Core Viewpoint - After 8 years and 15 rounds of financing, Hairobo Innovation has successfully entered the capital market by choosing to go public in Hong Kong, showcasing its status as a representative of technological innovation and a favored company in the capital market [4]. Group 1: Company Background and Financing - Hairobo Innovation, headquartered in Shenzhen, has completed 15 rounds of financing, raising approximately 4.133 billion yuan, with a post-E round valuation of about 10.9 billion yuan [4]. - The company has attracted significant backing from major venture capital firms, including XBOT PARK Fund, Sequoia China, and IDG Capital, among others [4]. Group 2: Product Development and Market Position - The founder, Chen Yuqi, developed the concept of a "box-picking robot" that significantly improves storage density by 80%-130% and increases picking efficiency by 3-4 times compared to traditional methods [8]. - By 2024, Hairobo Innovation is projected to be the largest ACR solution provider globally, holding over 30% market share, leading the second competitor by 5 percentage points [9]. Group 3: Investment Returns and Market Perception - Early investors, who recognized the potential of Hairobo's niche market, are now seeing substantial returns, with some investments yielding over 50 times their initial amount [11]. - The company’s revenue is expected to grow significantly, with projected revenues of 807 million yuan in 2023, 1.36 billion yuan in 2024, and 1.263 billion yuan in the first nine months of 2025, marking a 68.6% year-on-year increase in 2024 [18]. Group 4: Challenges and Future Outlook - Despite a strong market position, Hairobo faces increasing competition as rivals enter the ACR market, leading to potential price wars and challenges in maintaining market share [19]. - The company plans to use IPO proceeds to enhance technological capabilities, expand global manufacturing, and strengthen its supply chain and service capabilities [20].

Core Insights - The traditional manual picking model in warehousing is facing significant challenges due to increasing SKU numbers, shorter order cycles, and rising labor costs, making automation essential for cost reduction and supply chain resilience [1] - ACR (Automated Case Retrieval) systems are emerging as the optimal solution for warehouse automation, offering high precision and end-to-end automation capabilities [1] - Despite being a market leader with over 30% market share in ACR solutions, the company is experiencing substantial financial losses, raising concerns about its ability to balance scale and profitability [2] Company Overview - Founded in 2016, the company has rapidly evolved into a global leader in the ACR sector, marked by significant technological breakthroughs and product iterations [3] - The company launched its first ACR solution, HaiPick System1 (HPS1), in 2017, establishing itself as a pioneer in the ACR market [3] - By 2021, the company expanded globally, establishing subsidiaries in multiple countries and transitioning from a product provider to a solutions expert [4] Financial Performance - The company reported adjusted net losses of 6.91 billion, 5.57 billion, and 3.21 billion RMB for 2023, 2024, and the first three quarters of 2025, respectively, totaling cumulative losses of 15.69 billion RMB [2][12] - Revenue growth is strong, with projected revenues of 8.07 billion and 13.6 billion RMB for 2023 and 2024, respectively, reflecting a growth rate of 68.53% [8] - The revenue from the logistics sector is a key growth driver, with significant increases in income from this area [9] Market Position - The company holds a 31.4% market share in the ACR solutions market, leading its closest competitor by 5 percentage points [5][6] - The company has undergone 15 rounds of financing, raising approximately 12.48 billion RMB and 4.18 billion USD, with a post-financing valuation of 109 billion RMB [6][7] Strategic Focus - The company is shifting from customized engineering solutions to standardized products, which is crucial for achieving profitability [15] - The operational efficiency has improved, with the ratio of sales, administrative, and R&D expenses to total revenue decreasing significantly [14] - The company is facing increasing customer concentration risk, with the top five customers accounting for a growing share of revenue, raising concerns about potential impacts on performance if key clients change strategies [16]

