投出字节小米的顶级资本，为何集体押注“全球ACR箱式仓储机器人第一股”

格隆汇03-04

2026年以来，港股机器人板块持续升温，工业及仓储机器人赛道接连涌现多家独角兽企业。“高增长、高投入、尚未盈利”几乎已成为硬科技企业冲击港股时的典型画像，引发市场对相关企业招股书的密集审视。近期递表港交所的全球箱式仓储机器人（ACR）龙头海柔创新，同样面临着外界的财务审视。与外界基于账面数据的质疑形成反差的是，一批在一级市场深耕多年的机构：红杉中国、IDG资本、五源资本、源码资本、今日资本、泛...

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stock\"","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"VSCO":1.5,"ROBO":1.57,"AIXI":1.55,"HXXD.SI":0.6,"VALE":1.51},"content_text":"2026年以来，港股机器人板块持续升温，工业及仓储机器人赛道接连涌现多家独角兽企业。“高增长、高投入、尚未盈利”几乎已成为硬科技企业冲击港股时的典型画像，引发市场对相关企业招股书的密集审视。近期递表港交所的全球箱式仓储机器人（ACR）龙头海柔创新，同样面临着外界的财务审视。与外界基于账面数据的质疑形成反差的是，一批在一级市场深耕多年的机构：红杉中国、IDG资本、五源资本、源码资本、今日资本、泛大西洋资本等，在海柔的多轮融资中持续加码，向来注重风险控制的银行体系也为海柔敞开了超大规模授信。这些曾投出字节跳动、小米、京东、美团等千亿级企业的投资方，其价值锚定逻辑或许值得关注：他们究竟看到了哪些被会计规则暂时掩盖的真实经营质量和长期价值？一、资本阵容的双重背书：风投资本与银行体系集体站台在硬科技投资圈，有一个共识：能拿到VC的钱，说明公司有想象力；能拿到银行的钱，说明公司财务稳健。海柔创新的独特之处，在于同时获得风险资本与银行体系的双重背书。成立至今，公司已完成14轮融资，累计融资金额超40亿元。核心股东阵容中既有五源资本、源码资本、红杉中国、今日资本、IDG等顶级机构持续加码，在Pre-IPO阶段又进一步引入泛大西洋资本、方源资本等国际知名投资机构。这批资本过往广泛参与了小米、字节跳动、京东、美团、宁德时代、拼多多、Shein等标杆企业的成长，其持续下注提供了某种行业视角的参照。对风险更为敏感的银行体系，同样给出了信用支持。截至2026年1月5日，公司未动用银行授信额度仍余19亿元人民币，已动用比例不到5%。银行最看重企业营运资金的稳健可持续。招股书显示，海柔的现金转换周期为-103天。这意味着在向供应商付款前，公司已经收到了客户的预付款。这种“以销定产+客户预付”的模式，使得存货主要由客户资金覆盖。截至2026年1月5日，客户预付款对存货的覆盖率已达102%。换言之，每1元存货背后，都有1.02元的客户预付款兜底。此外，公司账面资金余额约21亿元，叠加尚未使用的19亿元银行授信，流动性储备接近40亿元。二、财务透视：什么是亏损与负债的结构性因素？外界对海柔创新的核心质疑，集中在账面亏损与净负债上。两年九个月累计净亏损28.53亿元，净负债达38.79亿元。这些数字在招股书中确实存在。但要看清公司质地，则需要对招股书进行深入分析：亏损中有多少来自主业经营？负债中有多少构成真实的流动性压力？先看利润端。剔除非经营性会计处理项目后，公司由经营活动产生的实际亏损约为15.69亿元。换言之，账面28.53亿元的亏损中，近一半是会计准则处理的结果，而非经营层面的失血。硬科技企业普遍遵循“先投入、再放量、后盈利”的发展路径。仓储机器人行业以项目交付制为主，新增项目往往伴随着方案设计、现场部署、人员调试等新增交付成本，叠加持续的研发投入，早期亏损是行业常态。关键在于亏损是否伴随经营面的改善。换言之，企业需借力更大的规模效益，推动边际成本下行，实现盈利。