文 | 创业最前线，作者 | 于莹，编辑 | 冯羽
10月22日，港交所披露了科大智能（300222.SZ）的上市申请材料，公司再度冲击“A+H”双重上市。
成立于2002年的科大智能，2011年登陆创业板，在公众认知里始终是一家给国家电网供货的传统配电设备厂商。
但在招股书里，公司给资本市场讲出了新故事。据弗若斯特沙利文数据，2020-2025年公司工业机械手累计收入位居中国第一，锂电行业SRM（存储与检索）堆垛机累计收入同样位列国内锂电行业第一。
只是褪去“双第一”的光环，公司机器人业务的真实成色远没有听上去亮眼，其收入占比未回归高点、核心产品之一则靠降价换订单。截至目前，科大智能的机器人业务尚未用稳定的利润证明自身成长属性。
此次募资，公司主要用于开展全球化战略，但截至今年上半年，公司海外市场收入不足2000万元，“国际化”是否只是一种融资叙事？
1、押注机器人手臂，收入占比仅有两成半
科大智能如今的业务分成两大分部，电力设备及储能，以及机器人。
电力设备及储能是公司的压舱石，核心产品包括一二次融合断路器、环网柜、馈线终端单元（FTU）、配电终端单元（DTU）等中压配电设备，以及工商业储能系统。
其中一二次融合断路器相当于配电网的“智能开关”，把分断、保护、监测、通信功能集成在一台设备里，是配电网自动化的核心部件；环网柜负责线路切换和故障隔离，哪个片区出了故障，该产品负责把故障段切出去，保住其他区段正常供电。
凭借这些设备，该板块收入从2023年的20.01亿元增长至2025年的23.14亿元，营收占比从64.5%提升至75.57%；2026年上半年实现收入11.51亿元，占比仍高达74.09%。
据了解，这部分业务的客户主要是国家电网以及石油、钢铁、冶金等行业的高能耗大型企业。由于电网体系采用“总部统筹、省级集采”的招标模式，订单高度集中于少数核心客户，直接推高了公司的大客户依赖度。
2023年-2025年及2026年上半年，公司前五大客户收入分别为12.38亿元、11.92亿元、14.72亿元及7.11亿元，占总营收比例从40.9%逐年攀升至46.7%；其中第一大客户（国家电网系）的收入占比从2023年的23.5%一路升至2026年上半年的34.5%。
公司有三分之一的营收，绑定在单一客户体系上。
与电网业务的稳健增长形成对比，机器人板块正处于“调整期”。
公司主打三类产品，工业机械手是汽车、锂电产线上的“钢铁手臂”，承担搬运、装配、上下料等工序，替代产线重复劳动；SRM堆垛机则在锂电池工厂立体仓库里负责电芯、极片等物料的自动入库出库；巡检机器人则替电力、轨道交通场景的运维人员巡场，用摄像头和传感器排查设备隐患，替代人工爬塔钻舱。
从收入规模看，2023年，机器人业务收入还有10.24亿元；2024年只剩5.86亿元，近乎腰斩，占比从33.01%滑落至21.39%；2025年修复至7.01亿元，占比22.88%；2026年上半年3.73亿元，占比24.02%，整体规模至今尚未回到2023年的水平。
公司将2024年的收入下滑归因于主动剥离亏损资产，当年出清了冠致自动化、华晓精密等主营AGV、白车身焊接线的非核心主体。剥离之后，三条产品线的分化摆上了台面。
具体来看，工业机械手是当前核心支撑，2026年上半年，工业机械手收入2.45亿元，同比增长22.4%，主要受益于锂电行业客户需求回暖；订单从去年同期的458笔增至今年上半年487笔，单笔均价也从43.7万元回升至50.4万元，是三条线里唯一实现量价齐升的产品线。
堆垛机则在以价换量。2025年，堆垛机的收入为1.76亿元，订单数量从2023年的74笔增至2025年的100笔，单笔均价却从约281.1万元跌至175.7万元，招股书解释称“竞争加剧，每笔订单收入减少”。
巡检机器人业绩正在收缩。2025年，巡检机器人尚且贡献了1.03亿元，对比2024年同期大幅提升，但今年上半年，其收入0.33亿元，同比下滑45.9%，订单从2025年上半年的27笔减至今年上半年的20笔，公司的解释是“竞争加剧导致客户订单减少”。
值得一提的是，公司在招股书中表示，2020年至2025年，其工业机械手的累计收入位居中国第一；存储和检索堆垛机（SRM堆垛机）的累计收入位居中国锂电行业第一。
但上述统计口径为“累计”而非“单年”，堆垛机也收窄到“锂电行业”的细分赛道，而非整个堆垛机市场。如此表述，其行业地位与市场认知是否将存在预期差？对此，「创业最前线」也向公司发去采访函询问，但截至发稿，对方尚未回复。
2、“缺钱”是真，国际化尚在“纸面”
根据招股书，此次赴港募资，主要巩固两大业务技术优势、拓展全球布局等，结合财务数据看，对于科大智能来说，缓解现金流压力、补充营运资金是更为现实的驱动因素。
从盈利端看，公司已走出亏损区间。2023年至2025年，公司总营收分别为30.25亿元、26.87亿元、30.15亿元；期内净利润从亏损1.71亿元，到盈利0.62亿元、0.86亿元，净利率从-5.6%修复至2.8%。2026年上半年，其净利润为1.11亿元（经调整1.31亿元）。
但现金流的季节性压力始终存在。2023-2025年全年经营活动现金流净额分别为0.24亿元、1.19亿元、1.97亿元，呈逐年向好态势。
但上半年普遍大额净流出，2025年上半年经营现金流净额为-1.04亿元，2026年上半年进一步扩大至-1.59亿元。公司坦言，受电网客户年度预算与结算周期影响，收入确认与回款高度集中在下半年四季度，上半年属于典型的“投入期”。
截至2026年6月末，公司账面现金及现金等价物仅有2.63亿元；但同期应收账款及应收票据达17.57亿元，存货10.33亿元，借款（包括流动及非流动部分）达到2.49亿元。
叠加产能扩建、研发投入、海外布局等多重开支，今年上半年，科大智能的资本开支攀升至0.62亿元，对外部融资的诉求迫切。
