近日，浙江凯乐士科技集团股份有限公司（以下简称"凯乐士"）正式向港交所递表，冲击港股"全栈式 智能场内物流机器人第一股"。这是其第二次冲击港股上市，首次递表是在2025年6月，但已失效。 这家由"学霸夫妻档"——谷春光、杨艳联手创办的企业，背后站着物流巨头顺丰，其既是重要的外部机 构股东，也是核心客户。眼下，智能物流机器人赛道正借具身智能东风迎来爆发，中国市场规模预计到 2030年将突破4137亿元；另一边，凯乐士还带着2022年至2024年累计6.29亿元的亏损成绩单闯关。 一边是顺丰加持的资源优势与行业风口红利，一边是持续亏损、高负债的财务压力，这家行业第五的物 流机器人企业能否在港股市场撬开资本大门后，破解"赛道火热但盈利艰难"的行业困局？（注："行业 第五"指凯乐士在2024年中国综合智能场内物流机器人企业的市场份额中排名第五）顺丰双重赋能难止 亏，物流机器人盈利困局何解？ 所谓单一功能机器人部署，即专注于使用自主研发的机器人解决特定单一运营需求（如存取、分拣及搬 运）的项目。在谈及未来如何提高毛利率时，凯乐士在招股书中也提到，未来会通过增加高利润售后服 务及单一功能机器人部署的比例，并有针对性地扩张 ...

凯乐士的诞生，源于一场对物流行业效率变革的初心。 2016年，清华本科毕业、手握麻省理工博士学位 的谷春光，与妻子杨艳共同在浙江嘉兴创立了这家企业，目标清晰地指向"用智能机器人技术提升物流效 率"。在谷春光看来，随着人力成本攀升与物流需求升级，"机器换人"已是物流领域不可逆转的趋势。物 流机器人不仅能实现24小时不间断作业，将效率提升数倍，还能通过替代人工搬运降低工伤风险，从根本 上帮助企业缩减运营成本。 2026年开年，资本市场便迎来机器人赛道的重磅消息——顺丰重仓的 物流机器人企业凯乐士正式向港交 所递交上市申请，由国泰君安国际与中信证券担任联席保荐人。 若此次上市进程顺利，港股市场将诞生首 只"物流机器人"标的，为行业资本化浪潮再添关键注脚。 不同于传统物流机器人企业聚焦单一场景的打法，凯乐士从成立之初便确立了 "全栈解决方案"的核心战 略。针对物流行业存取、搬运、分拣三大核心场景，公司分别研发推出多向穿梭车机器人、自主移动机器 人与分拣机器人，形成覆盖全流程的产品矩阵。这一差异化布局，让凯乐士在巨头环伺的赛道中脱颖而出 ——彼时，京东已推出"永不疲劳"的AGV机器人，菜鸟物流也打造出"效率碾压人工"的 ...

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"。 据天眼查信息，顺丰以8.4588%的持股比例，与嘉兴融铭投资合伙企业并列成为凯乐士最大股东。而在 业务逻辑上，作为亚洲最大、全球第四大综合物流服务商，顺丰既是凯乐士的资本加持方，其自身仓 储、配送的自动化升级需求，也为凯乐士的机器人产品提供了天然落地验证场景，巨头背书更让凯乐士 的行业关注度持续走高。 苏商银行特约研究员武泽伟在接受北京商报记者采访时表示，当前机器人细分赛道龙头集中冲刺上市， 是行业进入规模化与成熟化的标志，走在前排的企业既能为赛道提供价值锚和流动性示范，提振资本信 心、吸引更多研发与落地资金，也能通过公开披露要求提升行业规范性。 但他同时提醒，这种竞速可能加剧马太效应，上市企业凭借资金优势巩固领先地位，推动行业整合洗 牌。 01.位处中游 招股书资料显示，凯乐士是综合智能场内物流机器人提供商，主打多向穿梭车、自主移动、输送分拣三 类核心机器人，覆盖仓储存取、物料搬运、货物分拣等全流程场内物 ...

