凯乐士的诞生，源于一场对物流行业效率变革的初心。 2016年，清华本科毕业、手握麻省理工博士学位 的谷春光，与妻子杨艳共同在浙江嘉兴创立了这家企业，目标清晰地指向"用智能机器人技术提升物流效 率"。在谷春光看来，随着人力成本攀升与物流需求升级，"机器换人"已是物流领域不可逆转的趋势。物 流机器人不仅能实现24小时不间断作业，将效率提升数倍，还能通过替代人工搬运降低工伤风险，从根本 上帮助企业缩减运营成本。 2026年开年，资本市场便迎来机器人赛道的重磅消息——顺丰重仓的 物流机器人企业凯乐士正式向港交 所递交上市申请，由国泰君安国际与中信证券担任联席保荐人。 若此次上市进程顺利，港股市场将诞生首 只"物流机器人"标的，为行业资本化浪潮再添关键注脚。 不同于传统物流机器人企业聚焦单一场景的打法，凯乐士从成立之初便确立了 "全栈解决方案"的核心战 略。针对物流行业存取、搬运、分拣三大核心场景，公司分别研发推出多向穿梭车机器人、自主移动机器 人与分拣机器人，形成覆盖全流程的产品矩阵。这一差异化布局，让凯乐士在巨头环伺的赛道中脱颖而出 ——彼时，京东已推出"永不疲劳"的AGV机器人，菜鸟物流也打造出"效率碾压人工"的 ...

背靠物流巨头顺丰，一家来自浙江的机器人企业迈向资本市场。 2026年1月2日，新年首个交易日，浙江凯乐士科技（以下简称"凯乐士"）正式向港交所递表申请上市。 若顺利过会，有望成为港股"物流机器人第一股"。 据天眼查信息，顺丰以8.4588%的持股比例，与嘉兴融铭投资合伙企业并列成为凯乐士最大股东。而在 业务逻辑上，作为亚洲最大、全球第四大综合物流服务商，顺丰既是凯乐士的资本加持方，其自身仓 储、配送的自动化升级需求，也为凯乐士的机器人产品提供了天然落地验证场景，巨头背书更让凯乐士 的行业关注度持续走高。 苏商银行特约研究员武泽伟在接受北京商报记者采访时表示，当前机器人细分赛道龙头集中冲刺上市， 是行业进入规模化与成熟化的标志，走在前排的企业既能为赛道提供价值锚和流动性示范，提振资本信 心、吸引更多研发与落地资金，也能通过公开披露要求提升行业规范性。 但他同时提醒，这种竞速可能加剧马太效应，上市企业凭借资金优势巩固领先地位，推动行业整合洗 牌。 01.位处中游 招股书资料显示，凯乐士是综合智能场内物流机器人提供商，主打多向穿梭车、自主移动、输送分拣三 类核心机器人，覆盖仓储存取、物料搬运、货物分拣等全流程场内物 ...

随着极智嘉正式纳入恒生综合指数、实质性锁定港股通标的池资格，未来有望获得南下资金的重点配 置，加速兑现其作为港股稀缺"物理AI"核心资产的估值溢价。 相较于行业内普遍单仓部署数十至百余台的现状，千台级项目持续印证了极智嘉在超大规模集群调度等 AI能力和复杂项目经验上的稀缺性和领先优势，并将进一步释放规模效应。 据悉，公司近期接连斩获多笔亿元级大订单，其中一家客户的总订单高达3亿元。PUMA、马士基、 DHL等国际头部品牌的智能仓项目亦密集交付。其技术实力与商业认可度持续领跑行业。 Interact Analysis报告显示，极智嘉已连续七年稳居全球自主移动机器人市场份额首位，在EMEA（欧 洲、中东及非洲）、亚太及美洲等核心区域的市占率均稳居行业前列。 据悉，AI+机器人龙头企业极智嘉（02590.HK）近日在欧洲又成功交付一超大规模智能仓项目，单仓机 器人数量近1000台。目前，极智嘉已在全球落地包括美国 UPS、韩国 Coupang 在内的多个千台级智能 仓。 中金公司最新研报指出，极智嘉已从市场普遍认知的机器人产品与方案公司，发展成为具备AI+场景化 能力的综合智能体，而且公司商业模式稳定，AI赋能将显 ...

