Core Viewpoint - The company, XianGong Intelligent, is seeking a secondary listing on the Hong Kong Stock Exchange, having established itself as a leader in the robotics industry, particularly in robot controllers, with a strong growth trajectory despite ongoing losses [1][12]. Group 1: Company Overview - XianGong Intelligent was founded in April 2020 and has since become a leader in the software and hardware sectors of the robotics industry, employing a "technology + platform" dual strategy to meet customer needs and facilitate cross-industry deployment [2][9]. - The company ranks first globally in robot controller sales and eighth in industrial intelligent robot sales revenue for 2024, with over 2,000 robot models deployed across more than 20 industries [1][7]. Group 2: Financial Performance - The company reported a compound annual growth rate (CAGR) of 36% in revenue from 2022 to 2024, with a continued high growth rate of 35% expected in the first half of 2025 [1][9]. - Despite strong revenue growth, the company has faced cumulative shareholder net losses of 173.5 million yuan since 2022, with a net loss margin of 32.1% in the first half of 2025, although this represents a year-on-year improvement of 5.8 percentage points [1][12]. Group 3: Product and Market Position - The company’s product matrix includes various types of robots and controllers, with core products generating significant revenue: 110 million yuan from robots and 29 million yuan from controllers in the first half of 2025, contributing 87.4% of total revenue [2][3]. - The global industrial intelligent robot market is projected to reach 22 billion yuan in 2024, with a CAGR of 27.8% over the past five years, while the robot controller market is expected to grow at a CAGR of 84.4% [6][9]. Group 4: Competitive Advantages - XianGong Intelligent holds a market share of 23.6% in robot controllers, significantly higher than its nearest competitor, and has achieved functional safety certification for its controllers, which are compatible with over 300 types of components [7][9]. - The company is actively expanding its presence in international markets, with overseas revenue growth of 14% in the first half of 2025, an increase of 5.1 percentage points from 2022 [9][12]. Group 5: Investment and Valuation - The company has undergone multiple funding rounds, with a post-money valuation of 3 billion yuan in its A round and 32.7 billion yuan in its C round, reflecting a nearly tenfold increase in less than five years [10][11]. - The current valuation metrics indicate a price-to-sales (PS) ratio of 9.4 and a price-to-book (PB) ratio of 24.6, suggesting a higher valuation compared to secondary market peers [11][12].

Core Viewpoint - Company X is seeking a secondary listing on the Hong Kong Stock Exchange, having established itself as a leader in the global robotics controller market, with over 2,000 robot models deployed across more than 20 industries, despite ongoing financial losses [1][11]. Company Overview - Founded in April 2020, Company X has developed a comprehensive product matrix including lifting robots, robot controllers, and intelligent forklifts, becoming a leader in both hardware and software in the industry [2]. - The company employs a "technology + platform" dual strategy, enabling scalable deployment across various industries while continuously evolving its AI-driven robotic brain technology [2][11]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 36% in revenue from 2022 to 2024, with a continued high growth rate of 35% in the first half of 2025 [1]. - Despite strong revenue growth, the company has faced cumulative net losses of 173.5 million RMB since 2022, with a net loss margin of 32.1% in the first half of 2025, although this represents a year-on-year improvement of 5.8 percentage points [1][11]. Product and Revenue Breakdown - In the first half of 2025, revenue from robots and controllers was 110 million RMB and 29 million RMB, respectively, contributing 69.1% and 18.3% to total revenue [2][3]. - The software and accessories segments contributed 5.7% and 6.9% to total revenue, respectively [2]. Market Position and Growth Potential - Company X holds a 6.5% market share in the global industrial robot market, ranking third, and a 23.6% share in the robot controller market, leading the industry [8]. - The global industrial robotics market is projected to grow at a CAGR of 27.8%, reaching 220 billion RMB by 2024, with expectations to expand to 1,150 billion RMB by 2029 [7]. Technological and Competitive Advantages - The company’s robot controllers are compatible with over 300 types of components, significantly more than most competitors, which typically support fewer than 100 [8]. - The upcoming SRC-5000 series controller, set to launch in Q3 2024, will integrate AI capabilities, enhancing the performance of industrial robots [6]. International Expansion and Cost Management - Company X is actively expanding into international markets, with overseas revenue accounting for 14% in the first half of 2025, an increase of 5.1 percentage points from 2022 [11]. - The company has maintained a gross margin of 45-47%, with a slight increase to 45.4% in the first half of 2025, while also reducing sales expenses [11]. Investment and Valuation - The company has seen its post-investment valuation increase nearly tenfold from 300 million RMB in the A round to 3.27 billion RMB in the C round [12][15]. - The current valuation metrics indicate a price-to-sales (PS) ratio of 9.4 and a price-to-book (PB) ratio of 24.6, suggesting a higher valuation compared to secondary market peers [15].

