微亿智造（03275.HK）今日启动香港公开发售。公司拟全球发售3727.58万股H股，其中香港公开发售372.76万股，占10%，国际发售3354.82万股，占90%，招股期为10月20日至10月23日，预期10月26日定价、10月28日挂牌。发售价区间为16.63至21.46港元，每手100股，入场费约2167.64港元。微亿智造定位为中国规模最大的工业具身智能机器人提供商。按2025年收入计，公司在中国EIIR市场份额达20.0%，位列行业第一。
Micro Intelligence (03275.HK) launched its Hong Kong public offering today. The company plans to globally offer 37.2758 million H shares, of which 3.7276 million are for Hong Kong public offering (10%) and 33.5482 million for international offering (90%). The offer period runs from October 20 to October 23, with pricing expected on October 26 and listing on October 28. The offer price range is HK$16.63 to HK$21.46 per share, with 100 shares per lot and an entry fee of about HK$2,167.64. Micro Intelligence positions itself as China's largest industrial embodied intelligence robot (EIIR) provider. By 2025 revenue, the company holds a 20.0% share of China's EIIR market, ranking first in the industry.
公司成立于2018年，最初从事AI外观缺陷检测设备，2022年12月收购智云天工，补上AI云平台与模型能力，2025年11月收购机械臂厂商捷勃特，补上机器人本体与运动控制，形成从感知、决策到执行的软硬件全栈闭环。核心产品EIIR应用于质检、打磨、补焊、上下料等工业场景，客户覆盖3C电子、汽车制造、新能源、快消及半导体行业，累计服务超200家客户，其中包括25家世界500强。这条路径和前面讨论的巨蟹智能、雷赛智能、祥鑫科技不同。那几家是从零部件切入机器人产业链，微亿智造是从检测设备起家，通过收购补齐AI平台和机械臂本体，最终形成全栈能力。这个路径的特点是，先有客户和场景，再补技术和硬件。
The company was founded in 2018, initially doing AI appearance defect detection equipment. In December 2022 it acquired Zhiyun Tiangong to add AI cloud platform and model capabilities; in November 2025 it acquired robotic arm manufacturer Jiebot to add robot body and motion control, forming a software-hardware full-stack closed loop from perception and decision-making to execution. Core product EIIR applies to industrial scenarios including quality inspection, grinding, repair welding, and loading/unloading, with customers covering 3C electronics, automotive manufacturing, new energy, FMCG, and semiconductor industries, cumulatively serving over 200 customers including 25 Fortune 500 companies. This path differs from the previously discussed Juxie Intelligent, Leisai Intelligence, and Xiangxin Technology. Those companies entered the robot supply chain from components; Micro Intelligence started from inspection equipment and acquired AI platforms and robotic arm bodies to eventually form full-stack capability. This path's characteristic is having customers and scenarios first, then supplementing technology and hardware.
发行结构方面，公司仅引入一名基石投资者，易北莱茵投资有限公司，按发售价认购约1570万港元股份。与同期招股的东山精密20家基石、53亿港元阵容相比，微亿智造基石阵容明显单薄，反映市场对早期硬科技标的的谨慎态度。财务数据呈现高增长与低利润的鲜明对比。公司收入由2023年的4.34亿元增至2025年的7.96亿元，三年复合增速约35.4%，2026年前五个月收入4.24亿元，同比增长22.6%。利润端波动剧烈，2023年净亏损1.14亿元，2024年扭亏盈利1570万元，2025年净利润回落至507万元，净利率不足1%，2026年前五个月净利润2250万元，同比增长220%。研发投入持续高企，2025年研发开支2.35亿元，同比增长42.8%，占营收约30%，其中算力成本一项即达1.51亿元。
On offering structure, the company introduced only one cornerstone investor, Elbe Rhein Investment Co., Ltd., subscribing to about HK$15.7 million of shares at the offer price. Compared with the same-period Dongshan Precision's 20 cornerstone investors and HK$5.3 billion lineup, Micro Intelligence's cornerstone lineup is明显 thin, reflecting market caution toward early hard-tech targets. Financial data presents a stark contrast between high growth and low profit. Revenue grew from 434 million yuan in 2023 to 796 million yuan in 2025, a three-year CAGR of about 35.4%; first five months of 2026 revenue was 424 million yuan, up 22.6% year-over-year. Profit fluctuates sharply—net loss of 114 million yuan in 2023, turnaround profit of 15.7 million yuan in 2024, net profit falling back to 5.07 million yuan in 2025 (net margin below 1%), and first five months of 2026 net profit of 22.5 million yuan, up 220% year-over-year. R&D spending remains high—2025 R&D expenditure of 235 million yuan, up 42.8% year-over-year, about 30% of revenue, with compute costs alone reaching 151 million yuan.
