以下文章来源于东四十条资本 ，作者陈美 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 9年间，超20倍的估值涨幅。 作者丨 陈美 来源丨 东四十条资本 迦智科技的创业之旅，始于一场"科研成果产业化"的初心。作为浙江大学控制科学与工程学院的求是特聘教授，熊蓉自2000年起，就深耕机器人智能 感知与控制技术领域，在IEEE汇刊等发表论文100余篇。 最初，在褚健教授的指引下，熊蓉从足球机器人研发起步，带领团队在国际赛场屡创佳绩——2013年、2014年、2018年三次击败卡耐基梅隆大学，斩 获RoboCup机器人世界杯冠军，其研发的乒乓球对打仿人机器人、四足跑跳机器人等成果，填补国内多项技术空白。 2016年，正值国内工业机器人创业热潮兴起，熊蓉敏锐地意识到，实验室积累的核心技术已经到了服务国民生产的关键阶段。于是，她带领几名朝夕相 处的学生，以及获得过机器人世界冠军的陈首先，在杭州滨江区创办了迦智科技，将创业方向锁定在工业移动机器人（AMR）赛道。 陈首先回忆称，"当时国内AMR领域与国外技术差距微 ...

在全球每新增两台工业机器人就有一台落地中国的浪潮中，中国机器人产业正经历从"制造"向"智造"的深刻跃迁。2025年，中国智能机器人市场规模已突破 158亿元(人民币，下同)，年复合增长率超40%，其中以自主移动机器人(AMR)为代表的智能物流装备，正成为电子、汽车、半导体等高端制造领域自动化升 级的核心抓手。 正是在这一高景气赛道加速扩张的背景下，浙江迦智科技股份有限公司(以下简称"迦智科技")于近日正式向港交所主板递交上市申请，由中金公司 （601995）担任独家保荐人。智通财经APP注意到，这家源自浙江大学机器人实验室的技术型企业，凭借全栈式自主研发能力，已跻身全球前十大、中国前 三的工业智能移动机器人企业之列，并悄然布局未来十年最具爆发潜力的具身智能机器人赛道。 那么此次闯关港交所，迦智科技胜算几何呢？ 全球智能机器人市场：一片高增长的"红海" 迦智科技冲刺IPO的背景，是一个规模与内卷同步扩张的全球智能机器人市场。 根据行业顾问灼识咨询的报告，这是一个被宏大未来"喂养"的赛道。按销售收入计，全球智能机器人市场规模正以惊人的速度膨胀，从2020年的137亿元猛 增至2024年的471亿元，年复合增长率达 ...

Core Viewpoint - The Chinese robotics industry is undergoing a significant transition from "manufacturing" to "intelligent manufacturing," with the smart robotics market expected to exceed 15.8 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of over 40% [1] Industry Overview - The global smart robotics market is rapidly expanding, projected to grow from 13.7 billion RMB in 2020 to 47.1 billion RMB by 2024, with a CAGR of 36.1%. By 2030, the market is expected to reach 649.7 billion RMB, indicating a CAGR of 53.3% over the next five years [2][3] - The Chinese smart robotics market is a key growth driver, expected to increase from 3.9 billion RMB to 15.8 billion RMB during the same period, with a forecast of 226 billion RMB by 2030 [4] - The global embodied intelligence robotics market is anticipated to grow from 3.9 billion RMB in 2024 to 365.6 billion RMB by 2030, with a staggering CAGR of 109.9% [4] Company Profile - Zhejiang Jiazhi Technology Co., Ltd. (Jiazhi Technology) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on the high-growth smart robotics sector. The company ranks among the top ten globally and top three in China for industrial intelligent mobile robots [1][4] - Jiazhi Technology positions itself as a "global expert in intelligent mobile robots," leveraging a unified technology platform that integrates multi-modal perception and a proprietary 4C core technology architecture [5][7] - The company has developed a diverse product portfolio, including AMR standard vehicles and various robotic solutions, and has established a significant international presence, serving clients across multiple industries and regions [7] Financial Performance - Jiazhi Technology's revenue has shown consistent growth, with figures of 74.95 million RMB, 115 million RMB, and 201 million RMB for 2023, 2024, and the first nine months of 2025, respectively. The gross margin has also improved, reaching 28% [8] - Despite revenue growth, the company has faced ongoing losses, totaling 304 million RMB over three years, primarily due to high R&D investments and administrative expenses [8] - R&D expenditures have remained high, accounting for 48.3%, 38.8%, and 18% of revenue during the reporting period, reflecting the company's commitment to its self-research technology path [8] Market Position and Future Outlook - Jiazhi Technology's IPO comes at a critical juncture in the intersection of China's smart manufacturing and the global robotics revolution, with its self-developed technology and strategic positioning in the embodied intelligence sector providing a competitive edge [9] - The capital market's scrutiny of hard-tech companies emphasizes the need for not only technological advancement but also commercial efficiency and profitability pathways [9]

