哈工大学霸携斯坦德机器人IPO！小米是股东、创始人之一清仓离场

野马财经08-06

小米、蔚来是股东。在深圳某3C电子巨头的无人工厂里，一台银灰色的移动机器人沿着地面二维码自主导航，驮着满载电路板的料架，在设备与产线之间穿梭，把上一道工序的半成品准时送达下一台贴片机旁。这正是斯坦德机器人（Standard Robots）旗下标准型工业移动机器人的日常。过去十年，这类被称为AMR（自主移动机器人）的设备，正悄悄重塑中国制造车间的厂内物流。而它背后的公司，已从一家创业企业成长为冲击...

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Robots）旗下标准型工业移动机器人的日常。过去十年，这类被称为AMR（自主移动机器人）的设备，正悄悄重塑中国制造车间的厂内物流。而它背后的公司，已从一家创业企业成长为冲击...</p>\n\n<a href=\"https://www.163.com/dy/article/L3M310550519875F.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0823413660.USD","symbol_name":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","start_time":0,"source_url":"https://www.163.com/dy/article/L3M310550519875F.html","article_id":"2657563692","we_media_id":null,"thumbnails":[],"rights":{"source":"netease_stock","url":"https://www.163.com/dy/article/L3M310550519875F.html","rn_cache_url":null,"customStyle":"","selectors":"article, 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Xiaomi is one of the shareholders and founders to leave the market","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/9758a58cdd94e7e9a97084e43920ca98","symbols_score_info":{"81810":0.6,"91048":1.96,"HXXD.SI":0.6,"DRGN":0.6,"XIACY":1.86,"01810":1.86,"MIUmain":0.6},"content_text":"小米、蔚来是股东。在深圳某3C电子巨头的无人工厂里，一台银灰色的移动机器人沿着地面二维码自主导航，驮着满载电路板的料架，在设备与产线之间穿梭，把上一道工序的半成品准时送达下一台贴片机旁。这正是斯坦德机器人（Standard Robots）旗下标准型工业移动机器人的日常。过去十年，这类被称为AMR（自主移动机器人）的设备，正悄悄重塑中国制造车间的厂内物流。而它背后的公司，已从一家创业企业成长为冲击港交所的准上市公司。近日，斯坦德机器人（无锡）股份有限公司（下称“斯坦德”）第三次递表港交所。此前的两次递表分别于2025年6月和2026年1月，均因招股书满6个月而失效。《招股书》揭开的另一面，是年入3亿却三年累亏约3.5亿、创始股东清仓离场、董事长股权激励\"1元购\"的复杂图景。01125万一台机器人，三年亏损约3.5亿斯坦德所处的赛道，是工业移动机器人。通俗地说，就是能在工厂里自主导航、替人搬运物料的智能设备。它的客户集中在3C电子、半导体、新能源等高端制造领域，用来替代传统的工厂内物流或磁条AGV，实现24小时不间断的物料周转。支撑这门生意的，是三条梯度分明的产品线：标准型机器人每台售价约6万元至35万元，功能型机器人约10万元至60万元，具身机器人约45万元至125万元。其中，标准型机器人承担负载移动功能，是产线物料搬运的基础设备；功能型机器人具备起重、牵引及运输等特定功能，是公司的绝对营收支柱。报告期内，功能型机器人在营收中的占比基本维持在80%以上。具身机器人则执行复杂工作，被公司赋予了解决高端制造复杂场景的厚望，也是其冲击“工业具身智能第一股”的核心故事。然而，这一被重点押注的新兴业务，营收占比从未超过10%，2023年-2025年、2026年前四个月，具身智能机器人及解决方案合计在营收中的占比分别为5.6%、2.9%、9.7%和6%。按销量计算，具身机器人占总销量的比例在2023年至2025年间始终维持在0.98%至2.98%的低位。2026年前四个月，具身机器人解决方案收入仅有390万元，占当期总收入的比例进一步滑落至3.6%。图源：《招股书》公司的赚钱模式并不复杂：以这三大类产品线，向制造客户销售移动机器人及配套解决方案，收入主要来自按台出货的设备销售，并按产品档次梯度定价。并且，公司海外业务正异军突起。