「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 冯汝梅 编辑丨关雎 图源 丨Midjourney 2025年起，中国仓储机器人行业进入集中上市阶段，一家来自深圳宝安的企业也在其中。 2026 年 2 月 13 日，深圳市海柔创新智能科技集团股份有限公司（下称"海柔创新"）向港交所递交 上市申请，计划在港股主板上市。若成功 IPO ，海柔创新将成为全球资本市场"箱式仓储机器人（ ACR ）第一股"。 海柔创新由陈宇奇、徐圣东、房冰三人，于 2016 年在东莞松山湖联合创立， 2017 年将总部迁至深 圳宝安。经过近十年发展，这家公司已成长为全球最大的 ACR 供应商。 ACR 是一种在仓库里自动搬运、存取货箱的机器人。它颠覆了传统"人找货"模式，将货箱直接送到 人面前，实现"货箱到人"，员工不用走动，极大提高仓储作业效率。 海柔创新成立后，陆续完成了 十多轮 融资，累计金额约 41.33 亿元，背后有五源资本、泛大西洋资 本、源码资本、今日资本、 IDG 资本、红杉中国以及李泽湘旗下的 XBOT ...

港股频道更多独家策划、专家专栏，免费查阅>> 此前，极智嘉披露，公司2025年全年新增订单41.37亿元，同比增长31.7%。由此可见，2025年度极智嘉 营收与订单均实现超30%的高速增长。 据Interact Analysis最新报告数据，极智嘉在全球仓储履约 AMR 市场份额达 23%，在"货架到人"这一主 流细分方案领域，市占率高达48.5%。行业强者恒强的马太效应进一步显现。随着全球电商、物流行业 的快速发展，仓储自动化的市场需求持续释放。作为赛道龙头的极智嘉将最大程度收获行业爆发红利。 2月24日，极智嘉发布2025年度盈利预告，披露公司全年核心财务与经营数据：2025年公司预计实现营 收31.4亿元-31.8亿元，同比增长30%—32%。经调整净利润（非国际财务报告准则计量）预计达2500万 元－4500万元，成功扭亏为盈。 极智嘉表示，收入增加主要是报告期内仓储移动机器人解决方案的交付完成较多带来的收入增长。经调 整净利润转正主要由于报告期内仓储移动机器人解决方案业务进一步提升，带来收入金额增加，从而毛 利金额也随之增加。 责任编辑：山上 ...

Core Viewpoint - Hai Robotics Innovation Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on warehouse automation solutions, particularly Automated Case Retrieval (ACR) systems, with a significant market share projected for 2024 [2][3]. Company Overview - Established in 2017, Hai Robotics specializes in warehouse automation, particularly in the labor-intensive picking process, offering integrated ACR solutions to enhance storage density and operational efficiency [2]. - The company is projected to be the largest ACR solution provider globally by revenue and shipment volume, holding over 30% market share in 2024 [2]. Product Offerings - Hai Robotics provides advanced ACR solutions that cater to various distribution and manufacturing sectors, emphasizing flexibility, efficiency, reliability, and cost-effectiveness [3]. - The company launched HaiPick Climb in 2025, the first single-sided climbing ACR solution for large-scale commercial use, supporting storage heights of up to 15 meters [3]. - Their solutions also include the HaiPick Systems series, designed for high-density storage, order staging, and full-case handling [3]. Revenue Model - The majority of Hai Robotics' revenue comes from initial project delivery and deployment fees, supplemented by recurring income from support services, including maintenance and technical support [3]. - As clients recognize the benefits of ACR solutions, they are likely to invest further in additional robots or new projects across their warehouse networks [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2024, Hai Robotics reported revenues of RMB 807 million, RMB 1.36 billion, and RMB 931 million, respectively [10][11]. - The company experienced net losses of RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the same periods, with adjusted net losses of RMB 690 million, RMB 557 million, and RMB 321 million [10][11]. Shareholder Structure - Prior to the IPO, Hai Robotics has a dual-class share structure, with Class A shares granting 20 votes per share, primarily held by Chairman Chen Yuqi, who controls 63.23% of the voting power [5][6]. - The combined shareholding of Chen Yuqi and his associates amounts to 22.62%, representing 69.10% of the voting rights [6][7]. Board of Directors - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure [9]. IPO Advisory Team - The IPO is being managed by a team including Goldman Sachs and CITIC Securities as joint sponsors, with Ernst & Young as the auditor and various legal advisors for different jurisdictions [12].

