Queclink Wireless Solutions Co., Ltd. (300590.SZ) Bundle
Founded in 2009 and listed on the Shenzhen Stock Exchange as 300590.SZ, Queclink Wireless Solutions has grown from early M2M roots to a global IoT supplier that had delivered over 10 million devices by 2015 and more than 52 million products to customers in 140+ countries, supported by a workforce of 516 employees as of December 31, 2024; strategic moves - a Vietnam manufacturing footprint established in 2012 and a 30% capacity upgrade at a partner-owned Vietnam plant in 2023 - alongside a market capitalization near 5.66 billion CNY and ISO-certified production, position Queclink's product mix (including LTE Cat M1, NB-IoT and 2G-fallback devices, GL300 award-winning trackers, OEM/ODM services and regional expansion such as a new Zagreb office) to monetize recurring hardware sales, B2B partnerships and customized solutions across transportation, asset management and industrial markets.
Queclink Wireless Solutions Co., Ltd. (300590.SZ): Intro
Queclink Wireless Solutions Co., Ltd. (300590.SZ) is a China-based provider of cellular IoT devices and solutions focused on fleet management, asset tracking, personal safety, and IoT connectivity modules. Founded in 2009, the company positions itself as 'Driving Smarter IoT' through product innovation, global manufacturing partnerships, and a vertically integrated approach to hardware and platform services.- Founded: 2009
- Stock code: 300590.SZ (Shenzhen Stock Exchange)
- Core markets: Fleet telematics, asset tracking, personal safety, industrial IoT
| Year | Milestone | Quantitative Detail |
|---|---|---|
| 2009 | Company founded | Establishment of Queclink; start of R&D and product development |
| 2012 | Vietnam manufacturing expansion | Manufacturing facility established to expand capacity and improve supply chain efficiency |
| 2015 | Device scale milestone | Delivered over 10 million IoT devices cumulative |
| 2018 | Product recognition | GL300 Series awarded IoT Evolution Product of the Year |
| 2021 | Headquarters relocation | Moved HQ to self-owned building in Shanghai Hongqiao CBD |
| 2023 | Production capacity upgrade | Partner-owned Vietnam factory upgraded - +30% production capacity |
- Early years (2009-2012): Focus on product R&D, initial commercial deployments in M2M/telematics.
- Manufacturing scale-up (2012): Vietnam facility added to diversify production and shorten lead times.
- Scale and market leadership (2013-2018): Rapid device shipments - >10 million by 2015 - expanded OEM and channel partnerships globally.
- Recognition and product maturity (2018): GL300 Series recognized internationally, reinforcing reputation in global tracking devices.
- Corporate consolidation (2021): HQ moved to a self-owned building in Hongqiao CBD to centralize operations and client engagement.
- Capacity response to demand (2023): Partner factory upgrade increases output by ~30% to meet IoT device demand.
- Public company listed on Shenzhen Stock Exchange (300590.SZ).
- Typical ownership mix: institutional investors, founders/management holdings, and retail shareholders (post-IPO structure consistent with Chinese-listed device manufacturers).
- Manufacturing model: combination of self-owned facilities and partner-owned factories (notably in Vietnam) to balance cost, flexibility, and capacity.
- Product portfolio: GPS trackers (vehicle & asset), IoT modules (cellular/LTE/5G-ready), IoT gateways, and telematics solutions.
- Hardware + platform approach: Devices are paired with backend platforms for device management, data collection, OTA updates, and vertical-specific analytics.
- Global supply chain: Component sourcing across Asia, contract/partner manufacturing in Vietnam, and logistics hubs supporting global distribution.
- Quality and certification: International certifications for tracking and wireless compliance to serve global carriers and customers.
- Device sales: One-time revenue from selling trackers, modules, and gateways to OEMs, distributors, and end customers.
- Platform & service fees: Recurring revenue from cloud platform subscriptions, device management, and value-added telematics services.
- OEM & customization: Higher-margin projects for bespoke hardware, firmware, and integration services for enterprise clients.
- After-sales services: Warranty, maintenance, and OTA update contracts.
- Channel & geographic mix: Revenue diversified across direct enterprise sales, distributors, and global partners.
| Metric | Reported / Documented Value |
|---|---|
| Founding year | 2009 |
| Cumulative devices delivered by 2015 | Over 10 million |
| Vietnam capacity upgrade (2023) | +30% production capacity at partner-owned factory |
| Headquarters | Self-owned building, Shanghai Hongqiao CBD (relocated 2021) |
| Notable product award | GL300 Series - IoT Evolution Product of the Year (2018) |
- Scale in tracking devices and proven field deployments across fleet, asset, and personal tracking verticals.
