斯坦德机器人再度递表港交所，冲刺 “工业具身智能第一股”

Core Viewpoint - Stand Robot (Wuxi) Co., Ltd. is aiming to become the first publicly listed company in the industrial embodied intelligence sector by submitting an updated listing application to the Hong Kong Stock Exchange under the "Chapter 18C" rules [2] Company Overview - Stand Robot is a leading provider of industrial intelligent mobile robot solutions and a pioneer in industrial embodied intelligence robot solutions, focusing on empowering smart factory construction in high-tech industries such as 3C electronics, automotive, and semiconductors [4] - The company has developed a unique "1+N+S=∞" technology system, where "1" represents the core robot technology platform, "N" includes a diverse product matrix, and "S" refers to the all-in-one intelligent collaborative system [4] Technical Strength - Stand Robot is among the first to release Simultaneous Localization and Mapping (SLAM) technology and develop Visual Language Action (VLA) models for industrial scenarios, achieving a positioning accuracy of ±2mm and vibration control precision of <0.1G [6] - The company can manage over 2,000 robots in a single simulated scenario, significantly exceeding typical industrial demands [6] Financial Performance - Revenue is projected to grow from 96.275 million RMB in 2022 to 250.522 million RMB in 2024, with a compound annual growth rate (CAGR) of 61.3% [6] - In 2024, revenue from robot solutions is expected to reach 228.087 million RMB, accounting for 91% of total revenue [6] - Despite revenue growth, the company has incurred cumulative losses of approximately 273 million RMB from 2022 to 2024, primarily due to high R&D and market expansion costs [8] Market Position - By 2024, Stand Robot is projected to be the fifth largest global provider of industrial intelligent mobile robot solutions and the fourth largest in industrial embodied intelligence solutions [8] - The company has a significant presence in the 3C, automotive, and semiconductor sectors, ranking second in global shipments for both the 3C and automotive industries [8] Shareholding Structure - The shareholding structure is diverse, with the founder and CEO holding 12.80% directly and 14.30% through an incentive platform, while the largest external shareholder is a state-owned fund holding 14.29% [9][10] Use of Proceeds - The IPO funds will be allocated as follows: approximately 40% for enhancing core technology and product development, 30% for expanding global sales and service networks, and 30% for increasing production capacity and operational funding [12] Industry Outlook - The industrial intelligent mobile robot market is expected to grow from 5.8 billion RMB in 2020 to 15.3 billion RMB in 2024, with a CAGR of 27.2%, and projected to reach 81.4 billion RMB by 2029 [12] - The industrial embodied robot market is anticipated to grow from 400 million RMB in 2020 to 1.4 billion RMB in 2024, with a CAGR of 39.5%, and is expected to surge to 15.2 billion RMB by 2029 [12]