Zhejiang Karrys Technology Group Co., Ltd. (Stock Code: 2729.HK) successfully listed on the main board of the Hong Kong capital market on March 24, 2026. The company is positioned as a leading provider of comprehensive intelligent in-stock logistics robots in China, boasting extensive robot technology capabilities and a diversified portfolio of independently developed robot products. It covers a wide range of core in-stock logistics functions with high and effective payload specifications, providing industry-leading modular and scalable comprehensive intelligent logistics solutions. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Zhejiang Karrys Technology Group Co., Ltd., and hereby warmly congratulates them on their successful listing.
Zhejiang Kailux Technology Group Co., Ltd. (hereinafter referred to as 'Kailux') successfully listed on March 24, 2026. The company issued a total of 3,679.8 million H shares, of which approximately 10% were publicly offered in Hong Kong and about 90% were international offerings. The maximum selling price per share was HK$20.4, raising a total of up to HK$750 million.
During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and providing assistance to the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.
Frost & Sullivan has always been a leader in helping companies go public in Hong Kong. According to LiveReport's big data, from January to December 2025, as well as during the past 36 months, Frost & Sullivan provided listing industry advisory services for 82 (market share of 73%) and 180 (market share of 71%) Hong Kong IPOs respectively, ranking first in terms of number. It has rich industry experience and communication skills with regulatory authorities, exchanges, investment and financing institutions, and various related organizations.
PART/ 1
Investment highlights
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Based on the shipment volume of VNA AMRs in 2024, our company ranks first in China;
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Based on the shipment volume of quadcopters in 2024, our company ranks third in China.
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Global PCB Market Overview
In-plant logistics refers to the movement, access, and management of materials and goods within facilities (such as warehouses, distribution centers, or manufacturing plants). Based on business needs, logistics models, operational processes, and technical requirements, in-plant logistics can be broadly divided into two major application scenarios: circulation and manufacturing. From 2020 to 2024, the global in-plant logistics market size grew steadily, from RMB 1.7346 trillion in 2020 to RMB 2.3369 trillion in 2024, and is expected to reach RMB 3.6674 trillion by 2030. The Chinese in-plant logistics market occupies an important position globally. From 2020 to 2024, the scale of the Chinese in-plant logistics market expanded from RMB 680 billion to RMB 993.2 billion, with a compound annual growth rate of 9.9%. It is expected that by 2030, the scale of the Chinese in-plant logistics market will reach RMB 1.6545 trillion, with a compound annual growth rate from 2025 to 2030 of 8.7%. Intelligent in-plant logistics refers to the modernization of in-plant logistics operations through the integration of advanced equipment systems (such as shuttle cars, AMR/AGV, and conveyor sorting robots), as well as software architecture and Internet of Things technology. Compared to non-intelligent in-plant logistics solutions, intelligent in-plant logistics solutions provide higher flexibility and adaptability, enabling real-time adjustments and optimization in dynamic environments, and can significantly improve operational efficiency and reduce labor costs. Compared to non-intelligent in-plant logistics solutions, intelligent in-plant logistics solutions are estimated to provide a 30% to 50% improvement in operational efficiency and a reduction of 40% to 60% labor costs. These advantages have driven the steady growth of the penetration rate of the intelligent in-plant logistics market, with the global penetration rate expected to increase from 19.5% in 2024 to 27.0% by 2030. During the same period, the market penetration rate in China is expected to increase from 17.7% to 25.0%.
Driven by increasing labor costs, operational complexity, and growing demand for efficiency, the global intelligent indoor logistics market has steadily grown, from RMB 270.6 billion in 2020 to RMB 455.1 billion in 2024. It is predicted that it will reach RMB 991.9 billion by 2030, with a compound annual growth rate of 13.7% between 2025 and 2030. China is an important market for the intelligent indoor logistics industry, with the market size growing from RMB 96 billion in 2020 to RMB 175.9 billion in 2024, during which the compound annual growth rate was 16.3%. It is expected that by 2030, the market size will reach RMB 413.7 billion, with an estimated compound annual growth rate of 15.1% between 2025 and 2030.
Global and China's Intelligent In-Store Logistics Market Size, 2020 to 2030 (Forecast)
Data source: Analysis by Frost & Sullivan
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Overview of China's Intelligent Indoor Logistics Robot Industry
The development of intelligent indoor logistics is closely related to the progress of robotic systems, which have become a key enabling technology for modern facility automation. The core of intelligent indoor logistics robots is the integration of advanced technologies such as navigation and positioning, motion control, autonomous driving, multi-robot collaboration, and AI to automate key tasks within facilities such as material storage and retrieval, handling, and sorting. The main types of intelligent indoor logistics robots include:
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Shuttle vehicles: Shuttle vehicles consist of material handling robots equipped with bins and pallets. These robots are mainly divided into two types: four-directional shuttle vehicles, which can move in all directions (front, back, left, right); and two-directional shuttle vehicles, which are limited to linear reciprocating motion. With the support of high-speed elevators, shuttle vehicles are primarily deployed in high-standard warehouses and three-dimensional storage facilities. Their compact size and flexible movement capabilities facilitate high-density inventory handling within racks.