（来源：读商时代） 资本最终投的往往不是项目，而是人。 出品|读商时代 责编|李晓燕 2026年的资本市场，机器人无疑是最炙手可热的主题。 物流行业的竞争，本质上是效率的博弈与成本的比拼。消费者只看到快递员敲门的那一刻，却很少意识到，真正决定时效与成本水 平的，是那些发生在仓库与物流中心内部"看不见"的环节，比如仓储、存取、搬运以及分拣。这些环节，实际上为整个物流体系设 定了效率的上限。 凯乐士，恰恰是改造这些"核心底层"的企业。 其业务布局围绕仓储密度提升、柔性搬运与高强度分拣等关键场景展开，既能够通过系统化的机器人设备提升空间利用率与作业效 率，又能够在复杂物流体系中实现柔性协作，从而让物流运转更加智能化、规模化和稳定化。凯乐士做的并不只是"制造机器人"， 而是在重新设计并升级物流基础设施。 而这一能力，正是顺丰最需要、却不可能在短期内完全独立完成的能力。 02 顺丰不是在押机器人，而是在押"未来技术路线" 1月2日，浙江凯乐士科技集团股份有限公司再次向港交所主板递交上市申请。这家公司既是中国物流机器人领域的头部企业，也 是"全栈场内物流机器人解决方案"的重要代表，更重要的是，它背后站着顺丰王卫。 公开数 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity in 2025, with 111 companies listed and total fundraising reaching 250.56 billion yuan, far exceeding previous forecasts [1][2] - The consumer sector has emerged as a leading player in this capital influx, with over 23 IPOs in retail and consumption, indicating a strong market interest [2][4] - The IPO boom is driven by multiple factors, including supportive policies and the need for companies to address growth challenges in a competitive market [9][10] Group 1: IPO Activity and Market Dynamics - In 2025, HKEX regained its position as the top global market for IPO fundraising, with a total of 1,071 billion HKD raised by June 30 [4] - The listing of major companies like Ningde Times, which raised 41.006 billion HKD, marked significant milestones in the IPO landscape [7] - The market is witnessing a trend of "A+H" dual listings, with 19 new companies achieving this status, indicating a growing interest in international capital markets [7] Group 2: Sector-Specific Trends - The consumer sector, particularly new tea brands, has shown strong performance, with companies like Mixue Ice City achieving record subscription rates and fundraising [14][15] - Emerging sectors such as AI and high-end consumer goods are also gaining traction, with companies like Drip Technology and Baima Tea making their market debut [6][4] - The presence of "first stocks" in niche markets reflects HKEX's inclusivity and investor confidence in growth potential [6] Group 3: Competitive Landscape and Challenges - The competitive pressure in the market is intensifying, with leading companies leveraging their capital to gain market share, while second-tier brands face challenges [13][14] - Companies that successfully list must demonstrate sustainable growth and core competitiveness to maintain investor interest [16][20] - The shift in valuation logic from growth narratives to profitability and core strengths is reshaping the market dynamics [17][18] Group 4: Globalization and Strategic Expansion - Companies are increasingly looking to international markets for growth, with firms like Haitian Flavor Industry aiming to enhance their global brand presence through HKEX [19] - The need for companies to adapt to global competition is driving a shift from scale-oriented strategies to value-driven approaches [19][20] - The evolving market landscape presents both opportunities and challenges for companies planning to list, emphasizing the importance of establishing core competencies [20]

「逆势募资10亿人民币。」 「入局」是「暗涌Waves」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承袭的行业规则已经被打散。人们亟 待创新与资本的新版图和新秩序。而"入局"则是一种最珍贵的姿态。 「入局」诞生于变局之中。若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩法。以下是本栏目的第十四篇文章。 文｜徐牧心 编辑｜陈之琰 久违地，人民币基金募资端也有了好消息。一家水下的市场化的人民币基金在一年内募资金额超10亿。 「暗涌waves」获悉，静水湖创投完成新一期5亿元盲池基金的首关。算上其此前连续设立的S基金、FOF基金以及已在设立流程中的新一支S基金，在不 到12个月的时间内，静水湖创投合计募资金额已超10亿元人民币，静水湖也相继成功引入了元禾辰坤、厦门资本、国联新创、宿城创投以及源铄资本等新 的LP。 在当下的人民币基金市场，这算得上可观的融资规模。而这家在市场上颇为低调的投资机构，更让人值得关注的一点是，其政府引导基金属性的资金被控 制在30%以下，且过去基金的资金来源中，"具有引导性质的钱都没有与强制的前置返投指标与call款挂钩"。 在 ...

Core Viewpoint - The company, 极智嘉-W (02590), has seen a significant increase in stock price, rising over 3% after announcing multiple logistics robot project wins with a well-known e-commerce giant, with a total contract value exceeding 300 million yuan [1] Group 1: Financial Performance - The company reported a continuous high growth in orders this year, with multiple orders exceeding 100 million yuan [1] - The order growth rate has surpassed 30%, and the customer repurchase rate is over 80%, indicating strong product reliability and global service capability [1] Group 2: Strategic Partnerships - 极智嘉 has recently established several overseas strategic collaborations, including assisting international sports brand PUMA in creating a new smart logistics center [1] - The company successfully deployed its intelligent robots at Coupang's logistics center in Incheon, South Korea, which is the largest e-commerce platform in the country [1] - 极智嘉 helped DHL Supply Chain build New Zealand's most advanced life sciences and medical logistics center, setting a record for the largest robot deployment in the country [1] - A strategic partnership has been formed with Maersk's contract logistics company in South Korea [1]