Core Viewpoint - The company is actively enhancing its international business and addressing domestic market challenges through strategic initiatives and operational improvements [2][3][5] Group 1: Overseas Business Performance - The gross margin for overseas business is significantly higher than domestic, maintaining around 50% [2] - There is a noticeable growth in overseas market opportunities, with solid orders and market prospects, particularly in oral solid dosage equipment and smart factory business segments [2] - The company aims to continue its international strategy and increase the proportion of international business in overall revenue [2] Group 2: Domestic Market Strategy - In response to the intensifying domestic price competition, the company has outlined a strategy focused on customer orientation and market demand [3] - The company emphasizes continuous R&D investment to strengthen its technological advantages and improve operational quality through efficiency enhancements [3] - The focus will remain on deepening the pharmaceutical equipment core business, enhancing product differentiation, and expanding application fields to boost core competitiveness [3] Group 3: Robotics Business Development - The robotics business is operated by a subsidiary, Zhejiang Wantusi Rui Robot Co., Ltd., which specializes in integrated solutions for robotics and software products [4] - Key products include autonomous mobile robots and four-way shuttle robots, primarily serving the pharmaceutical and food industries [4] - The subsidiary is continuously optimizing its product system and expanding application scenarios [4] Group 4: Cash Flow Improvement - The improvement in operating cash flow is attributed to refined financial management, increased collection efforts, and effective execution of quality enhancement initiatives [5] - The company has implemented comprehensive control from contract initiation to accounts receivable, optimizing customer structure and focusing on high-quality clients to achieve effective cash flow improvement [5]

Group 1: Overseas Business Performance - The gross margin for the company's overseas business is approximately 50%, which is higher than that of the domestic market [1] - There is a significant growth in opportunities and orders in the overseas market, prompting the company to enhance its international strategy [1] - The revenue from oral solid dosage equipment and intelligent factory segments remains the mainstay of overseas business [1] Group 2: Market Competition Strategy - The company is responding to intense domestic market competition by focusing on customer needs and maintaining a customized, international, and diversified operational strategy [2] - Continuous investment in R&D is aimed at solidifying technological advantages while improving operational quality [2] - The company plans to deepen its core pharmaceutical equipment business and enhance product differentiation and reliability [2] Group 3: Robotics Business Development - The robotics business is operated through a subsidiary, Zhejiang Wantusi Rui Robotics Co., Ltd., which specializes in dedicated robots and software products [2] - The main products include autonomous mobile robots and four-way shuttle robots, primarily serving the pharmaceutical and food industries [2] - The company is actively optimizing its product system and expanding application scenarios [2] Group 4: Cash Flow Improvement - The improvement in operating cash flow is attributed to refined financial management, increased collection efforts, and effective execution of quality enhancement measures [2] - The company focuses on comprehensive control from contract initiation to accounts receivable, optimizing customer structure and targeting high-quality clients [2]

