仙工智能递交IPO材料 盈利模式尚未形成 近三年连续亏损

Core Viewpoint - XianGong Intelligent Technology Co., Ltd. has officially initiated its IPO process by submitting a prospectus to the Hong Kong Stock Exchange, marking a significant step in its growth trajectory [2] Company Overview - Founded in 2020, XianGong Intelligent specializes in robot controllers and supporting software systems, providing a comprehensive "controller + software + robot" solution [4] - The company has shown consistent revenue growth over the past three years, with revenues of 184 million, 249 million, and 339 million yuan for the years 2022, 2023, and 2024 respectively [4] - The gross profits for the same years were 86.29 million, 122 million, and 156 million yuan, indicating a strong market presence [4] Market Potential - The global smart robot market is on the verge of explosive growth, with projections estimating the market size to reach 277.8 billion yuan in 2024 and 708.5 billion yuan by 2029 [4] Product Performance - XianGong's core product, the SRC series controller, has ranked among the top sellers in the global robot controller market for two consecutive years [4] Financial Challenges - Despite leading in sales, XianGong has not yet established a profitable business model, with net losses of 32.26 million, 47.7 million, and 42.31 million yuan from 2022 to 2024 [4] - The company's gross margins have shown fluctuations, recorded at 46.8%, 49.2%, and 45.9% for the years 2022, 2023, and 2024 respectively [4] Inventory Concerns - XianGong is currently facing inventory pressure, with year-end inventory balances of 94 million, 85.3 million, and 94.9 million yuan from 2022 to 2024 [5] - The inventory turnover days have decreased from 292 days in 2022 to 186 days in 2024, while the inventory impairment provision has increased from 1.2 million to 4.9 million yuan during the same period [5] - High inventory levels could pose a risk of impairment if not efficiently managed, especially during the rapid development phase of the robotics industry [5]