来源：深圳商报 近日，浙江凯乐士科技集团（以下简称"凯乐士"）正式向香港联交所递交申请版本文件，拟在主板挂 牌，国泰君安国际和中信证券担任联席保荐人。 招股书显示，凯乐士成立于2016年，总部位于浙江嘉兴，主营多向穿梭车（MSR）、自主移动机器人 （AMR）及输送分拣机器人（CSR）三大系列，辅以WMS、WCS、RCS等软件系统，为汽车、新能 源、3C电子、医药、电商等29个行业提供"单一功能机器人部署"或"多功能综合系统"两种交付模式。 财务数据方面，2022至2024年及2025年前三季度（以下简称"报告期"），凯乐士分别实现营业收入6.57 亿元、5.51亿元、7.21亿元和5.52亿元；同期录得净亏损2.10亿元、2.42亿元、1.78亿元和1.34亿元，三 年又九个月累计亏损约7.6亿元。 据弗若斯特沙利文数据，按2024年收入计，凯乐士在中国综合智能场内物流机器人市场排名第五，市场 份额1.6%；在更细分的极窄巷道自主移动机器人（VNA AMR）赛道，公司以19.3%的出货量市占率位 列第一。 凯乐士解释亏损主因系处于快速扩张期，研发、销售及管理投入较大，同期研发开支分别为9455万元、 8536 ...

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。 Zhejiang Galaxis Technology Group Co., Ltd. 浙江凱樂士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，僅用作提供資訊予香港公眾人士。 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、保薦人兼整體協調人、整體協調人、顧問或承銷團成員 表示同意： 倘於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呈交香港公司註冊處處長註冊的本 公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件中 的資料作出任何 ...

Core Viewpoint - Zhongding Intelligent has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1] Company Summary - Zhongding Intelligent primarily provides intelligent in-plant logistics solutions, integrating software with hardware such as stackers, shuttles, conveyors, and robots [1] - In 2024, Zhongding Intelligent ranks fourth in China's intelligent in-plant logistics solutions industry with a market share of 1.7%, second in the industrial sector with a market share of 3.2%, and first in the new energy lithium-ion battery sector with a market share of 22.1% [1] Industry Summary - The global intelligent in-plant logistics solutions market is projected to grow at a compound annual growth rate (CAGR) of 11.9% from 2020 to 2024, expected to exceed 800 billion yuan by 2029 [1] - The Chinese intelligent in-plant logistics solutions market is anticipated to surpass 100 billion yuan in 2024 and reach 201 billion yuan by 2029, with a CAGR of 14.7% [1]

Company Overview - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has submitted an application to the Hong Kong Stock Exchange for a mainboard listing, with Guotai Junan International as the sole sponsor [1] - The company is a mature provider of intelligent in-plant logistics and warehouse automation solutions in China, ranking fourth in the overall market with a 1.7% market share and second in the industrial sector with a 3.2% market share [3][4] - In the lithium-ion battery sector, Zhongding Intelligent holds the leading position with a 22.1% market share [3] Product and Service Offering - The core product is the intelligent in-plant logistics solution, integrating management software with various logistics equipment such as stackers, shuttles, conveyors, and robots [3][4] - The solutions optimize material flow within warehouses and production facilities, reducing manual intervention and improving operational efficiency [4] Financial Performance - Revenue for Zhongding Intelligent was approximately RMB 1.643 billion in 2022, RMB 1.695 billion in 2023, and projected to be RMB 1.798 billion in 2024, with a decline to RMB 746 million in the first half of 2025 [5][8] - Profit figures were RMB 70.58 million in 2022, RMB 78.18 million in 2023, and RMB 88.63 million in 2024, with a decrease to RMB 66.29 million in the first half of 2025 [6][8] - The gross profit margin has shown fluctuations, with a notable increase from 12.1% in the first half of 2024 to 18.6% in the first half of 2025, primarily due to improved margins in the renewable energy sector [7][8] Industry Overview - The global intelligent in-plant logistics solutions market is projected to grow from RMB 300.8 billion in 2020 to RMB 471.1 billion by 2024, with a compound annual growth rate (CAGR) of 11.9% [9] - In China, the market for intelligent in-plant logistics solutions is expected to exceed RMB 100 billion by 2024 and reach RMB 201 billion by 2029, with a CAGR of 14.7% [11] - The growth is driven by increasing demand for supply chain efficiency, cost control, and advancements in automation technologies [10][11]