Core Insights - XianGong Intelligent Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the exclusive sponsor [2] - The company specializes in intelligent robotics, focusing on a "robot brain" technology that integrates control systems and cloud-based software to provide comprehensive robotic solutions [2] - The global intelligent robotics market is projected to grow from 277.8 billion RMB in 2024 to 708.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of 19.4% from 2025 to 2029 [2] Industry Overview - Despite strong growth in the industrial intelligent robotics sector, challenges remain due to high development and application barriers, stemming from complex industrial scenarios and fragmented supply chains [3] - XianGong Intelligent has built a diverse customer base across over 35 countries, serving more than 1,600 integrators and end customers, with applications in over 20 industries including 3C, automotive, new energy, and semiconductors [3] Business Performance - The company's revenue has shown robust growth, increasing from 184 million RMB in 2022 to 339 million RMB in 2024, representing a CAGR of 35.7% [3] - In the first half of 2025, revenue reached 158 million RMB, a 34.5% increase compared to the same period in 2024 [3] Product Analysis - Robot sales are a key growth driver, with revenue rising from 103 million RMB in 2022 to 236 million RMB in 2024, a 129.6% increase, and sales volume increasing from 756 units to 2,576 units [4] - In the first half of 2025, robot sales revenue was 109 million RMB, a 32.7% year-on-year increase, with sales volume growing by 44.2% [4] - The sales of robot controllers also saw significant growth, with sales volume increasing from 1,685 units in 2022 to 4,055 units in 2024, and further to 2,532 units in the first half of 2025 [4] Profitability Metrics - The overall gross margin remained stable, recorded at 46.8% in 2022, 49.2% in 2024, and 45.9% in the first half of 2025 [5] - The gross margin for robot controllers reached 80.5% in the first half of 2025, benefiting from economies of scale and cost control [5] - The adjusted net loss decreased from 31 million RMB in 2022 to 11 million RMB in 2024, indicating a clear trend of improving profitability [6]

Core Insights - XianGong Intelligent Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking the start of its journey in the capital market [2] - The company specializes in robot control systems and offers integrated solutions for various real-world applications, leveraging its "robot brain" technology [2][4] - The global intelligent robot market is experiencing significant growth, with projections indicating a market size exceeding RMB 708.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 19.4% from 2025 to 2029 [3] Company Overview - XianGong Intelligent focuses on providing one-stop robot solutions, integrating supply chain resources to lower the barriers to development, acquisition, and usage of intelligent robots [2][4] - The company's "robot brain" system consists of a controller and software, enabling autonomous operation through advanced technologies such as visual-language-action integration and reinforcement learning [2] Market Dynamics - The intelligent robot industry faces challenges due to high development, acquisition, and usage barriers, stemming from complex industrial scenarios and diverse customer needs [3] - Despite these challenges, XianGong Intelligent has effectively addressed industry pain points through vertical supply chain integration, offering a wide range of interoperable robots and components [4] Financial Performance - Revenue from robot sales increased from RMB 102.5 million in 2022 to RMB 148.7 million in 2023, representing a 45% year-on-year growth, with projections for 2024 reaching RMB 235.8 million, a 58.6% increase [4] - The number of robots sold rose from 756 units in 2022 to 1,229 units in 2023, with expectations to reach 2,576 units in 2024 [4] Business Segments - The robot controller segment saw revenue growth from RMB 46.9 million in 2022 to RMB 66.1 million in 2023, a 40.8% increase, with sales rising from 1,685 units to 2,553 units [5] - Software revenue has been a new growth driver, with increasing demand for unified software solutions, contributing to overall revenue growth [6] - The accessories segment also showed steady growth, with revenue reaching RMB 25.9 million in 2024, a 45.5% increase from 2023 [6] Profitability - The overall revenue of the company grew from RMB 184.3 million in 2022 to RMB 339.3 million in 2024, achieving a CAGR of 35.7% [6] - The adjusted net loss decreased from RMB 30.7 million in 2022 to RMB 10.6 million in 2024, indicating potential for improved profitability [6]

