镁伽科技有限公司(简称：镁伽科技)于6月25日所递交的港股招股书满6个月，于12月25日失效，递表时摩根士丹利、华泰国际、德意志银行和建银国际为联 席保荐人。 据招股书，镁伽科技是中国机器人技术应用领域领先的自主智能体提供商，致力于在智慧实验室与智能制造场景中为企业提升生产力并推动创新。 依托机器人技术自动化与AI领域感知、构思及执行的专有技术，镁伽科技的多功能自主智能体擅长独立完成复杂任务，让人力得以解放，专注于实验室与 制造场景中的高价值工作任务，助力企业驾驭智能化转型，为下一代科研、制造等领域发展做好前瞻布局。 | 25/06/2025 | 鎂伽科技有限公司 | | --- | --- | | | 08/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 25/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | ...

Core Viewpoint - Magnesium Technology Co., Ltd. (referred to as "the Company") has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, showcasing impressive revenue growth but struggling with significant losses due to high operating expenses [2][3][4]. Financial Performance - The Company reported a compound annual growth rate (CAGR) of 42.96% in revenue from 2022 to 2024, significantly exceeding the industry average CAGR of 37.7% [2][3]. - Revenue figures for the reporting period are as follows: 454.87 million RMB in 2022, 662.98 million RMB in 2023, and 929.61 million RMB in 2024 [3]. - Despite the revenue growth, the Company incurred cumulative losses of 2.281 billion RMB over three years, with annual losses exceeding 700 million RMB [3][4]. Expense Structure - The Company's operating expenses were alarmingly high, accounting for 134.3%, 93.1%, and 79.2% of revenue in the respective years of 2022, 2023, and 2024 [2][6]. - Research and development (R&D) costs were the primary contributor to these expenses, representing 74.8%, 46.4%, and 42.4% of revenue during the same period [6]. Cash Flow and Financial Health - The Company faced negative cash flow from operating activities, with net cash outflows of 330.31 million RMB, 432.24 million RMB, and 521.21 million RMB over the three years [11]. - Cumulatively, the Company experienced a total cash outflow of 1.284 billion RMB from operating activities [11]. - Cash and cash equivalents decreased from 1.125 billion RMB at the end of 2022 to 457.64 million RMB by the end of 2024, raising concerns about liquidity as these funds could not cover current liabilities, including loans of 466 million RMB [8][11]. Industry Outlook - The global autonomous intelligent robot technology market is projected to grow from approximately 31.8 billion RMB in 2020 to about 114.3 billion RMB by 2024, with a CAGR of 37.7%, and is expected to reach around 383.7 billion RMB by 2030 [3].

Company Overview - Megatech Technology Co., Ltd. submitted its prospectus to the Hong Kong Stock Exchange for an IPO, with Morgan Stanley, Huatai International, Deutsche Bank, and Jianyin International as joint sponsors [1] - Founded in 2016, Megatech is a leading provider of autonomous intelligent systems in China's robotics application sector, valued at over 10 billion [1][3] - The company has completed nine rounds of financing prior to the IPO submission [1] Financial Performance - Revenue is projected to grow from 455 million yuan in 2022 to 930 million yuan in 2024, with a compound annual growth rate (CAGR) of 43.0% [2] - The smart laboratory business is expected to increase from 161 million yuan in 2023 to 295 million yuan in 2024, a year-on-year growth of 83.0% [2] - The intelligent manufacturing business is anticipated to rise from 502 million yuan in 2023 to 635 million yuan in 2024, a year-on-year growth of 26.5% [2] - Despite revenue growth, the company has incurred cumulative losses exceeding 2.2 billion yuan from 2022 to 2024, with an adjusted net loss margin improving from 71.2% in 2022 to 46.3% in 2024 [2] Financing History - The company completed its angel round of financing in June 2017, followed by a series of funding rounds, including a $65 million Series B round led by WuXi AppTec in May 2021 [3] - As of the prospectus submission, Megatech has completed eight rounds of financing with a strong shareholder base, including notable investment firms and industry giants [3] - The company achieved a valuation exceeding $1 billion after its Series C financing in 2022, entering the "unicorn" category [3] Core Business Segments - Megatech focuses on autonomous intelligent systems, with two main business segments: smart laboratories and intelligent manufacturing [4] - In the smart laboratory sector, the company offers comprehensive services for the life sciences industry, enhancing automation and efficiency through proprietary intelligent systems [4] - The intelligent manufacturing segment, supported by partnerships with industrial giants, targets high-end manufacturing sectors, contributing significantly to revenue growth [4] Industry Trends - The global autonomous intelligent systems robotics market is experiencing rapid growth, projected to expand from 31.8 billion yuan in 2020 to 114.3 billion yuan in 2024, with a CAGR of 37% [5] - The Chinese robotics industry is entering a phase of technological innovation and large-scale application, with significant demand for high-end talent in the field [5] - Government policies are encouraging increased R&D investment in intelligent robotics, positioning the sector as a strategic emerging industry [5] Use of IPO Proceeds - The funds raised from the IPO are intended for technology and product R&D, capacity expansion, sales network enhancement, and brand building [6][7] - The company also aims to seek strategic alliances and investment opportunities through the proceeds [7]