Micro Intelligence Manufacturing (03275) opens for subscription today, entry fee approximately HK$2,168; industrial embodied intelligence leader debuts on Hong Kong stock market

On October 20, Changzhou Micro Intelligence Manufacturing Technology Co., Ltd. (03275) officially launched its Hong Kong public offering and is expected to be listed on the Main Board of the Stock Exchange on October 28, with the potential to become the "first industrial embodied intelligence stock" on the Hong Kong stock market. The company plans a global offering of 37,275,800 H shares, including 3,727,600 shares under the Hong Kong public offering and 33,548,200 shares under the international offering, both of which may be reallocated, with the international offering subject to the exercise of the over-allotment option. The offer price range is HK$16.63 to HK$21.46 per share, with a board lot of 100 shares and an entry fee of approximately HK$2,168 per lot. The Hong Kong public offering will close at 12:00 noon on October 23, and the final offer price is expected to be determined on October 26. Based on the mid-point offer price of HK$19.05, the net proceeds from this offering are estimated at approximately HK$642 million. In terms of use of proceeds, approximately 60.3% will be invested in core technology research and development to strengthen technical barriers; approximately 10.6% will be used for building overseas sales and service networks; approximately 14.7% will be used for strategic investments and industrial ecosystem layout; approximately 4.4% will be used for capacity expansion; and the remaining 10% will be used as working capital and for general corporate purposes. Regarding cornerstone investment, the company has entered into a cornerstone investment agreement with Elbe Rheinland Investment Limited, which has agreed to subscribe for offer shares in an aggregate amount of approximately HK$15.7 million at the offer price. Micro Intelligence Manufacturing is the largest industrial embodied intelligence Siasun Robot&Automation provider in China. Based on 2025 revenue, the company holds a 20.0% market share in China's industrial embodied intelligence Siasun Robot&Automation (EIIR) market, ranking first in the industry. The company's core EIIR products integrate autonomous perception, decision-making, execution and learning capabilities, and can adapt to multiple complex industrial scenarios such as quality inspection, grinding, assembly, and loading and unloading, addressing the core pain points of high deployment costs and insufficient flexibility in traditional industrial automation. In terms of performance, the company's revenue scale and product mix have continued to optimize: total revenue for 2023-2025 was RMB434 million, RMB600 million and RMB796 million, respectively, representing a compound annual growth rate of 35.4%; revenue from the core EIIR product line nearly tripled in two years, rising from RMB114 million in 2023 to RMB453 million in 2025, with its revenue share increasing from 26.3% to 57.0%, and further rising to 61.4% in the first five months of 2026. On the profitability side, the company recorded a net loss of RMB114 million in 2023 due to high-intensity upfront research and development investment; it turned profitable in 2024 with a net profit of RMB15.74 million; in 2025, affected by increased investment in large-model research and development, net profit declined to RMB5.07 million; in the first five months of 2026, net profit rebounded to RMB22.53 million, and adjusted net profit reached RMB33.84 million, up 41.5% year on year, indicating a clear trend of profitability improvement. On the technology side, with "fast and slow thinking + human-in-the-loop" as its core principle, the company has built a technology system based on a standardized "cloud-edge-device" architecture to empower Siasun Robot&Automation to complete perception, learning, decision-making and execution, and can generate value within days after deployment; it has also accumulated an industry-leading precisely annotated database of more than 23TB of real industrial scenarios (containing more than 1.6 billion precisely annotated data records), and holds more than 800 independent intellectual property rights in total. As of the end of May 2026, the company's research and development team had 275 people, accounting for 57.9% of total employees. In 2025, the company completed the acquisition of Jiebot, filling in Siasun Robot&Automation hardware and underlying motion control capabilities and forming a complete "algorithm + hardware" technology loop. At present, the company covers high-growth sectors such as 3C electronics, automobile manufacturing and new energy, and has cumulatively served more than 350 industrial customers, including more than 25 Fortune Global 500 companies and industry leaders, and has begun expanding into overseas markets. As industrial AI accelerates its penetration into manufacturing and embodied intelligence becomes a core direction of industrial upgrading, the company, as a leading player in the sector, is expected to continue sharing in the industry's growth dividends by leveraging its first-mover technological advantages and large-scale commercialization experience.