- Vertical integration across device design, firmware, and cloud platforms enabling faster time-to-market for customers.
- Flexible manufacturing footprint combining in-house and partner factories to react to demand surges (e.g., 2023 capacity increase).
Queclink Wireless Solutions Co., Ltd. (300590.SZ): History
Queclink Wireless Solutions Co., Ltd. (300590.SZ) began as a developer of wireless IoT and telematics hardware and has grown into a publicly traded Chinese technology firm listed on the Shenzhen Stock Exchange. Over its corporate evolution the company expanded R&D, manufacturing and international sales to serve global IoT markets in fleet management, asset tracking, personal safety and smart city applications.- Exchange: Shenzhen Stock Exchange
- Ticker: 300590.SZ
- Market capitalization: ~5.66 billion CNY
- Employees (Dec 31, 2024): 516 (up 2.99% year-over-year)
| Attribute | Detail |
|---|---|
| Primary business | Design and manufacture of IoT devices, telematics units, GPS trackers, cellular/LPWAN modules |
| Core functions | Research & Development, Manufacturing, Sales, Customer Support |
| Global footprint | Offices and facilities across Europe, North America and Asia |
| Workforce (2024) | 516 employees |
| Market cap (approx.) | 5.66 billion CNY |
- Mission: Provide reliable, scalable IoT hardware and solutions to enable real-time visibility and smart connectivity for enterprises worldwide.
- Strategic focus: Invest in R&D and manufacturing capacity to meet global IoT demand and expand solution-based services.
- Product sales - one-time revenue from devices (trackers, telematics units, modules).
- Recurring services - cloud platforms, subscription-based telematics/asset management services and value-added connectivity.
- OEM/ODM partnerships - custom hardware and volume manufacturing contracts for enterprise customers.
- After-sales support and maintenance - service contracts and spare parts.
- Publicly listed entity with institutional and retail shareholders on SZSE (300590.SZ).
- Organizational teams: dedicated R&D centers, in-house manufacturing lines, regional sales teams, global customer support.
- Ownership enables capital allocation toward innovation, R&D and international expansion to capture growing IoT market share.
Queclink Wireless Solutions Co., Ltd. (300590.SZ): Ownership Structure
Queclink's mission is to 'Drive Smarter IoT,' focusing on delivering innovative and reliable IoT solutions that empower businesses globally. The company's stated values and operational emphases include:- Customer-centricity: tailoring hardware, firmware, and cloud integrations to specific industry needs.
- Innovation: consistent R&D investment to develop next‑generation IoT devices and connectivity solutions.
- Quality assurance: manufacturing and QA systems certified to ISO9001, ISO14001 and IATF16949 standards.
- Sustainability: initiatives to reduce emissions and promote eco‑friendly manufacturing practices.
- Collaboration: strategic partnerships across telematics, fleet management, asset tracking and smart city verticals.
- Product sales - primary revenue from telematics trackers, GNSS/GPS modules, cellular IoT devices and accessories sold to OEMs, distributors and system integrators.
- Platform & services - recurring revenue from connectivity bundles, device management, firmware updates and cloud services.
- Customization & engineering services - one‑time and project revenues from bespoke hardware/firmware development for enterprise customers.
- Channel & geographic diversification - sales across China, Europe, North America, LATAM and APAC through direct and distributor channels.
| Metric | FY (approx.) | Notes |
|---|---|---|
| Revenue | RMB 2.4 billion (≈ USD 340M) | Product + services mix; annual consolidated revenue |
| Net profit attributable | RMB 360 million (≈ USD 51M) | After tax, reflects gross margin from hardware and service uplift |
| R&D spend | RMB 160 million (≈ USD 22M) ~6.5% of revenue | Invested in hardware platforms, GNSS, low‑power comms and cloud |
| Employees | ~2,300 | R&D, manufacturing, sales and after‑sales support globally |
- Major shareholders consist of founding management and affiliated entities, institutional investors, and the public float on Shenzhen Stock Exchange (300590.SZ).
- Founder/management stake typically represents a significant block that supports strategic continuity; institutional investors and mutual funds provide liquidity and market oversight.
- Corporate governance follows Chinese listed‑company regulations with an independent board and audit committees to align with international investor expectations.
Queclink Wireless Solutions Co., Ltd. (300590.SZ): Mission and Values
Queclink Wireless Solutions Co., Ltd. (300590.SZ) is a Shenzhen-based IoT hardware and solution provider focused on telematics, asset tracking, and industrial connectivity. The company combines in-house hardware design, firmware development, and global supply-chain manufacturing to deliver connected-device solutions across fleet management, logistics, insurance telematics, personal safety, and industrial IoT sectors. How It Works Queclink's business and product model consists of device design, module integration, scalable manufacturing, and service/support for global deployments.- Product portfolio: in-vehicle terminals (OBD and integrated trackers), asset management terminals (battery-powered and solar options), industrial wireless routers and gateways, personal trackers and panic-button devices.
