Core Insights - Beijing Jingzhijia Technology Co., Ltd. (2590.HK), known as the "first stock of global autonomous mobile robots," went public in Hong Kong on July 9, 2025, achieving a market capitalization of HKD 21.8 billion at a share price of HKD 16.8 [2] - The company was founded in 2015 by Zheng Yong and his team, and it took 10 years from establishment to listing [3] - Early investors, including Sequoia Capital and Gao Rong Venture Capital, recognized the potential of Jingzhijia in the robotics and automation sector, participating in multiple funding rounds [3][4] Company Development - Jingzhijia's growth trajectory aligns with the investment thesis of its early backers, who identified the robotics sector as a key investment area due to its potential for efficiency improvements in manufacturing and logistics [5][8] - The company has achieved significant revenue growth in recent years, with a gross margin nearing 40%, attributed to strategic decisions such as focusing on high-end clients and expanding into overseas markets [11] Market Position and Strategy - Jingzhijia has positioned itself in the warehouse automation segment, capitalizing on the growing demand for logistics solutions in China, which has a larger e-commerce market compared to the U.S. [6][7] - The company has successfully expanded its international presence, with over 70% of its revenue coming from overseas markets, leveraging partnerships with multinational corporations [13][14] Future Outlook - The robotics industry is expected to see increased competition, but Jingzhijia is anticipated to maintain a strong market position due to its established brand and operational efficiencies [18] - The company is viewed as a potential leader in the automation sector, with expectations for continued growth and market share expansion following its IPO [10][18]