Core Viewpoint - Yifei Technology is seeking to go public on the Hong Kong Stock Exchange, aiming to become the first stock in the light industrial robotics sector in Hong Kong, with a significant increase in accounts receivable compared to revenue growth [1][6]. Company Overview - Yifei Technology, established in 2012 in Jinan, is a comprehensive light industrial robotics company, with applications in food, electronics, and logistics [3]. - The company has received national recognition as a "Little Giant" for its specialized technology [3]. - Yifei Technology has developed a fully autonomous, all-stack embodied intelligent robotics technology, integrating core systems for intelligent decision-making, environmental perception, precise control, and autonomous movement [3]. Financial Performance - The company reported revenues of RMB 162 million, RMB 201 million, and RMB 268 million for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate (CAGR) of 28.5% [6]. - The gross profit margins fluctuated, with rates of 26.7%, 18.3%, and 26.5% for the same years, indicating a significant drop in 2023 [11]. - The company has incurred cumulative losses of RMB 238 million over the three years, with losses of RMB 57.55 million, RMB 110 million, and RMB 71.5 million for 2022, 2023, and 2024, respectively [10][12]. Accounts Receivable - Accounts receivable and notes increased from RMB 28.1 million to RMB 138 million from the end of 2022 to the end of 2024, representing a growth of 392%, significantly outpacing revenue growth [1][9]. - The turnover days for accounts receivable extended from 46 days to 120 days, indicating a decline in collection efficiency [2][9]. Market Potential - The light industrial robotics market in China is projected to grow from RMB 12.3 billion to RMB 20.9 billion from 2020 to 2024, with a CAGR of 14.2% [5]. - The market for light industrial robotics solutions is expected to increase from RMB 36.9 billion to RMB 71.1 billion during the same period, with a CAGR of 17.8% [5]. Business Segmentation - Yifei Technology's business is divided into two main segments: robotics body business and robotics solutions business [5]. - The revenue share from robotics body business is expected to rise from 5.0% in 2022 to 20.8% in 2024, while the share from robotics solutions is projected to decrease from 95.0% to 79.2% [7][8]. Intellectual Property - The company holds 271 authorized patents, including 36 invention patents, 222 utility model patents, and 13 design patents [4]. IPO Details - Prior to the IPO, Yifei Technology's valuation is estimated at RMB 3.604 billion [13]. - The net proceeds from the IPO will primarily be used for research and development of robotics technology, production line upgrades, expansion of overseas business networks, supply chain investments, and working capital [13].