YueYi Intelligent's Hong Kong IPO: Accumulated Net Losses of 440 Million Yuan with No Cash Generation Capability, Operations Highly Dependent on Equity Financing, Massive Redemption Liabilities Threatening Asset-Liability Ratio

Deep News
10/13

On September 26, Hefei YueYi Intelligent Robot Co., Ltd. (hereinafter referred to as "YueYi Intelligent") submitted its initial listing application to the Hong Kong Stock Exchange, seeking to list on the Main Board under Chapter 18C, aiming to become the "first mobile manipulation robot stock." China International Capital Corporation serves as its sole sponsor.

YueYi Intelligent plans to use the proceeds from this fundraising for: (1) continuously advancing embodied intelligence technology and enhancing related R&D capabilities; (2) construction and upgrade of multi-functional centers; (3) enhancing international brand influence and strengthening market participation; (4) selectively seeking strategic alliances, investments, and acquisition opportunities in domestic and international industrial embodied intelligence robot industry ecosystems; (5) working capital and other general corporate purposes.

In recent years, YueYi Intelligent has experienced rapid revenue growth but remains trapped in continuous losses. Particularly in the first half of 2025, the company's revenue grew 27.56%, while losses expanded 96.12% year-over-year, nearly doubling.

Regarding financial condition, YueYi Intelligent's main business has not yet formed self-sustaining cash generation capability, and operations remain highly dependent on external financing support. During the reporting period, cumulative net cash outflow from operating activities reached 453 million yuan. As of June 30, 2025, its cash and cash equivalents were only 177 million yuan, while bank loans reached 195 million yuan, a significant increase of 86.98% from the beginning of the period. Cash reserves can no longer cover interest-bearing short-term debt.

More critically, YueYi Intelligent's net assets stood at negative 1.543 billion yuan, mainly due to redemption liabilities surging to 1.631 billion yuan. If redemption clauses are triggered, the company faces an extremely high probability of bankruptcy risk. For YueYi Intelligent, successful listing is no longer an enhancement choice but a lifeline.

**Growing Revenue Without Profit: Accumulated Losses Exceed 400 Million Yuan**

In 2017, YueYi Intelligent's core team was formed at Xi'an Jiaotong University, with members all holding doctoral degrees from the university, focusing on the mobile manipulation robot field.

The company's actual controller, founder, and CEO Zhang Zhaohui, 33, is currently pursuing a doctoral degree in mechanical engineering robotics at Xi'an Jiaotong University and was selected for Forbes Asia's U30 Elite List. Co-founder and Chief Technology Officer Bian Xu, 32, received his doctoral degree in mechanical engineering from Xi'an Jiaotong University in September this year, specializing in robot system development and algorithm design. Co-founder and Chief Embodied Intelligence Engineer Zhao Wanqiu, 31, holds a doctoral degree in mechanical engineering robotics from Xi'an Jiaotong University.

Regarding shareholding structure, YueYi Intelligent's largest shareholder is Xi'an YueYi Zhonghe Technology Partnership (Limited Partnership) (hereinafter referred to as "Xi'an YueYi"), holding 15.61% of the company's shares. Zhang Zhaohui and his persons acting in concert Mei Xuesong, Bian Xu, and Xi'an YueYi collectively hold 30.24% of the company's shares, constituting the single largest shareholder group.

In terms of financing history, since obtaining 640,000 yuan in seed funding in September 2017, YueYi Intelligent has completed nine rounds of financing. Starting in 2020, the company entered a rapid development phase, completing Series A, A+, B, B+, and B++ rounds within two years, with cumulative amounts exceeding 400 million yuan. Investors include SoftBank Asia, IDG Capital, SIG Asia, Blue Run Ventures, ZhenFund, and others. In July 2025, the company received 220 million yuan in Series C+ investment from Songhe Capital.

As of the equity transfer in September 2025, YueYi Intelligent's latest valuation is approximately 1.818 billion yuan.

According to the prospectus, YueYi Intelligent is a leading global industrial embodied intelligence technology company, committed to driving intelligent transformation for global industrial customers through mobile manipulation robots, achieving stable, flexible, and efficient production. The company provides "one brain, multiple forms" embodied intelligence robot solutions for numerous industries including semiconductors, energy and chemicals, lithium batteries, 3C and other manufacturing, and utilities, encompassing highly generalizable intelligent models and multi-form robots with perception, mobility, and manipulation capabilities.

According to Frost & Sullivan reports, by 2024 revenue, YueYi Intelligent ranks first globally among industrial mobile manipulation robot companies, first in China's semiconductor industry, and second in the energy and chemical industry.

In recent years, YueYi Intelligent has experienced rapid revenue growth annually but remains trapped in continuous losses.

From 2022-2024 and the first half of 2025, YueYi Intelligent's revenue was 77.896 million yuan, 108 million yuan, 255 million yuan, and 127 million yuan respectively. Adjusted net losses were 163 million yuan, 131 million yuan, 81.185 million yuan, and 64.572 million yuan respectively, with cumulative losses of 440 million yuan.

In 2022 and 2023, YueYi Intelligent's losses exceeded current period revenue, and in the first half of 2025, losses expanded 96.12% year-over-year.

Although gross margins continued to improve, due to high operating costs including selling expenses and R&D expenses, YueYi Intelligent still cannot achieve profitability.