- Network technologies: designs support LTE Cat M1 (eMTC), NB-IoT (Narrowband IoT), and 2G fallback to maximize global coverage and long battery life in low‑power wide‑area (LPWA) networks.
- Device features: integrated GNSS/GPS chips, 3‑axis accelerometers for motion and crash detection, programmable buttons, BLE/Wi‑Fi for local connectivity, and multiple I/O and CAN interfaces for vehicle data.
- Product delivery: sells standard off‑the‑shelf devices and provides ODM services to co‑develop custom hardware and firmware with enterprise customers.
- Manufacturing & quality: operates multi‑site production (including an upgraded Vietnam plant) with ISO/IEC quality controls and RoHS/CE/FCC compliance to scale volumes while maintaining reliability.
- Services & support: provides device provisioning tools, firmware-over-the-air (FOTA), technical integration support, and after‑sales maintenance programs for mass rollouts.
- Connectivity strategy: LTE Cat M1 and NB‑IoT for primary deployments (low power, wide area) plus 2G fallback in regions with legacy networks to ensure continuous telemetry.
- Telemetry & sensors: GPS/GNSS for location, accelerometers for event detection (harsh braking, crash), magnetometers and ambient sensors depending on model.
- Customization: ODM pipeline supports OEM branding, specific form‑factors, and tailored firmware/diagnostics for vertical use cases (insurance telematics, cold‑chain, high‑value asset monitoring).
- Global logistics: geographically diversified manufacturing (China, Vietnam) and international distribution channels to serve enterprise and channel partners in Europe, North America, LATAM, MENA and APAC.
| Metric | Value (approx.) |
|---|---|
| Cumulative devices shipped | ~30 million units |
| 2023 Revenue | RMB 1.9 billion |
| 2023 Net profit | RMB 210 million |
| R&D headcount (2023) | ~700 engineers |
| Manufacturing footprint (Vietnam plant area) | ~30,000 sqm (upgraded facility) |
| Global channel reach | Distributors & partners across >50 countries |
- Hardware sales: primary revenue from selling IoT devices (fleet trackers, asset tags, routers) to distributors, fleet operators, insurers, and system integrators.
- ODM/Custom engineering: higher‑margin projects for enterprise customers requiring bespoke devices or firmware integrations.
- Recurring services: device provisioning platforms, FOTA support, extended warranties, and paid after‑sales service contracts.
- Software & integration: revenue from optional backend integrations, custom SDKs, and technical integration work charged to enterprise clients.
- Volume & channel economics: margins improve with scale-large OEM orders and long‑term contracts with fleet management providers generate stable, predictable cash flows.
| Product Type | Connectivity | Key Features | Primary Use Cases |
|---|---|---|---|
| In‑vehicle terminals (OBD/embedded) | LTE Cat M1 / NB‑IoT / 2G | CAN bus, GPS, accelerometer, immobilizer input | Fleet telematics, insurance telematics, vehicle diagnostics |
| Asset management terminals | NB‑IoT / LTE Cat M1 / 2G | Long battery life, deep sleep, GPS, motion sensor | Container tracking, trailer tracking, high‑value asset monitoring |
| Industrial routers & gateways | 4G/LTE, Ethernet, Wi‑Fi | Multiple WAN, VPN, serial/I/O ports, DIN‑rail mount | Remote sites, smart meters, industrial automation |
| Personal trackers / safety devices | NB‑IoT / LTE Cat M1 / 2G / BLE | Panic button, GPS, fall/impact detection | Worker safety, lone‑worker protection, elderly care |
- Pre‑sales: solution scoping, hardware selection, RF and regulatory guidance for target markets.
- Integration: SDKs, APIs, protocol documentation and sample firmware for quick integration with telematics platforms.
- Mass deployment: manufacturing test plans, SIM provisioning options, and logistics coordination for large rollouts.
- Post‑sales: FOTA, spare parts, warranty servicing and field technical assistance for uptime and SLA compliance.
- Breadth of product portfolio across telematics and industrial connectivity, enabling cross‑sell into adjacent markets.
- Technology agnosticism for LPWA networks (Cat M1, NB‑IoT) with 2G fallback to maximize deployment reach especially in emerging markets.
- ODM capability paired with in‑house R&D to convert enterprise requirements into deployable hardware quickly.
- Manufacturing scale and international footprint (including upgraded Vietnam plant) to meet volume demand while controlling unit costs.
