背靠物流巨头顺丰，一家来自浙江的机器人企业迈向资本市场。 2026年1月2日，新年首个交易日，浙江凯乐士科技（以下简称"凯乐士"）正式向港交所递表申请上市。 若顺利过会，有望成为港股"物流机器人第一股"。 智能场内物流机器人行业，瞄准的是传统仓储"人工效率低、成本高、灵活性差"等痛点，融合导航、AI 等技术实现自动化作业；行业玩家主要分为综合（提供全流程方案）和专业（聚焦单一机器人）两类， 当前正处于快速扩容阶段。 据移动机器人及AGV/AMR产业联盟、弗若斯特沙利文数据，全球智能场内物流机器人市场规模从2020 年的426亿元增长至2024年的1183亿元，预计2030年将达3441亿元，2025—2030年复合年增长率为 19.4%；中国市场表现更突出，规模从2020年的139亿元扩至2024年的440亿元，占全球市场37.2%，预 计2030年将达1339亿元，同期复合年增长率达20.2%，这也反映出国内智能生产与物流转型的加速趋 势。 此外，东南亚、中东是全球主要增长区域，2024年两者市场规模分别约30亿元、53亿元，预计2030年将 增至119亿元、196亿元，2025—2030年复合年增长率分别 ...

（原标题：凯乐士科技递表港交所 亏损收窄未止亏） 1月2日，港交所披露，浙江凯乐士科技集团股份有限公司(以下简称"凯乐士")提交上市申请，联席保荐人为国泰君安国际和中信证券。 招股书显示，凯乐士是综合智能场内物流机器人提供商，致力于通过先进机器人技术重新定义供应链的运作模式。公司围绕三大核心产品线提供 种类丰富的机器人产品：多向穿梭车机器人(MSR)、自主移动机器人(AMR)以及输送分拣机器人(CSR)。公司的机器人产品组合具备存取、分拣及 搬运的核心功能，覆盖整个场内物流的业务范围。 凯乐士是智能场内物流机器人行业的成熟厂商之一，拥有广泛的机器人技术能力及多元化的自主研发机器人产品组合，涵盖广泛采用的高度和有 效载荷规格的核心场内物流功能。十多年来，公司长期致力于场内物流自动化的创新，按2024年的收入计，公司在中国前五大综合智能场内物流 机器人公司中名列第五，市场份额达1.6%。 凯乐士处于行业中游阶段，凭借系统设计领域的专业积淀，将先进机器人技术与智能软件结合，提供具备灵活性与可扩展性的自动化解决方案， 从而提高运营效率、增强可靠性、降低成本，适应不断变化的业务需求。公司的解决方案将传统仓库转变为能够满 ...

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 ...

Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for product development, technology enhancement, capacity expansion, global market strategy, and operational funding [1] Group 1: Company Overview - Kailesi Technology specializes in intelligent in-house logistics robots, offering a full range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [2] - The company is one of the few that has mastered full-stack robotic technology and offers a comprehensive self-developed product lineup, covering all core functions of in-house logistics [2] Group 2: Market Growth vs. Company Performance - The global intelligent in-house logistics robot market is projected to grow from RMB 42.6 billion in 2020 to RMB 118.3 billion in 2024, and reach RMB 344.1 billion by 2030 [2] - However, Kailesi Technology's revenue growth has lagged behind the industry, with revenues of RMB 660 million in 2022, declining to RMB 550 million in 2023, and only rising to RMB 720 million in 2024, resulting in a compound annual growth rate of 4.8%, significantly below the market's 33.4% [2] Group 3: Financial Performance - The company has reported losses for three consecutive years, with annual losses of RMB 210 million, RMB 240 million, and RMB 180 million from 2022 to 2024, totaling RMB 630 million [3] - Despite a reduction in losses in 2024, the ongoing losses indicate an immature profit model [3] Group 4: Cost Control Measures - In an effort to reduce losses, the company initiated a cost-cutting strategy in 2024, reducing sales expenses from RMB 690 million in 2022 to RMB 410 million in 2024 (a 41% decrease), R&D expenses from RMB 950 million to RMB 620 million (a 34% decrease), and administrative expenses from RMB 780 million to RMB 610 million (a 22% decrease) [3] - Despite these efforts, the company's gross margin remained low, with figures of 15.7%, 16.6%, and 15.7% from 2022 to 2024, well below the industry average of 27.3% [3] Group 5: R&D Investment Trends - R&D investment has decreased over the past three years, from RMB 946 million in 2022 to RMB 620 million in 2024, a cumulative reduction of 34% [4] - In 2024, R&D expenses accounted for 8.6% of revenue, nearly equal to administrative expenses [4] Group 6: Customer Concentration and Stability - The concentration of customers has decreased, but the customer structure remains unstable, with the top five customers accounting for 48.0%, 49.7%, and 34.3% of revenue from 2022 to 2024 [5] - The largest customer's revenue share has declined, representing only 10.8% of total revenue in 2024, with no single customer generating over RMB 100 million annually [6]