SIASUN(SZ:300024) Sou Hu Cai Jing·2026-01-29 12:51Core Viewpoint - Zhejiang Jiazhi Technology Co., Ltd. (Jiazhi Technology), an unprofitable robotics company, is pursuing a listing on the Hong Kong Stock Exchange under Chapter 18C, highlighting its core technological capabilities despite high sales and distribution expenses exceeding R&D costs during the reporting period [1][4]. Financial Performance - Jiazhi Technology's revenue for 2023, 2024, and the first three quarters of 2025 is projected to be 74.95 million, 115 million, and 201 million respectively, while the company has not achieved profitability, reporting losses of 114 million, 118 million, and 72.08 million during the same periods [4]. - Sales and distribution expenses for the same periods are 46.21 million, 49.51 million, and 46.14 million, accounting for 61.7%, 43.1%, and 22.9% of total revenue respectively, while R&D expenses are lower at 36.19 million, 44.51 million, and 36.16 million [4]. Patent Portfolio - As of the last feasible date, Jiazhi Technology holds a total of 13 major authorized patents related to its specialized technology products, with most applications filed before February 2022, and only one filed in August 2023 [5]. Customer and Supplier Overlap - The revenue from the top five customers increased from 21.6% of total revenue in 2023 to 61.3% in the first three quarters of 2025, with the first customer contributing 4.8% in 2023 and rising to 28.4% by 2025 [6]. - There are multiple instances of overlapping identities between customers and suppliers, such as Customer F, which is both a major customer and supplier, with sales and procurement amounts detailed for the reporting periods [6][7]. Redemption Rights and Financial Liabilities - Jiazhi Technology has incurred significant financing costs related to redemption financial liabilities, amounting to 32.48 million, 37.69 million, and 32.48 million for the respective periods [8]. - The company granted special rights, including redemption rights, to several investors during multiple financing rounds from 2016 to 2025, with a temporary suspension of these rights in July 2025, although conditions exist for their automatic restoration [8].