Core Viewpoint - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sole sponsor [1] Company Overview - Zhongding Intelligent is a mature provider of intelligent in-warehouse logistics and automation solutions in China, focusing on integrating management software with various logistics equipment [2][3] - The company's core products include intelligent in-warehouse logistics solutions that coordinate the movement and storage of goods in warehouses, factories, and production lines [3][4] Market Position - In 2024, Zhongding Intelligent ranked fourth in the Chinese intelligent in-warehouse logistics solutions industry with a market share of 1.7%, second in the industrial sector with a 3.2% share, and first in the new energy lithium-ion battery sector with a 22.1% share [3] - The industrial sector accounted for nearly 50% of the Chinese intelligent in-warehouse logistics solutions market in 2024, while the new energy lithium-ion battery sector represented about 6% [3] Financial Performance - Revenue for Zhongding Intelligent was approximately RMB 1.643 billion in 2022, RMB 1.695 billion in 2023, and projected to be RMB 1.798 billion in 2024, with a decline to RMB 746 million in the first half of 2025 [5][7] - Profit figures were RMB 70.58 million in 2022, RMB 78.18 million in 2023, and RMB 88.63 million in 2024, with a decrease to RMB 66.29 million in the first half of 2025 [5][7] - The gross profit margin decreased from 14.1% in 2022 to 12.9% in the first half of 2024, but increased to 19.3% in the first half of 2025 [5][6] Industry Overview - The global intelligent in-warehouse logistics solutions market is projected to grow from RMB 300.8 billion in 2020 to RMB 471.1 billion in 2024, with a compound annual growth rate (CAGR) of 11.9% [8] - The market is driven by increasing demands for supply chain efficiency, cost control, and service quality, alongside rising labor costs [8][9] - In China, the intelligent in-warehouse logistics solutions market is expanding due to the growth of e-commerce logistics, new energy industries, and the push for intelligent upgrades in manufacturing [9]

Core Viewpoint - The article discusses the IPO of Zhongding Intelligent Technology Co., Ltd., a subsidiary of Noli Co., Ltd., focusing on its business model, financial performance, and market position in the smart logistics sector [2][4]. Company Overview - Zhongding Intelligent is a provider of smart on-site logistics and warehouse automation solutions, integrating management software with various logistics equipment [2]. - Noli Co., Ltd. holds a 99.6% stake in Zhongding Intelligent, with the Ding family controlling approximately 35.54% of Noli's shares [2]. Financial Performance - Zhongding Intelligent's revenue has shown growth, with figures of 1.643 billion RMB, 1.695 billion RMB, and 1.798 billion RMB for 2022, 2023, and 2024 respectively [5]. - Net profits for the same years were 70.58 million RMB, 78.18 million RMB, and 88.63 million RMB [5]. - The company's gross margin has declined from 14.1% in 2022 to 13.1% in 2024, attributed to competitive pricing strategies and losses in certain contracts [7][8]. Market Position - The smart on-site logistics solutions market in China is projected to reach 101.3 billion RMB in 2024, growing to 201 billion RMB by 2029, with a CAGR of 14.7% [4]. - Zhongding Intelligent ranks fourth in the overall market with a market share of 1.7%, and it is the leading provider in the new energy lithium-ion battery sector [4][5]. Client Base - The majority of Zhongding Intelligent's revenue comes from the new energy sector, with major clients including CATL, BYD, and LG Chem, contributing over 75% of total revenue [6]. - The company also serves various industries, including automotive, healthcare, food, and electronics [6]. Legal Issues - Zhongding Intelligent is currently involved in multiple pending lawsuits, with claims exceeding one million RMB, which may pose risks to its operations [13][16]. - The company has appealed several court rulings related to these lawsuits, indicating ongoing legal challenges [14][16].

Core Viewpoint - Zhongding Intelligent (Wuxi) Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, marking another case of A-share companies splitting into H-shares. The company is a subsidiary of Noli Co., Ltd. and specializes in intelligent on-site logistics and warehouse automation solutions. Despite revenue growth, the company faces declining contract liabilities and gross margins [1][29]. Company Overview - Zhongding Intelligent is headquartered in Wuxi, Jiangsu Province, and was founded in 2009. It became a wholly-owned subsidiary of Noli Co., Ltd. after Noli acquired 90% of its shares in 2016 and the remaining 10% in 2022 [3][4]. - The company’s core products include intelligent on-site logistics solutions that integrate management software with various logistics equipment [7][12]. Financial Performance - Revenue for Zhongding Intelligent in 2022, 2023, and 2024 was approximately RMB 1.64 billion, RMB 1.69 billion, and RMB 1.80 billion, respectively, with net profits of RMB 70.58 million, RMB 78.18 million, and RMB 88.63 million [9][10]. - The overall gross margin has declined from 14.1% in 2022 to 14.0% in 2023, and further to a projected 13.1% in 2024, primarily due to competitive pricing strategies [14][29]. Market Position - Zhongding Intelligent holds a market share of 1.7% in the Chinese intelligent on-site logistics solutions industry, ranking fourth overall and first in the lithium-ion battery sector [27][29]. - The company’s revenue is heavily reliant on the new energy sector, which accounted for over 75% of its income, with major clients including CATL and Ruipu Lanjun [15][23]. Industry Outlook - The Chinese intelligent on-site logistics solutions market is expected to grow from approximately RMB 101.3 billion in 2024 to RMB 201 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% [23][26]. - The new energy sector's market for intelligent logistics solutions is projected to grow significantly, indicating strong future demand for Zhongding Intelligent's services [23].