On August 31, Zhejiang JiaZhi Technology Co., Ltd. once again submitted its listing application to the Hong Kong Stock Exchange, with CICC serving as the sole sponsor. This marks the company's second filing within the year—its initial application on January 23 lapsed on July 23. The company is a provider of intelligent mobile robots, dedicated to achieving full-scenario applications of robots across diverse environments, industries, and tasks. It delivers one-stop solutions to clients primarily through its self-developed core technology platforms, intelligent mobile robots, and integrated software systems, while also offering intelligent mobile robot and embodied intelligent robot products based on predefined specifications and configurations.
Behind the company stands a star-studded shareholder lineup—founder Dr. Xiong Rong directly and indirectly controls a combined 29.61% of shares, Lenovo Fund holds 5.8%, Quantum Leap, a wholly-owned subsidiary of ByteDance, holds 4.93%, and Quzhou High-Quality, backed by Zhejiang state capital, holds 7.04%. As the intelligent mobile robot track continues to heat up, this "specialized technology" company, founded by a Zhejiang University professor and backed by ByteDance and Lenovo, is attempting to convince the capital markets to pay for its future with a "high growth plus high losses" proposition.
Soaring Revenue Versus Nearly RMB 400 Million in Cumulative Losses Over Three and a Half Years
According to informed sources, JiaZhi Technology's robot product portfolio primarily includes intelligent mobile robots—covering the standard AMR (EMMA), omnidirectional heavy-load AMR (OMNI), industry-specific AMR, forklift-type robots (FOLA), and outdoor mobile robots (LUNA)—as well as embodied intelligent robot products, including the embodied robot controller (NERA-C), mobile manipulation robot (NERA-A), and embodied robot mobile chassis (NERA-P). Based on 2025 revenue, JiaZhi Technology has already become one of the top ten intelligent mobile robot companies globally. In the industrial intelligent mobile robot segment, the company has also secured a position among the top five domestic companies globally by 2025 revenue. It is one of the few companies worldwide capable of independently developing both hardware and software technologies for intelligent mobile robot solutions.
However, behind JiaZhi Technology's impressive industry ranking lie several sets of contradictory operating data. Opening the financial data in the prospectus, the company's growth curve exhibits a very typical "high growth, weak profitability" characteristic. From 2023 to 2025, the company's revenue climbed from RMB 74.95 million to RMB 266 million, with a 53.2% year-on-year increase in 2024 and a 131.2% surge in 2025. In the first half of 2026, revenue reached RMB 169 million, up 25.3% year-on-year, reflecting a notable slowdown in growth momentum.
Alongside scale expansion, supply chain optimization has driven continuous gross margin improvement for JiaZhi Technology, rising from 19.7% in 2023 to 29.7% in 2025, and maintaining 29.4% in the first half of 2026—an increase of nearly 10 percentage points over three years, showing the dividends of economies of scale are already coming through. On the customer front, JiaZhi Technology has built a client matrix spanning high-barrier industrial sectors such as new energy, semiconductors, automotive, and electronics manufacturing, including several Fortune 500 companies. On the technology front, the company is among the few vendors in the industry achieving full-stack self-development of both software and hardware, covering core capabilities like multimodal perception, positioning and navigation, and large-scale cluster scheduling, while extending its product line from traditional handling robots to a new generation of intelligent robots.
Yet, the other side of high growth reveals equally prominent operational contradictions. First, losses persist with no clear inflection point in sight. From 2023 to 2025, the company recorded net losses of RMB 114 million, RMB 118 million, and RMB 99.7 million, respectively. In the first half of 2026, net losses further widened to RMB 63.7 million, accumulating nearly RMB 400 million in losses over three and a half years—a trend of rising revenue accompanied by expanding losses warrants close attention. Although adjusted losses, excluding non-cash items like share-based payments, continue to narrow, the gap to overall profitability remains significant.
Second, there is a pronounced tilt toward heavy marketing over R&D. According to the prospectus, from 2023 to 2025, JiaZhi Technology's selling and distribution expenses accounted for 61.75%, 43.1%, and 22.6% of revenue, respectively, while R&D expenses accounted for 48.3%, 38.8%, and 19.1%. As a company pursuing a Hong Kong listing under Chapter 18C for specialized technology companies, R&D investment has consistently lagged behind sales expenses—a structural imbalance worth deep consideration. This pattern only began to shift in the first half of this year, when R&D expenses accounted for 17.1% of revenue, surpassing the 14.8% share of selling expenses, though whether this can be sustained long-term remains to be seen.
