Core Viewpoint - Shanghai XianGong Intelligent Technology Co., Ltd. (XianGong Intelligent) has submitted its application for listing on the Hong Kong Stock Exchange for the second time this year, with CICC as its sole sponsor. The company has over 2,000 robot models deployed across more than 20 industries, including 3C, automotive, automation equipment, new energy, semiconductors, engineering machinery, and biomedicine [1]. Company Overview - XianGong Intelligent is a smart robotics company focused on robot control systems, providing a one-stop solution for the development, acquisition, and use of robots. The company ranks first in robot controller sales for 2023-2024 according to ZhiShi Consulting [4]. - The company offers a comprehensive range of products, including controllers, software, robots, and accessories, aimed at lowering the barriers to entry for developing and using intelligent robots [4][6]. Customer Base - XianGong Intelligent has a diverse customer base with over 1,600 integrators and end customers across more than 35 countries and regions. This allows the company to adapt its products to meet changing industry demands [5]. Product Offering - The Nebula system provides over 1,000 robot models equipped with SRC series controllers, including various types such as wheeled humanoid robots, quadruped robotic dogs, and intelligent forklifts [5][6]. Financial Performance - The company has shown stable and strong growth, with revenues of RMB 184.32 million in 2022, RMB 249.02 million in 2023, RMB 339.32 million in 2024, and RMB 157.85 million for the six months ending June 30, 2025 [8]. - Gross profits for the same periods were RMB 86.29 million, RMB 122.43 million, RMB 155.69 million, and RMB 71.69 million, with gross margins consistently above 45% [9]. - The company reported losses of RMB 32.26 million, RMB 47.70 million, RMB 42.31 million, and RMB 50.59 million for the respective periods [10]. Industry Overview - The global robotics market is experiencing significant growth, with a projected increase from RMB 213.4 billion in 2020 to RMB 418.8 billion by 2024, reflecting a compound annual growth rate (CAGR) of 18.4% [14]. - The intelligent robotics market is expected to grow from RMB 118.8 billion in 2020 to RMB 277.8 billion by 2024, with a CAGR of 23.7% [15]. - China is a key player in the global intelligent robotics industry, with the market expected to reach RMB 984 billion by 2024, accounting for over 30% of the global market share [19].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Seer Intelligent Technology Co., Ltd. 上海仙工智能科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 註冊的本公司文件作出投資決定；文件的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據 本文件所載資料作出任何投資決定； (b) 在 ...

Core Viewpoint - The article discusses the role of three companies in defining China's position in the global automation revolution through their upcoming listings in Hong Kong, focusing on the autonomous mobile robot (AMR) market and its rapid growth [4][5][6]. Group 1: Market Overview - The global AMR solutions market is expected to grow to 162.1 billion RMB by 2029, with a compound annual growth rate (CAGR) of 33.1% [5][15]. - The penetration rate of AMR solutions in overall warehouse automation is projected to increase from 8.2% in 2024 to 20.2% by 2029 [15]. Group 2: Geek+ (极智嘉) - Geek+ is the largest global provider of warehouse fulfillment AMR solutions, having been established in 2015 and listed on the Hong Kong Stock Exchange in July 2023, raising the highest amount for a robotics IPO in Hong Kong [9][10]. - The company has deployed over 30,000 AMRs globally and reported revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024, respectively [11]. - Geek+ has a diverse product matrix covering the entire process from picking to sorting and handling, with solutions that can double picking efficiency and increase storage efficiency by five times [10][11]. - Over 70% of Geek+'s revenue comes from markets outside mainland China, with a strong customer base including 63 Fortune Global 500 companies [11][12]. - The company invests significantly in R&D, with expenditures of 436 million RMB, 379 million RMB, and 282 million RMB for 2022, 2023, and 2024, respectively [13]. Group 3: Seer Robotics (仙工智能) - Seer Robotics, founded in 2020, ranks first in robot controller sales and third in the number of industrial intelligent robots supplied by companies using its controllers [20]. - The company has a broad customer base, serving 832 clients in 2024, with 18.6% of revenue coming from the top five clients [23]. - Seer Robotics has been expanding its international business since 2021, with revenues from outside China growing from 16.4 million RMB in 2022 to 49.2 million RMB in 2024 [23][24]. - The global intelligent robot market is projected to exceed 277.8 billion RMB in 2024 and reach 708.5 billion RMB by 2029, with a CAGR of 20.6% [24]. Group 4: Stand Robot (斯坦德机器人) - Stand Robot, established in 2016, is a leading provider of industrial intelligent mobile robot solutions, ranking second in the 3C and automotive sectors and fifth in the semiconductor sector by shipment volume in 2024 [31]. - The company has focused on R&D, with expenditures accounting for 33.5%, 32.8%, and 29.5% of total revenue in 2022, 2023, and 2024, respectively [35]. - Stand Robot began expanding into overseas markets in 2019, with sales from non-mainland customers increasing from 10.2% in 2022 to 24.1% in 2024 [35][36]. - The intelligent mobile robot market is expected to grow from 15.3 billion RMB in 2024 to 81.4 billion RMB by 2029, with a CAGR of 39.8% [36].

