Zhi Tong Finance APP has learned that according to the Hong Kong Stock Exchange disclosure on August 31, Zhejiang Jia Zhi Technology Co., Ltd. (referred to as "Jia Zhi Tech") has submitted its listing application to the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) serving as its sole sponsor. Company Profile: According to the prospectus, Jia Zhi Tech is an intelligent mobile robot provider dedicated to achieving full-scenario applications of robots in different environments, industries, and tasks. The company provides customers with one-stop solutions through its self-developed and manufactured core technology platforms, intelligent mobile robots, and integrated software systems. The company also offers intelligent mobile robots and embodied intelligent robot products (based on predefined specifications and configurations). According to CIC Consulting, the company has become one of the top ten intelligent mobile robot companies globally as measured by 2025 revenue. In the field of industrial intelligent mobile robots, the company has become one of the top five domestic companies globally as measured by 2025 revenue, according to CIC Consulting. According to CIC Consulting, the company is one of the few intelligent mobile robot solution providers globally with self-developed software and hardware technologies. All of the company's products and solutions are built on a unified core technology platform. This platform integrates multi-modal perception, a proprietary core technology architecture, and a scalable software and hardware stack. This platform enables reliable operation in complex environments while providing high-precision spatial perception, precise motion control, and large-scale cluster scheduling. This shared technological foundation enables the company to rapidly develop and commercialize a diversified portfolio of intelligent mobile robot products, including standard AMRs, omnidirectional heavy-load AMRs, forklift-type AMRs, outdoor AMRs, and industry-specific AMRs. The company's core technology continues to generalize and extend, demonstrating strong adaptability across different robot types and exploring opportunities in the embodied intelligent robot market, for which the company offers a full suite of products including embodied robot controllers, mobile manipulation robots, and embodied robot mobile chassis. The company's robot product portfolio encompasses: (i) intelligent mobile robots, including standard AMRs (EMMA), omnidirectional heavy-load AMRs (OMNI), industry-specific AMRs, forklift-type robots (FOLA), and outdoor mobile robots (LUNA); and (ii) embodied intelligent robot products, including embodied robot controllers (NERA-C), mobile manipulation robots (NERA-A), and embodied robot mobile chassis (NERA-P). Leveraging this diversified heterogeneous product portfolio, the company's robots can be deployed across various sub-scenarios within customer operational processes, while supporting seamless integration and coordinated operation across different application scenarios. Financial Information: Revenue: The company recorded revenue of approximately RMB 74.95 million, RMB 115 million, RMB 266 million, and RMB 169 million for the six-month periods ended June 30, 2023, 2024, 2025, and 2026, respectively. Annual Losses: The company recorded annual losses of approximately RMB 114 million, RMB 118 million, RMB 99.73 million, and RMB 63.702 million for the six-month periods ended June 30, 2023, 2024, 2025, and 2026, respectively. Gross Profit: The company recorded gross profits of approximately RMB 14.785 million, RMB 27.796 million, RMB 78.773 million, and RMB 49.831 million for the six-month periods ended June 30, 2023, 2024, 2025, and 2026, respectively. Industry Overview: From an application scenario perspective, industrial scenario applications continue to be the most important and stable source of downstream demand for intelligent mobile robots. Typical industrial fields where intelligent robots are widely deployed include electronic products, automobiles, new energy, semiconductors, pharmaceuticals, and others. Driven by advances in large AI models and the accumulation of diverse datasets, the global embodied intelligent robot market is experiencing rapid growth. By sales revenue, the global embodied intelligent robot market reached RMB 9.9 billion in 2025 and is expected to grow to RMB 326.2 billion by 2030, representing a compound annual growth rate of 94.5% from 2026 to 2030. In China, the embodied intelligent robot market reached RMB 5.9 billion in 2025 and is expected to grow to RMB 105.6 billion by 2030, representing a compound annual growth rate of 71.7% from 2026 to 2030. The global intelligent mobile robot market is highly competitive, with the top ten manufacturers accounting for only approximately 12.0% of total market share as measured by 2025 revenue. This fragmented landscape is primarily due to the highly dispersed downstream application scenarios of intelligent robots, spanning various industries with specific factory requirements. As measured by 2025 revenue, the company ranked among the top ten globally with an estimated market share of approximately 1.0%. The table below provides information on the top ten manufacturers in the global intelligent mobile robot industry in 2025 (by revenue). Board and Senior Management Information: The company's board of directors will consist of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. Directors serve three-year terms and are eligible for re-election upon retirement. Shareholding Structure: Dr. Xiong, Chairman of the Board and Executive Director of the company, has the right to exercise approximately 29.61% of the company's voting rights through: (i) 6,133,505 shares directly held by him (representing approximately 9.79% of the company's voting rights); and (ii) 12,414,671 shares held by Ningbo Jiachuang and Hangzhou Jiarui (representing approximately 19.82% of the company's voting rights), for which Dr. Xiong serves as the general partner of each. Dr. Xiong, Ningbo Jiachuang, and Hangzhou Jiarui will form the single largest shareholder group of the company after [REDACTED]. Intermediary Team: Sole Sponsor: China International Capital Corporation Hong Kong Securities Limited. Company Legal Advisors: For Hong Kong and U.S. law: Cooley Hong Kong Law Firm; for China law: Guohao Law Firm (Hangzhou); for international sanctions law: Hogan Lovells International Law Firm (formerly Hogan Lovells International LLP). Reporting Accountant and Independent Auditor: Ernst & Young. Industry Consultant: CIC Industry Consulting Co., Ltd. Compliance Advisor: Hongbo Capital Limited.
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