Core Viewpoint - Stand Robot has submitted its prospectus to the Hong Kong Stock Exchange, with significant investments from Xiaomi and other firms, despite facing operational losses in recent years [2][15]. Company Overview - Stand Robot is the fifth largest provider of industrial intelligent mobile robot solutions globally and the fourth largest for industrial embodied intelligent robots, being one of the few companies with fully self-developed stack technology [2][5]. - The company offers customized one-stop solutions for smart factories across various industrial scenarios, including a core robot technology platform, a multifunctional industrial intelligent robot product series, and the all-in-one intelligent collaborative system RoboVerse [4]. Founding and Development - Founded in 2016 by CEO Wang Yongkun, a post-90s graduate from Harbin Institute of Technology, the company has made significant technological advancements, including the development of its operating system SROS and the introduction of SLAM technology [4][10]. - Stand Robot has achieved milestones such as large-scale deliveries in the automotive sector and international expansion, exporting to Japan in 2019 [4]. Financial Performance - The company reported revenues of 96.275 million RMB, 162.166 million RMB, and 250.522 million RMB for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 61.3% [10][11]. - Gross profits for the same years were 12.382 million RMB, 51.169 million RMB, and 97.158 million RMB, with a CAGR of 180.1% and gross margins of 12.9%, 31.6%, and 38.8% [10][11]. - Despite revenue growth, the company has faced losses of 128 million RMB, 100 million RMB, and 45.144 million RMB from 2022 to 2024, although the losses have been decreasing year-on-year [12]. Market Position - As of December 31, 2024, Stand Robot ranks second in the 3C industry and automotive sector, and fifth in the semiconductor industry for industrial intelligent mobile robot solutions by shipment volume [7][8]. Research and Development - The company has invested in R&D with expenditures of 55.5 million RMB, 56.1 million RMB, and 36.6 million RMB from 2022 to 2024 [13]. Investment and Funding - Stand Robot has completed multiple funding rounds, with a pre-IPO valuation of 2.1 billion RMB, and received a 150 million RMB investment from Xiaomi prior to its C round in 2023 [14][15]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance the core robot technology platform, develop proprietary robot technologies, and strengthen domestic and international sales and service networks [16].