Core Insights - Amazon has achieved two significant milestones in the robotics and AI sector: the deployment of its one millionth robot and the introduction of the DeepFleet generative AI model, enhancing fleet management efficiency [2][12]. Group 1: Robotics Milestones - The deployment of the one millionth robot solidifies Amazon's position as a leading global mobile robot manufacturer and operator, with this robot now operational in a distribution center in Japan [2]. - Amazon's robot fleet now spans over 300 facilities worldwide, showcasing the extensive reach and integration of its robotic systems [2]. Group 2: DeepFleet AI Model - DeepFleet is designed to optimize the movement of robots within Amazon's delivery network, increasing operational time by 10%, which leads to faster and more cost-effective package deliveries [2][12]. - The AI model utilizes Amazon's vast logistics data and cloud services like Amazon SageMaker to redefine fleet management efficiency [6]. Group 3: Robotics Innovation Journey - Amazon's robotics journey began in 2012 with a single type of robot, evolving into a diverse fleet that includes Hercules, Pegasus, and the fully autonomous Proteus robot, enhancing efficiency and safety in warehouse operations [7][11]. - The introduction of these robots has not only improved operational efficiency but also created new technical job opportunities for employees [11]. Group 4: Practical Value of Technology - DeepFleet exemplifies Amazon's pragmatic approach to AI innovation, focusing on solving real-world problems rather than technology for its own sake, resulting in faster delivery speeds and lower operational costs [12][14]. - The integration of robotics has significantly reduced the physical strain on employees by taking over high-risk repetitive tasks, while also fostering skill development through training programs [14]. Group 5: Future Vision and Investment - The combination of the one million robot milestone and DeepFleet technology presents a promising future where robots and AI will collaboratively reshape delivery and logistics [16]. - Amazon plans to invest $100 billion in AI computing power and cloud infrastructure, aiming to leverage its technological strength to support global opportunities and innovations for businesses [16].

Core Insights - Company successfully assisted DHL in establishing New Zealand's most advanced life sciences and medical logistics center, setting a record for the largest robot deployment in the country [1] - The logistics center utilizes the RoboShuttle goods-to-person picking solution, achieving comprehensive intelligent upgrades, significantly accelerating order fulfillment speed, and reducing manual operation risks, enhancing DHL's medical logistics processing capacity by 20% in New Zealand [1] - Recent large order exceeding 300 million yuan and strategic cooperation with Maersk further solidify the company's global market presence [1] Company Performance - Company operates in over 40 countries, serving more than 850 global clients including Nike, Walmart, and Siemens, with overseas revenue consistently accounting for over 70% [1] - Order growth rate exceeds 30%, with a repurchase rate over 80%, indicating strong customer loyalty and expansion of solutions globally [1] Market Outlook - Various domestic and international institutions have released reports optimistic about the company's future prospects, highlighting its position as a leading provider of AMR solutions in the global warehousing and fulfillment sector [2] - The company is expected to deepen customer engagement and solidify its leading position, resulting in revenue growth and improved profitability [2] - Analysts from major firms have maintained positive ratings, with one firm setting a target price of 38 HKD, reflecting confidence in the company's fundamentals and continued order growth [2]

Core Insights - Company successfully assisted DHL in establishing New Zealand's most advanced life sciences and medical logistics center, setting a record for the largest robot deployment in the country [1] - The logistics center utilizes the RoboShuttle goods-to-person picking solution, achieving comprehensive intelligent upgrades, significantly accelerating order fulfillment speed, and reducing manual operation risks, resulting in a 20% improvement in DHL's medical logistics processing capacity in New Zealand [1] - Recent large order exceeding 300 million yuan and strategic cooperation with Maersk further solidify the company's global market presence [1] Company Performance - Company operates in over 40 countries, serving more than 850 global clients including Nike, Walmart, and Siemens, with overseas revenue consistently accounting for over 70% [1] - Order growth rate exceeds 30%, with a repurchase rate over 80%, indicating strong customer loyalty and expansion of its solutions globally [1] Market Outlook - Various domestic and international institutions have released reports optimistic about the company's future prospects, highlighting its leading position in the AMR (Autonomous Mobile Robot) solutions market [2] - The company is expected to deepen customer engagement and solidify its leading position, resulting in revenue growth and profit improvement [2] - Analysts from major firms have maintained positive ratings, with one firm setting a target price of 38 HKD, reflecting confidence in the company's fundamentals and continued order growth [2]