乐动机器人流血IPO，把“眼睛”卖成白菜价

Core Viewpoint - The robotics sector is experiencing significant attention and investment, with nearly 30 companies applying for IPOs in Hong Kong, but many still lack sustainable profit models [1][2]. Group 1: Market Trends - In the first eight months of this year, the robotics sector raised 38.624 billion yuan, which is 1.8 times the expected total for 2024 [1]. - Companies like 乐动机器人 (Ledong Robotics) are notable players in this space, backed by prominent investors including Alibaba's CEO [2]. Group 2: Financial Performance - 乐动机器人的 revenue is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2025, indicating a strong compound annual growth rate [4]. - Despite revenue growth, the company has faced continuous net losses, totaling over 200 million yuan from 2022 to 2025 [4]. - The company's gross margin has declined from 27.3% in 2022 to a projected 19.5% in 2024, before recovering to 25.4% in 2025 [5]. Group 3: Business Model Challenges - 乐动机器人 has adopted a "low-margin, high-volume" strategy, leading to significant price reductions for its products, with sensor prices dropping by 44% and algorithm module prices by 52% [4]. - The company has seen a substantial increase in accounts receivable, with negative cash flow from operations reaching 105 million yuan in the first half of 2025 [6][7]. Group 4: Strategic Risks - The company is facing pressure from larger competitors in the lidar market, which are encroaching on the robotics perception market [10]. - 乐动机器人 is shifting from B2B to B2C, launching its own brand of smart lawn mowers, which may create competition with former partners [10]. - There is a concerning trend of increased marketing expenses while R&D investment has decreased significantly, from 41.4% of revenue in 2022 to 13.3% in 2025 [11][12]. Group 5: Future Outlook - The upcoming IPO is seen as a potential solution to the company's financial challenges, but the long-term success will depend on establishing a sustainable business model with strong technological barriers [12].