（原标题：极智嘉(2590.HK)将被纳入恒生综合指数成份股，股价盘中涨超9%） 11月21日，恒生指数公司最新季检结果显示，全球AMR仓储机器人第一股极智嘉(2590.HK)将被纳入恒生综合指数成份股，标志其在"人工智能＋ 仓储"赛道的行业地位与成长前景正获得资本市场的充分认可。 受此消息提振，极智嘉股价今日强势走高，盘中最高涨幅逾9%，收于23.30港元。 随着被纳入恒生综合指数成份股，极智嘉将吸引更多被动资金与量化资金增配，进一步提升流动性，并为后续纳入港股通奠定基础。 恒生科技指数是港股核心科技标杆指数，入选恒科的公司代表了港股市场科技属性最强、最具成长性的30家公司。此次调整意味着极智嘉在市值 规模、流动性表现以及科技属性等维度，达到了恒生科技指数的纳入标准。 近期，极智嘉以前沿的"AI＋机器人"技术加速赋能全球供应链升级，屡获多个亿元级大订单，覆盖电商、快消、食品饮料及零售等领域，累计订 单金额已突破10亿元，并在全球落地多个仓储自动化标杆项目。 极智嘉继续保持港股机器人板块"营收规模最大、盈利表现最优"的地位，公司今年上半年营收领跑港股上市机器人公司，经调整 EBITDA 实现转 正，盈利能力进 ...

咖啡机器人 30 秒制作一杯定制拿铁，康养机器人精准辅助康复训练，仓储机器人高效分拣包裹 ， 四足和人 形机器人价格与一部手机相当 …… 步入 2025 年，全球机器人产业正以前所未有的活力，迈向技术跃迁、全域渗透与生态协同的黄金时代。人工 智能与大模型技术的深度融合，驱动机器人从执行重复任务的 " 制造 装备 " ，加速进化为具备感知、决策与 自主能力的 " 具身智能体 "， 应用场景已突破传统工业边界，广泛覆盖智能制造、商业服务、医疗康养、物 流仓储等百行千业，实现从 " 工厂围栏 " 到 " 走进生活 " 的深刻变革。 在中国，机器人产业已成为引领制造业升级与智能化变革的重要引擎。工业机器人领域， 通过视觉识别、力 觉传感等技术突破，逐步摆脱安全围栏限制，进化为可与人类协作的柔性生产单元 ， 国产化率超 5 0% ， 中国连续 12 年稳居全球最大应用市场， 协作机器人、物流机器人的 创新生态不断优化 ； 人形机器人加速 从 " 炫技 " 迈向 " 真干活 " ，通过 " 具身智能 + 离身智能 " 双引擎实现环境感知与闭环反馈 ； 核心零部件 如减速器、伺服系统实现技术自主，产业链条日益完备 ， 推动 ...

Core Viewpoint - The article discusses the challenges and opportunities in the embodied intelligence sector, highlighting the tension between capital influx and the ongoing financial struggles of many companies in this space [5][12][20]. Group 1: Industry Overview - The Chinese government has recognized "embodied intelligence" as a national strategy in its 2025 work report, accelerating the technological revolution [5]. - Major tech companies like JD, Tencent, and Alibaba are heavily investing in the sector, increasing competition and raising the entry barriers for new players [5][12]. - Despite the hype, many leading companies are still struggling with significant losses, indicating a gap between capital enthusiasm and actual business viability [5][7][9]. Group 2: Financial Performance of Companies - A number of companies seeking IPOs, such as Yujia Technology and Cloud Trace Technology, are projected to report losses in 2024, with net losses being a common trend [7][9]. - For instance, UBTECH, the "first humanoid robot stock," reported a revenue of 1.305 billion yuan in 2024 but faced a net loss of 1.124 billion yuan [8]. - Other companies like MagiTech and Stand Robot also reported substantial losses despite increasing revenues, indicating a troubling trend of "selling more but losing more" [9][10]. Group 3: Market Dynamics and Challenges - The competition in the embodied intelligence sector is intensifying, with price wars emerging in the mid-to-low-end market segments [16]. - Supply chain issues and high production costs are significant challenges, with core components accounting for over 70% of humanoid robot costs [16][18]. - The article notes that many companies are still in the exploratory phase of finding viable business models, which complicates their path to profitability [9][19]. Group 4: Future Outlook and Strategies - The current IPO wave is driven by the need for substantial funding, as traditional financing avenues become more challenging [12][14]. - Companies are advised to adopt a "reverse product development" strategy, focusing on specific application scenarios and customer needs to drive innovation [19]. - The article suggests that the sector will see a consolidation of resources towards leading companies, while those lacking clear business models may face existential risks [14][20].

