A Hangzhou unicorn is making a dash for the Hong Kong Stock Exchange to become the "first stock in embodied agents." Both Kai-Fu Lee and Bosch have invested in it.
According to a report by Zhidongxi on June 27th, on June 25th, domestic robotics unicorn MegaRobo Technology submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors include Morgan Stanley, Huatai International, Deutsche Bank, and CCB International.
MegaRobo Technology was founded in Beijing in 2016 and its headquarters is now located in Hangzhou. Its registered capital is 100 million US dollars. After nearly a decade of development, MegaRobo Technology has become a leading provider of autonomous intelligent agents in the field of robotics technology application in China.
In the prospectus, MegaRobo Technology defines its robots as multi-functional autonomous intelligent agents, which means they can independently complete a variety of complex tasks. Currently, MegaRobo Technology's autonomous intelligent agents can play a role in scenarios such as laboratories and advanced manufacturing, completing applications such as sample processing, detection and analysis, and imaging analysis that originally required a large amount of human participation.
▲ Some of MegaRobo Technology's multi-functional autonomous intelligent agent products
Data from CIC shows that in terms of the revenue generated by China's smart laboratories in 2024, MegaRobo Technology ranks first among domestic autonomous intelligent agent suppliers. In 2024, its annual revenue was 930 million yuan, and the compound annual growth rate of its revenue from 2022 to 2024 reached 43%.
MegaRobo Technology has completed 9 rounds of financing so far, with a luxurious lineup of shareholders, including the investment institution Sinovation Ventures founded by Kai-Fu Lee, and global renowned technology and service provider Bosch. After completing a Series C financing of 300 million US dollars (approximately 2 billion yuan in RMB based on the average exchange rate in 2022) in 2022, its valuation has exceeded 1 billion US dollars (approximately 6.7 billion yuan in RMB based on the average exchange rate in 2022), making it a technology unicorn enterprise.
01. The compound annual growth rate of revenue reaches 43%, with a cumulative loss of over 2.2 billion in three years
Currently, robots are gradually transforming into autonomous intelligent agents driven by AI, advanced algorithms, and precise motion control. Their intelligence and adaptability are constantly improving, and they are increasingly becoming a core component of many industries.
The autonomous intelligent agent robot system can integrate and analyze massive amounts of environmental data, support real-time decision-making and precise operations, thereby optimizing performance and maximizing operational efficiency. By using precise perception, reasoning, and decision-making capabilities, these systems can dynamically adapt to changing production conditions and automatically execute complex tasks with high precision.
From 2022 to 2024, MegaRobo Technology's revenues were 450 million yuan, 660 million yuan, and 930 million yuan respectively. The compound annual growth rate of its revenue during the reporting period reached 43%. However, MegaRobo Technology has not achieved profitability. Its annual losses from 2022 to 2024 were 760 million yuan, 740 million yuan, and 780 million yuan respectively.
▲ Changes in MegaRobo Technology's revenue, annual profit, and R & D costs from 2022 to 2024 (compiled by Zhidongxi)
R & D cost is the most important cost item for MegaRobo Technology. From 2022 to 2024, its R & D costs were 340 million yuan, 310 million yuan, and 390 million yuan respectively, accounting for 74%, 46.4%, and 42.4% of the revenue in the same period. MegaRobo Technology said that due to the increase in the number of autonomous intelligent agents, the proportion of its R & D costs to revenue has decreased, reducing secondary development and allowing for multiple re - uses.
In terms of application scenarios, during the reporting period, the revenue of MegaRobo Technology's smart laboratory business accounted for 40.9%, 24.3%, and 31.7% of the annual revenue in the same period respectively. The revenue from the intelligent manufacturing business accounted for 59.1%, 75.7%, and 68.3% of the annual revenue in the same period respectively.
During the reporting period, MegaRobo Technology's gross profit margins were 28.1%, 23.9%, and 29.0% respectively. In the same period, the gross profit margin of the smart laboratory business decreased from 35.3% to 13.4% and then increased to 21.9%. The gross profit margin of the intelligent manufacturing business increased year by year and reached 32.3% in 2024.
02. R & D personnel account for 50.7%, with over 450 patents
As of the end of 2024, MegaRobo Technology had a total of 464 R & D personnel, accounting for approximately 50.7% of the total number of employees in the same period. During the reporting period, its total R & D expenditure reached 1 billion yuan, accounting for 50.9% of the total revenue in the same period.
MegaRobo Technology's autonomous intelligent agents are driven by three core technology architectures: perception, conception, and execution:
1. Perception: Focuses on real - time and accurate processing of environmental inputs and signals, achieving microsecond - level response and excellent precision in complex smart laboratory and intelligent manufacturing processes.
