Core Viewpoint - Hai Robotics Innovation Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on warehouse automation solutions, particularly Automated Case Retrieval (ACR) systems, with a significant market share projected for 2024 [2][3]. Company Overview - Established in 2017, Hai Robotics specializes in warehouse automation, particularly in the labor-intensive picking process, offering integrated ACR solutions to enhance storage density and operational efficiency [2]. - The company is projected to be the largest ACR solution provider globally by revenue and shipment volume, holding over 30% market share in 2024 [2]. Product Offerings - Hai Robotics provides advanced ACR solutions that cater to various distribution and manufacturing sectors, emphasizing flexibility, efficiency, reliability, and cost-effectiveness [3]. - The company launched HaiPick Climb in 2025, the first single-sided climbing ACR solution for large-scale commercial use, supporting storage heights of up to 15 meters [3]. - Their solutions also include the HaiPick Systems series, designed for high-density storage, order staging, and full-case handling [3]. Revenue Model - The majority of Hai Robotics' revenue comes from initial project delivery and deployment fees, supplemented by recurring income from support services, including maintenance and technical support [3]. - As clients recognize the benefits of ACR solutions, they are likely to invest further in additional robots or new projects across their warehouse networks [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2024, Hai Robotics reported revenues of RMB 807 million, RMB 1.36 billion, and RMB 931 million, respectively [10][11]. - The company experienced net losses of RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the same periods, with adjusted net losses of RMB 690 million, RMB 557 million, and RMB 321 million [10][11]. Shareholder Structure - Prior to the IPO, Hai Robotics has a dual-class share structure, with Class A shares granting 20 votes per share, primarily held by Chairman Chen Yuqi, who controls 63.23% of the voting power [5][6]. - The combined shareholding of Chen Yuqi and his associates amounts to 22.62%, representing 69.10% of the voting rights [6][7]. Board of Directors - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure [9]. IPO Advisory Team - The IPO is being managed by a team including Goldman Sachs and CITIC Securities as joint sponsors, with Ernst & Young as the auditor and various legal advisors for different jurisdictions [12].

Company Overview - Shenzhen Hailuo Innovation Smart Technology Group Co., Ltd. (referred to as "Hailuo Innovation") submitted its listing application to the Hong Kong Stock Exchange on February 13, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Hailuo Innovation is a global leader in the warehouse automation sector, focusing on automated picking, which is the most labor-intensive and time-consuming activity in warehouses [1] - According to Zhaoshang Consulting, Hailuo Innovation is projected to be the largest ACR (Automated Case Retrieval) solution provider globally by 2024, with a market share exceeding 30% based on revenue and shipment volume [1] Product Offerings - The company has developed an integrated automated box storage robot (ACR) solution for automated picking and handling of individual cargo boxes in warehouses, enhancing storage density, operational efficiency, order fulfillment speed, and reducing labor costs [5] - Hailuo Innovation offers a range of advanced ACR solutions that provide flexibility, efficiency, reliability, and cost-effectiveness across various distribution and manufacturing sectors [5] - The HaiPick Climb, launched in 2025, is the first single-sided climbing ACR solution to achieve large-scale commercial use, supporting storage heights of up to 15 meters, the highest among similar products [5] Market Presence - Hailuo Innovation's solutions are deployed in warehouses operated by various enterprises, including warehouse operators, logistics service providers, retail groups, and manufacturing companies across key verticals such as apparel, e-commerce, food and beverage, third-party logistics, pharmaceuticals, 3C electronics, and automotive [9] - As of September 30, 2025, over 800 customers, including direct clients and pipeline partners, have contracted with Hailuo Innovation to deploy ACR solutions [9] - The company's business footprint extends to over 40 countries and regions, with orders from markets outside mainland China accounting for over 50% of total orders as of September 30, 2025 [7] Financial Performance - The company reported revenues of approximately RMB 807 million, RMB 1.36 billion, and RMB 1.26 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [10][12] - The gross profit margins for the same periods were 16%, 26.3%, and 28.9% [14] - The company experienced net losses of approximately RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [12] Industry Overview - The global warehouse picking automation solutions market is expected to grow from RMB 91.1 billion in 2020 to RMB 171.2 billion by 2024, and is projected to reach RMB 400.6 billion by 2030, driven primarily by efficient emerging solutions like ACR [15] - The market share of warehouse picking automation solutions is anticipated to increase from 12.6% in 2020 to 17.3% in 2024, with further growth expected to 26.1% by 2030 [15] - The ACR solutions market is expected to grow from RMB 4.4 billion in 2024 to RMB 91 billion by 2030, with a compound annual growth rate (CAGR) of 65.7% from 2024 to 2030 [18]