“清华系”轻工业机器人公司翼菲智能，冲刺IPO

Core Viewpoint - Zhejiang Yifei Intelligent Technology Co., Ltd. (referred to as "Yifei Intelligent") is making a second attempt to list on the Hong Kong Stock Exchange, having previously submitted its application in June 2025 [1][14]. Company Overview - Yifei Intelligent specializes in the design, research and development, manufacturing, and commercialization of industrial robots, focusing on light industrial applications. The company has established a comprehensive technical ecosystem that enables large-scale intelligent decision-making, environmental perception, precise control, and autonomous movement [3][16]. - According to a Frost & Sullivan report, Yifei Intelligent ranks fifth among domestic companies in China that focus on industrial robots and related solutions for light industrial applications, and is one of the few companies capable of providing large-scale industrial robot solutions [3][16]. Product Offerings - The company's industrial robot product lines include the Bat series (parallel robots), Camel series (mobile robots), Python series (SCARA robots), Mantis series (six-axis robots), Lobster series (wafer handling robots), Gorilla series (universal controllers), and Kingkong series (specialized controllers). Yifei Intelligent also offers intelligent automation system solutions tailored for specific use cases, including loading and unloading, sorting, picking and placing, packaging, assembly, and gluing systems [3][16]. Financial Performance - Yifei Intelligent's revenue for the years 2022 to 2024 is projected to be CNY 162.14 million, CNY 201.17 million, and CNY 268.01 million, respectively. In the first three quarters of 2025, the company reported revenue of CNY 180 million, representing a year-on-year growth of 71.5% [5][18]. - The company has not yet achieved profitability, with net losses of CNY 57.55 million, CNY 111 million, and CNY 71.49 million for the years 2022 to 2024. In the first three quarters of 2025, the net loss reached CNY 126 million [5][18]. Revenue Structure - In 2022, 95% of Yifei Intelligent's revenue came from robot solutions, while 5% was from robot bodies. By the first three quarters of 2025, the revenue share from robot bodies increased to 32.6%, with solutions accounting for 67.4% [6][19]. Shareholder Information - The founder of Yifei Intelligent, Zhang Sai, controls approximately 25.07% of the voting rights and is part of the largest single shareholder group, which includes Shaoxing Ziqiu, Shaoxing Zhiqiu, and Shaoxing Yuzhang [8][21]. - The company has completed 12 rounds of financing before its IPO, raising a total of approximately CNY 634 million, with notable investors including Ivy Capital, Spring Capital, and QK Yingfeng [8][21]. Institutional Shareholders - Major institutional shareholders include Yuhuan Guotou with a 9.69% stake, Yuhuan Investment with a 6.35% stake, and other investors such as Kuandai Chengbai (8.69%) and Shanghai Fengrui (6.44%) [9][10][22].