按招股书规划，港股募资扣除发行费用后，主要用于四大方向：巩固数字能源与机器人业务技术优势、扩大境内外销售网络、推进AIDC场景供电设备研发、补充营运资金。
其中“国际化”是重要的叙事支点。不过，2025年公司海外收入占比仅2.2%，2026年上半年仅为1.3%，今年上半年收入还不足2000万元，尚未形成规模化的海外营收。
「创业最前线」了解到，公司选择的出海路径并非从零搭建，而是“收购拿资质”。2026年5月，公司以1.51亿元收购浙江源光电气70%股权，后者主营电力变压器，持有北美UL、欧洲KEMA等海外认证，招股书明确将“快速获取全球市场资质与销售渠道”列为收购核心理由。
目前，公司大额海外订单尚未转化为收入。今年，公司与华西能源签署伊拉克巴格达Al-Daura电厂项目框架合同，暂估总价约8.85亿元（约1.3亿美元）。截至2026年上半年末，该合同仅为框架协议，尚未确认销售收入。
值得一提的是，在首次递表后，监管就对募资用途进行了问询。公开信息显示，2026年3月，中国证监会国际司曾向公司出具补充材料要求，核心问题之一便是募资的境内外用途占比、是否计划调回境内及具体比例。
目前，公司生产基地主要集中在合肥、上海，2025年海外收入占比仅2%左右，但募资用途却标注“加强全球销售网络及全球产能布局”。
对于资金究竟用于海外拓展还是回流国内补流，「创业最前线」也向公司询问，在海外业务基础极其薄弱的背景下，“国际化”更多是融资叙事，还是有清晰落地路径的战略？未来3-5年海外收入的目标占比是多少？是否有具体的海外计划，但尚未得到回复。
3、创始人IPO前套现2.5亿元
「创业最前线」注意到，就在二次递表前6天的10月16日，任职12年的老臣、董秘兼证券投资总监王家伦辞职，离职后不再担任公司及子公司任何职务。
据悉，王家伦2014年5月入职科大智能，从证券事务代表做起，2025年1月才升任董秘兼证券投资总监，在公司干了约12年，董秘任期只有1年9个月后就选择离职。其辞职系个人原因。目前，公司董秘职责暂由董事长黄明松代行。
黄明松现年55岁，是公司创始人、执行董事兼董事长，2002年起执掌公司至今，先后取得合肥工业大学产业经济学硕士、长江商学院EMBA及美国明尼苏达大学工商管理博士学位。截至招股书最后实际可行日期，其直接持有1.71亿股A股，占总股本21.84%，为单一最大股东。
2017年7月，黄明松将所持5%股份（3649.1万股）以6.18亿元总价转让给宿迁京东新盛，每股作价16.93元，双方同步宣布联手布局智能制造与智慧物流。截至2026年8月，宿迁京东新盛仍持有约1860万股，占比约2.4%，为公司第二大股东。
而在首次港股递表前，黄明松也选择将利好落地。2025年8月-10月，黄明松曾通过集中竞价与大宗交易合计减持2049万股，套现约2.5亿元。截至招股书披露的时点，其直接持有的股份中，有6365万股处于质押状态。
2024年4月，上海证监局与深交所相继对科大智能、董事长黄明松及时任财务总监兼董秘穆峻柏出具警示函。
起因是公司2023年度业绩预告与正式年报存在重大偏差，金额超出预告区间，监管认定相关责任人对业绩披露失准负有主要责任。这一监管记录，也为公司的港股信披合规性留下了审视的空间。
整体而言，科大智能的电网基本盘扎实，机器人业务有真实的产业积累与客户基础，但“第二增长曲线”尚未成型，国际化仍处于起步阶段。
二次闯关港交所，对科大智能来说不只是多开一条融资通道，也是市场对其机器人叙事、出海逻辑与治理成色的一次重新定价。
*注：文中题图及未署名图片均来自科大智能官网。
本文由 AI图鉴自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
The first line of entrepreneurship, by the author, by the editor, the editor,
On 22 October, HKC disclosed the listing of the Big Smart (300222.SZ) application, and the company hit the double listing of “A+H”.
Established in 2002, it landed on the entrepreneurship board in 2011 and remained in public awareness as a traditional distribution plant provider for the national grid.
But in the equity book, the company tells new stories to the capital market. According to Frost Sullivan, the cumulative income of corporate industrial mechanics in 2020-2025 was the highest in China, and the cumulative income of the lithium-based SRM (storage and retrieval) stacking machines was the highest in the country.
It is only the loss of the "two-first" halo, the true colour of the company's robotic business is far from brightening, its share of income is not returning to a higher point, and one of its core products is ordered at reduced prices. So far, the robotic business of great intelligence has not proven its growth properties with steady profits.