During the reporting period, YueYi Intelligent's period expenses were 192 million yuan, 174 million yuan, 181 million yuan, and 111 million yuan respectively, with period expense ratios of 246.24%, 161.63%, 70.99%, and 87.49% respectively. While showing an overall declining trend, they remain at relatively high levels.

Among these, selling expenses were 49.198 million yuan, 53.86 million yuan, 62.487 million yuan, and 37.52 million yuan respectively, growing annually. R&D expenses were 80.722 million yuan, 67.425 million yuan, 62.398 million yuan, and 42.642 million yuan respectively, declining for three consecutive years and surpassed by selling expenses in 2024.

According to the prospectus, YueYi Intelligent plans to use part of the raised funds to continuously advance embodied intelligence technology, enhance related R&D capabilities, and improve international brand influence and strengthen market participation. In summary, the company will increase R&D and marketing investments in the future, which may further exacerbate loss risks.

Competition in the mobile manipulation robot industry is entering a new phase. Single technological advantages are no longer sufficient to build sustainable moats; companies need to simultaneously develop across multiple dimensions including technological iteration, scenario deepening, cost control, and ecosystem building. For YueYi Intelligent, how to balance technological investment with commercial returns will directly determine its capital market performance.

Notably, while revenue has grown significantly, YueYi Intelligent's accounts receivable (referring to trade receivables and notes receivable) has also shown a soaring trend.

As of June 30, 2025, YueYi Intelligent's accounts receivable climbed from 48.274 million yuan at the end of 2022 to 190 million yuan, accounting for 35.15% of current assets at period end, occupying a significant portion of working capital. During the reporting period, the company's accounts receivable turnover days were 161.2 days, 165.9 days, 139.7 days, and 238.73 days respectively, indicating relatively high collection risks.

During the reporting period, YueYi Intelligent's receivables from related parties were 0, 3.889 million yuan, 12.022 million yuan, and 13.459 million yuan respectively, showing an increasing trend annually, accounting for 0%, 8.66%, 8.97%, and 7.64% of total receivables in each period.

**Massive Redemption Liabilities Looming: Concerning Financial Condition**

YueYi Intelligent's main business has not yet formed self-sustaining cash generation capability, and operations remain highly dependent on external financing support. During the reporting period, net cash used in operating activities was negative 173 million yuan, negative 94.414 million yuan, negative 79.457 million yuan, and negative 106 million yuan respectively, with cumulative net outflow of 453 million yuan. Net cash obtained from financing activities was 206 million yuan, 93.774 million yuan, 142 million yuan, and 153 million yuan respectively, with cumulative net inflow of 595 million yuan.

According to statistics, YueYi Intelligent's total equity financing reached 658 million yuan, but as of June 30, 2025, its cash and cash equivalents were only 177 million yuan, while bank loans reached 195 million yuan, a significant increase of 86.98% from the beginning of the period. Cash reserves can no longer cover interest-bearing short-term debt.

Frequent equity financing has led YueYi Intelligent to accumulate massive redemption liabilities. As of June 30, 2025, the company's redemption liabilities reached 1.631 billion yuan, far exceeding total assets of 566 million yuan. If redemption obligations are ultimately triggered, the company faces an extremely high probability of bankruptcy risk.

Meanwhile, YueYi Intelligent's asset-liability ratio climbed to 372.72%, indicating severe insolvency. Even excluding the impact of redemption liabilities, its asset-liability ratio still reaches 83.34%. Current ratio and quick ratio are 0.3 and 0.2 respectively, both falling below theoretical safety values, indicating severe liquidity risks.

Notably, YueYi Intelligent's capacity utilization rate is significantly low, and whether new production lines can bring expected returns remains unknown.

Currently, YueYi Intelligent has three production facilities in Huzhou, Hefei, and Shenzhen, with production lines customized for various robot characteristics. During the reporting period, the company's capacity was 1,100 units, 500 units, 1,200 units, and 800 units respectively, showing fluctuating trends. Capacity utilization rates were 63.2%, 68.8%, 68.2%, and 69.1% respectively, consistently below 70%.

On one hand, YueYi Intelligent continues to lose money with concerning financial conditions; on the other hand, management compensation has been rising annually.

During the reporting period, total compensation for directors and supervisors was 4.314 million yuan, 5.64 million yuan, 6.7 million yuan, and 3.035 million yuan respectively. As of 2024, executive directors Zhang Zhaohui, Bian Xu, Zheng Hao, and Xu Jin all exceeded one million yuan in compensation. Except for Zhang Zhaohui, other directors and supervisors enjoy share-based payments ranging from tens of thousands to hundreds of thousands of yuan annually.

Under currently effective arrangements, in 2025, total director compensation (including salaries, bonuses, and allowances) is estimated at approximately 5.06 million yuan, an increase of 12.44% compared to 2024.

During the same period, YueYi Intelligent paid total compensation to the five highest-paid individuals (excluding directors and supervisors) of 7.546 million yuan, 7.702 million yuan, 8.736 million yuan, and 4.219 million yuan respectively, with share-based payments of 4.645 million yuan, 4.406 million yuan, 4.503 million yuan, and 2.251 million yuan.

According to the prospectus, during the reporting period, YueYi Intelligent's equity-settled share-based payment expenses were 10.498 million yuan, 10.065 million yuan, 10.191 million yuan, and 5.49 million yuan respectively, with directors, supervisors, and the five highest-paid individuals accounting for 51.29%, 54.13%, 54.21%, and 50.31% respectively.

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