Robot Phoenix

On May 18, 2026, the Hong Kong Stock Exchange rang out with an exhilarating gong. Zhejiang Yifeismart (phone, system, bomb etc)Technology Co., Ltd. (Stock Code: 06871.HK) was officially listed, with the public offering phase recording an astonishing14855.4 times oversubscribed，涉及资金高达5643亿港元，一举加冕港股史上”超购王”桂冠。首日股价高开近80%，Market Capitalization飙升至约145亿港元。

This enterprise started from a small workshop in Jinan, with thirteen years, out of a ”built to sell” to ”light industry, the first full range of robots,” the road of reversal. Its story is China'sindustrial robotA vivid microcosm of the transition from nothing to something, from following to breaking through.

First, the company: the school bully entrepreneurship, aiming to break the ”necklace”

Robot Phoenix was formerly known as Jinan Yifei Automation Technology Co., Ltd., which was established in Jinan, Shandong in June 2012. After restructuring into a joint-stock company in 2025, it relocated to Yuhuan City, Taizhou, Zhejiang Province, and was renamed Zhejiang Yifei Intelligent Technology Co., Ltd. The company is a national-level “Specialized, Refined, Distinctive, and Innovative” (SED) “Little Giant” enterprise that integrates the R&D and manufacturing of industrial robots, the development of control systems and vision systems, and the integration of automation systems. It specializes in the design, R&D, manufacturing, and commercialization of industrial robots, with a deep focus on light industrial applications.

Zhang Sai, the founder of the company, was born in Jinan in 1983 and is a real ”academic entrepreneur”. He graduated from Tsinghua University with a Bachelor's degree in Thermal Engineering, then went to Columbia University in the U.S. to pursue a Master's degree in Mechanical Engineering, and then obtained a PhD degree in Advanced Manufacturing Engineering from Tsinghua University in December 2024, with more than 17 years of experience in Mechanical Engineering, Intelligent Manufacturing, and Business Management.

Zhang Sai's entrepreneurial beliefs, stemming from the embarrassing reality of China's manufacturing industry before and after 2010: the core technology was ”strangled”, high-end equipment is highly dependent on imports, domestic robots in the market almost no say. His ambition - ”Let China have its own high-end industrial robots, so that ”Made in China' is no longer subject to others."

Up to now, Robot Phoenix has completed 12 rounds of financing, totaling about 634 million yuan, with the last round valued at 3.604 billion yuan. The shareholder lineup is star-studded, including Broadband Capital, JasTech, Fengrui Capital, Chunhua Capital, Tsinghua Ginkgo, Qidian Star and other well-known organizations, in which ”Tsinghua Department” capital is deeply involved. The company has subsidiaries in Shanghai, Hangzhou, Shenzhen, Suzhou, Wuhan, Linyi and other places, the R & D team of more than 229 people, accounting for 36.4% of the total number of people, with an average of 9 years of experience.

Second, the course of development: from the darkest moment to the Hong Kong Stock Exchange bell ringing thirteen years of the journey

The growth history of Robot Phoenix is not a smooth and straight path, but a history of struggle to find hope in despair and forge resilience in hardship.

2012In October, the first prototype was successfully developed. At that time, industrial robots in the country is still a niche field, parallel robots are few companies involved, many people say that this is a ”difficult road”.

2013The first parallel robot ”Xunyi” prototype was completed, but encountered the dilemma of no one asked for it. Zhang Sai led the team to run all over the country factories, creatively launched the ”first trial, good use and then buy the bill” mode of cooperation, with the sincerity of knocking on the door of the market. Shandong Hualu Pharmaceutical became the first ”crab” customer of Yifei Technology.

2014The Swiftwing Parallel Robot was officially launched and started large-scale production.

2015The company completed its Pre-A round of financing, opened a new plant for its headquarters expansion, and set up a branch in Shanghai.

2016The company completed the A round of financing and was awarded the title of ”Most Valuable Investment Enterprise of the Year” by GG Robotics. However, this year, the company encountered the most serious crisis - thecash-flow disruptionAt one point, the company was on the verge of dissolution. At the critical moment, Zhang Sai sold his personal property to buy back the shares, and survived the dark moment. In the same year, the company took the landmark order - Unilever Shanghai Jinshan factory seasoning packaging line project. In order to take this extremely demanding customer, Zhang Sai led the team to rent a plant near the factory, 1:1 replica production line, and even hired people to manually put bottles on the conveyor belt, so that the robot on-site to complete the whole process demonstration, and ultimately with accurate and stable performance to win the recognition of Unilever.

2017The company was honored with Chapec's ”Industry Application of the Year Award” and completed its Series B financing.

