来源：新浪证券 出品：新浪财经上市公司研究院 作者：君 9月26日，合肥优艾智合机器人股份有限公司（下称"优艾智合"）首次向联交所递交上市申请，拟根据 18C章于联交所主板上市，冲刺"移动操作机器人第一股"，中金公司担任其独家保荐人。 优艾智合计划将本次募集资金用于：（1）持续推进具身智能技术，并提升相关研发能力；（2）多功能 中心的建设及升级；（3）提升国际品牌影响力及加强市场参与度；（4）选择性地寻求国内外工业具身 智能机器人产业生态系统的战略联盟、投资及收购机会；（5）营运资金及其他一般企业用途。 近年来，优艾智合的收入快速增长，但深陷持续亏损泥潭。特别是2025年上半年，公司收入增长 27.56%，亏损同比扩大96.12%，近乎翻了一番。 财务状况方面，优艾智合主营业务尚未形成自我造血能力，运营仍高度依赖外部融资支持，报告期内经 营活动所用现金累计净流出4.53亿元。截至2025年6月30日，其现金及现金等价物仅剩1.77亿元，与此同 时银行贷款高达1.95亿元，较期初大幅增长86.98%，现金储备已无法覆盖有息短债。 更严峻的是，优艾智合的净资产为-15.43亿元，主要系赎回负债激增至16.31亿元 ...

出品：新浪财经上市公司研究院 作者：君 9月26日，合肥优艾智合机器人股份有限公司（下称"优艾智合"）首次向联交所递交上市申请，拟根据 18C章于联交所主板上市，冲刺"移动操作机器人第一股"，中金公司担任其独家保荐人。 优艾智合计划将本次募集资金用于：（1）持续推进具身智能技术，并提升相关研发能力；（2）多功能 中心的建设及升级；（3）提升国际品牌影响力及加强市场参与度；（4）选择性地寻求国内外工业具身 智能机器人产业生态系统的战略联盟、投资及收购机会；（5）营运资金及其他一般企业用途。 近年来，优艾智合的收入快速增长，但深陷持续亏损泥潭。特别是2025年上半年，公司收入增长 27.56%，亏损同比扩大96.12%，近乎翻了一番。 财务状况方面，优艾智合主营业务尚未形成自我造血能力，运营仍高度依赖外部融资支持，报告期内经 营活动所用现金累计净流出4.53亿元。截至2025年6月30日，其现金及现金等价物仅剩1.77亿元，与此同 时银行贷款高达1.95亿元，较期初大幅增长86.98%，现金储备已无法覆盖有息短债。 更严峻的是，优艾智合的净资产为-15.43亿元，主要系赎回负债激增至16.31亿元，若触发赎回条款 ...

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Core Viewpoint - The company, Youai Zhihui, is the world's highest revenue-generating industrial mobile robot company and is preparing for an IPO in Hong Kong, aiming to become the first stock of mobile operation robots in the Hong Kong market [1][4]. Group 1: Company Overview - Youai Zhihui was founded by a team of PhD graduates from Xi'an Jiaotong University and has rapidly grown to become the top player in the global industrial mobile robot market within just eight years [4][13]. - The company specializes in mobile operation robots and has achieved the highest revenue and shipment volume in the industry, with a projected revenue of 2.55 billion yuan in 2024 [12][13]. Group 2: Financial Performance - The revenue growth from 2022 to 2024 is significant, with figures of 780 million yuan, 1.08 billion yuan, and 2.55 billion yuan respectively, reflecting a compound annual growth rate (CAGR) of 80.9% [13]. - The gross profit margin has also improved, increasing from 11.2% in 2022 to 35.2% in 2024, with a further rise to 38.1% in the first half of 2025 [13]. Group 3: Market Position and Strategy - Youai Zhihui holds the number one market share in the semiconductor sector and ranks among the top three in the energy and chemical sectors [13]. - The company’s revenue is primarily derived from industrial logistics and inspection operations, which accounted for 54.2% and 45.8% of total revenue in 2024, respectively [14]. Group 4: Leadership and Talent - The average annual salary of the core management team exceeds one million yuan, with the CEO Zhang Chaohui earning 1.096 million yuan and the highest-paid executive Zheng Hao earning 1.373 million yuan [10][11]. Group 5: Future Plans and Investments - The funds raised from the IPO will be used to enhance embodied intelligence technology, improve R&D capabilities, and build a multifunctional center for research, operations, assembly, and product testing [17]. - The company has completed nine rounds of financing since its establishment, attracting investments from notable venture capital firms [15][16].