Group 1: Core Insights - The aging population in Japan is creating a significant demand for professional nursing services, with over 7 million elderly individuals requiring care, representing 19.4% of the elderly population [1] - The Japanese government is responding to the crisis in elderly care by encouraging day care institutions to expand home care services, with a new subsidy program expected to be implemented next year [1] - The autonomous mobile robot (AMR) market in Japan is projected to grow from $225.76 million in 2024 to $1.07934 billion by 2033, reflecting a compound annual growth rate (CAGR) of 19.20% from 2025 to 2033 [2] Group 2: Market Dynamics - Japan's Ministry of Economy, Trade and Industry (METI) has allocated $3.2 billion in 2024 to promote the application of robotics in labor-intensive sectors, including healthcare [3] - The elderly care market in Japan is expected to grow from $10.96 billion in 2023 to $20.99 billion by 2032, with a CAGR of 7.49% from 2024 to 2032 [4] - By 2024, 2,800 AMRs are expected to be deployed in 450 elderly care facilities, assisting with tasks such as medication delivery and patient care [4] Group 3: Technological Advancements - Hospitals like Tokyo Medical University Hospital rely on AMRs for 8,500 medication deliveries daily, while Osaka General Medical Center uses them for waste management and internal logistics [5] - AMRs equipped with natural language processing capabilities are being deployed in elderly care settings to enhance interaction with seniors and reduce caregiver fatigue [5] - A new elderly care robot designed to assist bedridden patients is expected to be developed by 2040, highlighting the long-term potential of robotics in addressing care shortages [5] Group 4: Investment Opportunities - The aging population in China presents a larger market for elderly care services, with the market expected to exceed 12 trillion RMB by 2025, indicating significant investment opportunities [7] - Both Japan and China are experiencing a shift in elderly care models, leading to new investment avenues in high-end care facilities, telemedicine, and robotic caregiving [7]

Core Insights - The third National Skills Competition showcased 106 competition projects, attracting 3,420 participants and 3,275 judges, highlighting new professions and technologies in various industries [1] - The competition emphasized new trends in industry skills, with over 50% of projects focusing on smart manufacturing, high-end equipment, digital technology, and renewable energy [1] Group 1: New Projects and Trends - The competition introduced six new selection projects for the World Skills Competition, including drone systems, smart security technology, software testing, digital interactive media design, dental restoration technology, and retail [3] - The inclusion of rural revitalization as a competition category reflects the event's alignment with current social production needs and the direction of vocational education reform [3] Group 2: Participant Characteristics - A notable trend among participants is the high educational background, with 13 PhDs, 286 Master's degrees, and 843 Bachelor's degrees, making up 33% of all competitors, particularly in advanced technology fields [4] - The age range of participants spans from 16 to 57 years, indicating a focus on lifelong skill development [5] - The proportion of enterprise employees participating in the national selection projects exceeded 50%, enhancing innovation and technical skills within the workforce [7] Group 3: Technological Applications - Many projects involved robotics, requiring participants to master various technical skills, including programming and understanding industry standards to ensure reliability and precision in robot operations [10] - The competition featured service robots performing tasks like delivery and waste sorting, showcasing the practical applications of robotics in daily life [8] Group 4: New Productive Forces - Projects like smart security technology incorporated AI, requiring participants to program AI for specific tasks, reflecting the integration of new technologies into traditional fields [14] - The dental restoration technology project demonstrated significant advancements, reducing the production time of dentures from one week to one day through digital techniques, enhancing patient experience [16] Group 5: Skill Demonstrations - Participants showcased exceptional skills, such as a competitor from Shandong who demonstrated precision in stacking glasses using a forklift, highlighting the rigorous training and practice involved in mastering such skills [19] - The exhibition of intangible cultural heritage skills, such as sand painting and mechanical clock-making, illustrated the blend of traditional craftsmanship with modern skill competitions [21]

