Microintelligence Passes HKEX Listing Hearing as Industrial Embodied AI Demand Grows

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Changzhou Microintelligence Co., Ltd (“Microintelligence” or “the Company”) recently passed the hearing of the Listing Committee of The Stock Exchange of Hong Kong Limited (HKEX) on X 2026. Orient Capital, the subsidiary of Orient Securities, is the sole sponsor for the initial public offering. Based on 2025 revenue, the Company is China’s largest supplier of Embodied Industrial Intelligent Robots (EIIR), with a market share of approximately 20.0%.

Microintelligence was founded in 2018. As a leader in industrial embodied intelligence, the Company develops EIIR products and integrated solutions capable of autonomous perception, learning, decision-making and executing of complex tasks with its full-stack self-developed software, hardware and systems engineering capabilities. Its products have achieved commercialization at scale in real-world industrial settings, including in industries with extremely high requirements for precision, stability, and reliability, such as 3C electronics, automotive manufacturing, new energy, fast-moving consumer goods (FMCG), and semiconductors. Meanwhile, its application scenarios are evolving from "mature single-process workflow” to "integrated workstations." According to IDC's China Industrial Embodied Intelligent Robots Market Share, 2025 report, the company holds the No. 1 market share in China. The Company is also one of the world’s first leading companies to achieve commercial verification of embodied industrial intelligence robots in multiple complex industrial scenarios.

Through a standardized "Cloud-Edge-Device" integrated architecture, Microintelligence combines AI models, industrial know-how, and real-world scenario data to build core physical AI capabilities. This enables EIIR to complete a fully autonomous closed loop spanning perception, learning, decision-making, and execution. As EIIR systems roll out across real factory environments, the company has also built a "data-model-product-redeployment" flywheel. On-site data accumulated during production line operations is distilled into process knowledge through a "human-in-the-loop" mechanism with insights fed back into ongoing model iteration. As model capabilities advance, the products can take on more complex production tasks and continue to broaden their application scope. Backed by full-stack software and hardware capabilities and commercial validation in real-world scenarios, the company has delivered efficient, cost-effective commercialisation across multiple industrial scenarios, creating a durable competitive moat.

Through the continuous deployment of the aforementioned technologies and industrial practices, the Company has been accumulating real production-line industrial data while maintaining high levels of R&D investment. According to the documents disclosed after its hearing, the Company amassed an unstructured, finely-annotated database sourced from real industrial scenarios, with a data volume exceeding 23TB and containing over 1.6 billion annotated data records. The database holds more than 800 independent intellectual property rights, including over 210 invention patents and 310 software copyrights. In 2024, the Company’s R&D project entitled “Development and Application of High-Speed, Self-Planning, Integrated Intelligent System for Defect Detection and Repair” has been jointly certified by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Science and Technology (MOST) as having reached an “International Leading” level. The Company’s client base includes more than 25 Fortune Global 500 enterprises and leading manufacturers. Its business spans mainland China, Europe and the United States, and actively develops for the expansion into new overseas markets including Japan, Singapore and Malaysia.

Financially, the Company’s revenue rose from RMB 434 million in 2023 to RMB 796 million in 2025, representing a compound annual growth rate (CAGR) of 35.4%. For the five months ended May 31, 2026, the Company recorded revenue of RMB 424 million, up 22.6% year on year. Revenue from its flagship EIIR products grew from RMB 114 million in 2023 to RMB 453 million in 2025, and reached RMB 260 million for the five months ended May 31, 2026. The EIIR products’ contribution to total revenue rose to 61.4% for the five months ended May 31, 2026, while gross margin further improved to 54.8%.

In terms of profitability, the Company achieved profitable results for two consecutive years in 2024 and 2025. It recorded a full-year profit of approximately RMB 15.7 million in 2024 and approximately RMB 5.1 million in 2025, as higher R&D investment weighed on profit for the year. For the five months ended May 31, 2026, profit reached RMB 22.53 million, while adjusted net profit for the period—excluding the impact of share-based payments and listing expenses—amounted to RMB 33.84 million, up 41.5% year on year. In addition, following the turnaround to positive operating cash flow in 2025, the Company continued to record net cash inflow for the five months ended May 31, 2026, reflecting a substantive and sustained improvement in the cash-generating capability of its core business.

The Company plans to primarily allocate the proceeds from this initial public offering to core technology R&D, focusing on iterating the Company’s end-to-end industrial VLA model, to continuously enhance the intelligence and performance of EIIR robots. In parallel, the Company will build localised overseas sales and service networks to deepenits global business footprint. In addition, the Company will allocate the proceeds for strategic investments and to foster an open, win-win application ecosystem through M&A, to expand manufacturing capacity to meet the growing order volumes.

Looking ahead, Microintelligence will seize the opportunity presented by its HKEX listing to continue to strengthen its core capabilities in industrial embodied intelligence. As the global manufacturing sector continues to advance its intelligent transformation, the Company will focus on six key dimensions—deepening customer engagement, replicating success across new industries, expanding overseas, upgrading product value, strengthening software-hardware synergies, and driving continuous AI evolution—to bring EIIR solutions into more industrial scenarios. Together with industry partners, the Company will build an industrial embodied intelligence ecosystem and create long-term value for customers and the industry as a whole.