Company Overview - Shenzhen Hailuo Innovation Smart Technology Group Co., Ltd. (referred to as "Hailuo Innovation") submitted its listing application to the Hong Kong Stock Exchange on February 13, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Hailuo Innovation is a global leader in the warehouse automation sector, focusing on automated picking, which is the most labor-intensive and time-consuming activity in warehouses [1] - According to Zhaoshang Consulting, Hailuo Innovation is projected to be the largest ACR (Automated Case Retrieval) solution provider globally by 2024, with a market share exceeding 30% based on revenue and shipment volume [1] Product Offerings - The company has developed an integrated automated box storage robot (ACR) solution for automated picking and handling of individual cargo boxes in warehouses, enhancing storage density, operational efficiency, order fulfillment speed, and reducing labor costs [5] - Hailuo Innovation offers a range of advanced ACR solutions that provide flexibility, efficiency, reliability, and cost-effectiveness across various distribution and manufacturing sectors [5] - The HaiPick Climb, launched in 2025, is the first single-sided climbing ACR solution to achieve large-scale commercial use, supporting storage heights of up to 15 meters, the highest among similar products [5] Market Presence - Hailuo Innovation's solutions are deployed in warehouses operated by various enterprises, including warehouse operators, logistics service providers, retail groups, and manufacturing companies across key verticals such as apparel, e-commerce, food and beverage, third-party logistics, pharmaceuticals, 3C electronics, and automotive [9] - As of September 30, 2025, over 800 customers, including direct clients and pipeline partners, have contracted with Hailuo Innovation to deploy ACR solutions [9] - The company's business footprint extends to over 40 countries and regions, with orders from markets outside mainland China accounting for over 50% of total orders as of September 30, 2025 [7] Financial Performance - The company reported revenues of approximately RMB 807 million, RMB 1.36 billion, and RMB 1.26 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [10][12] - The gross profit margins for the same periods were 16%, 26.3%, and 28.9% [14] - The company experienced net losses of approximately RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [12] Industry Overview - The global warehouse picking automation solutions market is expected to grow from RMB 91.1 billion in 2020 to RMB 171.2 billion by 2024, and is projected to reach RMB 400.6 billion by 2030, driven primarily by efficient emerging solutions like ACR [15] - The market share of warehouse picking automation solutions is anticipated to increase from 12.6% in 2020 to 17.3% in 2024, with further growth expected to 26.1% by 2030 [15] - The ACR solutions market is expected to grow from RMB 4.4 billion in 2024 to RMB 91 billion by 2030, with a compound annual growth rate (CAGR) of 65.7% from 2024 to 2030 [18]

| 編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂] | 行使與否而定) | | | | --- | --- | --- | --- | | 「編纂]數目 | : [編纂]股H股(可予車新分配) | [編纂]數目 | : 「編纂」股H股(可予重新分配及 | | 視乎[編纂]行使與否而定) | 最高[編纂] : | 每股H股[編纂]港元,另加1.09 | | | 佣金、0.0027％ 證監會交易得 | 0.00015%會財局交易徵費及 | | | | 0.00565% 聯交所交易費(須) | 時以港元繳足,多繳款項可 | | | | 面值 : | 每股H股人民幣0.10元 | [编纂] · [编纂] | | 2月13日，深圳市海柔创新智能科技集团股份有限公司(简称"海柔创新")向港交所主板递交上市申请，联席保荐人为高盛、中信证券。招股书显示，海柔创 新是仓储自动化领域的全球领军企业，专注于拣选的自动化-拣选是仓库中最为劳动密集及耗时的活动。根据灼识咨询的资料，于2024年，海柔创新是全球 最大的ACR解决方案提供商，按收入及出货量计，该公司的市场份额超过30%。 ...