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Mobile robots (AMR/AGVs): AMRs typically use SLAM and QR code technology for navigation, and enhance their dynamic path planning capabilities through AI applications, enabling them to flexibly transport materials (such as pallets and bins). AGVs, on the other hand, reliably transport such materials along predefined paths. Very Narrow-Area Mobile Robots (VNA AMRs) are a type of AMR specifically designed for warehouse environments with very narrow passages (usually less than 1.8 meters wide). VNA AMRs use high-precision positioning and navigation technology to automatically transport and sort items between shelves within limited space. These AMRs are equipped with lifting systems and can also access multi-layer vertical storage of goods. In contrast, other AMRs emphasize flexibility and are more suitable for open spaces and frequently changing logistics centers or production workshops. VFR is a type of VNA, and VNA is a type of AMR.
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Conveyor and Sorter Robot (CSR): CSR is designed to handle various materials, capable of continuously transporting materials while performing high-speed handling, precise picking, and sorting operations. These robots are equipped with sensors, machine vision cameras, and other intelligent recognition systems that can identify item shapes through image recognition systems, sort items using other sorting equipment such as robotic arms or conveyor belts, and then transport and place the items at designated locations, thereby achieving high-speed transportation and sorting of goods.
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Other robots: Other robots consist of RGVs and stacker cranes. An RGV is a vehicle that runs on tracks for material handling in warehouses and manufacturing facilities. A stacker crane is equipped with forks or trolleys as handling devices, specifically designed to pick up, stack, or retrieve unitized goods from high shelves in industrial locations such as warehouses and workshops.
The value chain of intelligent indoor logistics robots includes three major segments: upstream, led by component manufacturers, which supply core hardware (sensors, motors, reducers, and other mechanical/electronic parts); midstream, relying on solution providers; and downstream, which connects deployment. Among them, the midstream segment, as the backbone of value creation, focuses on three core activities: proprietary technology research and development, hardware production, and robot deployment and system design. Relying on seamless integration of hardware and software and such design capabilities, our downstream deployment is compatible with various scales, enabling small-scale robot deployments and large-scale integrated systems.
Intelligent In-venue Logistics Robot Industry Value Chain
Data source: Analysis by Frost & Sullivan
The intelligent indoor logistics robot market is mainly composed of two types of companies: comprehensive solution providers and specialized solution providers. Comprehensive solution providers integrate various robot systems, including storage/retrieval, material transportation and conveying, as well as sorting operations, to provide end-to-end solutions. In contrast, specialized solution providers stand out through their in-depth expertise in specific robot categories. In 2024, global comprehensive solution providers generated revenue of RMB 28 billion, accounting for 23.7% of the total market revenue. It is expected that this share will steadily increase during the forecast period, reaching an estimated 28.7% by 2030.
Global market scale of intelligent indoor logistics robots (by enterprise type)subsequently, from 2020 to 2030 (forecast)
Data source: Analysis by Frost & Sullivan
The intelligent indoor logistics robot market serves multiple end-user industries, with automotive, new energy, and pharmaceuticals being the main application areas. The growth of the global intelligent indoor logistics robot industry is mainly due to the continuous increasing demand from downstream applications. For example, in the automotive industry, the shift towards intelligent manufacturing and the demand for higher production efficiency and flexibility are driving the adoption of advanced indoor logistics solutions. In 2024, intelligent indoor logistics robot suppliers generated revenue of RMB 303 billion in the automotive manufacturing sector, RMB 193 billion in the new energy sector, and RMB 187 billion in the pharmaceutical sector, accounting for 25.6%, 16.3%, and 15.8% of total revenue respectively. During the forecast period, the market shares of automotive, new energy, and pharmaceuticals are expected to continue rising, reaching 28.2%, 21.3%, and 16.5% by 2030 respectively. The lithium battery industry is part of the new energy sector. Affected by factors such as the slowdown in new energy vehicle sales growth and temporary overcapacity, the pace of capacity expansion in the lithium battery industry has significantly slowed down, reducing the downstream industry's demand for intelligent indoor logistics robots.
Global Intelligent Indoor Logistics Robot Industry Market Size (by End-user Industry), 2020 - 2030 (Forecast)
Data source: Analysis by Frost & Sullivan
The global intelligent indoor logistics robot market is still relatively fragmented, with both comprehensive system providers and specialized manufacturers competing. Comprehensive intelligent indoor logistics robot companies offer end-to-end systems by integrating multiple robot systems in access, sorting, picking, conveying, and handling operations. Specialized manufacturers differentiate their market through their deep expertise in specific robot categories. The competitive landscape also includes enterprises that operate non-core but commercially significant intelligent indoor logistics robot businesses. In the Chinese market, the top five comprehensive intelligent indoor logistics robot companies together account for 12.6% of the market share. We have positioned ourselves among the top five with a market share of 1.6%, establishing a significant market position by virtue of our proprietary robot products and systems, as well as our performance in implementing advanced automation solutions for industry-leading enterprises. Excluding these top five leading companies, it is estimated that there are about 100 other comprehensive intelligent indoor logistics robot companies in the market.
