欢创科技再冲港股IPO：供货小米、石头科技，增长不难盈利难

新京报04-15

作为小米、石头科技、联想等知名企业的供应商，深圳市欢创科技股份有限公司（简称“欢创科技”）近日再度提交上市申请书。　　无论是出货量的持续攀升，还是营收规模的稳步扩张，欢创科技都处于行业领先地位。但光环之下，激烈的市场竞争、毛利率的波动、大客户依赖的隐忧，都让这家深耕十余年的科技企业，在行业增长浪潮中面临着机遇与挑战并存的发展局面。　　新京报贝壳财经记者段文平制图　　从技术创业者到行业翘楚　　故事...

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ACC"},"translate_title":"Huanchuang Technology Rushes Hong Kong Stock IPO: Supply Millet and Stone Technology, Growth is not difficult and Profit is difficult","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81810":0.6,"XIACY":0.6,"HXXD.SI":0.6,"MIUmain":0.6},"content_text":"作为小米、石头科技、联想等知名企业的供应商，深圳市欢创科技股份有限公司（简称“欢创科技”）近日再度提交上市申请书。　　无论是出货量的持续攀升，还是营收规模的稳步扩张，欢创科技都处于行业领先地位。但光环之下，激烈的市场竞争、毛利率的波动、大客户依赖的隐忧，都让这家深耕十余年的科技企业，在行业增长浪潮中面临着机遇与挑战并存的发展局面。 　　新京报贝壳财经记者段文平制图　　从技术创业者到行业翘楚　　故事的起点，始于2013年的深圳。那一年，王健与周琨携手创办了欢创科技，两位出身名校、深耕行业的创业者，为这家公司注入了与生俱来的技术基因。　　王健毕业于西安交通大学机械制造专业，曾在华录松下、卓然公司、C2Micro等知名企业执掌关键岗位，深谙行业运营与管理之道；周琨则毕业于清华大学精密仪器专业，曾任职于芝加哥贝尔实验室、中国移动，在技术研发与成果转化领域有着过人的能力。　　王健担任公司董事长、执行董事兼联席总经理，负责监察公司的整体管理及业务营运；周琨担任执行董事兼总经理，负责公司的研发。两人分工协作，推动着公司从初创企业一步步成长为行业标杆。　　2017年，欢创科技迎来关键转折点，进军消费级激光雷达领域，并开发出首款激光雷达产品。这也成为公司此后的核心增长引擎。　　凭借深厚的AI技术积淀，欢创科技构建起完善的智能空间感知体系，为智能机器人提供高精度算法及相关硬件支持，精准切入机器人感知这一核心赛道。　　根据灼识咨询的资料，按收入计，欢创科技是全球智能机器人空间感知解决方案供货商的翘楚，市场份额为1.7%；按2024年收入计，欢创科技在全球扫地机器人空间感知解决方案领域的市场份额为17%，尤其于2024年收入及出货量方面在扫地机器人激光雷达产品领域维持领先地位，出货量约为800万台，按出货量计的市场份额超过50%。　　亮眼的表现，也吸引了资本的青睐。自2018年完成A轮融资后，欢创科技在短短几年内接连完成7轮融资，投资方阵容堪称豪华，不仅为欢创科技的技术研发、市场扩张提供了资金支持，也显示了行业对其发展潜力的认可。　　时间来到2025年，欢创科技启动港股IPO进程。2025年9月29日，欢创科技向港交所提交上市申请书，冲击港股上市，但招股书于2026年3月29日失效。随后，欢创科技于4月8日向港交所二度递表，继续冲刺IPO。　　营收高增长背后，毛利率承压　　欢创科技的快速成长，离不开整个智能机器人空间感知赛道的东风。近年来，全球及中国智能机器人产业飞速发展，带动空间感知解决方案市场规模持续扩容，为欢创科技提供了广阔的发展空间。　　