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Author | Huang Yu
Against the backdrop of a surging robot wave, capital markets are about to welcome another robotics listed company.
Nearly three months after submitting its listing application, Zhejiang Yufei Intelligent Technology Co., Ltd. (hereinafter referred to as &#34;Yufei Technology&#34;) has finally breached the high wall of the HKEX pre-listing hearing.
On April 20, Yufei Technology officially disclosed the post-hearing information set, marking that &#34;the first light-industry full-category robot stock&#34; is just one step away from ringing the opening bell.
At a time when capital retreats and hard-core technologies intersect, Yufei Technology's successful hurdle not only injects a strong stimulant into its own development but also casts a stone into the water to test market temperatures for the entire robotics sector, which is undergoing a valuation reshaping.
<h2>The &#34;Dual-Faced&#34; Yufei in Investors' Eyes</h2>
In China's fiercely competitive robotics market, Yufei Technology, established 14 years ago, has chosen a path of differentiated competition.
For a long time, heavy industry, especially automotive vehicle manufacturing and large-scale equipment assembly, has been the high ground pursued by veteran robot giants. In contrast, Yufei Technology has focused its gaze on light-industry application scenarios.
According to reports, Yufei Technology specializes in the design, R&amp;D, manufacturing, and commercialization of industrial robots, providing comprehensive robot solutions while deeply cultivating light-industry application scenarios.
Currently, Yufei Technology has designed an industrial robot product portfolio tailored for China's light-industry application scenarios, covering parallel robots (Bat series), AGV/AMR mobile robots (Camel series), SCARA robots (Python series), wafer handling robots (Lobster series), and six-axis industrial robots (Mantis series). It also possesses independently developed core technologies—control and vision systems (Gorilla and Kingkong series).
From a technical perspective, Yufei Technology's robot architecture is built around the four core functions of skilled technicians: &#34;brain,&#34; &#34;eyes,&#34; &#34;hands,&#34; and &#34;feet,&#34; achieving intelligent decision-making, environmental perception, precise manipulation, and autonomous mobility.
Notably, amidst the wave of humanoid robots, Yufei Technology officially launched its first wheel-leg humanoid robot, &#34;Hogene,&#34; in November 2025. This product features a bionic dual-arm structure with a lifting column design and is equipped with the independently developed YiBrain multimodal large model.
Over the past three years, Yufei Technology's revenue scale has grown rapidly. According to the post-hearing information set, revenues for 2023, 2024, and 2025 were 201 million yuan, 268 million yuan, and 387 million yuan respectively, representing a compound annual growth rate (CAGR) of 38.8%.
According to a Frost &amp; Sullivan report, based on 2025 revenue, Yufei Technology ranks fourth among domestic companies specializing in industrial robots and related robot solution providers for light-industry application scenarios in China.
From a business layout perspective, while covering 29 provinces, autonomous regions, and municipalities in China, Yufei Technology is also continuously advancing its global layout, now covering 25 overseas countries and regions including Europe, North America, Latin America, and Southeast Asia. Overseas revenue for 2024 and 2025 was 26 million yuan and 38 million yuan respectively, accounting for approximately 9.5% and 9.8% of total revenue during the same periods.
According to the post-hearing information set, driven by continuous automation upgrades and smart manufacturing policies, China's light-industrial robot market stands on the eve of explosion, with the market size expected to break through the 53 billion yuan mark by 2030.
China's light-industrial robot solution market is even larger. Data shows that by 2025, the market size for China's light-industrial robot solutions will reach 86.1 billion yuan, and by 2030 it is projected to reach 212.6 billion yuan, with a CAGR of 20.2% from 2026 to 2030.
Although the growth prospects are considerable, the other side of the coin is the profitability dilemma commonly facing robot enterprises. Beneath the eye-catching revenue growth, Yufei Technology has yet to fully escape the quagmire of losses.
Over the past three years, Yufei Technology's annual losses reached 110 million yuan, 71.495 million yuan, and 150 million yuan respectively, revealing the financial pain endured by the company during its period of rapid expansion.
