新股前瞻|收入稳增难掩持续亏损，新增长曲线能否助力翼菲科技“破局”？

Industry Overview - The humanoid robot industry is at a critical juncture of technological breakthroughs and commercialization, with 2025 recognized as the "year of mass production" and expectations for a significant market expansion in 2026 [1] - The market interest in humanoid robots remains high due to rapid technological iterations and deepening application scenarios [1] Company Profile - Zhejiang Yifei Intelligent Technology Co., Ltd. (Yifei Technology) has launched its first wheeled humanoid robot and is on a path to go public in Hong Kong, having submitted its listing application twice [1][2] - Yifei Technology ranks fifth among Chinese companies focused on light industrial applications in the industrial robot sector, indicating a certain scale of operations [1] Financial Performance - Yifei Technology has shown steady revenue growth, with revenues of RMB 162.21 million, RMB 201.17 million, and RMB 268.01 million from 2022 to 2024, representing a compound annual growth rate of 28.62% [5][6] - In the first three quarters of 2025, the company reported approximately RMB 180 million in revenue, a year-on-year increase of 71.54% [5] - Despite revenue growth, Yifei Technology has faced continuous losses, with adjusted net losses of RMB 52.84 million, RMB 106 million, and RMB 52.33 million from 2022 to 2024, and an increase in losses to RMB 78.20 million in the first three quarters of 2025 [7][9] Product and Service Offering - Yifei Technology has developed a diverse range of industrial robots, including parallel robots, AGV/AMR mobile robots, SCARA robots, and six-axis industrial robots, supported by proprietary control and vision systems [2] - The company provides customized robotic solutions for various automation functions, including loading and unloading, sorting, packaging, and visual inspection [2] Market Segmentation - As of mid-2024, Yifei Technology's revenue breakdown includes 45.8% from consumer electronics, 17.2% from automotive parts and new energy, and 10.9% from fast-moving consumer goods [4] - The company has expanded its customer base to cover 29 provinces in China and over 20 countries and regions globally, with 90.5% of revenue coming from China [4] Challenges and Risks - The company faces structural challenges in its robot solutions business, which is characterized by high costs and fluctuating profit margins due to customization and project delivery timelines [10] - Increased competition from both domestic and foreign brands in the industrial robot market poses a significant challenge to Yifei Technology's profitability [11] - A declining trend in R&D expenditure as a percentage of revenue, from 21.1% in 2022 to 14.4% in 2024, raises concerns about the company's long-term competitive edge [12][14]