This fund-raising initiative, which is primarily aimed at implementing globalization strategies, has “internationalization” been a financing narrative, as of the first half of this year, with less than $20 million in revenues from overseas markets?
One, bet on robot arms, with only a quarter of the income.
Big smarts now operate in two major divisions, electrical equipment and storage, and robotics.
Electricity equipment and storage is the company's ballast rock, and core products include one or two integration circuit breakers, loop cabinets, feeder terminal units (FTU), distribution terminal units (DTU) and commercial and industrial energy storage systems.
One or two of these integration circuit breakers is equivalent to a “smart switch” for the distribution grid, integrating the break-up, protection, monitoring and communication functions into one device, which is the core component of the distribution network automation; the circuit switching and failure isolation of the grid cabinet, which section has malfunctioned, and the product is responsible for cutting out the faults and keeping the rest of the area under normal supply.
On the basis of these equipments, the revenue from the plate rose from RMB 2001 million in 2023 to RMB 2,314 million in 2025, and the share of the revenue collected rose from 64.5 per cent to 75.57 per cent; in the first half of 2026, income of RMB 1,151 million, or 74.09 per cent, was realized.
It is known that the clients of this sector are mainly large energy-consuming enterprises in the national grid and in the oil, steel and metal industries. As a result of the “headquarters-integrated, provincial-level” bidding model of the grid system, the high concentration of orders among a small number of core clients directly boosts corporate client dependency.
In the years 2023-2025 and the first half of 2026, the top five clients of the company received 1,238 million yuan, 1,192 million yuan, 1,472 million yuan and 711 million yuan respectively, increasing from 40.9 per cent to 46.7 per cent each year, and the top clients (the national electricity grid) rose from 23.5 per cent in 2023 to 34.5 per cent in the first half of 2026.
One third of the company ' s revenues are tied to a single customer system.
In contrast to the steady growth of grid operations, the robotic plate is in a “modification phase”.