2024 China's Comprehensive Intelligent Indoor Logistics Robot Enterprise Ranking
Data source: Company reports, Frost & Sullivan analysis
PART/ 4
Driving Factors and Trends of China's Intelligent Indoor Logistics Robot Industry
● Optimize resources through high-density automation
Rising operating costs, scarce land resources, and labor shortages have accelerated the transition towards high-density automated warehouse solutions. Advanced shuttle carts equipped with multi-layer racks maximize space utilization while achieving ultra-fast storage and retrieval. These solutions automate operations with minimal space occupation, effectively alleviating cost pressures and improving operational efficiency. Intelligent scheduling systems further optimize warehouse configurations and retrieval efficiency, making such solutions particularly suitable for facilities with limited space but requiring high-precision logistics management.
● Technological Breakthroughs and AI Integration
The application of core robot technologies such as sensors and SLAM, as well as AI tools, in robot development and deployment has greatly improved the navigation, path planning, and autonomous decision-making capabilities of intelligent indoor logistics robots. The emergence of embodied intelligence in VNA AMR products has changed the way machines interact with their physical environment and human operators, and advanced multi-robot systems provide unprecedented operational flexibility for complex warehouse environments. With enhanced adaptability, robots can transform from rigid automation tools into adaptive logistics partners, thereby accelerating cross-case deployments. The rapid development of robot technology and AI has greatly improved robot performance. For example, in terms of perception technology, breakthroughs in vision technology enable robots to achieve high-precision positioning and cargo recognition in complex environments, significantly improving operational efficiency and accuracy. In warehouse operations, AI-driven scheduling algorithms optimize the deployment of AMR/AGVs, thereby reducing idle time and increasing operational throughput by about 20% to 40%. In addition, predictive maintenance models can detect potential equipment failures early, minimizing downtime and reducing maintenance costs by up to 30%.
● The deepening of operational complexity has led to a demand for specialized capabilities.
As logistics operations become increasingly complex, the demand for suppliers with a deep understanding of logistics scenarios and industry-specific requirements is also growing. The increasing operational complexity and pressure to optimize workflows require intelligent in-plant logistics providers to offer effective solutions through strategic robot deployment or comprehensive systems that address specific challenges. As the complexity of logistics operations continues to rise, having both technical strength and strong operational insight will become increasingly important for sustained market success.
● Intelligent evolution from in-venue logistics to end-to-end supply chain optimization
Major enterprises are accelerating their digital transformation through AI development initiatives and intelligent manufacturing upgrades. This technological integration has broken through the limitations of traditional in-person logistics, achieving comprehensive supply chain optimization and solving problems for enterprises of all sizes from warehouse management to last-mile delivery. The increasingly widespread application has bridged the gap between human and machine collaboration, solved complex logistics problems, reshaped business models in the digital age, and ultimately provided customers with faster and more reliable services.
● Favorable government policies
Governments around the world have introduced policies to upgrade production, promote intelligent technologies, and develop AI infrastructure, with intelligent logistics robots being listed as a priority development area. The Chinese government has introduced several supportive measures, including the 2023 "Robot +" Application Action Implementation Plan jointly issued by departments such as the Ministry of Industry and Information Technology, which proposes to build an intelligent logistics system centered on robots and achieve digitalization of commercial logistics. The "14th Five-Year Plan" for Modern Logistics Development outlines the construction of intelligent and green logistics systems, and local governments' deployment of "unmanned factories" also supports the growth of the intelligent in-plant logistics robot industry. In addition, the "Special Action Plan for Accelerating the Development of Digital and Intelligent Supply Chains" aims to promote the application of intelligent automated warehouses, AMR/AGVs, and unmanned delivery vehicles, strengthen the intelligent scheduling of people, vehicles, and goods, and achieve the development goal of reducing the comprehensive logistics costs of society as a whole.
● Chinese in-stock logistics robot companies are accelerating globalization
Chinese indoor logistics robot enterprises mainly expand into international markets through two methods. Firstly, they keep up with the global expansion of Chinese companies in fields such as e-commerce and manufacturing by providing intelligent indoor logistics solutions for these overseas businesses, thereby rapidly expanding their overseas market footprint. Secondly, they are establishing strategic partnerships with leading global integrators. Such collaborations help integrate their technology into large-scale indoor logistics projects, enhance their brand awareness, and improve their adaptability to local markets. Through these two paths, Chinese indoor logistics robot enterprises have not only expanded their global reach but also accelerated technological iteration and industrial ecosystem construction by leveraging diverse application scenarios and global customer needs.
