SIASUN(SZ:300024) Ge Long Hui·2025-09-30 03:10Core Insights - The article highlights the emergence of embodied AI as a significant trend in the technology sector, with the Hong Kong Stock Exchange set to welcome a rare listing from Locus Robotics, which aims to become the first comprehensive intelligent robotics stock in the market [1] Group 1: Company Overview - Locus Robotics is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales by 2024 [1][8] - The company has established a comprehensive technology and product system, achieving mass production and commercialization [1] Group 2: Technological Advantages - The core advantage of Locus Robotics lies in its self-developed xCore control system, which is compatible with various robot types and enhances functionality through a large model training platform [3][5] - The company has developed an integrated platform that allows for rapid product iteration and customized solutions for different application scenarios, forming a significant competitive barrier [5] Group 3: Product Lines - Locus Robotics has a comprehensive product matrix divided into three main categories: industrial robots, flexible collaborative robots, and embodied intelligent robots, allowing it to capture opportunities across various industries [5][8] - The company serves over 1,000 clients across approximately 40 countries and regions, indicating strong market penetration and recognition from top global technology firms [5][8] Group 4: Financial Performance - The company's revenue has doubled from 153 million yuan to 325 million yuan between 2022 and 2024, with gross margin increasing from 7.0% to 21.9% [11] - As of June 2025, the company had cash and cash equivalents of 327 million yuan, indicating strong financial health [11] Group 5: Future Outlook - Locus Robotics is expected to benefit from the ongoing intelligent transformation of China's manufacturing sector and the reshaping of global supply chains, with the multi-joint robot market projected to reach 45.3 billion yuan by 2029 [12] - The collaboration with ZhiYuan Robotics in 2025 marks a significant milestone, positioning the company for future growth in the embodied AI space [6][12]