营收增长50%仍亏损，珞石机器人冲刺港股

Core Viewpoint - Luoshi Robotics, the only company in China capable of mass-producing both industrial and collaborative robots, has officially initiated its listing process in Hong Kong, aiming to leverage the new 18C rule for high-potential tech companies [1][11]. Company Overview - Luoshi Robotics was established in 2015, focusing on the research, production, and large-scale implementation of industrial robots, flexible collaborative robots, and embodied intelligent products, with applications in industrial, commercial, and medical fields [1]. - The company has completed a total of 10 financing rounds, attracting investments from various institutions, with a valuation of 5.295 billion yuan before its IPO [3]. Financial Performance - Revenue for Luoshi Robotics has shown rapid growth, with figures of 153 million yuan in 2022, 267 million yuan in 2023, and an estimated 325 million yuan in 2024. In the first half of 2023, revenue reached 176 million yuan, reflecting a year-on-year increase of over 50% [6][8]. - Despite the revenue growth, the company has not yet achieved profitability, with net losses of 238 million yuan in 2022, 157 million yuan in 2023, and 192 million yuan in 2024. The net loss for the first half of 2025 was 90 million yuan, an increase of 7.94% year-on-year [8][10]. - The gross profit margin has been increasing, from 7% in 2022 to 22.3% in the first half of 2025, attributed to higher margins on robot sales due to economies of scale [8]. Research and Development - R&D expenditures for Luoshi Robotics were 67.16 million yuan in 2022, 59.37 million yuan in 2023, and 54.22 million yuan in 2024, accounting for 44%, 22.2%, and 16.7% of revenue, respectively. In the first half of 2025, R&D spending was 25.92 million yuan, representing 14.7% of revenue [8][10]. Market Context - The robotics industry is entering a high-growth phase, with the Chinese multi-joint robot market expected to reach 45.3 billion yuan by 2029, growing at a compound annual growth rate (CAGR) of 15.7%. The industrial robot market is projected to reach 36.6 billion yuan, with a CAGR of 13.5%, while the collaborative robot market is expected to grow to 8.7 billion yuan, with a CAGR of 28.8% [11]. - Recently, several companies in the robotics supply chain have initiated their listing processes, indicating a surge in market activity [12].