SIASUN(SZ:300024) 3 6 Ke·2025-10-20 07:40Core Viewpoint - The evolution of artificial intelligence (AI) has progressed from specialized intelligence to embodied intelligence, with companies like Weiyi Intelligent Manufacturing Technology Co., Ltd. (Weiyi) planning to go public in Hong Kong, focusing on industrial embodied intelligent robots [1][3]. Group 1: Company Overview - Weiyi is set to list on the Hong Kong Stock Exchange, with a focus on industrial embodied intelligent robots (EIIR) that integrate advanced AI technologies [1][4]. - The company aims to enhance its product offerings and expand its market presence through its IPO, with plans to use the raised funds for core technology development and global business expansion [17]. Group 2: Financial Performance - Weiyi's revenue has shown significant growth, with projections of approximately CNY 272 million (about USD 39 million) in 2024, making it the leader in China's industrial embodied intelligent robot sector [3][4]. - The company's revenue from EIIR products increased from 15.3% to 53.6% of total revenue during the reporting period, indicating a shift towards this key product line [4]. - Financial data shows that Weiyi's revenue for 2022, 2023, and 2024 is approximately CNY 221 million, CNY 434 million, and CNY 600 million, respectively, with a net profit of CNY 15.73 million in 2024 [9][10]. Group 3: Industry Landscape - The global market for industrial embodied intelligent robots is projected to exceed CNY 8 trillion, with China's market expected to surpass CNY 2.5 trillion, representing 33.6% of the global market [14]. - The industry is characterized by intense competition, with both traditional robot manufacturers and emerging companies vying for market share, which may lead to pricing pressures [14]. Group 4: Technological Development - The embodied intelligence technology is classified into five stages (G1-G5), with the industry currently at G2, indicating ongoing advancements and potential for future growth [6][8]. - Weiyi's products leverage deep reinforcement learning and multimodal integration, allowing for flexible adaptation to complex industrial environments without extensive pre-programming [4][10]. Group 5: Supply Chain and Customer Dynamics - Weiyi relies heavily on a limited number of suppliers, with the top five accounting for a significant portion of total procurement, which poses supply chain risks [13]. - The company faces customer concentration risks, as the top five clients contributed to a substantial share of total revenue during the reporting period [13][14].