Investment Rating - The report indicates a structural trend for high-quality Chinese robot companies to go public in Hong Kong, rather than a widespread IPO wave [5][6]. Core Insights - The trend of Chinese robot companies going public in Hong Kong is driven by leading firms with technological advantages and strong commercialization potential, such as UBTECH, Yujian, and Geek+, which are prioritized for listing [5]. - The financial performance of the listed companies shows that most have revenues ranging from hundreds of millions to billions, with a significant portion of their business coming from overseas [11][12]. Summary by Sections Section 1: Companies Going Public - As of mid-2025, a total of 13 Chinese robot companies have initiated the IPO process in Hong Kong, covering various sectors including humanoid robots, advanced autonomous driving, collaborative robots, and warehouse robots [2][4]. - Notable companies include UBTECH, Horizon Robotics, Yujian Technology, and Geek+ [2]. Section 2: Reasons for Going Public - The trend of Chinese robot companies listing in Hong Kong is influenced by the market's more accommodating listing requirements, especially for tech growth companies that may not yet be profitable [6][7]. - Policy support from the Hong Kong Stock Exchange has improved, providing a more favorable environment for specialized tech companies to list [6]. Section 3: Financial Performance - The revenue of the listed robot companies generally falls between hundreds of millions to billions, with a majority having a gross margin around 30% [11][12]. - Companies like Stone Technology and Yujian have shown higher gross margins, indicating their competitive edge in their respective markets [12]. Section 4: Geek+ Business Model - Geek+ successfully listed on July 9, 2025, marking the largest IPO in the Hong Kong robot sector for that year, demonstrating a high scale, growth, and a global business model [16]. - Geek+ reported a revenue of 2.409 billion yuan in 2024, with a compound annual growth rate of approximately 29% from 2022 to 2024 [16][19]. - The company has a high customer repurchase rate of 74.6% and has established a significant international presence, with over 70% of its revenue coming from overseas [17].

Group 1 - The 19th China (Shenzhen) International Logistics and Supply Chain Expo has commenced, attracting over 2,200 exhibitors from more than 60 countries and regions, highlighting the global interest in China's logistics market [1][2] - The expo covers an area of nearly 130,000 square meters, with over 20% of exhibitors being international, indicating a strong global engagement in logistics and supply chain opportunities [2] - The participation of companies from countries like Uzbekistan, Georgia, Romania, and Azerbaijan marks a new trend, driven by the continuous upgrade of the China-Europe transport routes, enhancing supply chain resilience for Chinese enterprises [2] Group 2 - In the first half of the year, Shenzhen's transportation, warehousing, and postal industries saw a value-added growth of 9.0% and a revenue increase of 12.3%, contributing significantly to economic growth [3] - Shenzhen Port achieved a container throughput of 17.23 million TEUs, a year-on-year increase of 10.8%, while Shenzhen Airport handled 983,000 tons of cargo, growing by 14.0% [3] - The China-Europe Railway Express (Shenzhen) operated 87 trains with a cargo value of $348 million and a weight exceeding 40,000 tons, showcasing the robust logistics capabilities of the region [3] Group 3 - The expo serves as a platform for showcasing new technologies and models in logistics, with a focus on digitalization and sustainability [4] - SF Express presented its "SF Super Brain," an AI-driven decision-making platform that optimizes logistics operations, potentially generating over $1 billion in economic benefits and reducing carbon emissions by hundreds of thousands of tons [4] - Lingniu Technology showcased a hydrogen-powered heavy truck, which offers a range of 450-500 kilometers and a competitive operating cost, indicating a promising future for hydrogen energy in commercial vehicles [4]

