小米看中的机器人公司，要冲刺港股了

星岛财经01-13

文 | 《星岛》记者齐鑫上海报道近期，港交所官网披露了斯坦德机器人更新后的招股书，中信证券和国泰君安国际为其联席保荐人，这也是公司在2025年6月递表失效后的再次申请。斯坦德在招股书中称，公司根据为特专科技公司设计的“18C规则”寻求在联交所主板上市。若成功上市，斯坦德将成为“工业具身智能第一股”。营收高歌猛进，利润持续失血斯坦德成立于2016年，是一家工业智能移动机器人解决方案提供商，致力于赋能...

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《星岛》记者齐鑫上海报道近期，港交所官网披露了斯坦德机器人更新后的招股书，中信证券和国泰君安国际为其联席保荐人，这也是公司在2025年6月递表失效后的再次申请。斯坦德在招股书中称，公司根据为特专科技公司设计的“18C规则”寻求在联交所主板上市。若成功上市，斯坦德将成为“工业具身智能第一股”。营收高歌猛进，利润持续失血斯坦德成立于2016年，是一家工业智能移动机器人解决方案提供商，致力于赋能多种工业场景中的智慧工厂，也能够提供工业具身智能机器人解决方案，还可量身定制整合技术平台、智能机器人及智能协同系统的一站式机器人解决方案。目前公司已经在全球范围内获得超过400名用户。根据灼识咨询的资料，截至2024年12月31日的年度，按销量计算，公司为中国四大工业智能移动机器人解决方案提供商之一，市场份额为3.2%。但从其财务数据来看，斯坦德也具备不少硬科技的典型性：增收不增利。具体来看，公司营收从2022年的9627.5万元进一步提升至2024年的2.51亿元，呈现出一道靓丽的收入曲线。2025年前三季度营收也达到了1.88亿元。然而与此同时，公司在2022年亏损1.28亿元，2023年亏损1亿元，2024年收窄至4514.4万元，三年合计亏损2.73亿元的事实亦让人无法忽视。2025年前三季度期内公司的亏损又扩大至1.63亿元。对此，公司解释称，净亏损增加，主要是由于向员工支付以股份为基础的付款导致营运开支大幅增加，以及产生开支所致。▲斯坦德招股书截图对于一家冲击IPO的科技公司来说，持续亏损无疑是投资者关切的风险因素之一。“我们于往绩记录期间产生净亏损，且未来可能无法达到或维持盈利能力。”对此，斯坦德在招股书中也坦率地提示了相关风险。研发曾踩“急刹车”高额的研发投入是造成持续亏损的原因之一。2022年和2023年，斯坦德的研发投入分别达到了5552.5万元、5609.8万元，占当年收入的比重分别为57.67%、34.6%。然而在2024年，研发开支突然大幅缩减34.7%至3661.1万元，仅占当年收入的14.61%。对于这番“急刹车”，公司称主要原因为薪酬减少，以及于过往年度成功开发及持续优化拥有更高产品通用性及更高模组化的机器人，导致2024年的研发开支减少。不过，2025年前三季度，公司的研发开支已经提升至5603.1万元。“我们一直及打算继续大量投资于研发及可能增加于研发的投资，作为支持新机器人解决方案的设计、开发、制造和商业化以及强化现有机器人解决方案工作的一部分。”斯坦德称。同时，公司也提示称该等投资可能无法取得预期的成果，而公司可能无法持续研发或有效因应工业智能机器人解决方案行业不断演变的技术及市场动态。另外需要注意的是，公司2022年至2025年前三季度的的经营活动现金流量均为负数，分别为-8977.7万元、-1.2亿元、-2718.4万元以及-8012.6万元。“于往绩记录期间，我们持续录得经营活动现金流出净额波动，与我们的税前亏损状况及营运资金项目的变动大致相符，对我们的经营现金流造成负面影响，并反映于原材料采购及存货以及贸易应收款项随著业务增长而增加。”截至2025年前三季度，斯坦德机器人的现金及现金等价物为7776.4万元。▲斯坦德招股书截图值得一提的是，公司成立至今已完成多轮融资，投资方包括小米、光易投资等。此番IPO，公司计划将募集资金用于研发，销售及服务网络扩展及品牌宣传，开发生产能力及新生产线，以及一般企业用途及营运资金。港交所18C规则为斯坦德这类企业打开了上市大门，但门后的路还需要自己走。对于斯坦德而言，眼下，守住研发引擎、明确盈利时间颇为关键，毕竟投资者看重的是能赚钱、有壁垒的企业。斯坦德的未来发展究竟如何，时间会给出答案。编辑 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