珞石机器人递表 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, although R&D expenditures have been declining [1][5]. Revenue Growth - Luoshi Robotics' revenue increased from 153 million yuan in 2022 to 325 million yuan in 2024, achieving a doubling in three years [1]. - In the first half of 2025, the company's revenue grew by 50% year-on-year, reaching 176 million yuan [6]. Profitability and Losses - Adjusted net losses decreased from 135 million yuan in 2022 to 72.5 million yuan in 2024, but expanded by 1.8% to 35.15 million yuan in the first half of 2025 [1][6]. Revenue Composition - Revenue primarily comes from two segments: robot products and robot solutions, with robot products consistently generating more revenue [2]. - 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 [2][3]. R&D and Marketing Expenditures - R&D expenditures have been declining, from 67.16 million yuan in 2022 to 54.22 million yuan in 2024, with a significant drop in the ratio of R&D spending to total revenue [5][6]. - In contrast, sales and marketing expenditures 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]. Product Segmentation - The company offers six types of embodied intelligent robots, but revenue from this segment has significantly decreased, with only 403,000 yuan in the first half of 2025, down 72.5% year-on-year [4][5]. - Flexible collaborative robots generated 60.94 million yuan in the first half of 2025, accounting for 34.7% of total revenue, marking the highest contribution since 2022 [3].