Core Viewpoint - The article discusses the recent IPO of the leading mobile robot company, Jiuzhijia, which raised over HKD 2.7 billion, marking it as the largest fundraising for a robotics company in Hong Kong's market since 2025. It highlights the challenges faced by the robotics industry, including high R&D costs and ongoing losses, while emphasizing the importance of capital influx through IPOs to overcome these hurdles and achieve profitability in the future [1][6][11]. Group 1: Industry Overview - At least 13 robotics companies have submitted IPO applications to the Hong Kong Stock Exchange this year, with 9 of them applying in June alone [1]. - Most robotics companies listed on the Hong Kong Stock Exchange have not yet achieved profitability, with only a few, such as Stone Technology and Zhaowei Machinery, being profitable among those planning dual listings [1][3]. - The mobile robot market is characterized by a fragmented landscape, with significant challenges in financing and profitability, making IPOs a crucial avenue for survival [6][11]. Group 2: Company Examples - Cloudwalk Technology, a leading service robot company, has focused on the hotel sector and has seen its revenue grow from CNY 161 million in 2022 to CNY 245 million in 2024, with a compound annual growth rate of 23.2% [5]. - Jiuzhijia, as a leader in the mobile robot sector, increased its revenue from CNY 1.452 billion in 2022 to CNY 2.409 billion in 2024, while its net loss narrowed from CNY 1.567 billion to CNY 832 million during the same period [5]. - The article notes that many companies, including Jiuzhijia, are experiencing losses due to high R&D investments and market expansion costs, but they anticipate future profitability as they scale operations and optimize their offerings [5][11]. Group 3: Market Dynamics - The global market for Autonomous Mobile Robot (AMR) solutions is highly competitive, with the top four players holding only 23.5% market share, indicating a fragmented market [6]. - The AMR sales in China nearly doubled in 2023, but growth is expected to slow to 10.64% in 2024 due to a downturn in downstream industries, making it harder for companies to secure large financing [6]. - The Hong Kong Stock Exchange's Chapter 18C policy allows smaller, unprofitable tech companies to list, providing a vital funding opportunity for robotics firms [9][10]. Group 4: Funding and Future Prospects - Companies planning to go public are primarily focused on enhancing R&D capabilities and product iterations, with many citing the need for operational funding and debt repayment in their fundraising plans [10]. - The article highlights that listed robotics companies have generally performed well in the stock market, indicating a strong acceptance of emerging tech firms by investors [10]. - Industry experts suggest that successful fundraising through IPOs could lead to a positive feedback loop, enabling companies to break free from the "increasing revenue without increasing profit" cycle and ultimately achieve a win-win situation for both capital markets and company operations [11].