Embodied AI & Robotics

Hai Robotics

海柔创新

Inventor of the ACR tote-climbing category and the global share leader in it, now on its second HKEX filing with a RMB 5.25bn redemption liability hanging over the cap table.

Website

Headquarters: Shenzhen, Guangdong, China
Region: Shenzhen
Founded: 2015
Stage: Series D+

Overview

Shenzhen-based Hai Robotics was founded in 2015 by three HKUST alumni — Chen Yuqi, Xu Shengdong and Fang Bing — and pioneered the ACR (autonomous case-handling robot) category: robots that climb racking to grab individual totes, so a warehouse can raise density without structural modification. By 2025 revenue and units shipped it was the world's largest ACR solutions provider with more than 30% share, per China Insights Consultancy. Revenue grew from RMB 807 million in 2023 to RMB 1.36 billion in 2024 and RMB 2.02 billion in 2025, with gross margin rising from 16.0% to 31.2%; the 2026 interim period added RMB 1.12 billion at a 34.4% margin. Losses remain heavy: RMB 1.01 billion, RMB 1.26 billion, RMB 828 million and RMB 431 million across those periods, a cumulative RMB 3.52 billion. Much of that stems from redemption liabilities owed to investors — RMB 5.25 billion at end-June 2026, costing roughly RMB 200-290 million of interest a year — against RMB 1.42 billion of cash and a net current liability position of RMB 4.38 billion. The company has raised about RMB 4.13 billion across 15 rounds, with a RMB 10.9 billion post-money valuation after its E round. It filed with the HKEX in February 2026, let that lapse, and refiled on 13 September 2026 with Goldman Sachs and CITIC Securities as joint sponsors.

4Products 1People 1Company links

Products

HaiPick Climb (闪攀系统)

Single-side climbing ACR solution supporting storage heights up to 15 metres; the double-deep version packs up to 45,000 totes into 1,000 square metres.

HaiPick Systems (货箱到人系统)

ACR families for high-density storage, order buffering and whole-case handling.

HaiQ platform (智慧仓储管理平台)

Warehouse management and robot scheduling software with a modular algorithm library.

Full-cycle service (全周期服务)

Solution design, on-site deployment and post-sale maintenance packages sold alongside the hardware.

Highlights

01World's largest ACR solutions provider by 2025 revenue and units shipped, with more than 30% share.
02Revenue RMB 807m (2023) → RMB 1.36bn (2024) → RMB 2.02bn (2025); 2026 interim RMB 1.12bn at a 34.4% gross margin.
03Cumulative loss of RMB 3.52bn over 2023 to H1 2026, driven largely by RMB 5.25bn of redemption liabilities carrying RMB 200-290m of annual interest.
04Raised about RMB 4.13bn across 15 rounds; E-round post-money valuation RMB 10.9bn.
05Refiled with the HKEX on 13 September 2026 after the February filing lapsed; sponsors are Goldman Sachs and CITIC Securities.
06Founder Chen Yuqi holds 7.92% of equity but 63.23% of voting rights under a WVR structure.