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。 Shanghai Seer Intelligent Technology Co., Ltd. 上海仙工智能科技股份有限公司 （「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」）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、本公司的獨家保薦人、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 註冊的本公司文件作出投資決定；文件的文本將於發售期內向公眾人士提供。 (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 本文件所載資料作出任何投資決定； (b) 在 ...

Core Viewpoint - The article discusses the role of three companies in defining China's position in the global automation revolution through their upcoming listings in Hong Kong, focusing on the autonomous mobile robot (AMR) market and its rapid growth [4][5][6]. Group 1: Market Overview - The global AMR solutions market is expected to grow to 162.1 billion RMB by 2029, with a compound annual growth rate (CAGR) of 33.1% [5][15]. - The penetration rate of AMR solutions in overall warehouse automation is projected to increase from 8.2% in 2024 to 20.2% by 2029 [15]. Group 2: Geek+ (极智嘉) - Geek+ is the largest global provider of warehouse fulfillment AMR solutions, having been established in 2015 and listed on the Hong Kong Stock Exchange in July 2023, raising the highest amount for a robotics IPO in Hong Kong [9][10]. - The company has deployed over 30,000 AMRs globally and reported revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024, respectively [11]. - Geek+ has a diverse product matrix covering the entire process from picking to sorting and handling, with solutions that can double picking efficiency and increase storage efficiency by five times [10][11]. - Over 70% of Geek+'s revenue comes from markets outside mainland China, with a strong customer base including 63 Fortune Global 500 companies [11][12]. - The company invests significantly in R&D, with expenditures of 436 million RMB, 379 million RMB, and 282 million RMB for 2022, 2023, and 2024, respectively [13]. Group 3: Seer Robotics (仙工智能) - Seer Robotics, founded in 2020, ranks first in robot controller sales and third in the number of industrial intelligent robots supplied by companies using its controllers [20]. - The company has a broad customer base, serving 832 clients in 2024, with 18.6% of revenue coming from the top five clients [23]. - Seer Robotics has been expanding its international business since 2021, with revenues from outside China growing from 16.4 million RMB in 2022 to 49.2 million RMB in 2024 [23][24]. - The global intelligent robot market is projected to exceed 277.8 billion RMB in 2024 and reach 708.5 billion RMB by 2029, with a CAGR of 20.6% [24]. Group 4: Stand Robot (斯坦德机器人) - Stand Robot, established in 2016, is a leading provider of industrial intelligent mobile robot solutions, ranking second in the 3C and automotive sectors and fifth in the semiconductor sector by shipment volume in 2024 [31]. - The company has focused on R&D, with expenditures accounting for 33.5%, 32.8%, and 29.5% of total revenue in 2022, 2023, and 2024, respectively [35]. - Stand Robot began expanding into overseas markets in 2019, with sales from non-mainland customers increasing from 10.2% in 2022 to 24.1% in 2024 [35][36]. - The intelligent mobile robot market is expected to grow from 15.3 billion RMB in 2024 to 81.4 billion RMB by 2029, with a CAGR of 39.8% [36].

