Domestic robots are entering the Hong Kong stock market moment. Yifei Intelligence is heading to Hong Kong to strive for becoming the first listed company in the light - industry robot sector.

In 2025, "Embodied Intelligence" was written into the government work report for the first time. Coupled with the recovery of the Hong Kong IPO market, the industrial robot sector is witnessing a wave of capitalization.

Recently, Zhejiang Yifei Intelligent Technology Co., Ltd. (hereinafter referred to as "Yifei Technology") officially submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the main board under Chapter 18C. If successfully listed, Yifei Technology will become the "first stock of full - category robots in the light industry" in the Hong Kong stock market.

As the fifth - largest domestic enterprise in the Chinese light - industry robot sector, Yifei Technology has achieved a compound annual revenue growth rate of 28.5% in the past three years. Its listing move comes at a critical juncture when the market share of domestic brands in the Chinese industrial robot market has exceeded 50% for the first time.

Against the backdrop of the global wave of intelligent manufacturing, the capitalization path of this "full - stack technology" enterprise reflects the industry's transformation from domestic robots being catch - up players to becoming industry definers.

Full - category layout + "Brain, Eyes, Hands, Feet" technology ecosystem breaks the monopoly barrier of foreign capital

According to Tianyancha, Yifei Technology was established in 2012. It is a comprehensive industrial robot enterprise focusing on the design, R & D, manufacturing, and commercialization of industrial robots, as well as the provision of comprehensive robot solutions. It has profound technological accumulation and market experience in the light - industry sector.

According to the Frost & Sullivan report, measured by 2024 revenue, Yifei Technology ranks fifth among domestic enterprises among industrial robot and related solution providers focusing on the light - industry sector in China.

As one of the few domestic enterprises with the ability to comprehensively cover large - scale industrial robots and related solutions, Yifei Technology is committed to helping enterprise customers in various industries improve production efficiency, optimize cost structures, and improve product quality, and is making every effort to promote the intelligent transformation process of enterprises.

In terms of product R & D, Yifei Technology has developed a comprehensive and professional industrial robot product portfolio tailored to the characteristics of the Chinese light - industry sector. This includes parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six - axis industrial robots (Mantis series). It has also independently developed core control and vision systems (Gorilla and Kingkong series).

Based on the above - mentioned rich robot products, Yifei Technology provides comprehensive robot solutions based on intelligent automation systems for specific application scenarios in intelligent manufacturing. The company offers solutions with different degrees of customization, which are widely used in automation function fields such as loading and unloading, sorting, picking and placing, packaging, visual inspection, assembly, and gluing.

Yifei Technology has achieved remarkable results in product quality and certification. According to the Frost & Sullivan report, the Bat series parallel robots are among the first domestic products to obtain reliability and durability certifications, capable of operating without failure for 20,000 hours. The Python series SCARA robots meet the ISO4 clean standard, suitable for high - precision manufacturing. The Lobster series wafer handling robots have passed the TVSEMI certification.

In particular, the RW - A wafer handling robot has reached the highest ISO1 cleanliness standard. In addition, all Yifei Technology's robot series have passed the strict EU safety standard reliability tests.

Price competition and profit dilemma behind the high - growth sector

From 2022 to 2024, Yifei Technology's business performance has shown strong growth. Its revenue increased from 162 million yuan to 268 million yuan, achieving a compound annual growth rate of 28.5%. Although the gross profit margin fluctuated in 2023, it rebounded to 26.5% in 2024, basically the same as in 2022.

During the same period, the number of the company's direct - sales customers increased significantly, from 69 to 275. Its business covers multiple fields such as consumer electronics, automotive parts and new energy, healthcare, fast - moving consumer goods, and semiconductors.

The Frost & Sullivan report shows that Yifei Technology has a strong customer base, including many industry leaders, such as the world's largest smartphone display supplier, the global leader in bioactive materials and synthetic biology, one of the world's largest micro - acoustic device suppliers, one of the world's largest new - energy vehicle manufacturers, and a globally leading integrated medical system solution provider.

Currently, Yifei Technology's customers are spread across the globe, covering not only 28 provinces, autonomous regions, and municipalities directly under the Central Government in China but also more than 20 overseas countries and regions in Europe, North America, Latin America, and Southeast Asia.

