SIASUN(SZ:300024) Mei Ri Jing Ji Xin Wen·2025-12-10 13:01Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, despite facing challenges from industry giants and a competitive pricing environment [1][8]. Company Overview - Ledong Robot specializes in visual perception technology for smart robots, with over 6 million units of various robots utilizing its technology globally [1][6]. - The company was founded by Zhou Wei, who has a background in robotics from Huazhong University of Science and Technology [3][6]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was reported as 234 million, 277 million, 467 million, and 386 million RMB respectively, while net losses were 73.13 million, 68.49 million, 56.48 million, and 13.78 million RMB [8][9]. - Research and development expenses accounted for a significant portion of revenue, although the percentage decreased from 41.4% in 2022 to 13.2% in the first half of 2025 [9][10]. Market Position and Strategy - Ledong Robot is the largest company globally focused on visual perception technology for smart robots, serving seven of the top ten household service robot companies and all five major commercial service robot firms [7]. - The company is facing pressure from downstream clients who are developing their own SLAM algorithms, which has led to a decline in revenue from algorithm modules [11]. Growth Opportunities - The company is venturing into the lawn mowing robot market, which contributed 6,300 RMB in 2023, significantly increasing to 23.27 million RMB in 2024 and 77.46 million RMB in the first half of 2025 [10]. - The IPO proceeds will be used to enhance visual perception technology, brand building, international expansion, and production capacity optimization [11].