Core Insights - The Hong Kong stock market has seen a surge in robot company IPOs since 2025, with over 10 companies, including Kales, aiming for listings [1] - Kales has submitted its application to the Hong Kong Stock Exchange and aims to become the first "full-stack intelligent in-house logistics robot" company listed in Hong Kong [1] - Kales specializes in comprehensive intelligent in-house logistics robots, utilizing embodied intelligence technology to redefine supply chain operations [1] Company Overview - Kales offers a full range of robotic products across three core product lines, covering in-house logistics operations and is one of the few companies globally with full-stack technology and core function coverage [1] - The company has focused on in-house logistics automation innovation for over a decade and became one of the top five related companies in China by revenue in 2024 [1] - By the end of 2024, Kales had served 779 clients and completed over 1500 projects, with a pending contract amount of 2.1 billion [1] Financial Performance - Kales has completed multiple rounds of financing, achieving a valuation of 3.5 billion after the E round, with major shareholders including Zhongjin Fund, SF Technology, and China Merchants Advanced Technology [1] - The company's revenues for 2022, 2023, and 2024 were 657 million, 551 million, and 721 million respectively, with corresponding losses of 210 million, 242 million, and 178 million [1] IPO Plans - Kales plans to use the funds raised from the IPO to advance product lines, develop technology, expand production capacity, explore global markets, and supplement working capital [1] - The trend of robot companies going public in Hong Kong is supported by the market's compatibility with the industry stage, allowing unprofitable companies to list and benefiting from high refinancing efficiency [1]