赴港IPO排起长龙，乐动机器人重走来时路

Core Viewpoint - The robot industry is experiencing fluctuating interest in the capital market, with a notable focus on humanoid robots expected to be mass-produced by 2025. However, the listing process for companies like Ledong Robotics has faced delays and challenges due to market conditions and competition [1]. Company Overview - Ledong Robotics, established in 2017, is a full-stack intelligent robotics company focusing on visual perception technology. It aims to provide intelligent robotic infrastructure and products for various applications, including home, commercial, and industrial sectors [2]. - According to market research, Ledong Robotics is projected to be the largest global company in visual perception-based intelligent robotics by 2024, with 6 million robots enabled and 720,000 units of DTOF radar shipped [2]. Financial Performance - Ledong Robotics reported total revenues of 234 million RMB, 277 million RMB, and 467 million RMB for the years 2022, 2023, and 2024, respectively. The company also recorded losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB during the same period [3]. - For the first half of 2025, the company achieved revenues of 386 million RMB and 196 million RMB, with losses of 28.93 million RMB and 13.78 million RMB, respectively. The ongoing losses are attributed to the company's focus on product innovation and global expansion during its growth phase [3]. Market Dynamics - The machine vision industry is divided into 3D vision and AI-based 2D vision, with increasing automation in manufacturing driving growth. However, the sector faces intense competition from established players like Hikvision and others, leading to price wars [4]. - Ledong Robotics' gross margin decreased from 27.3% in 2022 to 19.5% in 2024, before rebounding to 25.4% in the first half of 2025, reflecting the impact of industry competition [5]. Strategic Initiatives - The company plans to use the funds raised from its IPO to enhance R&D in visual perception technology, expand its brand internationally, optimize production capacity, and explore potential investment opportunities [3]. - Ledong Robotics has entered the lawn mowing robot market, launching its first generation of robots in 2024 and achieving cumulative sales of 10,000 units. The second generation, featuring AI algorithms, is expected to drive further growth [5]. Competitive Landscape - The lawn mowing robot market is estimated to have annual sales of 30 million units, with current robotic models holding less than 10% market share. This presents a significant growth opportunity for Ledong Robotics, although competition from leading lidar companies is anticipated [5]. - The company primarily targets the mid-to-low-end market for laser radar applications, which may limit its ability to penetrate the high-end autonomous vehicle market, where demand is increasing [6].