顺丰持股14%，四年累亏超7亿，这家企业冲刺上市

Core Viewpoint - Kales Technology is aiming to become the first "full-stack intelligent in-house logistics robot" company listed on the Hong Kong stock exchange, backed by significant orders and strategic support from SF Express [1][6]. Group 1: Company Overview - Kales Technology has approximately 2.3 billion RMB in orders, indicating strong performance certainty [1]. - The company has experienced rapid growth since its inception in 2014, with multiple funding rounds totaling over 800 million RMB since 2020 [2][3]. - SF Express holds a 14.1% stake in Kales, providing both capital and access to extensive logistics scenarios [4][6]. Group 2: Financial Performance - Kales' revenue increased from 656.9 million RMB in 2022 to 721.4 million RMB in 2024, with a strong growth trajectory in the first three quarters of 2025 reaching 552 million RMB [7][8]. - Despite significant losses, with cumulative losses exceeding 700 million RMB over four years, the company has shown signs of narrowing losses, with operational losses decreasing from 131 million RMB in 2023 to 35 million RMB in the first three quarters of 2025 [11][12]. - The revenue structure is heavily concentrated in mainland China, accounting for 92.5% of total revenue in the first three quarters of 2025 [8][9]. Group 3: Market Position and Strategy - The logistics robot market is highly competitive, with over 50 domestic AMR suppliers, necessitating Kales to find differentiation strategies [17]. - Kales is strategically expanding into high-value industries and global markets, planning to establish 10 overseas centers in the next five years [18]. - The company is focusing on advanced technologies such as embodied intelligence and AI robotics, aiming to evolve from simple transport solutions to intelligent agents capable of complex operations [19]. Group 4: Future Outlook - The upcoming IPO is seen as a critical step for Kales to secure funding for global expansion and technological advancements [16]. - Kales faces challenges balancing price sensitivity among domestic clients while pursuing higher margins and scaling its embodied intelligence technology [20].