近两年，有多家工业机器人产业链的公司积极筹备或已正式启动上市进程。 这些公司主要涵盖核心零部件、移动机器人、机器视觉及系统集成等领域。 其中，极智嘉已于去年7月在港股上市，海康机器人、斯坦德机器人、优艾智合、仙工智能已先后递交招股书，梅卡 曼德机器人传已秘密递表港交所，乐聚机器人、快仓智能等也在冲击IPO的不同阶段。 与此同时，又有一家工业机器人公司向港交所发起了冲击。 格隆汇获悉，浙江迦智科技股份有限公司（简称"迦智科技"）于1月23日递表港交所，以第18C章规则寻求港股上市， 由中金公司担任保荐人。 01 浙江大学教授创业，深创投、联想押注 迦智科技成立于2016年7月，2025年11月改制为股份公司，总部位于浙江杭州。 截至2026年1月16日，董事会主席兼执行董事熊蓉博士有权通过直接及间接的方式合计行使公司约29.61%的投票权。 2026年1月，迦智科技完成了1.8亿元的C++轮融资，投后估值21.3亿元。 公司的机构股东主要包括衢州国资委、联想集团、中控技术(688777.SH)、深创投、量子跃动等。 迦智科技的董事会由七名董事组成，包括两名执行董事（熊蓉、陈首先）、两名非执行董事及三名独立非执行 ...

近两年，有多家工业机器人产业链的公司积极筹备或已正式启动上市进程。 这些公司主要涵盖核心零部件、移动机器人、机器视觉及系统集成等领域。 其中，极智嘉已于去年7月在港股上市，海康机器人、斯坦德机器人、优艾智合、仙工智能已先后递交招股书，梅卡 曼德机器人传已秘密递表港交所，乐聚机器人、快仓智能等也在冲击IPO的不同阶段。 与此同时，又有一家工业机器人公司向港交所发起了冲击。 迦智科技的董事会由七名董事组成，包括两名执行董事（熊蓉、陈首先）、两名非执行董事及三名独立非执行董事。 熊蓉博士今年53岁，为集团创始人，目前担任董事会主席。熊博士先后获浙江大学计算机系应用专业学士学位、控制 科学与工程博士学位。 2009年12月至2012年12月，熊博士在浙江大学担任教师，并自2013年5月起担任浙江大学教授。 陈首先今年42岁，目前担任首席执行官。他先后获浙江大学得电子信息工程学士学位、硕士学位。 格隆汇获悉，浙江迦智科技股份有限公司（简称"迦智科技"）于1月23日递表港交所，以第18C章规则寻求港股上市， 由中金公司担任保荐人。 01 浙江大学教授创业，深创投、联想押注 迦智科技成立于2016年7月，2025年11月改 ...

Core Viewpoint - Zhejiang Jiazhi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to be listed on the main board as a specialized technology company, with China International Capital Corporation as the sole sponsor [1] Group 1: Business Overview - Founded in 2016, Jiazhi Technology is a leading global company in general-purpose intelligent mobile robots, focusing on full-scenario applications across various environments, industries, and tasks [2] - The company ranks among the top ten intelligent mobile robot companies globally by order volume and is in the top five in the industrial intelligent mobile robot sector, as well as among the top three in China [2] - Jiazhi Technology's operations extend to over 20 countries and regions, including China, Japan, South Korea, Southeast Asia, North America, and Europe, serving numerous global industry leaders, including over 20 Fortune 500 companies [4] Group 2: Competitive Advantages - The company's core competitiveness stems from its self-developed technology platform and diversified product matrix, structured around the "4C×M×N" framework [6] - "4C" represents four core technological pillars: high-performance core components, adaptive high-precision spatial perception and motion control technology, large-scale intelligent cluster scheduling systems, and intelligent configuration and application software systems [6] - "M" refers to a diversified robot product matrix, including Autonomous Mobile Robots (AMR), picking robots, outdoor mobile robots, and embodied intelligent products, with capabilities such as millimeter-level positioning accuracy and payload capacities up to 60 tons [8] - "N" indicates application solutions for all scenarios, providing one-stop solutions for internal logistics, general warehousing, and commercial applications across various industries [8][9] Group 3: Financial Performance - Jiazhi Technology has shown rapid growth, with revenues increasing from 74.95 million yuan in 2023 to 114.842 million yuan in 2024, representing a year-on-year growth of 53.2% [10] - The company's gross margin has improved from 19.7% in 2023 to 24.2% in 2024, reaching 28.0% in the first nine months of 2025 [10] - Despite the revenue growth, the company remains in a loss position, with losses of 113.8 million yuan in 2023, 117.9 million yuan in 2024, and 72.08 million yuan in the first nine months of 2025, primarily due to ongoing R&D and operational expenses [10] Group 4: Market Potential - The intelligent mobile robot industry is experiencing rapid growth, with the global market size expected to increase from 9.8 billion yuan in 2020 to 35.2 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 37.6% [10] - The Chinese market is projected to grow even faster, with a CAGR of 49.8%, reaching 88.1 billion yuan by 2030 [10] - The embodied intelligent robot segment shows significant potential, with the market expected to reach 3.656 billion yuan by 2030, growing at a CAGR of 109.9% from 2025 to 2030 [12] Group 5: Fundraising Purpose - The funds raised from the listing will be primarily used for five key areas: advancing core components and product R&D, capacity enhancement and digital upgrades, expanding global sales and service networks, seeking strategic alliances and investment opportunities in the robot industry chain, and general corporate purposes [13]