<h2>Deep Metaphors of Listing Now</h2>
Standing at the current time node, Yufei Technology's choice to forcefully enter the capital market at this moment carries extraordinary strategic significance.
For Yufei Technology itself, this is both a desire for capital and a survival necessity forced by the industrial cycle.
After a period of land-grabbing and technological dormancy, Yufei Technology is now in a critical phase of capacity expansion and extending its overseas footprint.
Whether planning to invest heavily in upgrading smart production lines to achieve economies of scale or accelerating strategic outreach to high-gross-margin overseas markets such as Europe, Southeast Asia, and Latin America, all require massive unconditional funding support.
More importantly, once successfully accessing the public fundraising channel of the HKEX, it will significantly alleviate Yufei Technology's short-term liquidity pressure caused by its long cash conversion cycle.
This precious net proceeds from the IPO will undoubtedly become the key confidence for Yufei Technology to achieve quarterly break-even and turn operating cash flow positive faster.
Furthermore, Yufei Technology's successful passage through the hearing also serves as a re-examination of the capital narrative and valuation logic for the entire robotics industry.
Fast-forwarding back a few years, accompanied by the explosive popularity of AI large models and embodied intelligence concepts, the robotics sector once became a feast fervently pursued by capital, with high-valuation, high-premium projects emerging one after another.
However, as the tide of the cycle gradually recedes and the wind of macroeconomic headwinds blows, the financing environment in the primary market has quietly undergone huge changes. The underlying logic of investors is undergoing profound reshaping, shifting fundamentally from blindly &#34;paying for cool concepts&#34; to extremely rigorously &#34;paying for commercialization implementation and blood-generation capabilities.&#34;
In today's capital markets, patience for startup companies that rely solely on demonstration videos to tell stories and draw grand pictures has completely evaporated. Instead, institutional investors increasingly value whether a company possesses irreplaceable core technology barriers, visible and real order conversion capabilities, and healthy gross margin levels.
In this regard, Yufei Technology has submitted a relatively solid answer sheet.
But under the current conservative and picky financing environment, whether Yufei Technology can issue shares at an extremely high valuation remains an unknown number filled with games between various parties.
An investor who has long followed the robotics sector told Wallstreetcn that, on one hand, the scarcity of &#34;light-industry full-category robots,&#34; combined with the halo of the HKEX policy for special and innovative technology companies, can indeed grant it a certain valuation premium.
On the other hand, constrained by its failure to achieve final profitability, high concentration risk due to heavy reliance on the top five customers, and the extreme test of working capital caused by a cash conversion cycle of over 200 days, secondary market funds will inevitably bring a more scrutinizing gaze.
Rational institutional investors will inevitably discount these risk points into their pricing models, thereby weakening some capital's blind willingness to chase high prices.
This means that the future public offering is highly likely to yield a more rational pricing anchored closer to its true commercial cash flow value.
Of course, this downward shift and reshaping of the valuation center point is by no means a bearish view on China's robotics industry. On the contrary, it marks that the entire industry is bidding farewell to fanatical wild growth and formally entering a new cycle that is more mature, focusing on high quality and sustainable development.
Yufei Technology's listing journey is like a giant mirror, clearly reflecting the huge opportunities faced by enterprises during the current intelligent manufacturing transformation period and the thorns along the way.
For Yufei Technology, the IPO is merely the first steam whistle starting its global capital voyage. In the future, how to exquisitely balance scale expansion with profitability demands, and how to thoroughly convert deep technical moats into a continuous stream of real profits, are the true major exams it faces after ringing the bell.

002369

By Huang Yu
Against the backdrop of a surging robot wave, capital markets are about to welcome another robotics listed company.
After nearly three months of submitting the listing application

"The First Light-Industry Full-Category Robot Stock" Is Coming