SIASUN(SZ:300024) Ge Long Hui·2026-02-03 03:21Core Insights - The article highlights the increasing importance of industrial robots in manufacturing, driven by the rise of smart manufacturing and structural increases in labor costs, positioning robots as key tools for efficiency and cost reduction [1] Company Overview - Tianjin Atongmu Robot Co., Ltd. (referred to as "Atongmu Robot") has submitted an IPO application to the Hong Kong Stock Exchange, aiming to list under Chapter 18C, with Huatai International as the sole sponsor [1] - The company focuses on the research, production, sales, and service of high-speed and high-reliability industrial robots, with products spanning parallel robots, high-speed SCARA robots, heavy-duty collaborative robots, and embodied intelligent robots [1][4] Financial Performance - Approximately 50% of Atongmu Robot's revenue comes from parallel robots, but the company has reported net losses for two consecutive years [3] - Revenue for the years 2023, 2024, and the first nine months of 2025 is approximately RMB 93.49 million, RMB 135.26 million, and RMB 156.96 million, respectively, with corresponding gross margins of 17%, 22.8%, and 28.9% [8] - The company has incurred net losses of approximately RMB -39.25 million, RMB -47.07 million, and a profit of RMB 0.938 million for the same periods [8] Product and Market Dynamics - Atongmu Robot's product matrix includes parallel robots, high-speed SCARA robots, and heavy-duty collaborative robots, with a significant portion of revenue derived from robot bodies [6][8] - The average selling prices of the company's products have declined during the reporting period, which may impact revenue [8][9] - The global and Chinese industrial robot market is projected to grow, with expected shipment values of approximately RMB 101.3 billion and RMB 46.6 billion in 2024, respectively [15][16] Competitive Landscape - The industrial robot market is characterized by intense competition, with Atongmu Robot needing to compete against multinational corporations and established domestic manufacturers [10][18] - In 2024, Atongmu Robot is expected to rank second among global parallel robot manufacturers with a market share of 4.8% and first in China with a market share of 12.3% [18] Future Outlook - The company plans to use the funds raised from the IPO for ongoing research and development, expanding its multifunctional headquarters, enhancing production capacity, and developing overseas markets [22] - The future growth of the industrial robot market is anticipated due to ongoing automation upgrades across various industries, with a compound annual growth rate of approximately 12.3% for the global market from 2024 to 2029 [16]