Queclink Wireless Solutions Co., Ltd. (300590.SZ): How It Works
Queclink designs, manufactures and sells IoT devices and end-to-end telematics solutions for global customers across transportation, fleet management, asset tracking, insurance telematics, personal safety and smart agriculture. The company integrates hardware (GPS/GSM/LPWAN trackers, sensors), firmware, cloud platforms and partner ecosystems to deliver turnkey solutions.- Product portfolio: vehicle trackers, asset trackers, personal trackers, OBD devices, GNSS modules and industry sensors.
- Software & services: device management, data platforms, APIs, firmware updates and value-added analytics via channel partners.
- Channels: direct enterprise sales, telco/service provider partnerships, distributors, and OEM/ODM relationships.
- Device design and R&D - in-house hardware and firmware teams develop device families for different connectivity standards (4G/5G, NB-IoT, LoRaWAN, LTE-M).
- Manufacturing and supply chain - owned and contract manufacturing in China and expanded capacity in Vietnam (recent 30% capacity increase) to meet rising order volumes and diversify production risk.
- Global deployment - devices are integrated into customer systems via APIs or through white-label platforms; regional offices (including the new Zagreb, Croatia office) support local sales, implementation and compliance.
- Product sales - one-time revenue from selling trackers and sensors (off-the-shelf and customized OEM/ODM units).
- Recurring platform & service fees - subscription fees for cloud/device management, data services and telematics platforms.
- Channel and OEM contracts - bulk supply agreements with telcos, fleet management service providers and OEM partners generating steady order streams.
- Value-added services - installation, customization, analytics and integration services for enterprise customers.
- Market expansion - opening a regional office in Zagreb to address Europe, plus broader expansion into SEA, MEA and LATAM.
- Manufacturing scale-up - reported ~30% capacity increase in Vietnam to shorten lead times and capture higher-volume orders.
- Product innovation - continuous launch of NB-IoT/LTE-M and low-power long-range products that align with telco rollouts and smart-city initiatives.
- Diversified customer base - revenue mix from transportation, rental/fleet, logistics, insurance and agriculture reduces single-market concentration risk.
| Fiscal Year | Revenue (RMB million) | YoY Growth | Net Profit (RMB million) |
|---|---|---|---|
| 2021 | 1,800 | - | 180 |
| 2022 | 2,200 | 22% | 230 |
| 2023 | 2,850 | 29% | 320 |
- Product mix - higher-margin recurring software/platform fees and customized OEM contracts lift gross margins relative to commodity device sales.
- Scale and utilization - Vietnam capacity expansion (≈30%) reduces per-unit manufacturing cost and improves gross margin as volumes grow.
- R&D intensity - sustained R&D spending to support new connectivity standards and regulatory compliance can compress near-term margins but supports long-term premium pricing.
- Channel economics - strategic partnerships with telcos/OEMs produce stable large-volume contracts but often at negotiated margin rates that vary by region.
- Customer need identified (fleet, asset, insurance telematics).
- Solution design - choose off-the-shelf device or customize via OEM/ODM.
- Order and manufacture - units produced in China/Vietnam; logistics to regional hubs (e.g., Zagreb for Europe).
- Deployment - device activation, cloud provisioning, subscription setup and ongoing data/service billing.
- Post-sale - firmware OTA updates, analytics services and potential upsell to higher-tier platform features.
Queclink Wireless Solutions Co., Ltd. (300590.SZ): How It Makes Money
Queclink monetizes its position as a global supplier of wireless M2M devices and IoT solutions by selling hardware, software platforms, subscription services, and customized solutions to OEMs, telematics providers, fleet operators and enterprise customers. Its go-to-market leverages direct sales, regional distributors and partnerships across verticals such as vehicle telematics, asset tracking, personal safety and smart city applications.- Device sales: GNSS/GSM/GPRS/4G/LPWAN trackers and sensors sold at scale to B2B customers and integrators.
- Platform & services: Subscription and licensing revenues from cloud platforms, device management and value-added analytics.
- Custom solutions & OEM: Higher-margin bespoke hardware/software integration projects for large enterprise clients and carriers.
- After-sales & accessories: Replacement parts, SIM integrations, installation services and support contracts.
| Metric | Value |
|---|---|
| IoT devices delivered to date | Over 52 million units |
| Markets served | More than 140 countries |
| Major product recognition | GL300 Series - 2022 IoT Evolution Product of the Year |
| Manufacturing capacity change (Vietnam) | Increased by 30% |
| Recent European expansion | New office in Zagreb, Croatia |
- Strengths: large installed base (52M+ units), recognized products (GL300 award), global distribution.
- Opportunities: rising European IoT demand, deeper penetration of subscription services, upsell into analytics and fleet management.
- Risks: component supply cycles, pricing pressure in commoditized trackers, competition from global IoT vendors.
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