Venture(US:VEMLY) Guo Ji Jin Rong Bao·2025-06-24 08:25Core Viewpoint - Beijing Jizhi Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, with Morgan Stanley and CICC as joint sponsors, showcasing significant revenue growth and reduced losses, with 70% of its revenue coming from overseas markets [1][4] Group 1: Company Overview - Jizhi Technology, founded in 2015, specializes in intelligent warehousing logistics and robotics, offering a full range of logistics robot systems [3] - The company has delivered approximately 46,000 Autonomous Mobile Robots (AMRs) to around 40 countries, serving over 800 end customers, including 63 Fortune 500 companies [3][4] - Jizhi Technology has maintained the largest market share in the global warehousing fulfillment AMR solutions market for six consecutive years, holding a 9.0% share in 2024 [3][4] Group 2: Financial Performance - Revenue for the years 2022 to 2024 was reported as 1.452 billion, 2.143 billion, and 2.4 billion yuan, respectively, indicating steady growth [4] - Losses during the same period were 1.567 billion, 1.127 billion, and 832 million yuan, with adjusted net losses decreasing significantly by over 88% in 2024 [4] - Gross margins improved from 17.7% in 2022 to 34.8% in 2024, reflecting enhanced operational efficiency [4] Group 3: Investment and Valuation - The company has undergone eleven rounds of financing since 2016, with its valuation increasing from 210 million yuan in 2016 to approximately 15 billion yuan in 2022, a 70-fold increase in six years [6] - Major investors include Ant Group, Haier, Intel, and various venture capital firms, with the founding team controlling 21.7% of the equity and 55.36% of the voting rights [6][7]