Zhong Guo Zheng Quan Bao·2025-12-10 00:17Core Viewpoint - The recent surge of robotics companies applying for listings in Hong Kong has drawn attention, with many companies showing poor performance in their financials and facing intense competition in the industry [1][4]. Group 1: Company Performance - Many robotics companies seeking to list in Hong Kong have reported overall poor performance, with continuous losses noted in their financial statements [2][4]. - For instance, LeDong Robotics 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, attributing these losses to the early-stage development of their lawnmower robots and market expansion efforts [2]. - Kanopu Robotics achieved revenues of 197 million yuan, 222 million yuan, 234 million yuan, and 156 million yuan for the years 2022, 2023, 2024, and the first half of 2025, with net profits of approximately 28.27 million yuan, 1.69 million yuan, -12.94 million yuan, and 8.44 million yuan [4]. Group 2: Industry Competition - The robotics industry is characterized by fierce competition, with many companies acknowledging the increasing competitive landscape in their listing applications [4]. - Companies face competition from global multinational corporations, established domestic manufacturers, and emerging tech firms across various product categories, including industrial robots and collaborative robots [4]. - The market for AI-enabled household robotics is still in its nascent stage, with companies like Woan Robotics expressing concerns about the potential for slower-than-expected growth impacting their business outlook [5]. Group 3: Funding and Future Prospects - LeDong Robotics plans to use the funds raised from its IPO to enhance research in visual perception technology, brand building, international expansion, production optimization, and exploring potential investment opportunities [3]. - Experts suggest that while the robotics industry is entering a mature phase, the sector focused on embodied intelligence is still in its conceptual stage, requiring significant capital to support growth [7]. - The Hong Kong market may not favor companies that are unprofitable or have long order cycles, indicating a potential for a survival-of-the-fittest scenario as the market matures [7].