四向穿梭机器人与仓储系统示意图 近期， 上海智世机器人有限公司（下称智世机器人）完成数千万元A+轮融资，由隐峰资本独家投资。 智世机器人成立于2019年，是一家专注于四向穿梭车研发制造的仓储机器人公司。相比于物流行业已经广 泛应用的AGV和AMR，四向穿梭机器人仍是一个新兴技术，旨在解决货物密集的立体仓库中，如何利用托 盘实现货物存取、理货，从而实现自动化立体存储，提升仓库存储密度和出入库效率的实际应用问题。 在产品、方案完备之时，智世机器人的商业化进展快速，过去三年，公司每年基本以200%-300%的增速 快速提升。 刘少伟向36氪表示，目前，公司已为全球200余家大中型企业完成智能仓储升级，覆盖零售、冷链、医 药、能源、化工、制造等对安全与稳定性要求极高的场景。 2025年以来，智世机器人也在加快推进海外业务布局，该公司来自海外的营收已经占整体营收的30%， 产品出口至日韩东南亚等20多个国家和地区。 据智世机器人COO刘少伟介绍，智世机器人此前投入了三年时间打磨产品细节，其穿梭机器人最大竞争力 在于客户最为看中的安全性、易用性。 在安全性方面，智世机器人不仅自主研发了多项技术（自适应障碍物感知技术，托盘 ...

Core Insights - Zhejiang Kales Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following the trend set by other logistics robot companies [1] - The funds raised will primarily be used to advance the company's core robot product lines, enhance underlying technology and software capabilities, expand production capacity, and execute global market expansion strategies [1] Financial Performance - Kales reported revenues of approximately RMB 7.21 billion in the last fiscal year, with a notable increase in revenue from 2022 to 2024 [2][3] - The company achieved revenues of approximately RMB 6.57 billion, RMB 5.51 billion, and RMB 7.21 billion for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of RMB 1.03 billion, RMB 916.67 million, and RMB 1.14 billion [3] - The net loss narrowed from RMB 2.10 billion in 2022 and RMB 2.42 billion in 2023 to RMB 1.78 billion in 2024, with adjusted net losses decreasing from RMB 1.17 billion and RMB 1.23 billion to RMB 505 million in the same period [3] Product and Service Offerings - Kales specializes in logistics robots, offering a comprehensive range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [2] - The company has a total of 21 billion RMB in contracts awaiting delivery as of December 31, 2024, and has expanded its after-sales service projects from 390 to 515 between 2022 and 2024 [2] Market Expansion - Kales is strategically expanding its global footprint, with a diverse customer base across 12 countries and regions by the end of 2024 [3] - Revenue contributions from markets outside mainland China increased from RMB 77.185 million in 2022 to RMB 105 million in 2024 [3] Shareholder Structure - Major shareholders include the founder and CEO Gu Chunguang, who has a background in mechanical engineering and supply chain management, along with significant investments from institutions like CICC Capital and SF Express [4][5] - SF Express not only holds an 8.46% stake in Kales but is also a customer, having received intelligent logistics robot solutions from the company [6]

Group 1: IPO Information - Seven companies are currently in the IPO process, with none exceeding a margin of 15 times [1] - The company "极智嘉-W" (02590.HK) is in the industrial manufacturing sector, with an IPO date from June 30 to July 4, issuing 140 million shares at a price of HKD 16.8 [1] - The company has a market capitalization of HKD 21.833 billion and is expected to have a loss-making price-to-earnings ratio [1] Group 2: Company Overview - 极智嘉 was established in 2015 and is headquartered in Beijing, focusing on the development of intelligent logistics robots and warehouse automation solutions [2] - The company provides a range of Autonomous Mobile Robot (AMR) solutions, enhancing supply chain efficiency while reducing reliance on manual labor [2] Group 3: Market Position - In 2023, 极智嘉 held a 6.0% share of the global AMR market, ranking first for five consecutive years in warehouse fulfillment AMR solutions [3] - By 2024, the company is projected to drop to second place in the overall market share, with a 6.2% share, but will maintain the top position in the warehouse fulfillment segment with a 9.0% share [3] - The company has delivered over 56,000 AMR robots to more than 40 countries, serving over 800 clients, including 60 Fortune 500 companies [3] Group 4: Financial Performance - Revenue for 极智嘉 is projected to grow from RMB 1.452 billion in 2022 to RMB 2.409 billion in 2024, with a compound annual growth rate of approximately 28.8% [4] - The gross margin is expected to improve from 17.7% in 2022 to 34.8% in 2024, despite the company continuing to report net losses [4] - The adjusted net loss is expected to decrease significantly from RMB 821 million in 2022 to RMB 92.24 million in 2024 [4] Group 5: Revenue Sources - Over 99% of 极智嘉's revenue comes from AMR solution sales, with warehouse fulfillment solutions accounting for 90.3% of revenue in 2024 [5][6] - The company’s revenue is primarily derived from overseas markets, contributing over 70% of total revenue, with an overseas gross margin of 46.5% [7] Group 6: Client Base and Market Recognition - 极智嘉 serves over 800 clients globally, including major companies like Walmart, Toyota, and Siemens, with a high customer retention rate of 74.6% [8] - The company has undergone 11 rounds of financing before its IPO, raising over RMB 4 billion, with a valuation increase of 32% over three years [9] Group 7: Competitive Landscape - The global AMR market is competitive and fragmented, with the top four players holding only about 19.3% of the total market share [10] - Major competitors include domestic companies like 海康机器人 and 海柔创新, as well as international firms like AutoStore [10] - 极智嘉's market valuation is compared favorably against other robotics companies, with a market capitalization of HKD 21.8 billion and a price-to-sales ratio of 8 times [10]