SIASUN(SZ:300024) Shang Hai Zheng Quan Bao·2025-12-01 19:21Core Insights - The article highlights a surge in robot industry companies applying for listings on the Hong Kong Stock Exchange (HKEX), with nearly 30 companies having submitted applications in the first 11 months of the year, indicating a significant trend towards industrial concentration in the robotics sector [1][2]. Group 1: Market Trends - The year 2025 is anticipated to be a pivotal year for robot companies going public, driven by a transition from technological breakthroughs to commercial implementation [1][3]. - The HKEX has become a popular destination for robot companies due to its relatively lenient listing rules, which support unprofitable high-tech firms, thus attracting a wave of new listings [4][5]. Group 2: Financial Dynamics - The first eight months of the year saw a substantial increase in financing within the robotics sector, with a total of 38.624 billion yuan raised, which is 1.8 times the total financing for the entire year of 2024 [5]. - The stock performance of listed robotics companies has been strong, with notable increases such as MicroPort Robotics-B rising over 142% and the A-share robotics index increasing by over 34% this year, further fueling interest in IPOs [5][6]. Group 3: Challenges and Competition - Despite the enthusiasm for listings, many robot companies lack sustainable profit models, with significant losses reported by companies like XianGong Intelligent and YouAi ZhiHe, raising concerns about their long-term viability [7][8]. - The robotics industry faces challenges related to high competition and reliance on downstream industries, with humanoid robots still in the conceptual phase and industrial robots facing intense competition focused on precision [7][8].