Core Insights - The article highlights the increasing complexity and challenges in modern supply chains, emphasizing the need for automation in warehouse picking processes to enhance efficiency and competitiveness [1] - ACR (Automated Case Retrieval) systems are identified as the optimal solution for addressing these challenges, outperforming traditional methods and other automation solutions [1][4] - Despite being a market leader with over 30% market share in ACR solutions, the company faces significant financial losses, raising concerns about its ability to balance growth and profitability [2][12] Company Overview - The company, Shenzhen HAIROBOTICS Co., Ltd. (海柔创新), is recognized as the largest ACR solution provider globally, with a market share of 31.4% as of 2024 [2][4] - Founded in 2016, the company has undergone rapid growth through technological breakthroughs, product iterations, and global market expansion [2][3][5] Financial Performance - The company reported adjusted net losses of 6.91 billion, 5.57 billion, and 3.21 billion RMB for the years 2023, 2024, and the first three quarters of 2025, respectively, totaling cumulative losses of 15.69 billion RMB [2][12] - Revenue growth has been strong, with projected revenues of 8.07 billion and 13.6 billion RMB for 2023 and 2024, respectively, reflecting a growth rate of 68.53% [7][12] - The revenue from the circulation sector has become a core driver, with significant growth observed in this area [8][10] Market Position and Strategy - The company has successfully expanded its international presence, with revenue from markets outside mainland China increasing by 165.74% in 2024 [10] - The shift from customized engineering solutions to standardized products is seen as crucial for achieving profitability [14] - The company has a strong investor backing, having completed 15 rounds of financing, raising approximately 12.48 billion RMB and 4.18 billion USD [5][6] Operational Efficiency - The company has made strides in improving operational efficiency, with a reduction in the proportion of sales, administrative, and R&D expenses relative to total revenue from 114.7% in 2023 to 63.2% in the first three quarters of 2025 [12][13] - Gross margins have improved, with an increase from 16.0% in 2023 to 28.9% in the first three quarters of 2025 [12][13] Risks and Challenges - The company faces risks related to customer concentration, with the top five customers accounting for an increasing share of revenue, raising concerns about dependency on a single large client [14][15] - The ability to transition from a project-based model to a scalable product model is critical for long-term sustainability and profitability [14]

Core Viewpoint - The article provides an overview of recent IPO activities in Hong Kong, the US, and China, highlighting key companies and their market positions in the AI and technology sectors. Group 1: Aixin Yuan Zhi - Aixin Yuan Zhi Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange on February 10, 2026, under the stock code "0600," becoming the first Chinese edge AI chip company to go public [2] - Since its establishment in 2019, Aixin Yuan Zhi has delivered over 165 million SoCs, with significant growth in sales of its edge computing and terminal computing SoCs, which increased by approximately 69% and 400% respectively in 2024 compared to 2023 [3] - By 2024, Aixin Yuan Zhi became the fifth largest supplier of visual edge AI inference chips globally, holding a market share of 24.1% in the mid-to-high-end segment [3][4] - The company's revenue grew from 0.50 billion yuan in 2022 to 4.73 billion yuan in 2024, with a compound annual growth rate of 206.8% [4] Group 2: Haizhi Technology - Haizhi Technology Group Co., Ltd. listed on the Hong Kong Stock Exchange on February 13, 2026, under the stock code "2706," becoming the first company to focus on AI graph computing technology to eliminate large model hallucinations [6] - The company has developed the Atlas graph solution and industry-level intelligent agents, achieving a market share of approximately 50% among AI intelligent agent providers in China [7] - Revenue from Haizhi Technology increased from 3.13 billion yuan in 2022 to 5.03 billion yuan in 2024, with a significant growth of 872.2% in revenue from the Atlas intelligent agent in 2024 [8] Group 3: Qunkong Technology - Qunkong Technology received a listing application notice from the China Securities Regulatory Commission on February 14, 2026, aiming to become the first "Hangzhou Six Little Dragons" company to complete an IPO [10] - The company focuses on spatial intelligence solutions and has developed the SpatialVerse platform, which integrates core capabilities in spatial reconstruction and generation [10][11] - Qunkong Technology's revenue reached 400 million yuan in the first half of 2025, with a gross margin of 82.1%, marking a significant improvement from 72.7% in 2022 [12] Group 4: Hairou Innovation - Hairou Innovation submitted its prospectus to the Hong Kong Stock Exchange on February 13, 2026, aiming for a main board listing [13] - The company has developed the HaiPick system, which revolutionizes warehouse automation, achieving a global market share increase from 24.2% in 2023 to 31.4% in 2024 [15] - By the end of September 2025, Hairou Innovation had signed contracts with over 800 clients, including more than 70 companies listed in the Fortune Global 500 [16] Group 5: Magnesium Health - Magnesium Health updated its prospectus for a main board listing on the Hong Kong Stock Exchange, reporting a revenue increase of 33.85% to 1.873 billion yuan in the first ten months of 2025 [18] - The company aims to transform China's medical payment system by linking patients, insurers, and pharmaceutical companies, with a focus on innovative drug and insurance solutions [20] - By October 31, 2025, Magnesium Health had served approximately 2 million patients and partnered with all top 20 insurance companies in China by premium income [22]