看点在于，公司踩中具身智能这一当前最热门的AI应用赛道，国内市占率第一，EIIR收入占比持续提升带动毛利率上行，IPO前投资方阵容包括百度、元禾控股、深创投、常州政府投资基金、松禾资本等产业与国资资本。风险在于，盈利能力薄弱，2025年净利率不足1%，研发与算力投入持续侵蚀利润，基石投资者仅一名且金额不大，国际配售认可度有待观察，港股市场对具身智能赛道尚无成熟估值锚，估值定价存在不确定性，AI赋能设备与模块类产品毛利率下行，反映市场竞争加剧，公司2025年经营现金流刚转正，持续性待验证。
The bright spots: the company rides embodied intelligence, currently the hottest AI application track; domestic market share ranks first; EIIR revenue share continues rising, driving gross margin upward; pre-IPO investors include Baidu, Oriza Holdings, Shenzhen Capital Group, Changzhou Government Investment Fund, and Green Pine Capital—industrial and state-owned capital. The risks: weak profitability with 2025 net margin below 1%; R&D and compute investment continuously eroding profit; only one cornerstone investor with a small amount, leaving international placement recognition to be observed; Hong Kong market has no mature valuation anchor for the embodied intelligence track, creating pricing uncertainty; gross margins for AI-enabled equipment and module products are declining, reflecting intensifying competition; and the company's 2025 operating cash flow just turned positive, with sustainability to be verified.
整体来看，微亿智造是港股少有的纯正工业具身智能标的，赛道标签鲜明、收入增速亮眼，但微利状态与单薄基石阵容意味着市场更愿意为其商业模式付出溢价之前，仍需看到利润端的持续兑现。最终定价落在区间上沿还是下沿，将直接反映港股资金对具身智能商业化节奏的真实判断。这个案例放在前面讨论的融资降温和IPO暂缓脉络里看，是一个具体的观察窗口。前面讨论过具身智能行业10月融资骤降到19起，也讨论过有创始人因为IPO暂缓一夜没睡，还讨论过硅谷和五道口的两种造神运动。微亿智造选择在这个时间点招股，微利状态、单薄基石、算力投入侵蚀利润，这几个特征加在一起，说明港股资金对具身智能的态度是谨慎的，愿意给赛道标签一定的溢价，但更看重利润端的实际兑现。
Overall, Micro Intelligence is a rare pure-play industrial embodied intelligence target in Hong Kong stocks—distinct track label, impressive revenue growth—but the thin-profit state and thin cornerstone lineup mean the market, before willing to pay a premium for its business model, still needs to see sustained profit realization. Whether final pricing lands at the upper or lower end of the range will directly reflect Hong Kong capital's true judgment on embodied intelligence's commercialization rhythm. Placed in the previously discussed financing cooling and IPO postponement thread, this case is a concrete observation window. Earlier we discussed embodied intelligence industry October financing dropping sharply to 19 deals, a founder losing sleep over IPO postponement, and Silicon Valley and Wudaokou's two "god-making" movements. Micro Intelligence choosing to IPO at this time point, with thin profit, thin cornerstone, and compute investment eroding profit—these characteristics together indicate Hong Kong capital's attitude toward embodied intelligence is cautious, willing to give the track label some premium but valuing actual profit realization more.
