SIASUN(SZ:300024) Cai Jing Wang·2025-11-18 10:46Core Viewpoint - Chengdu Kanop Robot Technology Co., Ltd. has submitted an application for an IPO on the Hong Kong Stock Exchange, with Guotai Junan as the sole sponsor, focusing on the design, development, and manufacturing of industrial robots, particularly in the welding sector [1][6]. Company Overview - Established in 2012, Kanop Robot specializes in industrial robots, including six-axis and four-axis robots, and is expanding into collaborative and embodied intelligent robots [1]. - The company's products are applicable in various industries such as metal and machinery processing, automotive, electronics, new energy, consumer goods, and healthcare [1]. Market Position - According to GGII, nearly 95% of the industrial robots in China's application market in 2024 will be used for tasks like handling, welding, spraying, assembly, and polishing [1]. - Kanop Robot ranks first among all Chinese manufacturers in the welding robot sector based on projected revenue for 2024 [1]. Revenue Breakdown - The majority of the company's revenue comes from welding robots, contributing over 80% of total income from 2022 to 2025 [2]. - The revenue share from welding robots is projected to be 63% in 2022, 56.1% in 2023, 52.2% in 2024, and 55% in the first half of 2025 [2]. Financial Performance - Revenue figures for Kanop Robot are as follows: 197.4 million RMB in 2022, 222.4 million RMB in 2023, 234.0 million RMB in 2024, and 156.0 million RMB in the first half of 2025 [5]. - Net profit figures show fluctuations: 28.3 million RMB in 2022, 1.7 million RMB in 2023, a loss of 12.9 million RMB in 2024, and a profit of 8.4 million RMB in the first half of 2025 [5]. - Government subsidies significantly impact net profit, accounting for 67% of net profit in the first half of 2025 [5]. Production Capacity - The designed production capacity for Kanop Robot is projected to increase from 4,000 units in 2022 to 5,000 units in 2024, with utilization rates of 82.5%, 77.8%, and 76% respectively [4]. Supply Chain - Key components for robot production are primarily sourced externally, with major suppliers accounting for 40.7% to 48.5% of total procurement over the reporting period [4]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance R&D capabilities, strengthen partnerships with existing clients, build brand presence in domestic markets, expand into overseas markets, and improve manufacturing capacity [6].