New Stock Preview | Despite doubling revenue, is General Intelligence Technology's "profit solution" still stuck in the quagmire of losses?

With the global wave of every two industrial Siasun Robot & Automation added globally, one falls in China, China's Siasun Robot & Automation industry is undergoing a profound transition from "manufacturing" to "intelligent manufacturing". By 2025, the market size of China's intelligent Siasun Robot & Automation has exceeded 15.8 billion yuan, with a compound annual growth rate of over 40%. Intelligent logistics equipment represented by autonomous mobile Siasun Robot & Automation (AMR) is becoming the core lever for the automation upgrade in high-end manufacturing fields such as electronics, automotive, and semiconductor. It is against this backdrop of accelerated expansion in this high-growth track that Zhejiang Jia Zhi Technology Co., Ltd. (hereinafter referred to as "Jia Zhi Technology") recently officially submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as the exclusive sponsor. It is worth noting that this technology-oriented company originating from Zhejiang University's Siasun Robot & Automation Laboratory has entered the top ten globally and the top three in China in the industrial intelligent mobile Siasun Robot & Automation enterprises with its comprehensive independent research and development capabilities, quietly laying out the most explosive potential embodied intelligent Siasun Robot & Automation track for the next decade. So, what are the odds for Jia Zhi Technology in this challenge to the Hong Kong Stock Exchange? Global Intelligent Siasun Robot & Automation Market: A high-growth "red sea" The background of Jia Zhi Technology's IPO sprint is a global intelligent Siasun Robot & Automation market that is expanding in scale and intensifying competition. According to a report by industry consultant Zhaoshi Consulting, this is a track that is fed by a grand future. In terms of sales revenue, the global market size of intelligent Siasun Robot & Automation is expanding at an astonishing rate, from 13.7 billion yuan in 2020 to 47.1 billion yuan in 2024, with a compound annual growth rate of 36.1%. More aggressively, the market is expected to reach 649.7 billion yuan by 2030, which means that the compound annual growth rate in the next five years will be as high as 53.3%. The Chinese market is the core engine of this growth. During the same period, the market size of intelligent Siasun Robot & Automation in China increased from 3.9 billion yuan to 15.8 billion yuan, and is expected to reach 226 billion yuan by 2030, demonstrating a stronger growth momentum. In addition, the global Siasun Robot & Automation industry is experiencing a historic turning point. With breakthroughs in large-scale technology and the fusion of multimodal perception, Embodied Intelligence is seen as the key path for AI to enter the physical world. According to Zhaoshi Consulting data, the global market size of intelligent embodied Siasun Robot & Automation was only 3.9 billion yuan in 2024, but is expected to surge to 365.6 billion yuan by 2030, with a compound annual growth rate of 109.9%; the market in China is expected to expand from 1.8 billion yuan to 118.1 billion yuan during the same period. However, behind the high growth is a fierce "battle of a thousand companies", with the market track being extremely fragmented. According to Zhaoshi Consulting data, even by 2024, the combined order volume of the top ten global manufacturers accounts for only 17% of the market, and industry leaders have yet to establish absolute dominance. In this "red sea", Jia Zhi Technology has carved out a place for itself with its technological label. According to Zhaoshi Consulting data, in terms of order volume, Jia Zhi Technology has already become one of the top ten intelligent mobile Siasun Robot & Automation companies in the world, and has further advanced in the industrial field, ranking in the top five globally and top three in China. Revenue growth still faces the dilemma of losses In its prospectus, Jia Zhi Technology positions itself as a "global expert in intelligent mobile Siasun Robot & Automation", with its core competitiveness lying in a unified technical platform that integrates multimodal perception, independently developed 4C core technology architecture (Control, Computation, Communication, Coordination), and scalable software and hardware stack. This platform supports Siasun Robot & Automation in achieving high-precision spatial perception, reliable mobile control, and large-scale cluster scheduling in complex industrial environments. Based on this underlying capability, Jia Zhi Technology has built a diversified product portfolio including standard AMR chassis, fork-type Siasun Robot & Automation, outdoor mobile Siasun Robot & Automation, and mobile operational Siasun Robot & Automation. Of particular note, the company is one of the few in the world that can stably deploy general intelligent mobile solutions with over 2,500 Siasun Robot & Automation units, demonstrating strong engineering and commercial capabilities. It is worth mentioning that Jia Zhi Technology has also made early layouts in the highly anticipated "embodied intelligence" track. The prospectus clearly states that the company "provides a series of products and solutions for downstream enterprises in embodied intelligence", with its universal mobile chassis and perception control system serving as motion carriers for humanoid Siasun Robot & Automation or service Siasun Robot & Automation. This means that Jia Zhi Technology is not only an AMR manufacturer, but also an important infrastructure provider for the future embodied intelligence ecosystem. So far, Jia Zhi Technology has delivered solutions to hundreds of customers in fields such as electronics, automotive, new energy, semiconductor, pharmaceuticals, and commercial services. Its products are sold to more than 20 countries and regions including China, Japan, South Korea, Southeast Asia, North America, and Europe, indicating an initial scale in its international layout. However, continuous and high investment is required for maintaining a leading edge in technology. The financial data clearly reveals the practical predicament of this technology-oriented company in the process of commercialization. In the first nine months of 2023, 2024, and 2025, Jia Zhi Technology's revenues were 74.95 million yuan, 115 million yuan, and 201 million yuan respectively, with a continuously expanding year-on-year growth rate. Meanwhile, the gross profit margins during the same periods were 19.7%, 24.2%, and 28.0%, showing a steady upward trend, reflecting the enhancement of scale effects and product competitiveness. However, on the other hand, the continuous expansion of scale has not reversed the company's loss situation. The net losses of Jia Zhi Technology during the reporting period were 114 million yuan, 118 million yuan, and 72.08 million yuan, accumulating a total loss of 304 million yuan in less than three years. The company admits that the losses mainly stem from the continuous high-intensity investment in core technology, rapid market expansion, and high administrative expenses. The data shows that the company has maintained a high focus on research and development: research and development expenses during the reporting period were 36.2 million yuan, 44.5 million yuan, and 36.2 million yuan respectively, accounting for a high percentage of revenue at 48.3%, 38.8%, and 18.0%, reflecting its firm commitment to a full-stack self-developed technological route. At the same time, although sales and distribution expenses are in a downward trend - from 61.7% to 43.1% of revenue, and further down to 22.9% - they are still at a high level, becoming an important factor dragging down profitability. It is evident that as a technology-driven startup, Jia Zhi Technology is still in an expansion stage driven by "high research and development + high marketing". Although the scale of losses has narrowed, there is still considerable pressure on achieving positive net profit in the short term before achieving economies of scale and cost optimization. Jia Zhi Technology's IPO in Hong Kong comes at a critical juncture where Chinese intelligent manufacturing intersects with the global Siasun Robot & Automation revolution. Its full-stack self-developed technological path and forward-looking embodiment intelligence layout have built a differentiated moat for itself in the highly fragmented "battle of a thousand companies", and this perseverance is clearly reflected in its continued research and development investment and current profit and loss statement. However, the capital market's scrutiny of hard-tech companies is becoming increasingly stringent - it is not only about the high level of technology, but also about commercial efficiency and profitability pathways. For Jia Zhi Technology, going public is not the end, but the starting point for a new round of technological iteration, capacity expansion, and global competition. In the grand narrative of intelligent manufacturing sweeping the global manufacturing industry, whether Jia Zhi Technology can continue to lead in the billion-dollar intelligent mobile Siasun Robot & Automation market is worth paying attention to.