机器人公司“天链”拟冲刺科创板

Core Viewpoint - Sichuan Tianlian Robot Co., Ltd. (referred to as "Tianlian Robot") has signed a counseling agreement with Huazhang Securities for its initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, leading to a significant increase in its stock price by over 17% on July 31 [1][3]. Company Overview - Tianlian Robot, established in 2012, is a national high-tech enterprise based in Mianyang, Sichuan, focusing on the research and development of robots and related components, including harmonic reducers and collaborative robots [4]. - The company has developed a humanoid robot, T1pro, which stands 160 cm tall and weighs 43 kg, featuring 71 degrees of freedom, and is currently undergoing testing in various application scenarios [4]. Financial Performance - The company has not yet achieved significant production scale, with its humanoid robot products not having been shipped as of June 2025. In June, only one humanoid robot was produced and one collaborative robot was shipped [5]. - The production and shipment of harmonic reducers, a key product, have declined, with a 50.89% year-on-year decrease in production and a 35.34% decrease in shipment in June [5]. - Tianlian Robot reported revenues of 21.39 million yuan and 29.91 million yuan for 2023 and 2024, respectively, with a compound annual growth rate of 12.03% over the last three years. However, the company has not been profitable, with negative cash flow and a gross margin below 30% [8]. Strategic Partnerships - The company has signed strategic cooperation agreements with Shenzhen Lihua Xing Co., Ltd. and Guansheng Co., Ltd. to enhance automation manufacturing and develop high-quality, low-cost robot bearing products [6][7]. - These partnerships aim to leverage mutual strengths and share market resources to promote the application of robots in manufacturing [6]. IPO Progress - Tianlian Robot submitted its IPO counseling materials to the Sichuan Regulatory Bureau of the China Securities Regulatory Commission on July 28, 2023, and these materials were accepted on July 30, marking the beginning of its counseling period [3]. - Despite the progress, the company currently does not meet the financial and market capitalization requirements for listing on the Sci-Tech Innovation Board, which poses a risk of not being able to go public [9].