The owner of the company engages in three types of products: the industrial mechanics are the “steel arm” on a car, lithium electric line, carrying out processes such as handling, assembly, upholstery, etc., and replacing the production line with duplicate work; the SRM stacking machine is responsible for auto-entry of the electrical core, polar tablets, etc., in the lithium battery plant stereo warehouse; and the survey robots patrol the field for the transport staff of the electric power, orbital traffic scenes, with camera and sensor screening equipment to replace the artificial climbing tower drill.
In terms of size of income, robotics earned RMB 1,024 million in 2023; only RMB 586 million in 2024, almost to the point of cutting off, from 33.01 per cent to 21.39 per cent; rehabilitation to RMB 701 million or 22.88 per cent in 2025; and RMB 377 million or 24.02 per cent in the first half of 2026, the overall size has not yet returned to its 2023 level.
The company attributed the decline in revenue in 2024 to the active divestment of lost assets, in which non-core owners of the main AGV, which was automated and sophisticated, and the white car welding line were cleared. After the stripping, the division of the three product lines took place.
In particular, industrial mechanics are currently at the core, with industrial mechanics earning $245 million in the first half of 2026, an increase of 22.4 per cent over the same period, mainly benefiting from the recovery of demand from clients in the lithium electricity sector; orders rose from 458 in the same period last year to 487 in the first half of the year, and the average single price rose from $437,000 to $504,000, the only product line in the three lines to achieve a full-price rise.
The stacking machine is at an exchange rate. In 2025, the revenue from stacking machines was $176 million, while the number of orders rose from 74 in 2023 to 100 in 2025, while the average price fell from approximately $281,000 to $1.757 million, explaining that “competition increased and income per order decreased”.
Inspection robot performance is shrinking. In 2025, the inspection robot contributed 103 million yuan, a significant increase compared to the same period in 2024, but in the first half of the year it earned 33 million yuan, a decline of 45.9 per cent over the same period, down from 27 orders in the first half of 2025 to 20 orders in the first half of the year. The company explained that “the increase in competition has resulted in fewer customer orders”.
It is worth mentioning that the company stated in its equity book that from 2020 to 2025, its industrial mechanics had the highest cumulative income in China; and storage and retrieval stacks (SRM stacks) had the highest cumulative income in the Chinese lithium sector.
However, the above-mentioned statistical calibration is “cumulative” rather than “single-year” and the stacking machine narrows down to a segmented track in the “lithium power industry” rather than the whole stacking market. Does that mean that there will be a gap between their industry position and market perceptions? In response, the Front Line in Business also sent letters of interview to the company, but as of the time of sending, the other party had not responded.
The “lack of money” is true and internationalization is still “paper”
According to the book of call, this trip to Hong Kong is mainly aimed at consolidating the two main technical advantages of the operation, expanding the global layout, and, in combination with financial data, reducing the pressure on cash flows and replenishing operating funds are more realistic drivers for the intelligence community.
On the profit side, the company has moved out of the loss zone. Between 2023 and 2025, the company received a total of $3.025 billion, $2.687 billion and $3.015 billion respectively; net profits over the period ranged from a loss of $171 million to a profit of $62 million and $86 million, with net interest rates recovered from 5.6 per cent to 2.8 per cent. In the first half of 2026, its net profit was $111 million (adjusted at $131 million).
However, seasonal pressures on cash flows persist. Net operating cash flows for the whole of 2023-2025 were RMB 24 million, RMB 119 million and RMB 197 million, respectively, with a positive trend over the years.
However, large net outflows were widespread in the first half of the year, with net operating cash flows of -104 million yuan in the first half of 2025 and further expanded to -159 million yuan in the first half of 2026. The company stated frankly that, as a result of the annual budget and settlement cycle of the electricity network clients, revenue recognition and repayments were highly concentrated in the second half of the fourth quarter of the year, the first half being a typical “input period”.
As at the end of June 2026, the company had only $263 million in cash and cash equivalents; however, receivables and notes receivable during the same period amounted to $1,757 million, inventory to $1,033 million and borrowing (both liquid and non-current) to $249 million.
In the first half of this year, capital spending by big smarts rose to RMB 62 million, demanding external financing.
In accordance with the book collection plan, the Hong Kong Unit raises funds less the cost of distribution and is used in four main directions: consolidation of the technological advantages of digital energy and robotics operations; expansion of internal and external distribution networks; promotion of the development of power supply equipment for the AIDC site; and replenishment of operating funds.
