2025年12月，上海仙工智能科技股份有限公司（以下简称"仙工智能"）再次向香港联交所递交招股书， 寻求主板上市。作为全球机器人控制器销量冠军，仙工智能在技术领先与市场扩张的背后，是三年半累 计亏损超1.7亿元的财务窘境。此次IPO既是其突破资金瓶颈的关键一步，亦是对其商业模式可持续性的 一次严峻考验。 仙工智能成立于2020年，凭借自主研发的SRC系列控制器为核心，构建了"控制器+软件+机器人"的一站 式解决方案。据灼识咨询数据，其控制器在2023-2024年连续全球销量第一，市占率达23.6%，适配超 300种零部件，服务全球35个国家及地区的1600余家客户。2022年至2024年，公司营收复合增长率达 35.7%，2024年营收增至3.39亿元，机器人整机业务占比攀升至69.5%，成为主要增长引擎。 技术壁垒是仙工智能的核心竞争力。其控制器集成视觉-语言-动作（VLA）算法、3D SLAM导航等技 术，定位精度达±2mm，并通过开放平台模式吸引超1500家集成商参与生态共建。在AGI（通用人工智 能）与具身智能领域，公司已推出SRC-5000系列控制器，支持人形机器人自主决策，抢占技术前沿。 此外，公 ...

Core Viewpoint - XianGong Intelligent Technology Co., Ltd. is reapplying for an IPO on the Hong Kong Stock Exchange, focusing on industrial intelligent robots and aiming to leverage its proprietary technology and solutions for factory automation [1][4]. Group 1: Company Overview - Founded in April 2020, XianGong Intelligent focuses on providing practical technology solutions for industrial scenarios rather than consumer humanoid robots [4]. - The company has developed a complete industrial intelligent ecosystem, including controllers, software, robots, and accessories [4][6]. - The SRC series controller, developed in-house, serves as the core technology, enabling robots to autonomously perceive, decide, and move without requiring extensive customer training [4][9]. Group 2: Financial Performance - XianGong Intelligent has experienced significant revenue growth, with revenues of RMB 184.3 million, RMB 249 million, and RMB 339.3 million from 2022 to 2024, reflecting a compound annual growth rate of 35.7% [10][12]. - Despite revenue growth, the company has accumulated losses exceeding RMB 122 million from 2022 to 2024, with losses of RMB 32.26 million, RMB 47.70 million, and RMB 42.31 million in those years [15][16]. - The gross profit margins have remained stable, with rates of 46.8%, 49.2%, and 45.9% from 2022 to 2024, driven by strong supplier relationships [12][14]. Group 3: Market Position - XianGong Intelligent ranks first globally in robot controller sales, holding a market share of 23.6% as of 2024, with a growing customer base expanding from 380 to over 1,600 clients across 35 countries [18]. - The company has established partnerships with notable firms such as Philips, Schneider Electric, and FAW-Volkswagen, demonstrating its product applicability across various industries [18]. Group 4: Team and Funding - The core team consists of alumni from Zhejiang University, with the founder having extensive experience in robot system architecture and multiple patents [19]. - The company has completed four rounds of financing, raising approximately RMB 283 million, with a valuation reaching RMB 3.27 billion as of April 2025 [20][21]. Group 5: Challenges and Opportunities - XianGong Intelligent faces operational pressures, including extended payment cycles and high reliance on external suppliers, which could impact cash flow and operational stability [22]. - The upcoming IPO is seen as a critical opportunity for financing and addressing current operational challenges, with a focus on balancing R&D investment and profitability [22].