智通财经APP获悉，据港交所9月26日披露，合肥优艾智合机器人股份有限公司(简称：优艾智合)向港交所主板提交上市申请书，中金 公司为独家保荐人。 优艾智合战略聚焦工业具身智能中最具增长潜力和场景适应性的移动操作机器人。按2024年收入计，公司在工业移动操作机器人公司 中排名全球第一。公司的机器人解决方案主要应用于半导体、能源及化工产业。按2024年收入计，公司在中国半导体产业排名第一， 在能源及化工产业排名第二。 财务方面，2022年度、2023年度、2024年度及2025年上半年，优艾智合实现收入分别为7789.6万元、1.08亿元、2.55亿元及1.27亿元； 同期，年/期内亏损分别为2.35亿元、2.6亿元、2亿元及1.4亿元。 | [編纂]項下的編纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [编纂]數目 : | [编纂]股H股(可于编纂]) | | [编纂]數目 : | [编纂]股H股(可予[编纂]及視乎[编纂]行使與否而 | | | 定) | | [编纂] : | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027％證監會交易 ...

招股书显示，优艾智合是全球领先的工业具身智能科技公司，为半导体、能源化工、电子、新能源等众 多行业提供"一脑多态"具身智能机器人解决方案，包括高泛化工业具身智能模型以及具备感知、移动、 操作能力的多形态机器人，实现在工业物流和巡检运维两大场景中的规模化落地，广泛应用于半导体、 能源化工、电子、新能源等行业。 优艾智合是全球最早探索具身智能技术并率先实现规模应用的机器人厂商之一。资料显示，公司在2017 年即实现具身智能产品的销售，截至目前，优艾智合已累计完成超过600个工业具身智能场景落地项 目，业务覆盖中国、日本、韩国、德国等30余个国家及地区，持续服务包括全球头部半导体晶圆代工 厂、国内两大电网集团和五大能源集团在内的众多工业企业。 9月26日，合肥优艾智合机器人股份有限公司(简称"优艾智合")正式向香港联合交易所递交上市申请， 冲刺"移动操作机器人第一股"。 全球工业具身智能机器人正步入蓬勃发展的黄金阶段。作为具身智能机器人主要的产品类型，移动操作 机器人以兼具操作和移动能力展现出高度的智能性和适应性，释放出巨大的增长潜力。根据弗若斯特沙 利文报告，全球移动操作机器人解决方案市场规模渗透率将由2024年 ...

Core Viewpoint - Hefei Youai Zhihui Robot Co., Ltd. plans to go public on the Hong Kong Stock Exchange, focusing on industrial embodied intelligence technology and mobile operation robots, with a strong growth trajectory in various industries [2][4]. Group 1: Company Overview - Founded in 2017, Youai Zhihui specializes in mobile operation robots aimed at driving intelligent transformation in global industrial clients [2]. - The company is recognized as one of the earliest adopters of embodied intelligence technology, ranking first globally in industrial mobile operation robots by revenue in 2024 [2][4]. Group 2: Client Base and Market Position - As of September 2025, Youai Zhihui has over 300 renowned global clients, including more than 50 Fortune 500 companies [3][4]. - The company has established deep collaborations with leading clients in the semiconductor and energy chemical industries, including two of the top three semiconductor foundries globally [4]. Group 3: Financial Performance - Revenue figures for Youai Zhihui from 2022 to 2024 are 0.78 billion, 1.08 billion, and 2.55 billion RMB, respectively, reflecting a compound annual growth rate of 80.9% [4]. - The gross profit margins for the same period are 11.2%, 26.1%, and 35.2%, with a margin of 38.1% reported for the first half of 2024 [4]. Group 4: Strategic Initiatives - The company adopts a global strategy of vertical deepening followed by horizontal expansion, with operations in over 30 countries and regions [4]. - The funds raised from the IPO will be used to advance embodied intelligence technology, enhance R&D capabilities, and build a multifunctional center for various operational needs [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Financial Summary - Revenue and Profit Forecasts: - Expected revenues for 2025, 2026, and 2027 are projected at 8.5 billion, 10 billion, and 11.2 billion yuan, respectively [3]. - Net profit forecasts for the same years are 630 million, 770 million, and 860 million yuan, respectively [3]. - Key Financial Metrics: - The company’s P/E ratios for 2025, 2026, and 2027 are estimated to be 30, 25, and 22 times, respectively [3]. - The net asset return rate is expected to remain stable around 18.5% in 2024, with slight fluctuations in the following years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 8.2 billion yuan, with a year-on-year growth rate of 6.1% [4]. - The net profit attributable to shareholders for 2024 was 670 million yuan, reflecting an 18.5% increase compared to the previous year [4]. - The projected revenues for 2025, 2026, and 2027 are 8.5 billion yuan, 10.0 billion yuan, and 11.2 billion yuan, respectively, with corresponding net profits of 630 million yuan, 770 million yuan, and 870 million yuan [3][4]. Market Position and Strategy - The company is positioned as a leading player in the module industry, with a comprehensive layout across various downstream sectors, which is expected to yield benefits as 5G technology proliferates [1][2]. - The establishment of a robotics product line in 2023 aims to leverage the growing demand in the robotics industry, with the launch of an automatic lawn mowing robot solution in June 2024 [2]. Future Outlook - The company is expected to see revenue growth driven by the AIoT market and robotics applications, with anticipated revenues of 8.5 billion yuan in 2025 and a net profit of 630 million yuan [3]. - The report suggests that the company’s strong management efficiency and market leadership will contribute to gradual improvement in its operational performance [3].