Finally, rapidly rising customer concentration has become a risk that cannot be ignored. Per the prospectus, revenue from the top five customers increased from 21.6% in 2023 to 55.2% in the first half of 2026, with the largest customer alone accounting for 28.4% of revenue. The company's performance is increasingly dependent on project orders from a handful of major clients. Should capital expenditure at downstream leading companies contract or projects face delays, the company's revenue would be directly impacted.
In summary, JiaZhi Technology has completed product commercialization validation, successfully penetrating high-barrier industrial scenarios such as semiconductors and new energy, and its continuously improving gross margins prove the inherent value of its products. However, the unclear path to profitability and the pressure of nearly RMB 400 million in cumulative losses over three and a half years inject significant uncertainty into the company's path to scale-driven profitability and long-term value realization.
Overwhelming Sector Tailwinds Cannot Mask Business Model Challenges
Stepping beyond the single-company perspective, the intelligent mobile robot sector in which JiaZhi Technology operates is in a distinctive stage of "large market, fragmented landscape." According to CIC data, the global intelligent mobile robot market grew from RMB 14.8 billion in 2021 to RMB 48.6 billion in 2025, and is projected to reach RMB 176.3 billion by 2030, with a compound annual growth rate of 28.3% from 2026 to 2030. The industrial segment specifically is expected to grow at a CAGR of 30.7%. Compounded by the wave of embodied intelligence, the long-term upside potential further expands.
Additionally, as downstream manufacturing continues to release demand for flexible transformation—new energy capacity expansion, semiconductor plant construction, and intelligent upgrades of traditional production lines—orders continue to flow into the industrial AMR market. Factories are no longer satisfied with traditional AGVs fixed to defined tracks; natural navigation AMRs that can adapt to frequent production line adjustments have become the mainstream choice, underpinning a solid demand base for the industry.
Clearly, the intelligent mobile robot track that JiaZhi Technology operates in holds undeniably attractive prospects. But beneath the prosperity, the industry's competitive landscape has a core weakness—extreme fragmentation. In 2025, the global top ten intelligent mobile robot manufacturers held a combined market share of just 12%, with leading players typically commanding only around 1% each. No absolute dominant player has emerged to control the market.
The root cause of this fragmentation lies in the fragmented nature of downstream applications: semiconductor, lithium battery, automotive, 3C electronics, and pharmaceutical plants each have vastly different operating conditions, materials, and workflows, making it difficult to serve the entire market with one or two standardized products. A flood of players continues to enter the track—traditional robot companies, automation integrators, and tech firms are all launching AMR businesses. As hardware components become increasingly localized and hardware solutions converge, market competition intensifies, with price wars emerging in certain sub-segments, continuously compressing overall industry profitability.
Hardware is no longer the biggest barrier. What truly differentiates leaders is large-scale cluster scheduling software, complex factory project delivery capabilities, supply chain management, and the ability to standardize product deployment. Notably, the currently hot embodied intelligence concept deserves attention. The embodied intelligence track has extremely high projected growth rates—the market was valued at RMB 9.9 billion in 2025 and is expected to surge to RMB 326.2 billion by 2030, a five-year CAGR of 94.5%. However, commercialization in this space remains in its early stages at present.
Taking JiaZhi Technology as an example, revenue from embodied intelligent products in the first half of 2026 was only RMB 8.5 million, accounting for 5% of total revenue. This is more of a technology positioning play, unlikely to become a performance pillar in the short term and serving more as a long-term narrative. A large market does not necessarily equate to a good business. In a fragmented industry, delivery capability, cash flow, and profitability models are the true yardsticks for identifying leaders.
In other words, while the opportunities the industry brings to robot companies like JiaZhi Technology are grand enough, tailwinds do not automatically translate into corporate profits. A favorable sector beta cannot erase the pain points inherent in the business model—a challenge shared across the entire domestic AMR industry.
Conclusion
In closing, it is clear that while JiaZhi Technology sits in a golden track, with unquestionable industry standing and growth velocity, the combination of "high growth plus high losses" requires investors to apply a longer lens and greater patience when pricing the company. Although capital markets are willing to show valuation tolerance for cutting-edge technology, sector tailwinds, and growth potential, they will not indefinitely pay for a business model that continues to bleed losses. Whether the company can convert industry beta dividends into its own performance alpha, transitioning from "scale-driven growth" to "quality-driven growth," and truly deliver long-term value, remains subject to ongoing validation by time and results.