招股书显示，2024年公司实现营收13.60亿元，同比增长68.6%，是全球规模最大的ACR解决方案提供商，在全球前三大ACR公司中增速最快。截至2025年前三季度，公司经调整净亏损率为25.4%，较2023年末的85.6%收窄60个百分点；同期毛利率也由2023年的16.0%增长至28.9%。从趋势看，规模扩张与毛利改善同步发生。再看负债端。38.79亿元的净负债中，包含招股书将IPO前投资者赎回权相关的39.61亿元计入负债科目。这笔“负债”在上市后将直接转为股权，不构成经营性债务。剔除赎回负债后，剩余主要为10.84亿元的合约负债，即客户提前支付的预付款。这种“先款后货”的模式，一定程度上反映了客户对公司的信任。三、资本视角的底层逻辑：赛道空间与竞争壁垒顶级资本从不被故事感召，只为增长确定性下注。资本集体重仓的底层逻辑，通常在于公司所处的赛道空间与自身的竞争壁垒。仓储自动化行业历经了多次技术变迁。最早的固定式立体仓库（AS/RS）改造成本高且灵活性有限；后来升级至地面搬运型AMR，解决了物料搬运自动化，但“货架到人”的方式仍存在人力繁重、拣货精准度等问题。2017年，海柔创新推出箱式仓储机器人ACR解决方案，可自主完成箱级检索与运输，实现拣选环节的端到端自动化。相比传统人力模式，ACR能将仓储空间利用率提升至6倍、缩短部署周期、降低运营成本，拣货精准度达99.99%以上。据灼识咨询数据，全球ACR市场规模预计2030年突破900亿元，2024年至2030年复合年增长率达66%，是机器人赛道中增速最快的细分领域之一。海柔创新作为ACR赛道开创者，以超30%的市占率位列全球第一。技术层面，海柔具备覆盖硬件、软件、算法与系统集成的全栈能力，2023-2024年每年研发投入均超3亿元，拥有全球ACR市场最大的研发团队，累计申请专利超2000件。2025年推出的全球首款实现大规模商用的单边爬升ACR解决方案HaiPick Climb闪攀系统，能直接沿货架爬升10米以上。据悉，在李宁上海嘉定仓，该方案30天完成上线，将人工操作效率提升70%-80%，日处理量达9120件。客户层面，产品已落地全球40多个国家和地区，服务超800家客户，其中包括近70家财富500强企业；全球十大鞋服品牌中有7家是海柔的客户，全球十大第三方物流企业中也有6家与公司建立合作。公司披露的客户复购率高达80%以上，客户粘性强。海外业务方面，2024年公司海外收入达5.18亿元，同比增长165.74%，收入占比提升至38.1%；2025年前三季度，海外订单占比已超过50%，海外收入同比增长57.1%至5亿元，接近2024年全年水平。值得一提的是，2025年前三季度海外市场毛利率达43.9%，较国内市场高出一倍以上，海外业务放量或将进一步改善公司整体毛利水平。四、面临的挑战与市场观察从招股书披露的信息看，海柔创新也面临一些现实挑战：前五大客户收入占比有所提升，客户集中度需要关注；仓储机器人赛道升温，行业竞争正在加剧；规模化盈利的兑现，仍需规模效应进一步释放。对于顶级资本而言，研判硬科技企业的投资价值往往不只看短期盈亏，而是穿透财务表象评估长期发展潜力。红杉、IDG、泛大西洋等一线资本持续布局，看重的是海柔创新的行业地位、现金流模式、盈利路径与技术壁垒。海柔创新的成长轨迹，是中国硬科技企业走向全球化的一个样本——以持续的研发投入开辟新赛道，以坚实的产品力占据市场份额，以健康的商业模型赢得资本信任。对于成长型硬科技企业而言，阶段性的高投入、战略性的亏损是抢占赛道地位的常见路径。当规模效应持续发酵，利润曲线抬头之时，将是这家全球ACR龙头被市场重新定价的时刻。那些提前布局的顶级资本，早已拿到了通往未来的门票。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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