TOPSUN(SZ:002779) Sou Hu Cai Jing·2025-12-01 12:37Core Viewpoint - Zhongjian Technology has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming to raise funds primarily for expanding its robotics business and increasing production capacity both domestically and internationally to capitalize on the artificial intelligence robotics sector [1][2]. Group 1: Company Overview - Zhongjian Technology, established in 1997, specializes in outdoor power equipment, including a full range of gasoline and lithium battery products such as chainsaws and lawn mowers [3]. - The company has achieved significant overseas expansion, with its products sold in over 50 countries and regions worldwide, generating 95% of its revenue from international markets as of mid-2025 [5]. Group 2: Financial Performance - The company experienced substantial growth from 2022 to 2024, with product sales increasing from over 734,000 units to over 933,000 units, and total revenue rising from 512 million yuan to 971 million yuan, reflecting a compound annual growth rate (CAGR) of 37.6% [6]. - However, in 2025, revenue growth slowed significantly, with a mere 4.45% increase year-on-year in the first three quarters, while net profit plummeted by 43.6% [7][8]. Group 3: Market Challenges - The company faces challenges due to global tariff disruptions, with a notable decline in sales of its core products, particularly chainsaws, which saw a drop in sales from 225,500 units to 152,200 units year-on-year [9]. - The overall export environment is tough, with significant declines in export amounts for electric tools and lawn mowers to North America [9]. Group 4: Strategic Initiatives - To mitigate international trade friction, the company has established a production base in Thailand to optimize its supply chain [9]. - Zhongjian Technology is diversifying into the robotics sector, having developed capabilities in smart lawn mowers and quadruped robots, with initial orders for its Lingrui P1 quadruped robot [10][12]. - The global smart lawn mower market is projected to grow from $1.2 billion in 2024 to $9.9 billion by 2029, with a CAGR of 51.8%, indicating a promising opportunity for the company [10]. Group 5: Investment and Future Outlook - The company has made strategic investments in robotics, including a partnership with OpenAI and collaborations with tech giants like NVIDIA and Huawei to enhance its robotics capabilities [12]. - Despite the promising long-term outlook in the robotics sector, the company is currently facing short-term challenges, including increased R&D expenses, which surged by 127.3% to 39.04 million yuan in the first half of 2025 [12][13].