Amid a global wave where one out of every two newly installed industrial robots lands in China, the Chinese robotics industry is undergoing a profound transition from "manufacturing" to "intelligent manufacturing." By 2025, the market size for intelligent robots in China has surpassed 15.8 billion yuan (Renminbi), boasting a compound annual growth rate exceeding 40%. Within this sector, intelligent logistics equipment, represented by Autonomous Mobile Robots (AMRs), is becoming a core driver for automation upgrades in high-end manufacturing fields such as electronics, automotive, and semiconductors. It is against this backdrop of rapid expansion in a high-growth sector that Zhejiang JiaZhi Technology Co., Ltd. (hereinafter referred to as "JiaZhi Technology") recently submitted a formal application to list on the Main Board of the Hong Kong Stock Exchange, with China International Capital Corporation Limited acting as the sole sponsor. This technology-driven company, originating from Zhejiang University's robotics laboratory, has leveraged its full-stack independent R&D capabilities to rank among the top ten globally and top three in China for industrial intelligent mobile robots, while also quietly positioning itself in the potentially explosive embodied intelligence robotics赛道 for the next decade. So, what are JiaZhi Technology's chances of success in this attempt to list in Hong Kong?

The backdrop for JiaZhi Technology's IPO sprint is a global intelligent robot market experiencing simultaneous expansion in size and intense competition. According to a report by industry consultant CIC, this is a赛道 fueled by a grand future. Measured by sales revenue, the global intelligent robot market is expanding at a staggering rate, surging from 13.7 billion yuan in 2020 to 47.1 billion yuan in 2024, representing a compound annual growth rate of 36.1%. More aggressively, the market is projected to reach 649.7 billion yuan by 2030, implying a remarkable CAGR of 53.3% over the next five years. The Chinese market serves as the core engine for this growth. During the same period, China's intelligent robot market grew from 3.9 billion yuan to 15.8 billion yuan and is expected to reach 226 billion yuan by 2030, demonstrating even stronger growth momentum.

Furthermore, the global robotics industry is currently at a historic inflection point. With breakthroughs in large model technology and the integration of multi-modal perception, Embodied Intelligence is seen as a key pathway for AI to enter the physical world. According to CIC data, the global embodied intelligent robot market was valued at just 3.9 billion yuan in 2024 but is projected to explode to 365.6 billion yuan by 2030, with a staggering CAGR of 109.9%; the Chinese market is expected to expand from 1.8 billion yuan to 118.1 billion yuan during the same period. However, behind this high growth lies fierce competition in a fragmented landscape. CIC data indicates that even by 2024, the combined order value of the top ten global manufacturers accounted for only 17%, with no single leader having established absolute dominance. It is in this "red ocean" that JiaZhi Technology has carved out a place for itself with its technological credentials.

Positioning itself as a "global expert in general-purpose intelligent mobile robots" in its prospectus, JiaZhi Technology's core competitiveness lies in its unified technology platform—integrating multi-modal perception, a self-developed 4C core technology architecture (Control, Computation, Communication, Coordination), and a scalable software and hardware stack. This platform enables robots to achieve high-precision spatial perception, reliable motion control, and large-scale cluster scheduling in complex industrial environments. Leveraging this foundational capability, JiaZhi Technology has built a diversified product portfolio covering AMR standard chassis, forklift-style robots, outdoor mobile robots, and mobile manipulator robots. Notably, the company is one of the few globally capable of stably deploying general-purpose intelligent mobile solutions at a scale exceeding 2,500 robots, demonstrating strong engineering and commercialization capabilities.

Particularly noteworthy is JiaZhi Technology's early布局 in the highly watched "embodied intelligence"赛道. The prospectus explicitly states that the company "provides a series of products and solutions to downstream enterprises in embodied intelligence," with its general-purpose mobile chassis and perception control systems serving as the mobility base for humanoid or service robots. This signifies that JiaZhi Technology is not merely an AMR manufacturer but also a key infrastructure provider for the future embodied intelligence ecosystem. To date, JiaZhi Technology has delivered solutions to hundreds of clients in sectors including electronics, automotive, new energy, semiconductors, pharmaceuticals, and commercial services, with its customer list including global leaders across various industries. Its products are sold to over 20 countries and regions, including China, Japan, South Korea, Southeast Asia, North America, and Europe, indicating a preliminary global footprint.

However, technological leadership comes at the cost of sustained and substantial investment. The financial data clearly reveals the challenging reality this tech-focused company faces during commercialization. For 2023, 2024, and the first nine months of 2025, JiaZhi Technology's revenues were 74.95 million yuan, 115 million yuan, and 201 million yuan, respectively, with the year-on-year growth rate continuously accelerating. During the same periods, its gross profit margins were 19.7%, 24.2%, and 28.0%, showing a steady upward trend and reflecting enhanced economies of scale and product competitiveness. On the other hand, persistent expansion has not yet reversed the company's loss-making situation. The net losses for the reporting periods were 114 million yuan, 118 million yuan, and 72.08 million yuan, respectively, accumulating to a total loss of 304 million yuan in less than three years. The company attributes the losses primarily to continued high-intensity investment in core technology, rapid market expansion, and relatively high administrative expenses.

The data shows the company maintains a strong focus on R&D: R&D expenses for the reporting periods were 36.2 million yuan, 44.5 million yuan, and 36.2 million yuan, accounting for a significant 48.3%, 38.8%, and 18.0% of the同期收入, respectively, underscoring its commitment to the full-stack self-developed technology path. Concurrently, although sales and distribution expenses showed a declining trend—decreasing from 61.7% of revenue to 43.1%, and further to 22.9%—they remain at elevated levels, constituting a major factor dragging on profitability. Evidently, as a technology-driven startup, JiaZhi Technology is still in an expansion phase powered by the dual engines of "high R&D + high marketing." Although the scale of losses has narrowed, achieving breakeven in the short term remains challenging until it realizes greater scale effects and cost optimization.

JiaZhi Technology's move towards a Hong Kong IPO coincides with a critical juncture where China's intelligent manufacturing convergence intersects with the global robotics revolution. Its full-stack self-developed technology approach and forward-looking embodied intelligence布局 have built a differentiated moat for it in the highly fragmented competitive landscape, a dedication clearly reflected in its sustained R&D investment and current income statement. However, capital markets are increasingly scrutinizing hard-tech companies—not only for their technological prowess but also for their commercialization efficiency and path to profitability. For JiaZhi Technology, listing is not the finish line but rather the starting point for a new round of technological iteration, capacity expansion, and global competition. Within the grand narrative of intelligent transformation sweeping global manufacturing, whether JiaZhi Technology can maintain its leading position in the hundred-billion-yuan intelligent mobile robot market warrants continued focus from all observers of new quality productive forces.