凯乐士赴港IPO：三年多累亏超7亿元、负债率连飙至160%，第一大客户项目因地缘冲突延迟验收

Core Viewpoint - Zhejiang Kailesi Technology Group has submitted an application to list on the Hong Kong Stock Exchange, aiming to raise funds amid ongoing losses due to rapid expansion and significant R&D investments [1][2]. Company Overview - Established in 2016 and headquartered in Jiaxing, Zhejiang, Kailesi specializes in multi-directional shuttle cars (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR), serving 29 industries including automotive, new energy, 3C electronics, pharmaceuticals, and e-commerce [1]. - According to Frost & Sullivan, Kailesi ranks fifth in China's integrated intelligent in-warehouse logistics robot market with a market share of 1.6%, and leads the narrow aisle AMR segment with a 19.3% shipment market share [1]. Financial Performance - Revenue for the years 2022 to 2024 and the first three quarters of 2025 was reported as follows: 657 million, 551 million, 721 million, and 552 million yuan respectively [1]. - Net losses during the same periods were 210 million, 242 million, 178 million, and 134 million yuan, totaling approximately 760 million yuan over three years and nine months [1][2]. - Adjusted net losses (non-IFRS) decreased from 117 million yuan in 2022 to 50.5 million yuan in 2024, further reducing to 13.76 million yuan in the first three quarters of 2025, indicating a trend of narrowing losses [2]. Debt and Liquidity - Kailesi's net debt at the end of each reporting period was 645 million, 894 million, 1.066 billion, and 1.196 billion yuan, with total liabilities increasing from 2.577 billion to 3.121 billion yuan [2]. - The asset-liability ratios were reported as 133.4%, 141.57%, 153.12%, and 162.13%, indicating a consistent trend of exceeding 100% over the last three years [2]. Operational Challenges - The company acknowledges liquidity risks and has implemented measures such as accelerating receivables collection and optimizing inventory turnover, but cannot guarantee future liquidity stability [3]. - Operating cash flows remained negative throughout the reporting periods, with outflows of 94.3 million, 97 million, 10.8 million, and 35.3 million yuan [3]. Market Competition - The domestic intelligent in-warehouse logistics robot market has over 50 AMR suppliers, with increasing competition potentially leading to price declines and reduced profit margins [3]. - Kailesi faces uncertainty regarding technology routes, particularly with emerging automated storage systems that may reduce demand for integrated robotic systems [3]. Customer Concentration - The top five customers contributed 48.0%, 49.7%, 34.3%, and 27.4% of revenue from 2022 to 2025, with the largest customer accounting for 14.7%, 14.0%, 10.8%, and 6.0% respectively [4]. - The company cannot guarantee ongoing business relationships with existing customers, which poses risks to cash flow and financial stability [4]. Supply Chain and Quality Control - Since 2022, raw material costs have consistently accounted for over 80% of sales costs, with potential supply disruptions impacting strategic implementation [4]. - Kailesi cannot ensure effective quality control, which may lead to product defects and reputational damage [4]. Future Outlook - The company anticipates continued net losses and negative operating cash flows in 2025 due to significant investments in R&D, market expansion, and new product development [5].