Core Viewpoint - Hai Robotics Innovation Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on warehouse automation solutions, particularly Automated Case Retrieval (ACR) systems, with a significant market share projected for 2024 [2][3]. Company Overview - Established in 2017, Hai Robotics specializes in warehouse automation, particularly in the labor-intensive picking process, offering integrated ACR solutions to enhance storage density and operational efficiency [2]. - The company is projected to be the largest ACR solution provider globally by revenue and shipment volume, holding over 30% market share in 2024 [2]. Product Offerings - Hai Robotics provides advanced ACR solutions that cater to various distribution and manufacturing sectors, emphasizing flexibility, efficiency, reliability, and cost-effectiveness [3]. - The company launched HaiPick Climb in 2025, the first single-sided climbing ACR solution for large-scale commercial use, supporting storage heights of up to 15 meters [3]. - Their solutions also include the HaiPick Systems series, designed for high-density storage, order staging, and full-case handling [3]. Revenue Model - The majority of Hai Robotics' revenue comes from initial project delivery and deployment fees, supplemented by recurring income from support services, including maintenance and technical support [3]. - As clients recognize the benefits of ACR solutions, they are likely to invest further in additional robots or new projects across their warehouse networks [3]. Financial Performance - For the fiscal years ending December 31, 2023, and 2024, and the nine months ending September 30, 2024, Hai Robotics reported revenues of RMB 807 million, RMB 1.36 billion, and RMB 931 million, respectively [10][11]. - The company experienced net losses of RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the same periods, with adjusted net losses of RMB 690 million, RMB 557 million, and RMB 321 million [10][11]. Shareholder Structure - Prior to the IPO, Hai Robotics has a dual-class share structure, with Class A shares granting 20 votes per share, primarily held by Chairman Chen Yuqi, who controls 63.23% of the voting power [5][6]. - The combined shareholding of Chen Yuqi and his associates amounts to 22.62%, representing 69.10% of the voting rights [6][7]. Board of Directors - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure [9]. IPO Advisory Team - The IPO is being managed by a team including Goldman Sachs and CITIC Securities as joint sponsors, with Ernst & Young as the auditor and various legal advisors for different jurisdictions [12].

Core Viewpoint - Shenzhen Hairobo Innovation Intelligent Technology Group Co., Ltd. (Hairobo Innovation) is set to go public on the Hong Kong Stock Exchange, with a focus on automated picking solutions that significantly enhance warehouse efficiency and reduce labor intensity [2][3]. Group 1: Company Overview - Established in 2016, Hairobo Innovation has concentrated on automation in picking, a labor-intensive and time-consuming warehouse activity [3]. - The company launched the HaiPick robot in 2017, designed specifically for handling individual boxes rather than entire shelves, revolutionizing warehouse storage economics [3]. - Hairobo Innovation has introduced multiple generations of the HaiPick System, with the latest being the HaiPick Climb, which allows vertical movement along shelves, enhancing speed and efficiency [3]. Group 2: Market Position and Growth - Hairobo Innovation holds the largest global market share in ACR solutions, increasing from 24.2% in 2023 to 31.4% in 2024, marking the fastest growth among the top three ACR solution providers [5]. - The company has signed contracts with over 800 clients, including more than 70 Fortune Global 500 companies, and has a high customer retention rate of 80% in 2024 [6][8]. Group 3: Financial Performance - Total order amounts for Hairobo Innovation were 1.501 billion yuan in 2023 and 1.972 billion yuan in 2024, with 1.932 billion yuan in the first three quarters of 2025, nearing the total for 2024 [7]. - Revenue for 2023 and 2024 was 807 million yuan and 1.36 billion yuan, respectively, reflecting a year-on-year growth of 68.6%, the fastest among the top three ACR companies [8]. - Gross margins improved from 16.0% in 2023 to 26.3% in 2024, with adjusted EBITDA margins showing significant narrowing trends [8]. Group 4: Industry Trends - The ACR solutions market is expected to grow from 4.4 billion yuan in 2024 to 91 billion yuan by 2030, driven by the shift towards precise box-level and SKU-level automation [10]. - ACR solutions are becoming the preferred choice for warehouse automation due to their high-density storage, modular expansion, and lower system complexity, which meet the demands of picking-intensive industries [10]. Group 5: IPO Use of Proceeds - The net proceeds from the IPO will be primarily used to enhance technical capabilities, accelerate upgrades of ACR solutions, and expand global manufacturing operations [11].

