SIASUN(SZ:300024) Zhi Tong Cai Jing·2025-12-01 14:51Core Viewpoint - The company, XianGong Intelligent, is seeking a secondary listing on the Hong Kong Stock Exchange, having established itself as a leader in the robotics industry, particularly in robot controllers, with a strong growth trajectory despite ongoing losses [1][12]. Group 1: Company Overview - XianGong Intelligent was founded in April 2020 and has since become a leader in the software and hardware sectors of the robotics industry, employing a "technology + platform" dual strategy to meet customer needs and facilitate cross-industry deployment [2][9]. - The company ranks first globally in robot controller sales and eighth in industrial intelligent robot sales revenue for 2024, with over 2,000 robot models deployed across more than 20 industries [1][7]. Group 2: Financial Performance - The company reported a compound annual growth rate (CAGR) of 36% in revenue from 2022 to 2024, with a continued high growth rate of 35% expected in the first half of 2025 [1][9]. - Despite strong revenue growth, the company has faced cumulative shareholder net losses of 173.5 million yuan since 2022, with a net loss margin of 32.1% in the first half of 2025, although this represents a year-on-year improvement of 5.8 percentage points [1][12]. Group 3: Product and Market Position - The company’s product matrix includes various types of robots and controllers, with core products generating significant revenue: 110 million yuan from robots and 29 million yuan from controllers in the first half of 2025, contributing 87.4% of total revenue [2][3]. - The global industrial intelligent robot market is projected to reach 22 billion yuan in 2024, with a CAGR of 27.8% over the past five years, while the robot controller market is expected to grow at a CAGR of 84.4% [6][9]. Group 4: Competitive Advantages - XianGong Intelligent holds a market share of 23.6% in robot controllers, significantly higher than its nearest competitor, and has achieved functional safety certification for its controllers, which are compatible with over 300 types of components [7][9]. - The company is actively expanding its presence in international markets, with overseas revenue growth of 14% in the first half of 2025, an increase of 5.1 percentage points from 2022 [9][12]. Group 5: Investment and Valuation - The company has undergone multiple funding rounds, with a post-money valuation of 3 billion yuan in its A round and 32.7 billion yuan in its C round, reflecting a nearly tenfold increase in less than five years [10][11]. - The current valuation metrics indicate a price-to-sales (PS) ratio of 9.4 and a price-to-book (PB) ratio of 24.6, suggesting a higher valuation compared to secondary market peers [11][12].