Core Insights - The autonomous mobile robot (AMR) market is rapidly expanding, driven by global supply chain shifts and rising labor costs, with a projected market size of 162.1 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of 33.1% [2][9] Group 1: Geek+ - Geek+ is the largest global provider of warehouse fulfillment AMR solutions, having maintained this position for six consecutive years [3][5] - The company went public on the Hong Kong Stock Exchange, achieving the highest fundraising record for a robotics company in Hong Kong [3] - Geek+ has deployed over 30,000 AMRs globally, with revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024 respectively [5] - The company serves approximately 806 end customers, including 63 Fortune Global 500 companies, with a repurchase rate of 74.6% [5][6] - Over 70% of Geek+'s revenue comes from markets outside mainland China, with operations in over 40 countries [5][6] Group 2: Seer Robotics - Seer Robotics, established in 2020, focuses on the core control systems for robots, ranking first in global sales of robot controllers by 2024 [13][15] - The company has a diverse product line, including robot controllers, software for intelligent scheduling, and a range of robots [15][16] - Seer Robotics has expanded its international business since 2021, with revenues from outside China growing from 16.4 million RMB in 2022 to 49.2 million RMB in 2024 [16] - The global intelligent robot market is expected to exceed 277.8 billion RMB in 2024, with a projected CAGR of 20.6% until 2029 [16] Group 3: Standard Robots - Standard Robots, founded in 2016, is a leading provider of industrial intelligent mobile robot solutions, particularly in the 3C and automotive sectors [18][21] - The company has a strong focus on R&D, with R&D expenditures accounting for 33.5%, 32.8%, and 29.5% of total revenue from 2022 to 2024 [21][22] - Standard Robots has been expanding its international market presence since 2019, with sales outside mainland China increasing from 10.2% in 2022 to 24.1% in 2024 [21] - The company plans to use funds from its upcoming IPO for R&D, sales network expansion, and production capacity development [22]

Group 1 - The core viewpoint of the article is that Shanghai XianGong Intelligent, a robotics company founded by three Zhejiang University alumni, is planning to go public on the Hong Kong Stock Exchange under the newly established Chapter 18C, which caters to high R&D investment and long profit cycle technology companies [1][44][48] - XianGong focuses on "robot brains," which are control systems that integrate hardware and software to manage robotic functions [2][10] - The company has rapidly expanded its business globally, covering over 30 countries and regions, and has ranked first in global robot controller shipments for two consecutive years [4][14] Group 2 - XianGong's control system integrates various intelligent algorithms, enabling functionalities such as SLAM, natural environment navigation, and obstacle avoidance, with over 300 compatible components [6][10] - The company offers a one-stop solution that includes controllers, software, and robots, allowing customers to customize their robots easily [10][12] - XianGong has built an open knowledge base to facilitate communication across the industry, enhancing data acquisition efficiency and quality [12][14] Group 3 - The sales of XianGong's controllers and robots have shown significant growth, with a compound annual growth rate (CAGR) of 54.5% for controllers and 84.6% for robots over the past three years [14][20] - The company's revenue has increased from 184.3 million RMB in 2022 to 339.3 million RMB in 2024, with a CAGR of 35.7% [18][20] - The majority of revenue comes from robot sales, which accounted for 69.5% of total revenue in 2024 [20][22] Group 4 - XianGong's operating expenses have increased, with R&D expenses rising to 71.3 million RMB in 2024, representing 21% of total revenue [22][24] - Despite increasing expenses, the company's gross profit has also improved, with gross profit margins remaining relatively stable [26][29] - The net loss has shown a narrowing trend when adjusted for share-based payments, indicating improved operational efficiency [29][32] Group 5 - The management team of XianGong consists of experienced professionals, including three co-founders from Zhejiang University, with a strong background in robotics and control systems [33][35] - The company has completed four rounds of financing, raising approximately 283 million RMB before its IPO, with a post-money valuation of 3.27 billion RMB [44][45] - The global smart robotics market is expected to grow significantly, with a projected CAGR of 24.6% from 2024 to 2029, driven by advancements in AI and automation demand [48][50][53]