Core Viewpoint - The article discusses the recent developments of XianGong Intelligent, a company focused on robotic control systems, as it prepares for its IPO on the Hong Kong Stock Exchange. Despite increasing revenues, the company has faced continuous losses and challenges in cash flow management, which may impact its market position and growth potential [2][4][8][66]. Revenue Growth - XianGong Intelligent has shown consistent revenue growth over the past three years, with revenues of 184 million RMB in 2022, 249 million RMB in 2023, and projected 339 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 35.7% [5][40]. - The company generates nearly 1 million RMB in revenue daily [6]. Financial Performance - Despite revenue growth, XianGong Intelligent has not reached profitability, accumulating losses of 122 million RMB over three years, with losses of 32.26 million RMB in 2022, 47.70 million RMB in 2023, and 42.31 million RMB in 2024 [8][53]. - The gross profit margins have remained relatively stable, with rates of 46.8%, 49.2%, and 45.9% from 2022 to 2024 [45]. Product Offering - The company focuses on providing solutions for industrial applications rather than consumer-facing robots, with a product matrix that includes controllers, software, robots, and accessories [9][12][30]. - The SRC series controllers, developed in-house, serve as the "brain" of the robots, enabling them to operate autonomously [15][16]. Market Position - XianGong Intelligent has established a strong market presence, serving over 1,600 integrators and end customers across more than 35 countries, including notable clients like Philips and Schneider Electric [34][36]. - The company holds a leading position in the global market for robotic controllers, with a market share of 23.6% in 2024 [37]. Challenges - The company faces challenges related to cash flow, with an increasing accounts receivable turnover period, which has extended from 48 days in 2022 to 116 days in 2025 [66]. - High research and development costs, which amounted to 39.3 million RMB in 2022 and are projected to reach 71.3 million RMB in 2024, contribute to ongoing financial losses [57]. Management and Team - The founding team, consisting of experienced professionals from Zhejiang University, has been instrumental in the company's technological advancements and strategic direction [76][78][84].

近日，上海仙工智能科技股份有限公司（以下简称"仙工智能"）向港交所递交了招股书，正式开启了IPO之路。 仙工智能成立于2020年，主营机器人控制器以及配套软件系统业务，涵盖"控制器+软件+机器人"一站式解决方案。目前全球智能机器人市场正处于爆发前 夜。灼识咨询数据显示，2024年机器人市场规模为2778亿元，预计2029年将增长至7085亿元。 财务数据显示，仙工智能近3年营收持续增长，2022-2024年营收分别为1.84亿元、2.49亿元、3.39亿元，毛利分别为8628.9万元、1.22亿元、1.56亿元。招股 书显示，其核心产品SRC系列控制器连续两年在全球机器人控制器市场销量居前。 虽然仙工智能在销量上"遥遥领先"，但其盈利模式尚未形成。2022-2024年，仙工智能毛利率分别为46.8%、49.2%、45.9%，年内亏损分别为3226万元、4770 万元、4231万元，毛利率和净利润指标呈现波动下滑状态。 值得一提的是，仙工智能目前面临存货压力，2022-2024年，仙工智能期末存货余额分别为9400万元、8530万元、9490万元，存货周转天数从2022年的292天 降至2024年的186天，同 ...

Core Viewpoint - The article discusses the growth and challenges faced by XianGong Intelligent, a company specializing in robotic control systems, as it prepares for its IPO on the Hong Kong Stock Exchange. Despite increasing revenues, the company has not yet reached profitability and has accumulated significant losses over the past three years [1][2][49]. Company Overview - XianGong Intelligent focuses on providing robotic control systems and solutions primarily for industrial applications, rather than consumer-oriented robots [3][5]. - The company has developed a product matrix that includes controllers, software, robots, and accessories, aiming to simplify the development and deployment of intelligent robots [6][24]. Financial Performance - XianGong Intelligent's revenue has shown consistent growth, with figures of 184 million RMB in 2022, 249 million RMB in 2023, and projected 339 million RMB in 2024, reflecting a compound annual growth rate of 35.7% [34][32]. - Despite revenue growth, the company has reported cumulative losses of 122 million RMB over the past three years [49]. Product and Service Offerings - The company's main products include the SRC series controllers, which serve as the "brain" of robots, enabling them to operate autonomously [9][10]. - XianGong Intelligent offers over 1,000 robot models, primarily targeting industrial environments that require high precision and durability [15][19]. - The software component acts as a central command system for managing robotic fleets, enhancing operational efficiency [12][13]. Market Position - As of 2024, XianGong Intelligent holds a 23.6% market share in the global robotic controller market, ranking first in sales volume [31]. - The company has steadily increased its customer base, serving over 1,600 integrators and end customers across more than 35 countries [28][30]. Challenges and Risks - The company has faced continuous losses due to high R&D expenses, which amounted to 39 million RMB in 2022, 64 million RMB in 2023, and are projected to reach 71 million RMB in 2024 [53]. - XianGong Intelligent's cash flow has been negatively impacted by extended payment cycles with customers, leading to a net operating cash flow deficit [65][62]. - The reliance on external suppliers for manufacturing and components poses risks, especially if payment terms lead to disruptions in supply [68][70]. Management and Team - The founding team of XianGong Intelligent includes experienced professionals with backgrounds in robotics and AI, contributing to the company's technological advancements and strategic direction [72][74][78].