Core Insights - The global Autonomous Mobile Robot (AMR) market is rapidly expanding, driven by supply chain migration and rising labor costs, with a projected market size of 162.1 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 33.1% [1][6] - Several Chinese companies have emerged as industry leaders, having validated their technologies and business models, and are now capturing market share globally [1] - Notable companies preparing for IPOs in Hong Kong include Geek+, Seer Robotics, and Standard Robots, each with distinct technological focuses and market strategies [1][2] Company Summaries Geek+ - Founded in 2015 and headquartered in Beijing, Geek+ is the largest provider of warehouse fulfillment AMR solutions globally, with a record IPO on the Hong Kong Stock Exchange [3][4] - The company offers a comprehensive range of AMR solutions, significantly enhancing warehouse efficiency, with deployments exceeding 30,000 units globally [4] - Geek+ generates substantial revenue from AMR sales, with total revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024 respectively [4] - Over 70% of Geek+'s revenue comes from markets outside mainland China, with a strong presence in e-commerce, fast-moving consumer goods, and third-party logistics [5] - The company plans to allocate approximately 40% of its IPO proceeds to R&D and product iteration, indicating a commitment to innovation [6] Seer Robotics - Established in 2020 and based in Shanghai, Seer Robotics ranks first in the global sales of robot controllers and third in the number of industrial intelligent robots equipped with its controllers [8][9] - The company focuses on control systems, offering a range of products including robot controllers, software for intelligent scheduling, and a variety of robotic systems [9] - Seer Robotics has been expanding its international business since 2021, with revenues from outside China growing from 16.4 million RMB in 2022 to 49.2 million RMB in 2024 [10] - The company plans to use IPO funds to advance AGI and embodied intelligence technologies, enhance its global sales network, and support acquisitions in the robotics supply chain [10][11] Standard Robots - Founded in 2016 and headquartered in Shenzhen, Standard Robots is a leading provider of industrial intelligent mobile robot solutions, particularly in the 3C and automotive sectors [13][14] - The company has a strong focus on R&D, with expenditures representing 33.5%, 32.8%, and 29.5% of total revenue in 2022, 2023, and 2024 respectively [15] - Standard Robots has been expanding its international footprint since 2019, with sales from non-mainland customers increasing from 10.2% in 2022 to 24.1% in 2024 [14] - The company intends to use IPO proceeds for R&D, expanding its sales and service network, and enhancing production capabilities [16]

Core Insights - The autonomous mobile robot (AMR) market is rapidly expanding, driven by global supply chain shifts and rising labor costs, with a projected market size of 162.1 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 33.1% [2][9] Group 1: Geek+ - Geek+ is the largest global provider of warehouse fulfillment AMR solutions, having maintained this position for six consecutive years [3][5] - The company went public on the Hong Kong Stock Exchange, achieving the highest fundraising record for a robotics company in Hong Kong [3] - Geek+ has deployed over 30,000 AMRs globally, with revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024 respectively [5] - The company serves approximately 806 end customers, including 63 Fortune Global 500 companies, with a repurchase rate of 74.6% [5][6] - Over 70% of Geek+'s revenue comes from markets outside mainland China, with operations in over 40 countries [5][6] Group 2: Seer Robotics - Seer Robotics, established in 2020, focuses on the core control systems for robots, ranking first in global sales of robot controllers by 2024 [13][15] - The company has a diverse product line, including robot controllers, software for intelligent scheduling, and a range of robots [15][16] - Seer Robotics has expanded its international business since 2021, with revenues from outside China growing from 16.4 million RMB in 2022 to 49.2 million RMB in 2024 [16] - The global intelligent robot market is expected to exceed 277.8 billion RMB in 2024, with a projected CAGR of 20.6% until 2029 [16] Group 3: Standard Robots - Standard Robots, founded in 2016, is a leading provider of industrial intelligent mobile robot solutions, particularly in the 3C and automotive sectors [18][21] - The company has a strong focus on R&D, with R&D expenditures accounting for 33.5%, 32.8%, and 29.5% of total revenue from 2022 to 2024 [21][22] - Standard Robots has been expanding its international market presence since 2019, with sales outside mainland China increasing from 10.2% in 2022 to 24.1% in 2024 [21] - The company plans to use funds from its upcoming IPO for R&D, sales network expansion, and production capacity development [22]