Hai Robotics, planning a Hong Kong IPO

Recently, Shenzhen Hairou Innovation Intelligent Technology Group Co., Ltd. (referred to as “Hairou Innovation”) submitted listing application materials to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities serving as joint sponsors.

The listing application materials show that Hairou Innovation is a leading global company in the warehouse automation field. The company launched its first box-type warehouse robot (ACR) solution in 2017.

Performance Losses

The listing application materials indicate that Hairou Innovation’s ACR solutions are deployed in warehouses operated by various types of companies, including warehouse operators, logistics service providers, retail groups, and manufacturing enterprises. The solutions cover major verticals such as apparel and fashion, e-commerce and retail, food and beverages, third-party logistics, pharmaceuticals, 3C electronics, and automotive. As of September 30, 2025, the company had signed contracts with over 800 customers to deploy its ACR solutions.

In recent years, Hairou Innovation’s revenue has continued to grow. In 2023, 2024, and the first three quarters of 2025, the company’s revenue was 807 million yuan, 1.36 billion yuan, and 1.263 billion yuan, respectively; net losses were 1.009 billion yuan, 1.256 billion yuan, and 589 million yuan. Regarding the ongoing net losses during the reporting periods, Hairou Innovation stated that they were mainly due to operating expenses incurred to support business growth.

In the listing application materials, Hairou Innovation stated that from a long-term strategic perspective, the company believes that scaling up is key to achieving and maintaining profitability. Scale is not only a driver of revenue growth but also a structural factor in reducing costs and improving product quality.

Hairou Innovation also mentioned that while pursuing revenue growth, the company is also focused on enhancing profitability through optimizing its business mix. The company’s gross profit margin increased from 16.0% in 2023 to 26.3% in 2024, and further to 28.9% in the first three quarters of 2025.

Ongoing Investment in R&D

Currently, a significant portion of Hairou Innovation’s revenue comes from major customers. The listing application materials show that in 2023, 2024, and the first three quarters of 2025, revenue from the company’s top five customers was 259 million yuan, 499 million yuan, and 608 million yuan, accounting for 32.1%, 36.7%, and 48.2% of the company’s total revenue during the same periods.

Hairou Innovation stated that due to the continuous increase in demand for high-throughput and high-density warehouse operations, the global ACR solutions market is expanding. According to data from IDC Consulting, the global ACR solutions market is expected to reach 91 billion yuan by 2030.

Hairou Innovation claims that the company can benefit from the sustained growth of the industry. The company has accumulated extensive deployment experience, a comprehensive system architecture, and established delivery and customer support capabilities across multiple regional markets.

Hairou Innovation continues to invest in R&D. In 2023, 2024, and the first three quarters of 2025, the company’s R&D expenses were 309 million yuan, 334 million yuan, and 258 million yuan, respectively, representing 38.3%, 24.5%, and 20.4% of the company’s total revenue during the same periods.

Hairou Innovation stated that given the market in which the company operates is still in its early stages and continues to develop, the company plans to maintain relatively high R&D investment levels to ensure its product competitiveness and market leadership.

Regarding the intended use of funds raised, Hairou Innovation stated that it will be used to enhance the company’s technological capabilities, accelerate upgrades of its ACR solutions, software, algorithms, and next-generation technology stacks; expand the company’s global manufacturing capacity; strengthen the resilience, scalability, and quality consistency of the supply chain system; expand the company’s global business reach and service capabilities to support growing overseas demand and ensure high-quality customer experience; strengthen the company’s global talent base and organizational capabilities; and for operating capital and other general corporate purposes.