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].

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 ...