乐动机器人，二度递表港交所

Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating ongoing efforts to secure funding despite continuous losses in recent years [1][2]. Group 1: Company Performance - Ledong Robot reported net losses of -73 million yuan, -69 million yuan, -57 million yuan, and -14 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company attributes its losses primarily to the research and market expansion of its lawn-mowing robots, which are still in the early development stage and have limited revenue generation [2]. - The company views lawn-mowing robots as a significant growth driver due to their market potential and alignment with the company's technological capabilities [2]. Group 2: Market Position and Competition - Ledong Robot is recognized as a global leader in full-stack intelligent robots based on perception intelligence, with over 6 million intelligent robots equipped with its visual perception technology expected to be in operation by 2024 [2]. - The company faces intense competition in the visual perception technology and lawn-mowing robot sectors, with competition based on product functionality, performance, service scalability, and brand reputation [3]. - Revenue from the company's largest customer was 66 million yuan, 46 million yuan, 71 million yuan, and 67 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 28.3%, 16.5%, 15.3%, and 17.3% of total revenue, respectively [3]. Group 3: Supplier Relationships - Ledong Robot's suppliers include raw material and component suppliers, with transactions with the largest supplier amounting to 12 million yuan, 16 million yuan, 45 million yuan, and 15 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 8.9%, 9.9%, 13.6%, and 4.9% of total procurement, respectively [4]. - The company has a concentrated customer and supplier base, which poses risks if relationships with major clients or suppliers change unfavorably [4].