Hai Robotics: Publishes application proof, 2025 revenue RMB 2,016.9 million and world's largest ACR solution provider by revenue and shipments

NewTimeSpace News: On 13 September 2026, Shenzhen Hai Robotics Innovation Group Co., Ltd. ("Hai Robotics" or the "Company") published an application proof on the website of the Stock Exchange seeking the listing of its H shares on the Main Board, with Goldman Sachs (Asia) L.L.C. and CITIC Securities (Hong Kong) Limited as joint sponsors.

The Company operates in warehouse automation and focuses on picking automation solutions, namely the most labour-intensive and time-consuming activity in a warehouse, which involves retrieving goods from cases stored on racks. According to China Insights Consultancy, based on 2025 revenue and shipment volume, the Company is the world's largest ACR solution provider with a market share of over 30%, and its global market share rose to 32.8% in 2025 from 31.4% in 2024. The Company launched its first ACR solution, HaiPick System 1, in 2017, and launched HaiPick Climb in 2025, the first mass-commercialised single-side climbing ACR solution in the global ACR solution market, supporting storage heights of up to 15 metres in both new-build and retrofit warehouse facilities.

The Company's revenue rose from RMB 807.0 million in 2023 to RMB 1,360.4 million in 2024 and to RMB 2,016.9 million in 2025, and amounted to RMB 1,118.1 million for the six months ended 30 June 2026 against RMB 656.9 million a year earlier. Gross margin improved from 16.0% in 2023 to 26.3% in 2024 and 31.2% in 2025, and further to 34.4% in the first half of 2026, while the loss for the year or period narrowed from RMB 1,009.0 million in 2023 and RMB 1,255.7 million in 2024 to RMB 827.5 million in 2025, and stood at RMB 430.9 million in the first half of 2026; the adjusted net loss margin narrowed from 86.1% in 2023 to 18.6% in the first half of 2026.

Overseas business has become the main source of the Company's revenue growth, with revenue from markets outside the Chinese mainland rising from 24.2% of total revenue in 2023 to 47.0% in 2025 and reaching 50.2% in the first half of 2026, while orders from outside the Chinese mainland accounted for more than 55% of total orders in the first half of 2026. As at 30 June 2026, the Company had contracted with more than 900 customers, including direct customers and channel partners, and its customer repurchase rate rose from 68% in 2023 to 89% in the first half of 2026. Research and development expenses were RMB 308.9 million, RMB 334.0 million and RMB 385.3 million in 2023, 2024 and 2025 respectively, representing 38.3%, 24.5% and 19.1% of revenue in the same periods, and as at 30 June 2026 the Company had filed 2,495 patent applications globally, comprising 1,178 in China and 1,166 in other jurisdictions, together with 151 PCT international applications.

The Company has adopted a weighted voting rights structure, with its share capital comprising Class A ordinary shares and Class B ordinary shares, and Mr. Chen Yuqi, Mr. Xu Shengdong and Mr. Fang Bing are the weighted voting rights beneficiaries who have entered into a concert party agreement, with Mr. Chen Yuqi acting as general partner of the employee shareholding platform Shenzhen Hairouweizheng Investment Partnership (Limited Partnership). The filing states that the Company meets the market capitalisation/revenue test under Rules 8.05(3) and 8A.06(2) of the Listing Rules. The Company cautioned that it has incurred losses since inception and expects to remain loss-making in the near term, that it expects to continue to record a net loss and an increase in operating cash outflow for the year ending 31 December 2026, and that it had net liabilities of RMB 4,371.0 million as at 30 June 2026, with redeemable liabilities to be reclassified as equity upon completion of the listing, turning its position into one of net assets. 

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