2026年前四个月，公司海外业务收入从2025年同期的818万元猛增至7260万元，同比增长791.2%；海外收入占总营收的比重从2023年的12.5%一举跃升至2026年前四个月的67.9%。图源：《招股书》《招股书》显示，2023年、2024年、2025年，公司收入分别约1.62亿元、2.51亿元、3.01亿元，稳步站上3亿元规模，成为国内工业移动机器人领域的重要参与者。但营收的增长曲线，掩盖不了一个尴尬事实：公司始终未能盈利。《招股书》显示，2023年、2024年、2025年，期内亏损分别为1亿元、4514.4万元、2.02亿元，2026年前四个月进一步亏损6183.5万元。三个完整年度累计亏损约3.5亿元，2025年亏损较上年大幅扩大约347%。亏损扩大的背后，股份支付费用扮演了重要角色。2025年，公司确认的股权激励费用更高达1.47亿元。其中，2025年，公司就以股份为基础确认付款开支向王永锟、王金鹏分别确认付款开支2472.8万元、2890.4万元；股权激励加上薪酬，2025年董事长王永锟薪酬及股份支付合计2601.4万元，执行董事兼首席营运官王金鹏2992万元，全年董事及高管薪酬及股份支付合计5693.3万元。比账面亏损更值得警惕的是经营现金流的长期“失血”。2023年至2025年，经营活动所用现金净额分别为-1.2亿元、-2718万元、-8666万元；2026年前四个月为-6453万元。截至2026年4月30日，公司账面现金仅为4968万元。与此同时，应收账款问题日益严峻。应收款项及应收票据累计达1.72亿元，几乎是公司可用现金的三倍，现金转换周期延长至290天。客户维系正成为更大挑战。报告期内，公司客户数量分别为171、208、242和123名。客户留存率同期分别为42.2%、52.6%、55.3%和35.9%。客户获取成本由2023年的65.9万元增长至2026年前四个月的136.9万元，翻了一倍有余。客户集中度同样值得警惕。2023年、2024年、2025年前五大客户收入占比分别为36.8%、41.3%、35.1%。但2026年前四个月，前五大客户贡献了68%的收入，单一最大客户贡献了32.1%。供应商集中度也在上升。2026年前四个月，前五大供应商采购额占比达49.4%。知名经济学家余丰慧表示，这种大客户过于集中的情况确实存在一定的风险。首先，一旦这个主要分销商发生经营问题或者改变合作策略，公司的收入可能会受到显著影响，因为它们对这一客户的销售额占比非常高。其次，议价能力可能被削弱，由于依赖单一客户带来的大部分收入，公司在谈判中可能处于不利地位，难以争取更有利的合作条件。最后，这也限制了公司的市场扩展和多样化发展，增加了业务的不稳定性。02小米、蔚来是股东，IPO前创始人之一退出斯坦德机器人2016年在深圳成立，创始团队核心成员王淮卿、王永锟、李洪祥均出身哈尔滨工业大学。这个以技术见长的组合，赶上了国内工业移动机器人从磁条导航向自主导航（AMR）升级的窗口期。以标准型移动机器人切入3C电子、半导体等高端制造场景，随后产品线由\"标准\"向\"功能\"与\"具身\"两端延伸，营收从起步做到2025年的3.01亿元，并最终向港交所递交上市申请。公司成立时由王淮卿与天使投资人罗鸿共同创立，王淮卿初始持股高达90%。但2017年4月，王淮卿即以1元/股的价格，将所持48.21%股份分别转让给王永锟、李洪祥及员工持股平台\"斯坦德自动化\"；2018年，其再次转让部分股份后彻底退出公司。耐人寻味的是，仅一个月后的2017年5月，公司向外部投资人转让股权的价格便升至27.62元/股。同一家公司、几乎同一时期的股权，内部转让价与外部融资价相差逾27倍。事实上，清仓离场的不止王淮卿一人：根据《招股书》，创始股东王淮卿、罗鸿及巴斯威尔等均已清仓所持股权，不再位列股东名册。在股权腾挪的同时，斯坦德也完成多轮融资，股东阵容星光熠熠。小米集团旗下投资平台\"小米智造\"、博华资本、青橙资本、蔚来资本、中信建投等知名产业与财务机构先后入局。更具争议的是两笔被\"追认修改\"的股权激励。其一，董事长王永锟曾于2021年11月以92.5元/股认购27.16万股，但2025年3月股东会将该认购价格追认修改为1元/股。原本需出资2512万元的股份，最终仅以27.16万元完成，差额超过2484万元。其二，《招股书》披露，2025年前9个月公司确认股权激励费用1.195亿元，其中王永锟获授27.2万股，认购价格同样由92.5元/股追认修改为1元/股。就在第一次递交上市申请前夕，2025年5月，王永锟以40元/股转让20万股，套现800万元。一边是1元/股低价认购股权激励，一边是折价转让老股变现，创始人在个人层面上完成\"一进一退\"。这些股权与定价安排，已引起监管注意。2025年9月，中国证监会对公司境外上市备案提出六大补充事项，涉及历次增资定价依据、股东穿透、新增股东利益输送核查等关键问题。截至发稿，斯坦德机器人境外上市备案的补充事项仍未全部披露进展。这家年入3亿的工业机器人公司能否顺利登陆港交所，答案尚待揭晓。你对此有何看法？欢迎下方留言讨论。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2657563692","isCrawlerRequest":true}