近日，国内领先的智能具身产业机器人解决方案供应商苏州玖物智能科技股份有限公司(以下简称玖物智能)开启港交所IPO(首次公开 募股)之旅。 2025年12月22日终止A股市场上市辅导后不到一个月，2026年1月19日，玖物智能正式向港交所递交了上市申请，中金公司 （601995）、花旗银行为其联席保荐人。 每经媒资库 《每日经济新闻》记者注意到，尽管玖物智能在报告期内(2023~2025年前三季度，下同)业绩持续大幅增长，但其他收入占据公司除税 前利润的绝大部分，存货和贸易应收款项及应收票据总共占公司资产总额的七成以上，这些都给玖物智能的持续盈利能力带来隐忧。 与此同时，玖物智能在报告期内的客户超过九成来自以光伏为代表的清洁能源技术领域，这也给其经营业绩可持续性增长带来风险。 事实上，为解决2024年第一大客户F的拖欠付款问题，玖物智能向客户F采购了价值1000万元的光伏组件，但最终该光伏组件被玖物智 能亏本出售，玖物智能也不得不与客户F走上诉讼之路。 存货与贸易应收款项较高 招股书援引弗若斯特沙利文的资料，按2024年收入计，玖物智能是中国领先的智能具身产业机器人解决方案供应商。该公司主要从事 满足多个终端市 ...

Core Viewpoint - Suzhou Jiwu Intelligent Technology Co., Ltd. (Jiwu Intelligent) has initiated its listing journey on the Hong Kong Stock Exchange, following the termination of its A-share market listing guidance in December 2025. The company has shown significant revenue growth but faces concerns regarding its profitability and sustainability due to high reliance on other income and a concentrated customer base in the clean energy sector [1][2][3]. Financial Performance - Jiwu Intelligent reported revenues of RMB 207 million, RMB 366 million, and RMB 410 million for the years 2023, 2024, and the first three quarters of 2025, respectively. Corresponding profits were RMB 9.13 million, RMB 32.64 million, and RMB 25.47 million [3][6]. - The company's other income significantly contributed to its profitability, with figures of RMB 29.5 million in 2023, RMB 27.22 million in 2024, and RMB 18.47 million in 2025, accounting for over 89% of its pre-tax profits in recent years [8][10]. Customer Concentration and Risks - Over 90% of Jiwu Intelligent's customers are from the clean energy technology sector, which poses risks to the sustainability of its revenue growth. The company faced issues with its largest customer, leading to a legal dispute and financial losses from selling solar components at a loss [1][10][11]. Income Composition - Jiwu Intelligent's other income primarily consists of tax refunds and government subsidies, which contributed over 90% of its profits in recent years. In 2023, tax refunds amounted to RMB 16.87 million, while government subsidies were RMB 11.92 million [9][10]. Asset Management - The company has a high level of inventory and trade receivables, which accounted for over 70% of its total assets as of the third quarter of 2025. The provision for impairment of trade receivables has increased significantly, indicating potential credit risks [10][11]. Shareholder Structure and Transactions - Jiwu Intelligent's major shareholders include Wang Hongjun and several investment firms. A notable transaction occurred in December 2025, where shares were transferred at a nominal price due to unmet performance targets, reflecting the company's financial challenges [13][16].

Core Viewpoint - The article highlights the significant milestone of Suzhou JiuWu Intelligent Technology Co., Ltd. submitting its IPO application to the Hong Kong Stock Exchange, marking the first major move for an intelligent robotics company in 2026 [1]. Business Overview - JiuWu Intelligent is positioned as a leading intelligent embodied industrial robotics company in China, focusing on providing multi-modal intelligent robotic solutions with perception, decision-making, and interaction capabilities for industrial applications [4]. - The company differentiates itself from traditional repetitive task robots by targeting complex dynamic industrial scenarios, executing precise actions like grasping and lifting, thus replacing fragmented and easily interrupted manual processes [4]. Technology and R&D - The company has developed the JOS robotic operating system, one of the first in China to integrate perception, motion control, and planning, establishing a comprehensive technical support system adaptable to various industrial needs [6]. - As of September 30, 2025, the R&D team consists of 168 members, accounting for 40.6% of the total workforce, with 201 registered patents and 82 pending applications, showcasing strong technical research capabilities [6]. Market Position - According to Frost & Sullivan data, JiuWu Intelligent ranks second in the Chinese intelligent embodied industrial robotics solutions market with a market share of 5.9% as of 2024, and holds the second position globally in the SLAM intelligent embodied robotics solutions sector [8]. - The company has established a strong presence in various sectors, including clean energy technology (ranked first in China) and electronics and semiconductors (ranked fourth in China), with over 11,000 robots sold to 156 clients across 16 industrial fields [8]. Financial Performance - The company's revenue for the years 2023, 2024, and the first nine months of 2025 is reported as RMB 206.87 million, RMB 365.88 million, and RMB 239.76 million respectively, with corresponding net profits of RMB 9.13 million, RMB 32.64 million, and RMB 25.47 million [15][16]. - The revenue from intelligent embodied industrial robotics solutions is projected to account for 96% of total revenue in 2024, indicating a highly concentrated business structure [8]. Shareholder Structure - The IPO prospectus reveals that notable institutional investors such as Sequoia Capital and Shangrong Capital are among the shareholders, providing financial and resource support for the company's growth [10]. - The major shareholders include individuals and entities with significant stakes, such as 22.86% held by Tu Nan Investment and 39.34% by another entity [11]. Related Transactions - The company has experienced fluctuations in related party transactions, particularly with a major shareholder controlling 32.78% of voting rights, which may attract regulatory scrutiny due to the variability in transaction amounts [13].

Core Viewpoint - The company, Suzhou Jiuwu Intelligent Technology Co., Ltd., has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on its position in the intelligent embodied robotics industry, where it ranks second in China with a market share of 5.9% [2]. Financial Performance - The company reported revenues of RMB 207 million and RMB 366 million for the years 2023 and 2024, respectively, with net profits of RMB 9.13 million and RMB 32.64 million for the same periods [4]. - For the first three quarters of 2025, the company achieved revenues of RMB 410 million, reflecting a year-on-year growth of 71.1%, with net profits of RMB 25.47 million, up 69.36% [2][4]. Market Position - According to Frost & Sullivan, Jiuwu Intelligent ranks second in the Chinese market for intelligent embodied robotics solutions based on revenue projections for 2024 [2]. - The company has a total of 201 registered patents and 82 pending patent applications, which include 24 registered invention patents and 36 software copyrights [4]. Cost Structure - The cost of sales for 2023 and 2024 was RMB 160 million (77.5% of revenue) and RMB 273 million (74.6% of revenue), respectively, indicating a focus on maintaining a healthy gross margin [4]. - Research and development expenses accounted for 22% of revenue in 2023 and 13.5% in 2024, highlighting the company's commitment to innovation [4].

Core Viewpoint - Suzhou Jiuwu Intelligent Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing, positioning itself as a leading company in the intelligent embodied industrial robotics sector in China [1] Group 1: Company Overview - The company ranks second in the Chinese market for intelligent embodied industrial robotics solutions, with a market share of 5.9% according to Frost & Sullivan [1] - It specializes in designing, developing, and deploying multi-modal intelligent embodied industrial robots that possess perception, decision-making, and interaction capabilities, leveraging its proprietary full-stack robotic technology and deep industrial expertise [1]