南都讯 9月25日，第19届中国（深圳）国际物流与供应链博览会（简称"中国物博会"）在深圳会展中心 （福田）开幕。本届盛会为期3天，持续至9月27日，以"拥抱大航海时代, 构筑新经济力量"为主题，以 近13万㎡的（馆内外）展会面积，吸引全球60余个国家与地区的2200多家参展商、30万+人次专业观众 参展。本届展会以解决行业真问题、促进真合作为导向，将举办70余场高密度、高规格的论坛与活动探 寻行业发展的"智"与"机"。 从展商矩阵看全球供应链的"势"与"场" 展商阵容的广度与深度直接体现展会的含金量。记者从展会上获悉，本届物博会中国际展商比例超 20%。近年来，欧洲物流力量对中国市场的重视与日俱增，欧洲展团带来了覆盖清关、仓储、多式联 运、法律税务的全链路、一体化欧洲解决方案，精准回应中国企业，尤其是跨境电商卖家在欧洲市场面 临的合规化、本土化深层痛点。 本届物博会彻底打破了"物流=运输"的狭隘认知，十大展区全景式呈现了现代供应链的复杂性与多元 性。在海运、空运、公路铁路运输之外，散杂大件、特种物流、项目物流等传统货代业务依然是展会的 重要组成部分。从各类特种箱，到各大散杂货、重大件运输服务商，他们服务于国 ...

Core Viewpoint - The company, Keda Intelligent (300222), is a leading player in the domestic intelligent robotics application sector, focusing on non-standard customized intelligent products and services, as well as core technology research and development in robotics [1] Group 1: Company Overview - Keda Intelligent has accumulated deep industry experience and technical expertise in key areas such as solution design, simulation, and process innovation [1] - The company provides customized intelligent robot products and comprehensive solutions that meet the actual production requirements of clients in various sectors including automotive, new energy, electric power, and rail transportation [1] Group 2: Product Offerings - The product matrix of Keda Intelligent is diverse, covering various types of intelligent inspection robots, mechanical arms, and warehouse robots [1] - The offerings are designed to meet the complex demands of different industrial scenarios [1]

Core Viewpoint - The article emphasizes the high-risk nature of the robotics industry, highlighting a 98% failure rate and the long journey from startup to IPO, which typically takes 10-15 years without profitability at the time of IPO [2][11][63]. Group 1: Industry Overview - The robotics startup cycle is extremely lengthy, requiring at least 10-15 years to reach IPO, with no companies achieving profitability at that stage [7][29]. - Funding requirements are substantial, with companies needing to burn through 1-6 billion RMB from inception to IPO, depending on the type of robotics [8][39]. - The industry faces structural risks, including price wars, talent competition, and oversupply against insufficient demand [4][40]. Group 2: Key Success Factors - Founders must possess a combination of technical expertise, business acumen, and a missionary mindset to navigate the challenges of the industry [11][12]. - Cash flow management is critical, with a survival threshold of at least 24 months of cash reserves [5][32]. - Companies should focus on real customer pain points and validate their products through actual payments rather than relying solely on technology-driven approaches [19][20]. Group 3: Common Pitfalls - The majority of failures stem from funding issues, misalignment between product and market, and competitive pressures [50]. - High valuations can lead to a cycle of funding difficulties, where companies struggle to meet growth expectations set by previous rounds [31][51]. - Overexpansion and hiring without clear necessity can lead to financial strain and operational inefficiencies [54][56]. Group 4: Market Dynamics - The industry has experienced a dramatic decline in product prices, with some products dropping from 100,000 RMB to 10,000 RMB over the past 7-8 years [20][62]. - Companies face dual pressures from extending payment terms to customers while managing short payment cycles from suppliers, creating cash flow challenges [42]. - The competitive landscape is increasingly blurred, with cross-industry competition and a lack of differentiation among products [46][47]. Group 5: Survival Strategies - Companies should maintain a lean team structure, focusing on essential roles that directly contribute to product development and customer acquisition [22][26]. - It is crucial to establish long-term relationships with core customers and secure multi-year contracts to ensure revenue stability [60]. - Founders should prioritize cash management and avoid signing personal guarantees that could jeopardize their financial security [33][34].

Core Viewpoint - The company, Keda Intelligent (300222), is actively expanding its product applications in various industries, including automotive, new energy, and engineering machinery, based on market and customer needs [1] Group 1 - The company's products, such as robotic arms and warehouse robots, are widely used across multiple sectors [1] - The company is committed to continuously exploring new applications for its products in emerging industries and fields [1]

Group 1 - The core viewpoint is that the industrialization of solid-state batteries will create a demand for new generation production equipment [2] - The company has a smart equipment division that is exploring the development of intelligent production lines, process equipment, and testing equipment for solid-state battery manufacturing [2] - The company’s products, such as robotic arms and warehouse robots, are widely used in various industries including automotive, new energy, and construction machinery [2]