Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange on March 24, 2026, with a share price of HKD 16.66 and a total issuance scale of HKD 613 million [1]. Company Overview - Kailesi Technology is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of robotic products centered around three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [1]. - The product portfolio of Kailesi Technology encompasses essential functions for storage, sorting, and handling, covering the entire scope of in-warehouse logistics operations [1]. Underwriting and Management - Shenwan Hongyuan Securities (Hong Kong) Co., Ltd. acted as the joint bookrunner and joint lead manager for this issuance, demonstrating a commitment to professionalism and responsibility throughout the process [1]. - The company leveraged its extensive market experience, exceptional business capabilities, and investor coverage advantages to support Kailesi Technology's successful listing [1].

Group 1 - The company, Zhejiang Kailesi Technology Group Co., Ltd., successfully listed on the Hong Kong Stock Exchange on March 24, 2026, with a share price of HKD 16.66 and a base issuance scale of HKD 613 million [2] - Kailesi Technology is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sorting Robots (CSR) [3] - The company is recognized as one of the mature manufacturers in the intelligent in-warehouse logistics robot industry, holding a market share of 1.6% among the top five comprehensive intelligent in-warehouse logistics robot companies in China, based on projected revenue for 2024 [4] Group 2 - Shenwan Hongyuan Securities (Hong Kong) acted as the joint bookrunner and lead underwriter for the issuance, demonstrating professionalism and market expertise [4] - The company has been dedicated to innovation in warehouse logistics automation for over a decade, showcasing a strong commitment to research and development in robotic technology [4]

Core Insights - The report highlights the impact of the Federal Reserve's hawkish stance and inflation concerns on the market, particularly affecting U.S. stocks and creating a risk of stagflation [2][5]. Company Overview - The company under review, Kales Technology (2729.HK), is a provider of integrated intelligent in-warehouse logistics robots, established in 2014 and headquartered in Jiaxing, Zhejiang [7]. - Kales Technology's main products include multi-directional shuttle robots (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR), offering comprehensive intelligent logistics solutions from warehousing to production lines [7]. - The company is projected to be the fifth largest in China's integrated intelligent in-warehouse logistics robot market by revenue in 2024, with a market share of approximately 1.6% [7]. Financial Performance - Kales Technology has not yet achieved profitability, with projected revenues of 657 million, 551 million, and 721 million RMB for 2022, 2023, and 2024 respectively, and net losses of 210 million, 242 million, and 169 million RMB [7]. - For the first nine months of 2025, the company reported revenue of 552 million RMB, reflecting a significant year-on-year growth of 89.5%, with a net loss of 135 million RMB [7]. Industry Status and Outlook - The global intelligent in-warehouse logistics market is expected to grow from 270.6 billion RMB in 2020 to 455.1 billion RMB in 2024, with a projected compound annual growth rate (CAGR) of 13.7% from 2025 to 2030 [8]. - China's intelligent in-warehouse logistics market is anticipated to expand from 96 billion RMB in 2020 to 175.9 billion RMB in 2024, with a CAGR of 16.3%, and is expected to reach 413.7 billion RMB by 2030 [8]. Strengths and Opportunities - Kales Technology possesses a comprehensive technology layout and the ability to provide one-stop solutions, with a diverse range of robots that can meet the evolving market demands [9]. Weaknesses and Risks - The company faces challenges such as continuous losses, potential data security or privacy issues, rising costs of raw materials or key components, and risks associated with information technology system failures [10]. Investment Recommendations - The IPO of Kales Technology does not have cornerstone investors, with an expected issue price range of 16.4 to 20.4 HKD, leading to a projected market capitalization of 7.02 to 8.73 billion HKD post-issue [11]. - The valuation at the median issue price of 18.4 HKD corresponds to a price-to-sales (PS) ratio of approximately 9.5 times for 2024, which is considered high compared to industry leader Geekplus (2590.HK) at 9.8 times PS for 2024 [11]. - Given the company's low market share, weak profitability, and lack of cornerstone investor support, the report assigns an IPO-specific rating of "4.7" and does not recommend subscription [11].

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聆訊後資料集的內容概不負責，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聆訊後資料集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。 Zhejiang Galaxis Technology Group Co., Ltd. 浙江凱樂士科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警 告 本聆訊後資料集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，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。您閱覽本文件，即代表 您知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、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 本公司招股章程作出投資決定；有關文本將於發售期內向公眾公佈。 (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 件中的資料作出任何 ...

Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. (referred to as "Kailesi") has submitted a listing application to the Hong Kong Stock Exchange, aiming to redefine supply chain operations through advanced robotics technology [1] Company Overview - Kailesi is a comprehensive provider of intelligent in-warehouse logistics robots, offering a diverse range of robotic products across three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [1] - The company has established itself as one of the mature players in the intelligent in-warehouse logistics robot industry, ranking fifth among China's top five comprehensive intelligent in-warehouse logistics robot companies with a market share of 1.6% as of 2024 [1] Financial Performance - Kailesi's revenue for the years 2022 to 2024 is reported as follows: 657 million yuan in 2022, 551 million yuan in 2023, and 721 million yuan in 2024, with revenue for the nine months ending September 30, 2025, reaching 552 million yuan [2] - The company has faced financial challenges, recording net losses of 210 million yuan in 2022, 242 million yuan in 2023, and 178 million yuan in 2024, totaling cumulative losses of 629 million yuan [2] - Adjusted net losses (excluding share-based payments and changes in redeemable liabilities) for the same period are reported as 117 million yuan in 2022, 123 million yuan in 2023, and 50 million yuan in 2024, with a net loss of 14 million yuan for the nine months ending September 30, 2025 [2] Industry Positioning - Kailesi operates in the midstream of the industry, leveraging its expertise in system design to combine advanced robotics technology with intelligent software, thereby providing flexible and scalable automation solutions [2] - The company's solutions aim to transform traditional warehouses into intelligent facilities that meet modern business demands while significantly reducing reliance on manual labor and rigid infrastructure [2]

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。 Zhejiang Galaxis Technology Group Co., Ltd. 浙江凱樂士科技集團股份有限公司 （「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」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 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、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或承銷團成員 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呈交香港公司註冊處處長註冊的本 公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (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中 的資料作出任何 ...

Core Viewpoint - Zhejiang Kailesi Technology Group Co., Ltd. is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for product development, technology enhancement, capacity expansion, global market strategy, and operational funding [1] Group 1: Company Overview - Kailesi Technology specializes in intelligent in-house logistics robots, offering a full range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [2] - The company is one of the few that has mastered full-stack robotic technology and offers a comprehensive self-developed product lineup, covering all core functions of in-house logistics [2] Group 2: Market Growth vs. Company Performance - The global intelligent in-house logistics robot market is projected to grow from RMB 42.6 billion in 2020 to RMB 118.3 billion in 2024, and reach RMB 344.1 billion by 2030 [2] - However, Kailesi Technology's revenue growth has lagged behind the industry, with revenues of RMB 660 million in 2022, declining to RMB 550 million in 2023, and only rising to RMB 720 million in 2024, resulting in a compound annual growth rate of 4.8%, significantly below the market's 33.4% [2] Group 3: Financial Performance - The company has reported losses for three consecutive years, with annual losses of RMB 210 million, RMB 240 million, and RMB 180 million from 2022 to 2024, totaling RMB 630 million [3] - Despite a reduction in losses in 2024, the ongoing losses indicate an immature profit model [3] Group 4: Cost Control Measures - In an effort to reduce losses, the company initiated a cost-cutting strategy in 2024, reducing sales expenses from RMB 690 million in 2022 to RMB 410 million in 2024 (a 41% decrease), R&D expenses from RMB 950 million to RMB 620 million (a 34% decrease), and administrative expenses from RMB 780 million to RMB 610 million (a 22% decrease) [3] - Despite these efforts, the company's gross margin remained low, with figures of 15.7%, 16.6%, and 15.7% from 2022 to 2024, well below the industry average of 27.3% [3] Group 5: R&D Investment Trends - R&D investment has decreased over the past three years, from RMB 946 million in 2022 to RMB 620 million in 2024, a cumulative reduction of 34% [4] - In 2024, R&D expenses accounted for 8.6% of revenue, nearly equal to administrative expenses [4] Group 6: Customer Concentration and Stability - The concentration of customers has decreased, but the customer structure remains unstable, with the top five customers accounting for 48.0%, 49.7%, and 34.3% of revenue from 2022 to 2024 [5] - The largest customer's revenue share has declined, representing only 10.8% of total revenue in 2024, with no single customer generating over RMB 100 million annually [6]

