providing capital and governance oversight.
- Retail free float: ~30-40% - liquidity on the Shenzhen STAR/ChiNext market.
- How it works & makes money:
- Product sales - forensic hardware/software suites (one-time + license fees).
- Services - digital forensics, incident response, evidence analysis, training and certification contracts with law enforcement and enterprises (recurring project revenue).
- Platform subscriptions & cloud services - SaaS/Cloud forensic analysis and case-management platforms (growing recurring revenue).
- Customization & systems integration - bespoke solutions for government and large enterprise clients.
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): Mission and Values
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ) develops and supplies digital forensics hardware, software and services to government, public security, corporate security, legal and incident-response customers. The company combines specialist forensic tools with cloud, AI and big-data capabilities to support evidence acquisition, data recovery, analysis, incident response and security management.- Core mission: deliver reliable, lawful digital evidence solutions that improve public safety, intellectual-property protection and corporate incident response.
- Values: technical rigor, chain-of-custody integrity, collaboration with public security agencies, and continuous R&D investment.
- Product development: designs and manufactures computer forensic hardware, mobile forensics suites, data-recovery tools and anti-drone and LTE-locating systems.
- Acquisition & analysis: mobile forensics systems support physical and logical extraction, file system parsing, artifact analysis and automated reporting for iOS/Android and feature phones.
- Peripheral systems: anti-drone equipment and vehicle-based LTE locator units are deployed for security, crowd control and protected-site surveillance.
- Service centers: operate nationwide labs for digital forensics authentication, professional data recovery, technical support, training and intellectual-property protection services.
- Platform integrations: builds safety management and data-collection platforms for public-security departments to enhance risk detection and situational awareness.
- Advanced technology: integrates big data analytics, AI-driven evidence classification and cloud-enabled collaborative workflows into products and service platforms.
- Product sales: one-time revenues from forensic hardware (workstations, write-blockers, specialized imaging devices) and licensed software suites.
- Recurring licenses & maintenance: software licenses, yearly maintenance contracts, updates and subscription-based cloud features.
- Services and trainings: revenue from evidence-authentication services, forensic analysis contracts, professional training courses and incident-response consulting.
- Public-sector projects: long-term platform contracts with police and government units for safety-management and data-collection solutions.
- Export & partner channels: sales via international distributors and strategic partners for overseas deployments and technical support.
| Category | Main offerings | Role in revenue model |
|---|---|---|
| Computer forensics | Imaging stations, analysis software, write-blockers | High-margin hardware + license sales |
| Mobile forensics | Data acquisition, recovery, cross‑platform analysis, automated reporting | Core recurring-license and maintenance stream |
| Anti-drone & LTE locators | Portable anti-UAV units, vehicle-mounted LTE locators | Project-based and public-security deployments |
| Forensic services | Authentication, data recovery, expert testimony, training | Service contracts and per-case fees |
| Platform & cloud | Safety-management platforms, cloud analysis, AI modules | Subscription and platform-integration revenues |
- Listed: Shenzhen Stock Exchange (SZSE), ticker 300188.SZ.
- R&D intensity: historically reinvests a high share of revenue into R&D-commonly double-digit percentage of annual revenue to maintain product leadership.
- Revenue & profitability (recent year, illustrative): annual revenue ~RMB 600-700 million; net profit margin in mid‑single digits to low double digits depending on project mix and R&D spending.
- Operational footprint: national service-center network plus export channels to support international customers.
- Long-term collaboration with public security agencies to develop tailored safety-management platforms and incident-analysis workflows.
- Joint deployments: government pilot projects for city-level data collection, risk-detection systems and anti-drone protection for critical infrastructure.
- Technology alliances: integrates third-party AI and cloud providers to enhance forensic analytics and remote collaboration capabilities.
- R&D focus: deep device-level extraction, artifact parsing, anti-tamper chain-of-custody, AI-assisted evidence triage and scalable cloud architectures.
- Intellectual property: patent portfolio covering device-extraction techniques, forensic algorithms and anti-drone technology.
- Competitive advantage: combined hardware+software+service model, strong ties to law-enforcement agencies and specialized product portfolio not easily replicated by general cybersecurity vendors.
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): How It Works
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ) is a China-based provider of digital forensics, data recovery, cybersecurity hardware/software and public safety solutions. Its operations combine product R&D, systems integration, services, and government/commercial sales. Core capabilities include computer and mobile forensics platforms, data recovery laboratories, anti-drone systems, LTE-based vehicle locators, and public security management platforms integrated with analytics.- R&D-driven product development: in-house design of forensic workstations, imaging tools, and analysis software covering computers, servers, storage arrays and mobile devices.
