Ji Zhi Jia (02590) commences IPO: receives cornerstone investment of over HK$700 million from PRU's Eastspring, becoming the first stock of "Global AMR Storage Siasun Robot & Automation."

On June 30, SmartGen officially launched its IPO, with the IPO period ending on July 4. The company plans to globally offer 140,353,000 H shares, with 14,035,400 shares offered publicly in Hong Kong, accounting for approximately 10%, and 126,317,600 shares offered internationally, accounting for approximately 90%, with an additional 15% over-allotment option. The offering price will be HK$16.80 per share. It is expected that the H shares will start trading on the Hong Kong Stock Exchange on July 9, 2025 (Wednesday), with a trading unit of 200 shares. It is worth noting that SmartGen's IPO has attracted many strong cornerstone investors, including PRU's international top long-term investment institution Eastspring, China-focused investment opportunity Arc Avenue, Xiong'an Siasun Robot & Automation, and Yige held by the cross-border giant Zongteng Group, with a total subscription amount of approximately $91.3 million (approximately HK$716.7 million), showcasing mainstream capital's recognition of the company's long-term value. SmartGen plans to list on the Hong Kong Stock Exchange Main Board on July 9, 2025, with the stock code "02590", potentially becoming the first stock for the global AMR warehouse Siasun Robot & Automation. According to Zhiyi Consulting data, based on the 2024 revenue, SmartGen has become the world's largest provider of warehouse fulfillment AMR solutions and has maintained this leading position for six consecutive years. The company provides a range of AMR solutions that empower warehouse and industrial handling scenarios, significantly improving supply chain efficiency while reducing reliance on manual labor. With the maturation of its commercialization path, SmartGen has demonstrated stable operational capabilities and continuous improvement in profitability over the years. The company's revenue has increased from 790 million yuan in 2021 to 2.41 billion yuan in 2024, with a compound annual growth rate of 45%. From 2021 to 2024, SmartGen's gross profit increased significantly from 80 million yuan to 840 million yuan, with a compound annual growth rate of 118.5%; the overall gross profit margin in 2024 further increased to 34.8%; the adjusted EBITDA loss in 2024 significantly narrowed to 25 million yuan, and the adjusted net loss rate substantially decreased to 3.8%, approaching profitability. SmartGen not only leads in the To B Siasun Robot & Automation track in terms of commercialization path but also has built multiple barriers in globalization layout and technological research and development, demonstrating outstanding scarcity value. SmartGen strategically targeted the global market early on, enabling the company to establish a strong international business and be one of the few Chinese tech companies to dominate the high-end European and American markets. Over 70% of the company's total revenue in 2024 comes from markets outside mainland China. As of December 31, 2024, SmartGen has the most extensive global business in the AMR market worldwide and has delivered approximately 56,000 AMRs to over 40 countries and regions globally, with over 48 service sites and service partner sites, 13 spare parts centers, and more than 305 engineers worldwide. SmartGen has also pioneered several industry-leading technologies. For example, the company's self-developed Siasun Robot & Automation universal technology platform Robot Matrix provides the underlying support for the rapid iteration and customized deployment of AMR devices, significantly improving R&D efficiency and system compatibility; its self-developed large-scale multi-machine hybrid scheduling system supports more than 5,000 devices operating in parallel in a single warehouse, processing tasks at the ten-thousand level per second. With over ten "thousands of devices" projects globally, SmartGen exceeds industry averages. The company's technological advantage in large-scale multi-machine scheduling has allowed it to take the lead in competition. In terms of commercialization, the company has introduced comprehensive Siasun Robot & Automation solutions for different warehouse scenarios, with all Siasun Robot & Automation devices capable of collaborative scheduling on a unified software platform, building an integrated solution covering handling, picking, sorting, replenishment, and other processes. The technological barriers continue to be strengthened. In the Hong Kong Siasun Robot & Automation sector, SmartGen has achieved large-scale commercial applications with a technological moat and verified sustainable business models through its global operational system, providing investors with growth opportunities to ride the wave of intelligent logistics transformation.