Core Viewpoint - XianGong Intelligent Technology Co., Ltd. is updating its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for technological development, infrastructure, acquisitions, and establishing a global sales system [1][3]. Company Overview - Founded by Zhao Yue and his team, XianGong Intelligent focuses on robotics and has a strong background in competitive robotics, having won RoboCup championships [3]. - Zhao Yue, with over ten years of experience in robotics, leads the company and holds 17.05% of its shares, controlling approximately 52.89% of voting rights through various platforms [5][7]. Financial Performance - XianGong Intelligent's revenue has shown consistent growth, with sales figures of approximately 1.03 billion, 1.49 billion, and 2.36 billion RMB for 2022, 2023, and projected for 2024, respectively [10][11]. - The company reported a net loss of approximately 32.26 million, 47.70 million, and 42.31 million RMB for the years 2022, 2023, and projected for 2024 [12]. Investment and Funding - The company has successfully completed multiple funding rounds, including a recent C round raising 70 million RMB, with a post-investment valuation of approximately 3.27 billion RMB [4][5]. - Major investors include IDG Capital, Kewo Si, and others, with significant stakes held by institutional investors [4][7]. Market Position - XianGong Intelligent ranks eighth globally and fifth in China in the industrial intelligent robot market, with market shares of 1.1% and 2.7%, respectively [8]. - The company is the leading provider of robot controllers globally, with a market share of 23.6% [8]. Product and Service Offering - The company provides a comprehensive solution combining controllers, software, and robots, catering to over 20 industry segments, including 3C, automotive, and pharmaceuticals [10][11]. - As of mid-2023, XianGong Intelligent has adapted its controllers for over 300 components and supports more than 1,600 integrators and end customers [8].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shanghai Seer Intelligent Technology Co., Ltd. 上海仙工智能科技股份有限公司 (the "Company") (A joint stock company established in ...

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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 global Autonomous Mobile Robot (AMR) market is rapidly expanding, driven by supply chain migration 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% [1][6] - Several Chinese companies have emerged as industry leaders, having validated their technologies and business models, and are now capturing market share globally [1] - Notable companies preparing for IPOs in Hong Kong include Geek+, Seer Robotics, and Standard Robots, each with distinct technological focuses and market strategies [1][2] Company Summaries Geek+ - Founded in 2015 and headquartered in Beijing, Geek+ is the largest provider of warehouse fulfillment AMR solutions globally, with a record IPO on the Hong Kong Stock Exchange [3][4] - The company offers a comprehensive range of AMR solutions, significantly enhancing warehouse efficiency, with deployments exceeding 30,000 units globally [4] - Geek+ generates substantial revenue from AMR sales, with total revenues of 1.452 billion RMB, 2.142 billion RMB, and 2.409 billion RMB for 2022, 2023, and 2024 respectively [4] - Over 70% of Geek+'s revenue comes from markets outside mainland China, with a strong presence in e-commerce, fast-moving consumer goods, and third-party logistics [5] - The company plans to allocate approximately 40% of its IPO proceeds to R&D and product iteration, indicating a commitment to innovation [6] Seer Robotics - Established in 2020 and based in Shanghai, Seer Robotics ranks first in the global sales of robot controllers and third in the number of industrial intelligent robots equipped with its controllers [8][9] - The company focuses on control systems, offering a range of products including robot controllers, software for intelligent scheduling, and a variety of robotic systems [9] - 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 [10] - The company plans to use IPO funds to advance AGI and embodied intelligence technologies, enhance its global sales network, and support acquisitions in the robotics supply chain [10][11] Standard Robots - Founded in 2016 and headquartered in Shenzhen, Standard Robots is a leading provider of industrial intelligent mobile robot solutions, particularly in the 3C and automotive sectors [13][14] - The company has a strong focus on R&D, with expenditures representing 33.5%, 32.8%, and 29.5% of total revenue in 2022, 2023, and 2024 respectively [15] - Standard Robots has been expanding its international footprint since 2019, with sales from non-mainland customers increasing from 10.2% in 2022 to 24.1% in 2024 [14] - The company intends to use IPO proceeds for R&D, expanding its sales and service network, and enhancing production capabilities [16]