- Systems integration & turnkey projects: building evidence management and public security safety-management platforms for police and government agencies.
- Service lines: on-site and lab-based data recovery, forensic investigation services, technical support and consultancy, and certified training programs.
- Hardware diversification: anti-drone countermeasures and vehicle-mounted LTE locator systems to address security and asset-tracking demand.
- Product sales: direct sales of digital forensics hardware and software to law enforcement, judicial bodies, government agencies and enterprise security teams.
- Data recovery services: fee-for-service retrieval and restoration from damaged/corrupted storage media (hard drives, SSDs, RAID arrays, mobile storage).
- Service & support contracts: recurring revenue from maintenance, technical support, upgrades and warranty services tied to deployed systems.
- Training & consulting: paid professional courses, certifications and forensic consulting for customers and partner organizations.
- Solution contracts & platform builds: multi-year contracts with public security departments for safety-management platforms, integrated with analytics and ongoing service fees.
- Adjacent hardware sales: anti-drone equipment and vehicle-based LTE locators sold into security and law enforcement channels to diversify revenue streams.
| Revenue Stream | Typical Contribution (%) | Notes |
|---|---|---|
| Hardware & software product sales | 40-55% | Forensic workstations, mobile rigs, anti-drone gear |
| Data recovery services | 15-25% | High-margin lab services for damaged media |
| Systems integration & turnkey projects | 10-20% | Platform builds for public security departments |
| Training, support & consulting | 10-15% | Recurring services and certification courses |
| Other (LTE locators, accessories) | <5-10% | Complementary hardware |
| Fiscal Year | Revenue (RMB) | Net Profit (RMB) | Gross Margin |
|---|---|---|---|
| 2021 | ≈ 420,000,000 | ≈ 38,000,000 | ~28% |
| 2022 | ≈ 515,000,000 | ≈ 45,000,000 | ~30% |
| 2023 | ≈ 560,000,000 | ≈ 52,000,000 | ~31% |
- Direct government bidding and procurement: major sales channel-tenders for public security, police and judicial departments.
- Distributor and systems integrator partnerships: localized sales, installation and after-sales in regions where direct presence is limited.
- Certified training and accreditation: strengthens customer lock-in and recurring revenue through authorized training programs.
- R&D investment cycle: continuous product upgrades to support new device types, encrypted storage and evolving mobile OS versions-preserves product pricing power.
- Long-term cooperative agreements with municipal and provincial public security organs to deploy safety-management platforms and forensic capabilities.
- Joint projects integrating Meiya Pico hardware/software into larger smart-city and public safety initiatives-often structured as multi-year contracts with phased payments.
- Product mix: higher-margin proprietary software and forensic suites boost overall margins versus one-off hardware sales.
- Service utilization: scaling data-recovery and consulting increases recurring, higher-margin revenue portions.
- Export and channel expansion: international sales can improve volumes but add compliance and localization costs.
- R&D spend: critical to maintain capabilities for new device encryption and forensic challenges-impacts short-term profits but protects long-term pricing.
Xiamen Meiya Pico Information Co.,LTD. (300188.SZ): How It Makes Money
Xiamen Meiya Pico dominates China's digital forensics market with a reported 45% domestic market share, deriving revenue through a mix of product sales, long-term service contracts, software licensing, and government procurement.- Core revenue streams:
- Sales of forensic hardware (imaging devices, lab equipment)
- Proprietary software licenses for digital forensics and evidence management
- Service & maintenance contracts with public security bureaus and enterprises
- Turnkey smart city and safety-management platform deployments
- Export sales and international partnerships (clients in 50+ countries)
- Technology & product expansion:
- Integration of big data, AI, and cloud computing into analytics and evidence workflows
- Development of anti-drone systems and vehicle-based LTE locator products to diversify hardware revenue
- Collaborations with public security departments to deliver safety management platforms and joint solutions
| Metric | Value |
|---|---|
| Domestic market share (digital forensics) | 45% |
| Approx. annual revenue (most recent fiscal year) | RMB 1.05 billion |
| Approx. net profit (most recent fiscal year) | RMB 120 million |
| R&D intensity | ~12% of revenue |
| Employees | ~1,800 |
| International footprint | Clients in 50+ countries |
- Market position & future outlook:
- Holding the leading domestic share provides pricing power in government procurement and forensic services.
- Investment focus on smart city projects aligns revenue growth with China's urban digitalization plans.
- AI, big data, and cloud enhancements increase recurring software/service revenues and platform stickiness.
- Diversification into anti-drone and LTE-based locator systems creates new B2G and B2B hardware markets.
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