SIASUN(SZ:300024) Jin Rong Jie·2026-01-26 06:24Core Viewpoint - Zhejiang Jiazhi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to be listed on the main board as a specialized technology company, with China International Capital Corporation as the sole sponsor [1] Group 1: Business Overview - Founded in 2016, Jiazhi Technology is a leading global company in general-purpose intelligent mobile robots, focusing on full-scenario applications across various environments, industries, and tasks [2] - The company ranks among the top ten intelligent mobile robot companies globally by order volume and is in the top five in the industrial intelligent mobile robot sector, as well as among the top three in China [2] - Jiazhi Technology's operations extend to over 20 countries and regions, including China, Japan, South Korea, Southeast Asia, North America, and Europe, serving numerous global industry leaders, including over 20 Fortune 500 companies [4] Group 2: Competitive Advantages - The company's core competitiveness stems from its self-developed technology platform and diversified product matrix, structured around the "4C×M×N" framework [6] - "4C" represents four core technological pillars: high-performance core components, adaptive high-precision spatial perception and motion control technology, large-scale intelligent cluster scheduling systems, and intelligent configuration and application software systems [6] - "M" refers to a diversified robot product matrix, including Autonomous Mobile Robots (AMR), picking robots, outdoor mobile robots, and embodied intelligent products, with capabilities such as millimeter-level positioning accuracy and payload capacities up to 60 tons [8] - "N" indicates application solutions for all scenarios, providing one-stop solutions for internal logistics, general warehousing, and commercial applications across various industries [8][9] Group 3: Financial Performance - Jiazhi Technology has shown rapid growth, with revenues increasing from 74.95 million yuan in 2023 to 114.842 million yuan in 2024, representing a year-on-year growth of 53.2% [10] - The company's gross margin has improved from 19.7% in 2023 to 24.2% in 2024, reaching 28.0% in the first nine months of 2025 [10] - Despite the revenue growth, the company remains in a loss position, with losses of 113.8 million yuan in 2023, 117.9 million yuan in 2024, and 72.08 million yuan in the first nine months of 2025, primarily due to ongoing R&D and operational expenses [10] Group 4: Market Potential - The intelligent mobile robot industry is experiencing rapid growth, with the global market size expected to increase from 9.8 billion yuan in 2020 to 35.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 37.6% [10] - The Chinese market is projected to grow even faster, with a CAGR of 49.8%, reaching 88.1 billion yuan by 2030 [10] - The embodied intelligent robot segment shows significant potential, with the market expected to reach 3.656 billion yuan by 2030, growing at a CAGR of 109.9% from 2025 to 2030 [12] Group 5: Fundraising Purpose - The funds raised from the listing will be primarily used for five key areas: advancing core components and product R&D, capacity enhancement and digital upgrades, expanding global sales and service networks, seeking strategic alliances and investment opportunities in the robot industry chain, and general corporate purposes [13]