2018, it was a milestone year for Wingfeather Technologies - parallel robot shipments jumped to the head of the nation'sRepeat positioning accuracy of 0.08 mmIn the same year, the company was selected as a gazelle enterprise in National High-tech Zone, and became one of the leading enterprises in the international market, truly realizing the market breakthrough of domestic parallel robots. In the same year, it was selected as a gazelle enterprise in National High-Tech Zone.

2019In addition, the company entered into a strategic cooperation with GLP to build the Puyi Robotics Industrial Park; and a subsidiary of Hangzhou Yidao was established.

2020, to help the production of epidemic prevention materials during the epidemic, while releasing the Junwing small six-axis robot.

2021Honored withNational Specialized, Specialized and New ”Small Giant” EnterprisesTitle, relocated to Puyi Robotics Industrial Park.

2022The D round of financing was completed. Zhang Sai led the team to conduct a profound strategic reflection - from ”non-standard customization” to ”standardization”. He put forward the core idea of ”finding commonality in non-standard products, customized modularity”, and refined the industry scene data accumulated over the years into ”plate module”, ”stacking module”, ”bagging module”, "bag handling module" and "bagging module". "Bag handling module" and other standardized modules. This transformation has made the revenue share of robot body jump from 5% in 2022 to 31.9% in 2025.

2023The revenue exceeded 200 million yuan, and the domestic market share of domestic industrial robots surpassed that of foreign brands for the first time (52.45%), and the monopoly of the ”Four Families” (ABB, Kuka, Fanuc, Yaskawa Electric) was completely broken.

2024, with revenues of $268 million, ranked fifth among China's light industrial robotics and solutions providers in terms of 2024 revenues. Overseas revenue was $26 million in the same year.

2025The company's revenue reached 387 million yuan, an increase of 44.5% year-on-year, according to the revenue in 2025 to leap to China's fourth largest light industrial robot supplier. released the first humanoid robot ”Hongjun” in November, officially cut into the body intelligence track. in June, the company filed its first Hong Kong prospectus, which lapsed in December.

2026The company updated its submission form in January, launched its global offering on May 8, and officially landed on the Hong Kong Stock Exchange on May 18, becoming the first 18C special-purpose technology stock in Hong Kong.

Products and Services: ”Brain-Eye-Hand-Foot” Full-Stack Self-Research Technology Ecology

The most core competitiveness of Robot Phoenix lies in its self-developed“Brain-Eye-Hand-Foot” Full-Stack Technology EcosystemThis is extremely rare among domestic industrial robotics companies.

“Brain” - Gorilla (Spirit Monkey) control system: Realize intelligent decision-making, high-speed and high-precision motion and real-time multi-robot collaboration, support one-control-multiple technology, a master controller can drag multiple, multiple configurations of machines, integrated PLCopen specification of motion control commands.

“Eye” - Kingkong Vision System: VisionPower Universal Intelligent Vision Platform based on 3D imaging and deep learning algorithms for high-precision dynamic tracking.

“Hands” - full range of robot bodiesThe company has six product lines - Bat series parallel robots, Python series SCARA robots, Mantis series 6-axis industrial robots, Camel series AGV/AMR mobile robots, Lobster series wafer handling robots, as well as the supporting Gorilla and Kingkong controller series. The load capacity covers 0.5 kg to 20 kg, and the repeat positioning accuracy is up to ±0.05 mm.

“Foot” - Camel Mobile Platform: Autonomous navigation and dynamic obstacle avoidance to support flexible logistics within the production line.

Based on this technology ecosystem, Robot Phoenix provides products covering loading and unloading, sorting, pick and place, packaging, visual inspection, assembly, gluing and so on.More than 1000 specific application scenariosThe one-stop smart manufacturing solution serves a wide range of industries including consumer electronics, automotive parts, medical and healthcare, FMCG, semiconductors, warehousing and logistics.

First humanoid robot released in November 2025“Hongjun” (Hogene)It is also a bright spot in the market. The product adopts lift + wheeled composite control architecture, with omnidirectional movement and 62 cm narrow space penetration ability, robotic arm positioning accuracy ± 0.05 mm, load capacity of 5 kg, equipped with self-research YiBrain multimodal large model. Zhang Sai has a sober judgment on this: ”Moving boxes, screwing screws may not be the real demand, we do not need to go backward and do it again with a body or humanoid.” Wing Fei's body intelligence route, from the industrial segmentation scene, targeted to solve the production line layout temporary optimization, new product reconfiguration and other ”hardcore” issues.

Fourth, market competitiveness: triple moat to build competitive barriers

The market position of Robot Phoenix can be explained by a set of hardcore statistics.