2. Conception: Goal - oriented, continuously optimizing the execution strategy based on perceptual input and specific task requirements. It reflects in - depth domain knowledge and represents a key technological barrier, enabling high - level decision - making that can adapt to complex real - world scenarios.
3. Execution: Ensures the precise and reliable implementation of tasks, seamlessly transforming conceptual solutions into tangible actual results.
The prospectus states that in the field of smart laboratories, MegaRobo Technology has accumulated a large amount of experimental results and industry understanding, which are extremely valuable for research and development. In the field of intelligent manufacturing, its industry understanding covers aspects such as industrial defect detection, process optimization, and quality control.
Currently, MegaRobo Technology has obtained over 450 authorized patents in China, submitted over 550 patent applications, and submitted over 60 PCT applications.
03. The top five customers contribute more than half of the revenue, and there is an overlap between major suppliers and customers
MegaRobo Technology has a relatively rich product portfolio. In the smart laboratory, MegaRobo Technology provides autonomous intelligent agents in six key series, including Auflo and CellVue, which can operate independently or jointly. They are highly modular and adaptable, meeting the experimental requirements of multiple fields such as life sciences, chemicals, catering, and agriculture.
In the field of intelligent manufacturing, there are professional intelligent agents such as Manavis and Fabsil, which can achieve precise detection and high - precision measurement. They integrate parametric simulation and digital twin technology, support end - to - end digital management, and meet the manufacturing needs of multiple industries such as consumer - grade integrated circuits and new energy.
As of December 31st, 2024, MegaRobo Technology had over 880 customers. From 2022 to 2024, the revenue from its top five customers accounted for 52.5%, 57.4%, and 56.2% of the total revenue in the same year respectively. The revenue from the single largest customer accounted for 19.6%, 38.2%, and 15.6% of the total revenue in the same year respectively.
The prospectus states that MegaRobo Technology closely cooperates with leading customers in the industry, including Agilent Technologies, WuXi AppTec, KingMed Diagnostics, Wanhua Chemical, Luckin Coffee, and Infineon Technologies. However, the specific names of the top five customers are not disclosed. These customers come from industries such as photovoltaics, healthcare, semiconductors, and advanced manufacturing.
MegaRobo Technology's suppliers mainly include third - party suppliers of materials and equipment, and most of the purchases are made in China. From 2022 to 2024, the company's purchases from the top five suppliers accounted for 30.0%, 51.8%, and 33.4% of the total purchases in the same period respectively. The purchases from the single largest supplier accounted for 15.1%, 21.3%, and 12.5% of the total purchases in the same period respectively.
The prospectus shows that there is an overlap between MegaRobo Technology's suppliers and customers. One of its top five suppliers in 2022 was also its customer in the same year, with sales of 9.7 million yuan, accounting for 2.1% of MegaRobo Technology's total sales in that year.
04. Sinovation Ventures and Joy Capital hold over 10% of the shares, and the three founders are all colleagues
The following is the equity structure diagram of MegaRobo Technology:
Currently, a group consisting of 5 individuals including the founders, executives, and directors of MegaRobo Technology and related controlled entities constitute the single largest shareholder group of MegaRobo Technology, holding approximately 16.08% of the issued share capital. After the listing, MegaRobo Technology will not have any controlling shareholders. Other shareholders of MegaRobo Technology include Sinovation Ventures (holding 15.07% of the shares), Joy Capital (holding 13.12% of the shares), Goldman Sachs (holding 6.48% of the shares), and Bosch (holding 4.78% of the shares).
MegaRobo Technology has completed 9 rounds of financing so far, and its valuation has exceeded 1 billion US dollars.
Yuqing Huang, the Chairman of the Board, Executive Director, and CEO of MegaRobo Technology, is responsible for overseeing the company's overall business strategy, operations, and management. He holds a bachelor's degree in Information Engineering from Xi'an Jiaotong University and an MBA from Tsinghua University.
Zhixin Qiao, the Executive Director, Senior Vice - President, and COO of MegaRobo Technology, is responsible for overseeing internal operations. He holds a bachelor's degree in Measurement and Control Technology and Instruments from Beijing Jiaotong University.
Yan Zhang, the Executive Director and Senior Vice - President of MegaRobo Technology, is responsible for overseeing the smart laboratory business. He holds a bachelor's degree in Mechanical Design, Manufacturing, and Automation and a master's degree in Instrument Science and Technology from Xidian University.
All three of them have worked at RIGOL Technologies, a listed company mainly engaged in the instrument and meter manufacturing industry.
From 2022 to 2024, the executives, directors, and supervisors of MegaRobo Technology received salaries, bonuses, and shares worth 6.15 million, 4.9 million, and 3.52 million respectively.
05. Conclusion: The market scale of robotics technology is soaring, with vertical - field applications leading the way
Data from institutions such as IFR, Yole, and Omdia shows