珞石机器人递表，但研发持续收缩

Core Viewpoint - Luoshi Robotics has filed for an IPO on the Hong Kong Stock Exchange, showcasing significant revenue growth and a reduction in adjusted net losses, despite a decline in R&D spending [1][6]. Group 1: Financial Performance - Revenue increased from 153 million yuan in 2022 to 325 million yuan in 2024, achieving a doubling in three years [1]. - Adjusted net loss decreased from 135 million yuan to 72.5 million yuan during the same period [1]. - In the first half of 2025, revenue grew by 50% year-on-year to 176 million yuan, but adjusted net loss expanded by 1.8% to 35.15 million yuan [7]. Group 2: Revenue Composition - Revenue primarily comes from two segments: robot products and robot solutions, with robot products consistently generating higher revenue [3]. - Industrial robots contributed 44.4% of total revenue in 2022, with a projected increase to 51.3% in 2024 and 50.6% in the first half of 2025 [3][4]. - Flexible collaborative robots generated 60.94 million yuan in revenue in the first half of 2025, accounting for 34.7% of total revenue, marking the highest contribution since 2022 [4]. Group 3: R&D and Marketing Expenditure - R&D spending decreased from 67.16 million yuan in 2022 to 54.22 million yuan in 2024, with the R&D expenditure ratio dropping from 44.3% to 32.2% [6]. - In contrast, sales and marketing expenses increased from 53.70 million yuan in 2022 to 62.95 million yuan in 2024, surpassing R&D spending in 2024 and the first half of 2025 [6][7]. - In the first half of 2025, R&D expenditure was 25.92 million yuan, accounting for 14.7% of total revenue, significantly lower than competitors [6].