SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-10-23 03:26Core Viewpoint - Roshi Robotics has submitted its main board listing application to the Hong Kong Stock Exchange, aiming for an IPO by December 31, 2027, despite facing significant financial challenges, including a cumulative loss of 677 million yuan over three and a half years and a redemption liability of 1.967 billion yuan as of June 30, 2025 [1][3]. Financial Risks - Revenue has grown from 153 million yuan in 2022 to 325 million yuan in 2024, with a further increase to 176 million yuan in the first half of 2025, representing a 50% year-on-year growth [2]. - The company has not achieved profitability, with net losses of 238 million yuan, 157 million yuan, and 192 million yuan from 2022 to 2024, and a loss of 90 million yuan in the first half of 2025, totaling 677 million yuan [2]. - High financial costs from redemption liabilities have significantly impacted profitability, with interest expenses reaching 99.94 million yuan in 2024 and 55.2 million yuan in the first half of 2025 [3]. Redemption Liability Crisis - The redemption liability arises from special rights clauses in agreements with investors, allowing them to demand share buybacks if the company fails to go public by the end of 2027 [3]. - These redemption clauses will automatically suspend upon the submission of the listing application but will reactivate if the IPO fails, creating a high-stakes situation for the company [3]. - As of June 30, 2025, the redemption liability has reached 1.967 billion yuan, with interest costs heavily burdening the company's financial performance [3]. Operational Efficiency - Trade receivables have increased from 74.5 million yuan at the end of 2022 to 226 million yuan by June 30, 2025, with collection days extending from 164.3 to 223.7 days, indicating declining cash recovery efficiency [4]. - The company has experienced negative cash flow from operating activities, with a cumulative outflow exceeding 390 million yuan from 2022 to the first half of 2025 [4]. - The concentration risk from suppliers has increased, with purchases from the top five suppliers rising from 25.1% in 2023 to 50.6% in mid-2025, making the company vulnerable to supplier stability [4]. Business Structure - Industrial robots remain the primary revenue source, contributing 88.95 million yuan, or 50.6% of total revenue, in the first half of 2025 [5]. - The emerging growth segment, embodied intelligent robots, has underperformed, generating only 40.3 million yuan in revenue, a 72.5% decline year-on-year, accounting for just 0.2% of total revenue [5]. Industry Context - In September 2025, the company entered an agreement with Zhiyuan Robotics to provide humanoid robotic arms for integration into humanoid robot products, although this collaboration has yet to yield significant financial contributions [6]. - The competitive landscape in the robotics industry is intensifying, with several companies, including Youai Zhihuo and Weiyi Zhizao, also pursuing listings, which may dilute investor attention [6]. - The Chinese multi-joint robot market is projected to reach 45.3 billion yuan by 2029, but the company's ability to maintain market share amid fierce competition remains uncertain [6].