“Internationalization” is an important narrative point. However, in 2025, companies accounted for only 2.2 per cent of overseas revenues, compared to 1.3 per cent in the first half of 2026, and less than $20 million in the first half of the year, which has not yet resulted in a scalable offshore harvest.
The Front Line of Enterprise has learned that companies do not choose to go to sea from a zero-sum approach, but rather to “take up the qualifications”. In May 2026, the company acquired 70 per cent of the shares of Zhejiang Source Light and Electrical at a cost of $151 million, the latter being the main power transformer with overseas certifications such as UL North America and KEMA Europe, and the equity statement explicitly listed “quick access to global market qualifications and distribution channels” as the central reason for the acquisition.
At present, large overseas company orders have not been translated into income. This year, the company signed the framework contract for the Al-Daura power plant in Baghdad, Iraq, with the Washington Energy Agency, for a provisional estimate of approximately $885 million (approximately $130 million). By the end of the first half of 2026, the contract was only a framework agreement and no revenue from sales had been recognized.
It is worth mentioning that, after the first submission of the forms, the regulations have questioned the use of the funds raised. Public information indicates that in March 2026, the International Division of the CSRC issued a request for additional material to the company, one of the core issues being the proportion of funds raised for internal and external purposes, and whether there are plans to repatriate within the country and specifically.
At present, the company's production base is concentrated mainly in co-fertilizer and Shanghai, with foreign revenues accounting for only about 2 per cent in 2025, but the purpose of fund-raising is to “strengthen global distribution networks and global production capacity configurations”.
Whether funds are used for overseas expansion or for re-flowing domestic flows, the “front line of entrepreneurship” also asks companies whether, in a context of extremely weak business bases abroad, “internationalization” is more a financial narrative or a clear-cut strategy? What is the target share of overseas revenues for the next 3-5 years? There are no specific overseas plans, but no response has been received.
Three, 250 million before IPO.
The Front Line of Entrepreneurship noted that on 16 October, six days before the second submission, Wang Lwin, who had served for 12 years, resigned from his post and ceased to hold any position in the company or subsidiary.
According to the information received, Wang Jiarun, who had assumed the position of head of the firm in May 2014, had only been promoted to the post of Secretary and Director of Securities and Investments in January 2025, and had been in the firm for about 12 years and had opted to leave office after only one year and nine months. Their resignation was a personal cause. At present, the Executive Secretary of the company is temporarily in charge of the Chairman of the Board.
Huang Myung-soon, 55 years old, founder, executive director and chairman of the company, has been in charge of the company since 2002 and has received master ' s degrees in industrial economics from the Fertilizer Industry University, EMBA from the Yangtze Business School and doctorate in business management from the University of Minnesota, United States. As of the final practical date of the call, it held 171 million shares of Unit A, or 21.84 per cent of total equity, and was the single largest shareholder.
In July 2017, Huang Myung-soon transferred the 5 per cent share (36.491 million shares) at a total price of $618 million to the capital of the Republic of Korea at a cost of $16.93 per share. The parties simultaneously announced the joint layout of intelligent manufacturing and intelligent logistics. As of August 2026, Sino-Kyoto still held approximately 18.6 million shares, representing about 2.4 per cent of the company ' s second largest shareholders.
However, before the first Hong Kong stock pass, Huang Ming-soon also chose to settle the land. From August to October 2025, Huang Ming Song had a combined reduction of 2.04 million shares with large transactions through a centralized bid, with a cash balance of approximately $250 million. As of the time of disclosure of the book, 63.65 million shares were pledged out of the shares held directly.
In April 2024, the Shanghai Censorship Authority, in conjunction with the In-Situation Centre, issued a timely warning letter to Hwang Myung-soon, Chairman of the Board of Directors, who was the Financial Director and Chief of the Department of Finance.
This is due to a significant deviation between the company ' s 2023 performance forecast and the official annual report, the amount of which exceeds the forecast range, and the regulatory assumption that the responsible person is primarily responsible for the incorrect performance disclosure. This regulatory record also leaves room for scrutiny of the company ' s port equity.
Overall, the large-smart grid is solid and robotics have a real industrial build-up and customer base, but the “second growth curve” has not yet taken shape and internationalization is still in its infancy.
A second break-in of the port is not just an additional finance channel for big intelligence, but a re-pricing of the market for its robotic narratives, oceanic logic and governance.
*Note: The title and unsigned pictures of the text are from the Great Intelligence Network.
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