Core Viewpoint - Zhejiang Galaxis Technology Group Co., Ltd. (referred to as "Galaxis Technology") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage capital market opportunities for rapid development [1][2]. Company Overview - Galaxis Technology specializes in intelligent in-house logistics robots, offering a full range of robotic products across three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveyor Sorting Robots (CSR) [3][6]. - The company claims to be one of the few globally that possesses full-stack robotic technology and a comprehensive self-developed product portfolio [3][17]. Market Growth - The global intelligent in-house logistics robot market is projected to grow from RMB 426 billion in 2020 to RMB 1,183 billion by 2024, and is expected to reach RMB 3,441 billion by 2030 [3]. - The Chinese market is anticipated to expand from RMB 139 billion in 2020 to RMB 440 billion by 2024, with a compound annual growth rate (CAGR) of 33.4% [3]. Performance Metrics - Galaxis Technology's revenue was RMB 6.6 billion in 2022, decreased to RMB 5.5 billion in 2023, and is projected to rise to RMB 7.2 billion in 2024, resulting in a CAGR of only 4.8% [6][7]. - In comparison, competitors like Xizhi Technology and Standard Robots have CAGRs of 28.8% and 61.3%, respectively, indicating Galaxis Technology's significant underperformance relative to the industry [6][7]. Market Position - Galaxis Technology holds a market share of 1.6%, ranking fifth in a highly fragmented market where the top five companies account for only 12.6% of the total market [9][10]. - The company faces intense competition and must innovate and expand its market presence to avoid being surpassed by rivals [9]. Financial Challenges - The company has reported losses for three consecutive years, with losses of RMB 2.1 billion in 2022, RMB 2.4 billion in 2023, and RMB 1.8 billion in 2024 [11]. - Despite efforts to reduce costs, including a 41% reduction in sales expenses and a 34% decrease in R&D spending, the company has not achieved a turnaround in profitability [11][12][15]. Profitability Issues - Galaxis Technology's gross margins have remained low, with rates of 15.7%, 16.6%, and 15.7% from 2022 to 2024, significantly below the industry average of 27.3% [12][13]. - The company's strategy to enhance market penetration has not yielded substantial results, as evidenced by its low market share and high customer concentration [12][13]. Customer Base Concerns - The company has a high customer concentration, with the top five customers accounting for 48.0%, 49.7%, and 34.3% of revenue from 2022 to 2024 [18][19]. - The stability of the customer base is questionable, as only one non-affiliated core customer has repeated business over the past three years, indicating a high turnover rate among clients [19][20].

Core Viewpoint - The logistics industry is undergoing significant transformation driven by technological advancements, with logistics robots at the forefront of this change. Zhejiang Kailesi Technology Group has submitted an IPO application to the Hong Kong Stock Exchange, marking a pivotal moment for China's smart logistics technology on the global stage [1]. Financial Performance - Kailesi's revenue is projected to grow from 657 million yuan in 2022 to 721 million yuan in 2024, with gross profit increasing from 103 million yuan to 114 million yuan during the same period [2]. - The majority of Kailesi's revenue comes from robot and system sales, expected to account for approximately 97.4% of total revenue in 2024, while after-sales services contribute 2.6% [2][3]. Strategic Investments - Kailesi has invested heavily in R&D, totaling 242 million yuan over the past three years, resulting in 278 patents and a robust technological barrier across its three main product lines [4]. - The company has seen a significant increase in project numbers from 1,156 in 2022 to 1,530 in 2024, indicating growing market recognition and demand for its products [4]. Market Position and Innovation - Kailesi is one of the few companies globally with comprehensive in-house developed robotic products, capable of meeting all operational needs in logistics [6]. - The company has developed advanced robots with unique features, such as the VFR, which operates in narrower aisles while maintaining high efficiency [6]. Ecosystem Development - Kailesi is expanding its ecosystem by providing a unified platform that integrates third-party logistics products, enhancing customer customization and operational efficiency [7]. - The company is establishing a strong presence in high-value sectors, such as pharmaceuticals and renewable energy, leveraging its technological capabilities [7]. Global Expansion - Kailesi has a strong shareholder base, including major industry players, which enhances its market credibility and growth potential [9][10]. - The company is expanding its global footprint, with revenue from markets outside mainland China increasing from 77 million yuan in 2022 to 105 million yuan in 2024, reflecting successful international strategies [11].