2月13日，深圳市海柔创新智能科技集团股份有限公司(以下简称"海柔创新")正式向香港联合交易所递交 上市申请书，联席保荐人为高盛(亚洲)及中信证券(香港)。 按照规划，海柔创新此次IPO募集资金将主要用于深化技术研发、升级解决方案、完善全球供应链布局 等，旨在进一步巩固其在高速增长的箱式仓储机器人(ACR)赛道中的全球领导者地位。 规模和盈利显著改善：海柔创新的总收入从2023年的8.07亿元同比大幅增长68.6%，至2024年的13.60亿 元，在全球前三大ACR公司中增速最快。至2025年前九个月，其总收入已达12.63亿元。收入增长的同 时，其盈利能力亦同步增强，毛利率从2023年的16.0%提升至2024年的26.3%，2025年前九个月进一步 达到28.9%。 市场前景广阔：ACR因柔性强、效能高、投资回收期短，已成为仓储自动化领域增长最快的解决方 案。据灼识咨询预测，2024年至2030年全球ACR解决方案市场规模年复合增长率达65.7%，2030年将达 910亿元；渗透率预计将从2024年的2.6%提升至2030年的22.7%。 海柔创新成立于2016年，总部位于深圳。招股文件显示，海柔创新是A ...

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容 概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Hai Robotics Innovation Group Co., Ltd. 深圳市海柔創新智能科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立以不同投票權控股的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決 ...

深夜，灯火通明的仓库里，拣货员仍在重复着行走、弯腰、抓取的动作。这一幕，在全球超过70%的仓库中 每日上演。即便在已部署AGV/AMR的现代化仓库中，占据运营成本50%以上的拣选、理货、打包等环节， 因动作复杂、柔性要求高，长期被视为自动化的最后禁区。 不少行业人士认为，这一最后禁区正是仓储自动化进程中的关键断点，也是行业从局部智能迈向全域智能必 须攻克的核心堡垒。 近日，全球 智能机器人引领者 极智嘉（Geek+）最新发布的通用仓储机器人Gino 1， 或许正是瞄准这一堡垒的精准破局之作。 01. 一次产品形态的战略升维 机器人大讲堂发现，Gino 1并非极智嘉在操作自动化上的首次尝试。 2025年10月，其专用于拣选场景的无 人拣选工作站已通过国际巨头验收，完成了单点突破。而Gino 1的发布，标志着极智嘉通用仓储机器人战略 进入了第二阶段——场景通用。它不再局限于单一的拣选任务，而是将能力边界拓展至搬箱、打包、巡检、 异常处置等全流程柔性操作场景，真正向一台机器人覆盖仓内主流人工操作的目标迈进。 这背后是产品逻辑的根本性转变：从解决特定环节的专用工具，进化为适应多元任务的通用生产力。 这种演 进路径极具 ...

全面引领无人仓新纪元。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉(Geek+, 2590.HK) 于2月10日正式发布 全球首款面向仓储场景的 人形 通用机 器人Gino 1。 这意味着，极智嘉将是 行业内唯一一家实现在仓储场景拥有移动机器人、专 用机械臂和通用人形机器人等全系列产品和技术能力的公司。 作为"通用仓储机器人"战略落地的又一生产力 AI 新作， Gino 1 区别于其它人形机器人，它专为仓 储而生，完全面向仓储场景的通用多任务能力而设计并训练。 Gino1通过具身大脑 Geek+ Brain 对极智嘉多年积累的海量仓储数据进行训练，并结合大规模仿真强化学习，形成了类人的通用操作能 力， 能够从事仓储拣货、搬箱、打包、巡检等多任务，真正实现了"一台机器人覆盖仓内主流人工操 作场景"， 引领仓储行业实现从移动智能化到操作智能化的关键跨越。 截至目前，极智嘉基于深刻的场景理解，已构建了清晰可落地的全流程无人仓方案: 依托于 Geek+ Brain 具身智能基座模型，AMR集群完成搬运、存储等移动环节，GINO 1 全面接管柔性 ...

Core Viewpoint - Company achieved a significant milestone by securing a 200 million yuan order from a well-known Eastern European fashion retail group, indicating strong growth potential in the Eastern European market [1] Group 1: Company Performance - The stock price of Company increased by 6.87%, currently trading at 25.84 HKD with a trading volume of 46.7957 million HKD [1] - Total order value in Eastern Europe for 2025 has reached nearly 500 million yuan, showcasing the region as a new growth point for the company's overseas business [1] Group 2: Market Context - The Eastern European e-commerce and logistics sectors are experiencing rapid growth, with increasing demand for warehouse automation [1] - Company has established an office and team in Poland to capitalize on local market needs, leveraging mature technology solutions [1] Group 3: Client Engagement - The client has signed multiple orders worth over 100 million yuan for the fiscal year 2025, reflecting strong commercial relationships [1] - Company has successfully implemented several smart warehouse projects, receiving broad recognition from clients in fashion retail, e-commerce, and logistics [1]