智通财经APP获悉，据港交所1月23日披露，浙江迦智科技股份有限公司(简称：迦智科技)向港交所主板递交上市申请书，中金公司为其独家保荐人。 | 编纂]項下的[编纂]數目 | | : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | : | [编纂]股H股(可予[编纂]) | | [编纂]數目 | .. | [編纂]股H股(可予[編纂]及視乎[編纂]行使與否而 | | | | 定) | | 最高[编纂] | .. | 每股H股[编纂]港元,另加1.0%經紀佣金、 | | | | 0.00015%會財局交易徵費、0.0027%證監會交 | | | | 易徵費及0.00565%聯交所交易費(須於[編纂]時 | | | | 以港元繳足,多繳款項可予退還) | | 面值 | : | 每股H股人民幣1.00元 | | [編纂] | : [編纂] | | 公司简介 招股书显示，迦智科技是全球通用智能移动机器人专家，致力于实现机器人在不同环境、不同行业、不同任务下的全场景应用。根据灼识咨询的资 料，截至2026年1月16日，以订单额计，公司已成为全球前十大智能移动机 ...

Core Viewpoint - Stand Robot (Wuxi) Co., Ltd. is aiming to become the first publicly listed company in the industrial embodied intelligence sector by submitting an updated listing application to the Hong Kong Stock Exchange under the "Chapter 18C" rules [2] Company Overview - Stand Robot is a leading provider of industrial intelligent mobile robot solutions and a pioneer in industrial embodied intelligence robot solutions, focusing on empowering smart factory construction in high-tech industries such as 3C electronics, automotive, and semiconductors [4] - The company has developed a unique "1+N+S=∞" technology system, where "1" represents the core robot technology platform, "N" includes a diverse product matrix, and "S" refers to the all-in-one intelligent collaborative system [4] Technical Strength - Stand Robot is among the first to release Simultaneous Localization and Mapping (SLAM) technology and develop Visual Language Action (VLA) models for industrial scenarios, achieving a positioning accuracy of ±2mm and vibration control precision of <0.1G [6] - The company can manage over 2,000 robots in a single simulated scenario, significantly exceeding typical industrial demands [6] Financial Performance - Revenue is projected to grow from 96.275 million RMB in 2022 to 250.522 million RMB in 2024, with a compound annual growth rate (CAGR) of 61.3% [6] - In 2024, revenue from robot solutions is expected to reach 228.087 million RMB, accounting for 91% of total revenue [6] - Despite revenue growth, the company has incurred cumulative losses of approximately 273 million RMB from 2022 to 2024, primarily due to high R&D and market expansion costs [8] Market Position - By 2024, Stand Robot is projected to be the fifth largest global provider of industrial intelligent mobile robot solutions and the fourth largest in industrial embodied intelligence solutions [8] - The company has a significant presence in the 3C, automotive, and semiconductor sectors, ranking second in global shipments for both the 3C and automotive industries [8] Shareholding Structure - The shareholding structure is diverse, with the founder and CEO holding 12.80% directly and 14.30% through an incentive platform, while the largest external shareholder is a state-owned fund holding 14.29% [9][10] Use of Proceeds - The IPO funds will be allocated as follows: approximately 40% for enhancing core technology and product development, 30% for expanding global sales and service networks, and 30% for increasing production capacity and operational funding [12] Industry Outlook - The industrial intelligent mobile robot market is expected to grow from 5.8 billion RMB in 2020 to 15.3 billion RMB in 2024, with a CAGR of 27.2%, and projected to reach 81.4 billion RMB by 2029 [12] - The industrial embodied robot market is anticipated to grow from 400 million RMB in 2020 to 1.4 billion RMB in 2024, with a CAGR of 39.5%, and is expected to surge to 15.2 billion RMB by 2029 [12]