物流机器人企业凯乐士冲刺港股，剑指 “物流机器人第一股”

Core Viewpoint - The article highlights the significant development of Kales, a logistics robotics company backed by SF Express, as it submits its IPO application to the Hong Kong Stock Exchange, potentially marking the first "logistics robot" listing in the market, which could catalyze the capitalized wave in the industry [1] Group 1: Company Overview - Kales was founded in 2016 by Gu Chunguang and Yang Yan, aiming to enhance logistics efficiency through intelligent robotics technology, driven by rising labor costs and increasing logistics demands [1] - The company has established a "full-stack solution" strategy, developing various robots for core logistics scenarios such as storage, handling, and sorting, which differentiates it from traditional logistics robotics firms [2] Group 2: Support and Growth - Kales received substantial support from the Jiaxing municipal government, including a startup grant of 3 million yuan, and strategic backing from Jiuzhoutong Pharmaceutical, which became a key customer and investor [2][3] - The company experienced rapid growth, achieving a total order amount of 350 million yuan in 2018, a 320% year-on-year increase, with clients including major firms like Huawei and JD.com [3] Group 3: Technological Innovation - Kales focuses on technological innovation, integrating AI and embodied intelligence to enhance its robots' capabilities, allowing for precise navigation and obstacle prediction [4] - The company aims to rank among the top five comprehensive intelligent logistics robotics companies in China by 2024, holding a 1.6% market share [4] Group 4: Financial Performance - Kales has faced challenges with profitability, reporting revenues of 657 million yuan in 2022, 551 million yuan in 2023, and 721 million yuan in 2024, with net losses of 210 million yuan, 242 million yuan, and 178 million yuan respectively [5] - Despite a narrowing adjusted net loss from 117 million yuan in 2022 to 50 million yuan in 2024, the company has not yet achieved profitability, reflecting the industry's high R&D costs and long profit cycles [5] Group 5: Market Position and Future Prospects - Kales' upcoming IPO is seen as a crucial step to gain industry first-mover advantage and enhance valuation, while also providing an opportunity to alleviate financial losses and increase R&D investment [5] - The logistics automation demand continues to grow, and Kales' journey may offer valuable insights into the commercialization path for the entire logistics robotics industry [5]