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 ...

Financial Performance - In the first nine months of 2025, the company achieved revenue of 3.896 billion CNY, a decrease of 6.6% compared to the same period last year [2] - Net profit attributable to shareholders was 84 million CNY, an increase of 145.11% year-on-year [2] - The third quarter of 2025 saw revenue of 1.479 billion CNY, a year-on-year increase of 10.17%, with net profit rising to 93 million CNY, up 186.19% [2] Strategic Initiatives - The company implemented three core strategies leading to profit growth: 1. Focus on "quality improvement and efficiency enhancement" in domestic operations, leading to significant optimization of profit quality [2] 2. Accelerated international business expansion, with international revenue from domestic subsidiaries significantly increasing [2] 3. Deep implementation of cost reduction and efficiency enhancement strategies, resulting in improved operational efficiency and reduced personnel costs [2][3] International Market Expansion - The company is focusing on five key regions for international market expansion: Southeast Asia, Middle East and Africa, Europe, Americas, and India/Australia [3] - The overseas business has entered a rapid growth phase, with notable breakthroughs in the Middle East, Africa, and Southeast Asia [3] Product Development and Market Position - The company is actively developing its biopharmaceutical consumables business, focusing on three main categories, with significant orders already secured [3] - The pharmaceutical robotics business is aligned with the core pharmaceutical equipment industry, aiming for automation and intelligence upgrades [4] Market Competition and Profitability Outlook - The domestic market remains competitive but is becoming more rational, with a focus on differentiated competition [4] - The company expects a gross profit margin of around 30% for 2025, with potential for steady improvement through high-quality development and cost reduction measures [4]

Core Insights - The Chinese robotics industry is entering a new development stage driven by both technological innovation and consumer demand activation [1][2][4] - The upcoming World Robot Conference in Beijing and the launch of the E-Town Robot Consumption Festival signal a shift from a technology-driven narrative to a demand-driven approach in the industry [1][2] Technological Innovation - Initially, the robotics industry focused on "technology-driven" advancements, emphasizing algorithm optimization and hardware upgrades [1] - As technology transitions from laboratory settings to real-world applications, challenges arise in adapting to complex environments and diverse user needs [1] Consumer Demand Activation - The Beijing Economic-Technological Development Zone's model of combining high-end exhibitions with consumer engagement reflects the industry's shift towards demand-driven growth [2] - Initiatives like the issuance of consumption vouchers and subsidies aim to break the perception of robots as luxury items, making them more accessible to consumers [3] Policy and Ecosystem Development - A long-term mechanism for "demand-driven innovation" is necessary, including tax incentives for first-time buyers of domestic robots and the establishment of demand-matching platforms [2] - Building a standard system for safety and compatibility in robotics will facilitate market competition and innovation [2] Industry Application and Customization - The industry must transition from "finding applications for technology" to "defining technology based on scenarios," tailoring solutions to specific industry needs [3] - Collaboration with downstream clients to create "scenario laboratories" can lead to customized robotic solutions that meet precise operational requirements [3] Future Outlook - With ongoing policy support, awakening consumer markets, and targeted technological breakthroughs, the Chinese robotics industry is poised for significant advancement in the global value chain [4]