SIASUN(SZ:300024) Nan Fang Du Shi Bao·2025-12-08 08:43Core Viewpoint - Ledong Robotics has refiled its IPO application after a six-month hiatus, presenting its first profitable financial report, with significant growth in revenue and net profit, while facing potential challenges from an EU anti-dumping investigation on its lawnmowers [2][5]. Group 1: Financial Performance - In the first half of 2025, Ledong Robotics reported revenue of 386 million yuan, a year-on-year increase of 97%, and an adjusted net profit of 2.178 million yuan [2][5]. - The lawnmower segment contributed 20% of the total revenue, with a gross margin of 45.6%, enhancing the company's overall profitability [2][5]. - The company experienced net losses of 73.1 million yuan, 68.5 million yuan, and 56.5 million yuan from 2022 to 2024, respectively [3]. Group 2: Product Development and Market Strategy - Ledong Robotics, established in 2017, focuses on visual perception technology and plans to launch its first-generation smart lawnmower in 2024, with a second generation expected in 2025 [3][4]. - The revenue from lawnmowers is projected to grow significantly, contributing 2.327 million yuan in 2024 and increasing to 7.746 million yuan in the first half of 2025 [4]. - The gross margin for lawnmowers is expected to be higher than that of visual perception products, with a gross margin of 33.6% in 2024 and 45.6% in the first half of 2025 [4]. Group 3: Market Expansion and Challenges - The share of overseas revenue is increasing, with international markets contributing 16.1% of total revenue in the first half of 2025, up from 4% in 2024 [4]. - The European market contributed 40.34 million yuan, accounting for 10.4% of total revenue, while North America contributed 15.34 million yuan, representing 4% [4]. - An EU anti-dumping investigation has been initiated against Chinese lawnmower manufacturers, which could impact the company's competitiveness in the European market [5].