「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨冯汝梅 编辑丨关雎 图源丨Midjoueney 浙江嘉兴南湖区，即将冲出一个 IPO 。 近日，浙江凯乐士科技集团股份有限公司（下称"凯乐士"）二次递表港交所，拟主板挂牌上市。若成 功上市，凯乐士将成为港股"全栈式智能场内物流机器人第一股"。 凯乐士成立于 2014 年，创始人是谷春光和杨艳夫妇，二人均毕业于清华大学。 以 2024 年收入计，公司已发展成为国内第五大综合智能场内物流解决方案提供商，市场份额 1.6% ，同时在极窄巷道自主移动机器人（ VNA AMR ）细分赛道以 19.3% 的出货量市占率排名第一。 招股书显示，凯乐士 2024 年营收达 7.21 亿元，同比增长 30.8% ，而 2025 年前九个月已实现收 入 5.52 亿元，同比增长 60.3% 。截至 2024 年底，公司累计落地项目 1530 个，服务客户 779 家，覆盖新能源、汽车、医药、电商等 28 个细分行业，业务覆盖全球 16 个国家和地区。 核心客户包括顺丰 ...

来源：深圳商报 近日，浙江凯乐士科技集团（以下简称"凯乐士"）正式向香港联交所递交申请版本文件，拟在主板挂 牌，国泰君安国际和中信证券担任联席保荐人。 招股书显示，凯乐士成立于2016年，总部位于浙江嘉兴，主营多向穿梭车（MSR）、自主移动机器人 （AMR）及输送分拣机器人（CSR）三大系列，辅以WMS、WCS、RCS等软件系统，为汽车、新能 源、3C电子、医药、电商等29个行业提供"单一功能机器人部署"或"多功能综合系统"两种交付模式。 财务数据方面，2022至2024年及2025年前三季度（以下简称"报告期"），凯乐士分别实现营业收入6.57 亿元、5.51亿元、7.21亿元和5.52亿元；同期录得净亏损2.10亿元、2.42亿元、1.78亿元和1.34亿元，三 年又九个月累计亏损约7.6亿元。 据弗若斯特沙利文数据，按2024年收入计，凯乐士在中国综合智能场内物流机器人市场排名第五，市场 份额1.6%；在更细分的极窄巷道自主移动机器人（VNA AMR）赛道，公司以19.3%的出货量市占率位 列第一。 凯乐士解释亏损主因系处于快速扩张期，研发、销售及管理投入较大，同期研发开支分别为9455万元、 8536 ...

Core Insights - Zhejiang Kales Technology Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, following the trend set by other logistics robot companies [1] - The funds raised will primarily be used to advance the company's core robot product lines, enhance underlying technology and software capabilities, expand production capacity, and execute global market expansion strategies [1] Financial Performance - Kales reported revenues of approximately RMB 7.21 billion in the last fiscal year, with a notable increase in revenue from 2022 to 2024 [2][3] - The company achieved revenues of approximately RMB 6.57 billion, RMB 5.51 billion, and RMB 7.21 billion for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of RMB 1.03 billion, RMB 916.67 million, and RMB 1.14 billion [3] - The net loss narrowed from RMB 2.10 billion in 2022 and RMB 2.42 billion in 2023 to RMB 1.78 billion in 2024, with adjusted net losses decreasing from RMB 1.17 billion and RMB 1.23 billion to RMB 505 million in the same period [3] Product and Service Offerings - Kales specializes in logistics robots, offering a comprehensive range of products including Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR) [2] - The company has a total of 21 billion RMB in contracts awaiting delivery as of December 31, 2024, and has expanded its after-sales service projects from 390 to 515 between 2022 and 2024 [2] Market Expansion - Kales is strategically expanding its global footprint, with a diverse customer base across 12 countries and regions by the end of 2024 [3] - Revenue contributions from markets outside mainland China increased from RMB 77.185 million in 2022 to RMB 105 million in 2024 [3] Shareholder Structure - Major shareholders include the founder and CEO Gu Chunguang, who has a background in mechanical engineering and supply chain management, along with significant investments from institutions like CICC Capital and SF Express [4][5] - SF Express not only holds an 8.46% stake in Kales but is also a customer, having received intelligent logistics robot solutions from the company [6]

Group 1 - Company Kales Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International and CITIC Securities as joint sponsors [1] - Kales Technology specializes in integrated intelligent in-house logistics robots, aiming to redefine supply chain operations through advanced embodied intelligent robot technology [1] - The company offers three core product lines: Multi-directional Shuttle Robots (MSR), Autonomous Mobile Robots (AMR), and Conveying Sorting Robots (CSR), covering essential functions in in-house logistics [1] Group 2 - As of December 31, 2024, Kales Technology has served 779 clients across 28 industries, with over 1,500 projects and a total contract value of RMB 2.1 billion pending delivery [2] - Financially, Kales Technology reported revenues of approximately RMB 657 million, RMB 551 million, and RMB 721 million for the fiscal years 2022, 2023, and 2024 respectively, with gross profits of RMB 103 million, RMB 91.67 million, and RMB 114 million for the same periods [2] - Despite expanding its customer base and improving operational efficiency, Kales Technology recorded net losses of RMB 209.6 million, RMB 241.6 million, and RMB 178.1 million for the fiscal years ending December 31, 2022, 2023, and 2024 respectively [2]