Financial performanceThe company's revenue grew from 201 million yuan in 2023 to 387 million yuan in 2025, with a three-year compound growth rate of about 39%, and in the first three quarters of 2025, it was a year-on-year surge of 71.5%. The compound annual growth rate of the robotics business was more than 1,18%, and its revenue share jumped from 12.8% to 31.9%, so that its standardized strategy has achieved remarkable results. The effectiveness of the standardization strategy is obvious.

In terms of industry statusWith a total revenue of US$1.5 billion in 2025, Wingfei Technology is the fourth largest light industrial robotics and solutions provider in China (ranked by domestic companies), and one of the few companies in China with comprehensive coverage of industrial robots and related robotics solutions on a scale. The Company holds271 authorized patents(including 36 invention patents) and 79 software copyrights, with nearly 275 direct sales customers, including industry leaders such as Dong'a Gum, Lance Technology, Huaxi Bio, Gore, Unilever, BYD and Foxconn.

In terms of technical barriersRobot Phoenix is one of the very few companies in China that have realized independent research and development of control system, vision system and robot body, which is different from most integrators. This full-stack self-development capability enables it to respond quickly to the needs of different industries through standardized modules such as ”plate-setting module” and ”plate-stacking module”, which significantly improves delivery efficiency and reduces costs.

GlobalizationThe products have been distributed in 29 provinces, autonomous regions and municipalities in China, and exported to 25 overseas countries and regions such as Europe, North America, Latin America and Southeast Asia, etc. Overseas revenue of 0.26 billion yuan in 2024 will increase to 0.38 billion yuan in 2025, with a year-on-year growth of over 46%.

Frost & Sullivan's report pointed out that China's light industrial robotics market grew from 12.3 billion yuan in 2020 to 20.9 billion yuan in 2024 (CAGR 14.2%), and is expected to reach 43.8 billion yuan in 2029. Under the wave of domestic substitution, Wingfei Technology, as the fourth-ranked domestic enterprise, has huge room for growth.

V. Prospects for Development: Body Intelligence + Globalization, Two-Wheel Drive for the Future

Standing on the stage of the Hong Kong Stock Exchange, the future picture of Robot Phoenix is unfolding.

First, embodied intelligence opens up a second growth curve. The ”Hongjun” humanoid robot released in 2025 marks the company's strategic leap from traditional industrial robots to embodied intelligence. Zhang Sai firmly believes that ”industrial robots themselves are a kind of ’embodied intelligence”, which is a combination of body and brain. the development of AI is a leap, when the robot is able to learn and make decisions on its own, and no longer simply mimic the operation of human beings, the comprehensive intelligence of industrial manufacturing will come. " Wingfei Technology has real production data accumulated through years of partnership with thousands of companies, which is the biggest advantage of its body intelligence research and development that is always in line with industrial reality.

Second, the standardized product strategy releases profit potential. Robot body revenue ratio from 5% to 31.9%, means that the company is from the ”system integrator” in the low gross profit trap breakthrough, to the transformation of high value-added product-oriented enterprises. With the scale effect, profitability inflection point is worth looking forward to.

Thirdly, globalization is expanding at an accelerated pace. The IPO raised about HK$673 million, of which about 28% will be used for overseas business network construction. In the ”four families” monopoly is broken in the background, China's robots are ushering in a historic opportunity to go overseas, Wing Fei technology is expected to become a light industrial robotics field of ”overseas pioneer”.

Fourth, fundraising empowers capacity and R&D. The IPO funds will be mainly utilized in the direction of robotics technology development (40%), production base construction (28%), and overseas business expansion (12%), which will provide sufficient ammunition for the company's next stage of leapfrog development.

Of course, the challenges should not be ignored as well. The company's cumulative net loss from 2022 to 2024 exceeded 240 million yuan, and the net loss in the first three quarters of 2025 amounted to 126 million yuan, with a gearing ratio as high as 88.42% and inventory turnover days of 445 days. The contradiction of increasing revenue without increasing profit, the stability of the supply chain of core components, and the fierce competition in the market are all hurdles that Robot Phoenix must cross.

concluding remarks

From a small factory in Jinan Hi-tech Zone, to the Hong Kong Stock Exchange ringing stage; from the plight of ”built to sell” to the 14,900 times oversubscription of the capital of the carnival - Robot Phoenix with thirteen years to prove a thing:Chinese industrial robots, not only survive, but also live a wonderful life.

As Zhang Sai said, ”Taking the responsibility of promoting the intelligentization process of national industry, we are committed to becoming an international first-class robot brand.” The wings of Robot Phoenix have been opened, and it is the right time for the intelligent leap of China's manufacturing.