Group 1 - The company, Shenzhen Yujiang Technology Co., Ltd. (referred to as "Yujiang"), announced its plan to launch an initial public offering (IPO) of RMB ordinary shares (A-shares) and list on the Shenzhen Stock Exchange, marking the start of its "H+A" dual capital platform strategy [1][3] - The purpose of returning to A-shares is to promote business development, enhance overall competitiveness, and ensure the achievement of operational goals and long-term development strategies [1][3] - Yujiang holds a 13.0% market share in the global collaborative robot industry, ranking second globally and first in China, with a cumulative shipment of over 72,000 units, serving more than 80 Fortune 500 companies [1][3] Group 2 - Despite its market position, Yujiang's performance post-Hong Kong listing has been underwhelming, remaining in a loss state as of the first half of 2025 [1][3] - In 2024, the company reported a revenue of RMB 374 million, a year-on-year increase of 30.3%, but still incurred a net loss of RMB 95.36 million, only narrowing by 7.6% year-on-year [1][3] - For the first half of 2025, revenue grew by 27.08% to RMB 153 million, while the net loss narrowed to RMB 40.87 million [1][3] Group 3 - The company's operating cash flow has been consistently negative, with cash and cash equivalents amounting to RMB 164 million as of the first half of 2025, while sales expenses reached RMB 82.21 million, significantly exceeding research and development expenses of RMB 40.89 million [4] - Historical data shows that sales expenses for 2023 and 2024 were RMB 127 million and RMB 138 million, respectively, while research and development expenses were only RMB 70.53 million and RMB 71.79 million, about half of the sales expenses [4] - The decision to return to A-shares coincides with a financing boom in the robotics industry and rapid growth in the domestic collaborative robot market [4] - According to the High-tech Robot Industry Research Institute, the sales volume of collaborative robots in China is expected to reach 50,300 units in 2025, a year-on-year increase of 25.75%, with projections of nearly 124,000 units by 2028 and a market size exceeding RMB 5 billion [4]
越疆启动回A计划 2025年上半年仍在亏损 销售费用约是研发费用两倍