Company Overview - Shenzhen Hailuo Innovation Smart Technology Group Co., Ltd. (referred to as "Hailuo Innovation") submitted its listing application to the Hong Kong Stock Exchange on February 13, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Hailuo Innovation is a global leader in the warehouse automation sector, focusing on automated picking, which is the most labor-intensive and time-consuming activity in warehouses [1] - According to Zhaoshang Consulting, Hailuo Innovation is projected to be the largest ACR (Automated Case Retrieval) solution provider globally by 2024, with a market share exceeding 30% based on revenue and shipment volume [1] Product Offerings - The company has developed an integrated automated box storage robot (ACR) solution for automated picking and handling of individual cargo boxes in warehouses, enhancing storage density, operational efficiency, order fulfillment speed, and reducing labor costs [5] - Hailuo Innovation offers a range of advanced ACR solutions that provide flexibility, efficiency, reliability, and cost-effectiveness across various distribution and manufacturing sectors [5] - The HaiPick Climb, launched in 2025, is the first single-sided climbing ACR solution to achieve large-scale commercial use, supporting storage heights of up to 15 meters, the highest among similar products [5] Market Presence - Hailuo Innovation's solutions are deployed in warehouses operated by various enterprises, including warehouse operators, logistics service providers, retail groups, and manufacturing companies across key verticals such as apparel, e-commerce, food and beverage, third-party logistics, pharmaceuticals, 3C electronics, and automotive [9] - As of September 30, 2025, over 800 customers, including direct clients and pipeline partners, have contracted with Hailuo Innovation to deploy ACR solutions [9] - The company's business footprint extends to over 40 countries and regions, with orders from markets outside mainland China accounting for over 50% of total orders as of September 30, 2025 [7] Financial Performance - The company reported revenues of approximately RMB 807 million, RMB 1.36 billion, and RMB 1.26 billion for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [10][12] - The gross profit margins for the same periods were 16%, 26.3%, and 28.9% [14] - The company experienced net losses of approximately RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million for the years 2023, 2024, and the nine months ending September 30, 2025, respectively [12] Industry Overview - The global warehouse picking automation solutions market is expected to grow from RMB 91.1 billion in 2020 to RMB 171.2 billion by 2024, and is projected to reach RMB 400.6 billion by 2030, driven primarily by efficient emerging solutions like ACR [15] - The market share of warehouse picking automation solutions is anticipated to increase from 12.6% in 2020 to 17.3% in 2024, with further growth expected to 26.1% by 2030 [15] - The ACR solutions market is expected to grow from RMB 4.4 billion in 2024 to RMB 91 billion by 2030, with a compound annual growth rate (CAGR) of 65.7% from 2024 to 2030 [18]

Core Viewpoint - Shenzhen Hairobo Innovation Smart Technology Group Co., Ltd. (referred to as "Hairobo Innovation") has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading global provider of automated storage and retrieval (ACR) solutions, with a market share exceeding 30% by revenue and shipment volume in 2024 [1]. Company Overview - Hairobo Innovation specializes in integrated automated ACR solutions for picking and handling individual cargo boxes in warehouses, enhancing storage density, operational efficiency, order fulfillment speed, and reducing labor costs [5]. - The company launched HaiPick Climb in 2025, the first large-scale commercial single-sided climbing ACR solution, supporting storage heights of up to 15 meters, the highest among similar products [5]. - Hairobo Innovation's ACR solutions are deployed across various industries, including apparel, e-commerce, food and beverage, pharmaceuticals, and automotive, with over 800 clients [9]. Financial Data - The company reported revenues of approximately RMB 807 million, RMB 1.36 billion, and RMB 1.26 billion for the years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, respectively [10][12]. - The gross profit margins for the same periods were 16%, 26.3%, and 28.9% [14]. - The net losses for the respective periods were approximately RMB 1.01 billion, RMB 1.26 billion, and RMB 588 million [12]. Market Overview - The global market for warehouse picking automation solutions is projected to grow from RMB 91.1 billion in 2020 to RMB 171.2 billion in 2024, and further to RMB 400.6 billion by 2030, driven by the adoption of efficient ACR solutions [14]. - The ACR solutions market is expected to grow at a compound annual growth rate (CAGR) of 65.7% from 2024 to 2030, with penetration rates increasing from 2.6% in 2024 to 22.7% by 2030 [17][18].

香港交易及結算所有限公司、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。 Hai Robotics Innovation Group Co., Ltd. 深圳市海柔創新智能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以不同投票權控股的股份有限公司） 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、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務 請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決 ...

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