Recently, Standard Robots (Wuxi) Co., Ltd. (hereinafter referred to as Standard) has submitted a prospectus to the Hong Kong Stock Exchange, aiming to list on the main board through the "Chapter 18C" regulations.

Founded in 2016, Standard is a leading provider of industrial intelligent mobile robot solutions. Its robots are primarily utilized for material handling in various industrial settings, encompassing backpack-type, conveyor-type, forklift-type, and traction-type models. Despite the seemingly straightforward nature of the task, Standard's robots boast high precision in picking and placing goods, capable of operating on a large scale in an unmanned manner.

Standard's robots find application in diverse fields such as 3C, automotive, and semiconductors. According to data from CIC, in terms of shipments in 2024, Standard ranks among the top providers of industrial intelligent mobile robot solutions across multiple high-tech sectors globally, securing the second position in the computer, communication, and consumer electronics (3C) industry, second in the automotive industry, and fifth in the semiconductor industry.

Wang Yongkun, the founder of Standard, was born in 1991 in Hegang, Heilongjiang Province. In 2009, he was admitted to the Department of Control Science and Engineering at Harbin Institute of Technology (HIT).

Wang Yongkun's application to HIT is particularly noteworthy. Upon filling out his college application after the college entrance examination, he came across news about the HIT competitive robotics team's championship victory at the Asia-Pacific Robotic Contest in Tokyo, Japan, marking their fifth consecutive win. This inspired him to apply to HIT.

During his senior year, Wang Yongkun joined the HIT competitive robotics team and secured the runner-up position in the national robotics competition.

After earning his master's degree, Wang Yongkun and several alumni initially ventured into the robotics business in Harbin. A year later, they relocated to Shenzhen and established Standard. They discovered that the majority of suppliers in their field of robotics hardware were based in Shenzhen. Additionally, Wang Yongkun was drawn to Shenzhen because his entrepreneurial role model, DJI, was also headquartered there. He felt that his team's entrepreneurial journey shared many similarities with DJI's early stages, stating, "Both are campus startups, both have participated in the National University Student Robotics Competition and won the runner-up, and DJI's entrepreneurial mentor Li Zexiang was also from HIT before."

Standard's chosen direction is exceptionally precise: flexible logistics within factories. Its initial customer list included renowned companies such as Huawei.

"Factory flexible logistics" represents a logistics organization model tailored to evolving manufacturing needs, enhancing resource utilization and response speed. Its core lies in "flexibility," allowing for the dynamic adjustment of logistics paths, resource allocation, and operation methods based on factors like orders, product changes, and production cycles.

Material handling robots (e.g., AGVs, AMRs) serve as the key execution units in factory flexible logistics, ensuring the "efficient flow of materials within the factory." They disrupt the traditional "manual pushing/fixed track transportation" approach, offering flexible scheduling and operation in complex and dynamic manufacturing environments. A typical scenario involves the use of laser-navigated or SLAM-navigated AGVs (Automated Guided Vehicles) or AMRs (Autonomous Mobile Robots) for parts/finished product handling.

Faced with pressure from factories, Standard must continuously iterate technologically to streamline and optimize the operation cycle within factories.

By the end of 2018, after serving Huawei for a couple of years, Standard was exceptionally elevated to Huawei's tier-one supplier status. Wang Yongkun believes that "this is a milestone event for Standard, comparable to a listing."

Today, Standard boasts over 400 customers, with a key customer retention rate exceeding 60%, encompassing renowned companies such as Xiaomi Automobile, Foxconn, and OPPO.

Since its inception, Standard has successfully completed multiple rounds of financing. In May 2024, Standard secured Series D investment, achieving a post-investment valuation of 2.1 billion yuan. Its investor roster includes prestigious institutions like Xiaomi Smart Manufacturing, Bohua Capital, Liangxi Investment, Qingcheng Capital, NIO Capital, and China Securities International.

Following the introduction of investment from the Wuxi Liangxi District Guiding Fund, Standard's company registration address was changed to Wuxi, although its headquarters remained in Shenzhen.

Standard's core competitiveness stems from its ability to provide customized robot solutions tailored to diverse industrial scenarios. It is the first Chinese enterprise to realize the "world model" and "swarm intelligence" in industrial robot systems.

From 2022 to 2024, Standard's revenues amounted to 96 million yuan, 162 million yuan, and 251 million yuan, respectively. The corresponding net profits were -128 million yuan, -100 million yuan, and -45 million yuan, respectively, totaling a loss of 273 million yuan during this period and a cumulative loss of 532 million yuan since its inception. During this time, Standard's robot sales also surged from 725 units to 1932 units.

Standard's supply chain faces risks due to its heavy reliance on overseas suppliers such as Harmonic Drive and Nabtesco in Japan for core components like high-precision harmonic reducers. Any delays in supplier deliveries could hinder Standard's ability to fulfill orders to downstream customers, potentially triggering a capital chain crisis.

Notably, Standard has a close relationship with Xiaomi. Xiaomi is not only a shareholder of Standard but also a valued customer. As a carrier, Standard robots facilitate the transportation of materials such as door lines, exterior assemblies, and dashboards on the Xiaomi YU7 production line.

The global industrial intelligent mobile robot market is expanding at a compound annual growth rate of 27.5%, with projections estimating it to reach a scale of USD 3.003 billion by 2029.

Standard also faces stiff competition from both domestic players like DJI, Hikvision Robotics, Geek+, and Siasun Robotics, as well as international giants such as Fanuc and ABB.

The content of this article is for reference purposes only and does not constitute investment advice. This writing draws upon reports from IPO in progress (Relying on Xiaomi, supply chain bottlenecks, Standard Robots struggles to balance technology and profitability) and China Youth Daily (Wang Yongkun: We must make robots for Chinese people), and we extend our gratitude to them.