浙大系具身智能企业仙工智能再闯港交所，冲刺“机器人大脑”第一股

Core Viewpoint - XianGong Intelligent Technology Co., Ltd. is reapplying for an IPO on the Hong Kong Stock Exchange, focusing on industrial intelligent robots and aiming to leverage its proprietary technology and solutions for factory automation [1][4]. Group 1: Company Overview - Founded in April 2020, XianGong Intelligent focuses on providing practical technology solutions for industrial scenarios rather than consumer humanoid robots [4]. - The company has developed a complete industrial intelligent ecosystem, including controllers, software, robots, and accessories [4][6]. - The SRC series controller, developed in-house, serves as the core technology, enabling robots to autonomously perceive, decide, and move without requiring extensive customer training [4][9]. Group 2: Financial Performance - XianGong Intelligent has experienced significant revenue growth, with revenues of RMB 184.3 million, RMB 249 million, and RMB 339.3 million from 2022 to 2024, reflecting a compound annual growth rate of 35.7% [10][12]. - Despite revenue growth, the company has accumulated losses exceeding RMB 122 million from 2022 to 2024, with losses of RMB 32.26 million, RMB 47.70 million, and RMB 42.31 million in those years [15][16]. - The gross profit margins have remained stable, with rates of 46.8%, 49.2%, and 45.9% from 2022 to 2024, driven by strong supplier relationships [12][14]. Group 3: Market Position - XianGong Intelligent ranks first globally in robot controller sales, holding a market share of 23.6% as of 2024, with a growing customer base expanding from 380 to over 1,600 clients across 35 countries [18]. - The company has established partnerships with notable firms such as Philips, Schneider Electric, and FAW-Volkswagen, demonstrating its product applicability across various industries [18]. Group 4: Team and Funding - The core team consists of alumni from Zhejiang University, with the founder having extensive experience in robot system architecture and multiple patents [19]. - The company has completed four rounds of financing, raising approximately RMB 283 million, with a valuation reaching RMB 3.27 billion as of April 2025 [20][21]. Group 5: Challenges and Opportunities - XianGong Intelligent faces operational pressures, including extended payment cycles and high reliance on external suppliers, which could impact cash flow and operational stability [22]. - The upcoming IPO is seen as a critical opportunity for financing and addressing current operational challenges, with a focus on balancing R&D investment and profitability [22].