Core Viewpoint - The third National Skills Competition, the largest and most comprehensive vocational skills event in China, was held in Zhengzhou, Henan, featuring 3,420 contestants competing in 106 projects, with a significant focus on new technologies and skills [2][4]. Group 1: Event Overview - The competition took place from September 19 to 23, showcasing the highest standards and the widest range of competition projects in the country [2]. - Over 50% of the competition projects were related to new fields such as intelligent manufacturing, industrial internet, and artificial intelligence [4]. Group 2: Robotics and New Professions - The event included various robotics-related projects, such as "autonomous mobile robots," which are capable of navigation and task execution [4][10]. - New professions like "service robot application technician" and "robot engineering technician" were introduced in recent years, reflecting the growing importance of robotics in various sectors [10][34]. Group 3: Additive Manufacturing - The competition featured an "additive manufacturing" project, also known as 3D printing, where contestants completed tasks like design, scanning, and printing [12][14]. - The profession of "additive manufacturing engineering technician" was recognized as a new occupation in 2022, applicable in fields like automotive design, aerospace, and medical applications [17]. Group 4: Intelligent Connected Vehicles - The "intelligent connected vehicle assembly and maintenance" project highlighted the integration of vehicles with communication technology for smarter transportation solutions [20][22]. - The profession of "intelligent connected vehicle assembly and maintenance technician" will officially be recognized in 2024, indicating a shift towards more automated and intelligent transport systems [34]. Group 5: Industrial Internet - The "industrial internet engineering technology" project involved contestants applying various technologies for system implementation and maintenance, showcasing the digital transformation of traditional industries [35][40]. - The profession of "industrial internet technician" was introduced in 2020, with "industrial internet operator" set to be recognized in 2024, emphasizing the role of industrial internet across 49 economic sectors [40]. Group 6: Overall Impact - The competition encompassed a wide range of new technologies and skills, reflecting the dynamic nature of China's economic development and the emergence of new professions [43][54]. - The event served as a platform for national talent to compete and exchange ideas, further empowering the workforce with new skills and opportunities [43][54].

Core Viewpoint - The company, Geek+, has seen a significant increase in stock price due to its recent global collaborations and strategic partnerships in the robotics and supply chain sectors [1] Group 1: Company Developments - Geek+ shares rose nearly 7% in early trading, currently up 5.77% at HKD 23.46, with a trading volume of HKD 55.86 million [1] - The company has expanded its collaboration with Watsons Group to create the first robotic fulfillment project in the Benelux region [1] - A partnership with ECC has led to the development of the first autonomous mobile robot project for South African e-commerce giant Takealot, which won the Africa Supply Chain Excellence Award [1] - Strategic collaborations have been established with VARGO, a leader in warehouse execution software and system integration in the U.S., and Zion Solutions Group, a leader in supply chain system integration [1] - Geek+ showcased its three picking solutions at the IMHX 2025 exhibition in the UK [1] Group 2: Market Position and Future Outlook - According to Industrial Securities, Geek+ is a leader in global warehouse fulfillment AMR, with core algorithms creating competitive barriers and three solutions meeting key customer demands, indicating long-term growth potential [1] - The company has a strong global presence with excellent overseas performance and high customer repurchase rates [1] - Economies of scale are becoming apparent, suggesting significant potential for earnings elasticity [1] - Guosen Securities noted that the establishment of a company focused on embodied intelligence will enhance capabilities in robotic picking and general robot manufacturing, with expected gradual realization of the company's advantages in intelligence and scale [1]

Core Viewpoint - Company shares of 极智嘉-W (02590) rose nearly 7% in early trading, currently up 5.77% at HKD 23.46, with a trading volume of HKD 55.86 million, reflecting positive market sentiment driven by recent strategic partnerships and awards [1] Group 1: Strategic Partnerships - 极智嘉 has deepened global cooperation, expanding its partnership with Watsons Group to create the first robotic fulfillment project in the Benelux region [1] - The company collaborated with ECC to develop the first autonomous mobile robot project for South African e-commerce giant Takealot, which won the Africa Supply Chain Excellence Award [1] - Strategic partnerships have been established with VARGO, a leader in warehouse execution software and system integration in the U.S., and Zion Solutions Group, a leader in supply chain system integration [1] Group 2: Product and Market Development - The company showcased its three major picking solutions at the UK IMHX 2025 exhibition, highlighting its innovation in warehouse automation [1] - 兴业证券 reports that 极智嘉 is a global leader in warehouse fulfillment AMR, with core algorithms creating competitive barriers and solutions addressing key customer demands, indicating long-term growth potential [1] - 国信证券 notes the establishment of a company focused on embodied intelligence, enhancing capabilities in robotic picking and general robot manufacturing, which is expected to gradually reveal the company's advantages in intelligence and scale [1]