SIASUN(SZ:300024) Zhi Tong Cai Jing·2026-01-14 03:04Core Viewpoint - Yifei Technology, a Chinese industrial robotics company, has submitted its listing application to the Hong Kong Stock Exchange, with Agricultural Bank of China International as the sole sponsor. The company previously submitted its application on June 30, 2025 [1]. Company Overview - Yifei Technology specializes in the design, research and development, manufacturing, and commercialization of industrial robots, focusing on light industrial applications. The company has established a comprehensive technology ecosystem that includes self-developed robotic bodies, control and vision systems, and manufacturing processes [4]. - According to a report by Frost & Sullivan, Yifei Technology ranks fifth among domestic suppliers of industrial robots and related solutions focused on light industrial applications in China, based on projected revenue for 2024 [4]. - The company offers a range of industrial robot products tailored for light industrial applications, including parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series) [4]. Business Model - Yifei Technology provides intelligent automation system solutions to address specific applications in smart manufacturing, offering customized solutions for various automation functions such as loading and unloading, sorting, picking and placing, packaging, visual inspection, assembly, and gluing systems [5]. - The company's revenue is primarily driven by its large-scale integrated robotic solutions, which have consistently accounted for a significant portion of its income. Major projects focus on direct sales to customers in warehousing logistics, loading and unloading applications, and packaging and assembly automation [5]. Financial Data - The company reported revenues of approximately RMB 162.21 million, RMB 201.17 million, RMB 268.01 million, and RMB 104.75 million for the fiscal years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [6]. - Gross profits for the same periods were RMB 43.25 million, RMB 36.87 million, RMB 71.02 million, and RMB 24.99 million [7]. - The gross profit margins were approximately 26.7%, 18.3%, 26.5%, and 23.9% for the respective years [10]. Industry Overview - The Chinese smart manufacturing market is projected to grow from RMB 2,194.5 billion in 2020 to RMB 4,058.9 billion by 2024, with a compound annual growth rate (CAGR) of 16.6%. The contribution of this industry to GDP is expected to rise from 2.1% in 2020 to 3.1% in 2024 [12]. - The industrial robotics market in China is expected to expand from RMB 31.6 billion in 2020 to RMB 56.8 billion by 2024, with a CAGR of 15.8% [15]. - The light industrial robotics market is anticipated to grow from RMB 12.3 billion in 2020 to RMB 20.9 billion by 2024, with a CAGR of 14.2% [18]. - The market for light industrial robotics solutions is projected to increase from RMB 36.9 billion in 2020 to RMB 71.1 billion by 2024, with a CAGR of 17.8% [21].