SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-06-25 09:09Core Viewpoint - Stand Robot (Wuxi) Co., Ltd. aims to become the "first stock of industrial embodied intelligence" in Hong Kong, despite facing significant financial challenges and a competitive industry landscape [1][4]. Financial Performance - In 2024, Stand Robot's revenue is projected to be 251 million RMB, with cumulative losses of 273 million RMB over the past three years [4]. - Revenue growth rates for 2023 and 2024 are 68.44% and 54.48%, respectively, while net losses are narrowing from 128 million RMB in 2022 to 4.5 million RMB in 2024 [4][12]. - The breakdown of revenue shows that robot solution income constitutes approximately 91% of total revenue in 2024 [4]. Research and Development (R&D) - Stand Robot's R&D expenses decreased by nearly 35% in 2024, with R&D expense ratios declining consecutively [3][5]. - R&D expenditures from 2022 to 2024 were 55.5 million RMB, 56.1 million RMB, and 36.6 million RMB, representing 57.7%, 34.6%, and 14.6% of total revenue, respectively [5][6]. - The company attributes the reduction in R&D spending to efficiency measures and the successful development of more versatile products [6]. Shareholder Structure and Equity Transactions - The founder, Wang Huaiqing, transferred 90% of his shares at a price of 1 RMB per share to the current controllers, raising questions about the fairness of these transactions [2][9]. - Wang Yongkun received a significant share reward, with the subscription price adjusted from 92.5 RMB to 1 RMB per share, saving approximately 25 million RMB [11]. Industry Comparison - Compared to industry leader Estun, which has revenues exceeding 4 billion RMB and increasing R&D investments, Stand Robot's declining R&D spending raises concerns about its competitive position [7][8]. - Estun's R&D expenses from 2022 to 2024 were 308 million RMB, 388 million RMB, and 442 million RMB, with a consistent increase in R&D expense ratios [7]. Accounts Receivable and After-Sales Service - Stand Robot's accounts receivable increased significantly, indicating slower cash collection, with growth rates of 48.65% and 61.93% for 2023 and 2024, respectively [12]. - After-sales service costs surged by 102% in 2024, outpacing revenue growth, raising concerns about product quality or other underlying issues [13].