招股书显示，从全球市场来看，智能机器人空间感知解决方案市场规模从2020年的118亿元，增长至2024年的260亿元，复合年增长率达21.7%；预计到2030年，这一市场规模将突破786亿元，未来六年复合年增长率仍将维持在20.2%的高位。中国市场的增长势头更为迅猛，2020年至2024年，市场规模从47亿元增长至108亿元，复合年增长率达22.8%，预计2030年将达到357亿元，增速略高于全球平均水平。　　身处这样一个高增长赛道，欢创科技的营收自然水涨船高。　　2023年、2024年、2025年，欢创科技收入分别为3.32亿元、4.33亿元、6.14亿元，规模持续增长；增速更是一路攀升，2024年同比增长30.5%，2025年同比增幅进一步提升至41.6%，展现出强劲的增长动力。　　这份亮眼的营收增长背后，是欢创科技为抢占市场份额而做出的毛利牺牲。在行业竞争日益激烈的背景下，“以价换量”成为许多企业抢占市场的选择，欢创科技也未能例外。 　　新京报贝壳财经记者段文平制图　　过去三年（2023年-2025年，下同），欢创科技的毛利分别为0.713亿元、0.708亿元、1.01亿元。2024年公司毛利小幅下滑0.6%，2025年大幅反弹，同比增长42.6%，首次突破1亿元。这三年公司毛利率分别为21.5%、16.3%、16.5%。　　对于毛利率的波动，欢创科技解释称，主要由于推出的dTOF激光雷达产品及线激光传感器产品以扩展产品组合，尚未达到最佳生产效率，以及为抢占更高市场份额而就三角测距激光雷达产品进行的销售及营销工作。　　核心产品的价格变化，更能直观体现行业竞争的激烈程度。　　作为欢创科技的核心营收来源，三角测距激光雷达的出货量持续增长，2023年、2024年、2025年分别达到476.01万件、784.99万件、931.27万件。　　然而，出货量增长的同时，产品平均售价却持续下行，过去三年分别为68.6元/件、51.9元/件、43.3元/件，价格降幅逐步收窄。　　盈利压力的传导，也体现在公司的净利润上。2023年，欢创科技亏损88.3万元，2024年亏损扩大至3137.5万元，不过2025年实现扭亏为盈，净利润220.1万元。　　对于此前的亏损，欢创科技表示，主要由于大量研发投资，研发成本由2023年的5461.9万元增加至2024年的7669.5万元。　　不过，大量的研发投入虽然短期内影响了盈利，但也为公司的长期发展夯实了技术根基。 　　新京报贝壳财经记者段文平制图　　大客户依赖是业绩支撑，也是潜在风险　　除了毛利率承压，欢创科技IPO路上还有一个不容忽视的风险点——对大客户的高度依赖。作为一家供应商，欢创科技的客户集中度极高，这既是其业绩稳定的支撑，也存在潜在的风险。　　招股书显示，欢创科技主要客户包括领先的机器人公司及智能设备制造商。过去三年，其五大客户的收入分别占相关年度总收入的93.6%、89.2%及80.4%。其中，最大客户的收入分别占相关年度总收入的37.1%、36.1%及29.0%。　　欢创科技也表示，大部分收入依赖数目有限的客户，失去一名或多名主要客户或致销售额大幅减少，将对公司的业务、经营业绩及财务状况造成不利影响。　　目前，欢创科技已构建了智能机器人领域覆盖最全面、商用规模最大的空间感知产品矩阵之一，经过多年技术发展和产品迭代，提供覆盖传统三角测距激光雷达、dTOF激光雷达、3DTOF激光雷达及线激光传感器等多元化产品矩阵，各类应用场景包括智能机器人、工业应用、智能制造、机器人测试及XR产品。　　但是，如何进一步拓展客户群体、降低客户集中度，是其未来发展中需要破解的难点，也将直接影响公司的抗风险能力及长期发展稳定性。　　新京报贝壳财经记者段文平（文章来源：新京报）","kind":"news","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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