最新一波赴港递表的4家机器人公司中，只有合肥优艾智合机器人股份有限公司（以下简称"优艾智 合"）处于亏损状态。9月26日，优艾智合向港交所递表，冲击"工业移动操作机器人第一股"。9月下旬 的机器人企业赴港潮中，天津望圆智能科技股份有限公司（以下简称"望圆科技"）靠泳池清洁机器人实 现持续盈利，广州极飞科技股份有限公司（以下简称"极飞科技"）和FJD（丰疆智能）凭借农业无人机 等扭亏为盈。专注工业场景的优艾智合，正陷入"技术领先者"与"商业变现者"的身份撕裂。 和其他3家一样，优艾智合营收保持增长，2022—2024年分别是7789.6万元、1.08亿元、2.55亿元，2025 年上半年的1.27亿元营收较上年同期的9955.1万元增长27.6%。以最近这半年为准，优艾智合的营收是 望圆科技的33.5%、极飞科技的17%、FJD的35.5%。以2024年营收计，优艾智合拿下全球工业移动操作 机器人市场头把交椅。 论资历，优艾智合和FJD同年创立，运营历史明显不及成立20年左右的望圆科技和极飞科技。优艾智合 和FJD在2022—2024年也均未实现盈利，到了2025年上半年，FJD经调整净利润2193.4万元，同 ...

Core Viewpoint - The article discusses the financial performance and market positioning of Youai Zhihe Robotics, which is the only loss-making company among four robotics firms that recently filed for IPO in Hong Kong, highlighting its struggle between being a technology leader and a commercial success [1][3]. Financial Performance - Youai Zhihe's revenue is projected to grow from 77.896 million yuan in 2022 to 255 million yuan in 2024, with a total adjusted net loss of 375 million yuan over three years [1][3]. - In the first half of 2025, the company's revenue reached 127 million yuan, a 27.6% increase from 99.551 million yuan in the same period last year [3]. - The adjusted net loss for the first half of 2025 was 64.572 million yuan, representing a year-on-year increase of 96.1% [3][4]. Market Positioning - Youai Zhihe ranks first globally in the industrial mobile robot market based on 2024 revenue, with significant applications in the semiconductor, energy, and chemical industries [6]. - The company has a customer repurchase rate exceeding 70% in 2024, indicating strong customer retention [6]. Research and Development - R&D expenses increased from 23.392 million yuan in the first half of 2024 to 42.642 million yuan in the first half of 2025, reflecting a focus on scaling and innovation [4]. - The company employs 144 R&D staff and plans to continue investing in core technology development [4]. Customer Base and Sales - As of mid-2025, Youai Zhihe served over 300 customers, with direct sales customers increasing from 58 in 2022 to 87 in the first half of 2025 [7]. - The revenue contribution from the largest customer increased significantly, from 5.7% in 2022 to 25% in the first half of 2025 [7]. Financial Liabilities - The company's redeemable liabilities rose from 1 billion yuan in 2022 to 1.647 billion yuan in the first half of 2025, primarily due to new equity financing [9].