三年累亏6.29亿、持续失血难题待解 博士夫妻档带队，凯乐士背靠顺丰二度冲港

Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. (referred to as "Kailesi") has officially submitted its application to the Hong Kong Stock Exchange, aiming to become the first "full-stack intelligent on-site logistics robot" company listed in Hong Kong, marking its second attempt after an initial submission in June 2025 that became invalid [1] Company Overview - Kailesi was founded in 2016 by the couple Gu Chunguang and Yang Yan, focusing on three core scenarios: warehousing, material handling, and goods sorting, offering a full-stack solution with robots that operate 24/7 and double efficiency [2] - The company has significant backing from logistics giant SF Express, which holds a 14.1% stake through its subsidiaries, providing both capital and a business partnership [2] Financial Performance - From 2022 to 2024, Kailesi recorded revenues of 657 million yuan, 551 million yuan, and 721 million yuan, respectively, while accumulating losses of 629 million yuan during the same period [3] - In the first three quarters of 2025, despite a 60.3% year-on-year revenue growth, the company still reported a net loss of 134 million yuan [3] Market Position and Competition - Kailesi ranks fifth in the logistics robot industry with a market share of 1.6%, benefiting from a fragmented market where the top five companies hold only 12.6% of the total market [4] - The competitive landscape is intense, with major players like JD and Cainiao expanding their robot fleets and capabilities, indicating a highly competitive environment [4] Operational Challenges - The company's revenue heavily relies on multi-functional integrated systems, which accounted for 79% of its business in 2024, but the gross margin declined from 14% in 2023 to 10.8% in 2024 [3] - The single-function robot deployment business, which has a higher gross margin of 24.8% to 31.2%, only represented 18.4% of revenue in 2024, limiting its overall profitability [3] Management and Compliance Issues - Kailesi's management has faced compliance risks, with the CFO having a history of regulatory penalties, and the founder also having a record of violations related to stock trading [5][6] - The company has consistently reported negative cash flows from operating activities, with cash and cash equivalents decreasing from 194 million yuan to 94.52 million yuan, while net liabilities rose to 1.196 billion yuan [6] IPO Significance - The upcoming IPO is crucial for Kailesi, as the company aims to raise funds to expand its core product lines, enhance R&D, increase production capacity, and improve operational liquidity [7] - The IPO represents not only a fundraising opportunity but also a critical moment for the company to establish a foothold in the competitive logistics robot market [7]