The company actively supports the global expansion of domestic customers and helps overseas customers upgrade their intelligent manufacturing technologies. The contribution of overseas revenue has been increasing year by year. In 2024, overseas revenue was approximately 25.5 million yuan, accounting for 9.5% of the total revenue of that year. As of June 21, 2025, Yifei Technology's outstanding orders were worth more than 400 million yuan, showing good development potential.

Currently, the global manufacturing industry is accelerating its transformation towards intelligent automation, and the market demand for industrial robots and related solutions is experiencing explosive growth.

According to Frost & Sullivan data, the market size of the Chinese industrial robot market reached 56.8 billion yuan in 2024 and is expected to grow to 121.6 billion yuan at a compound annual growth rate of 16.7% by 2029. The market size of the industrial robot solution market was 192.9 billion yuan in 2024 and is expected to increase to 474.5 billion yuan at a compound annual growth rate of 19.9% by 2029.

With strong policy support for automation upgrades and intelligent manufacturing, the Chinese light - industry robot market has grown particularly rapidly. The market size increased from 12.3 billion yuan in 2020 to 20.9 billion yuan at a compound annual growth rate of 14.2% by 2024 and is expected to further expand to 43.8 billion yuan at a compound annual growth rate of 16.3% by 2029.

The light - industry robot solution market has also developed rapidly, growing from 36.9 billion yuan to 71.1 billion yuan at a compound annual growth rate of 17.8% from 2020 to 2024 and is expected to climb to 171 billion yuan at a compound annual growth rate of 19.5% by 2029. These market trends provide broad space for Yifei Technology's future development.

Expansion and reshuffle behind the high valuation of 3.6 billion

Currently, Yifei Technology is focusing on researching fully autonomous, full - stack embodied intelligent robot technologies, building a core technology system integrating "brain", "eyes", "hands", and "feet" to achieve integrated operations of intelligent decision - making, environmental perception, precise manipulation, and autonomous movement.

Through continuous innovation in these four core modules, its technology achieves millisecond - level coordinated responses from perception to execution, ensuring that robots and solutions can precisely meet the strict requirements of target industries for high - speed and high - precision operations. The advanced environmental adaptability and autonomous learning functions lay a solid foundation for the large - scale commercialization of the next - generation intelligent robots.

Since its establishment, Yifei Technology has gained wide recognition from the capital market for its technological strength and has successfully completed multiple rounds of financing.

Under the framework of Chapter 18C, Broadband Capital and Tsinghua Holdings Ginkgo Venture Capital act as leading senior independent investors, and six institutions such as Ivy Capital and Primavera Capital act as senior independent investors, jointly contributing to the enterprise's development. In addition, many investment institutions such as Yuhuan State - owned Investment and Junyuan Capital have also joined in. After completing the last round of financing before the IPO, Yifei Technology's valuation reached 3.604 billion yuan.

According to the prospectus, the net proceeds from the IPO will be mainly used for robot technology R & D, production line upgrades and capacity expansion, overseas business network expansion, investment layout in the upstream and downstream of the supply chain, and supplementing the company's working capital.

At a time when competition in the industrial robot industry is intensifying and capital is accelerating its concentration towards the top players, Yifei Technology is leading the innovation of the industry's competition model.

On the one hand, the enterprise takes the lead in formulating the industry test specifications for SCARA robot accuracy, breaking the market's dilemma of "price - only" thinking. On the other hand, through cross - border integration of technologies, it has significantly reduced the misjudgment rate of AI visual defect detection from 5% to 0.1%, successfully replacing manual labor in the 3C quality inspection field.

Behind Yifei Technology's bid to list on the Hong Kong stock market is a microcosm of the transformation of domestic industrial robots from "import substitution" to "defining the sector". When the market share of domestic brands has exceeded the critical 50% mark and the demand for light - industry automation has exploded, the industry has entered the "technology - standard - setting period".

Yifei Technology has positioned itself in the high - growth sector with its full - stack capabilities, but its profit bottleneck is also a microcosm of the entire industry. Breaking through the involution requires not only capital infusion but also building real barriers in AI integration and global standard - setting.

As the IPO process progresses, whether Yifei Technology can become the "Chinese Fanuc" will be revealed in the balance between technology investment and commercial implementation.

This article is from the WeChat official account "Hong Kong Stock Research Society" (ID: ganggushe), author: Hong Kong Stock Research Society. It is published by 36Kr with permission.