Zhi Tong Cai Jing·2026-01-18 23:02Company Overview - Guangdong Tuosda Technology Co., Ltd. (referred to as Tuosda) has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1] - Tuosda is a leader in the industrial robotics sector in mainland China and a pioneer in the field of embodied intelligence, forming a complete self-sufficient layout in core components, robotic bodies, and automation application systems [4] - The company has made significant progress in embodied intelligence and has commercialized applications in various manufacturing scenarios, including the launch of China's first intelligent humanoid robot for injection molding [6] Market Position - According to Frost & Sullivan, Tuosda ranks first in the industrial robotics solution market in mainland China based on the shipment volume of light-load industrial robots and light industrial sector robots [1] - As of September 30, 2025, Tuosda has engaged with over 200,000 potential customers and served more than 15,000 clients, with its overseas sales network covering over 50 countries and regions [6] Financial Performance - For the fiscal year ending December 31, 2023, Tuosda reported revenues of approximately RMB 4.55 billion, with a gross profit of RMB 803.16 million, resulting in a gross margin of 17.6% [7][8] - The company experienced a net profit of RMB 105.99 million in 2023, but projected a net loss of RMB 238.95 million for 2024 [8][9] - The gross margin is expected to decline to 14.6% in 2024, with a projected recovery to 28.3% by 2025 [10] Industry Overview - The market size for industrial robotics solutions in mainland China is projected to grow from RMB 47.7 billion in 2020 to RMB 81.2 billion by 2024, with a compound annual growth rate (CAGR) of 14.2% [11] - The shipment volume of industrial robots in mainland China is expected to increase from 242,000 units in 2020 to 349,500 units by 2024, with a CAGR of 9.6% [14] - The global embodied intelligence robotics market is anticipated to grow from RMB 104.3 billion in 2025 to RMB 707.5 billion by 2030, with a CAGR of 46.7% [17]