乐动机器人流血IPO，把“眼睛”卖成白菜价

Core Viewpoint - The robotics sector is experiencing significant attention and investment, with nearly 30 companies applying for IPOs in Hong Kong, but many still lack sustainable profit models [1][2]. Group 1: Market Dynamics - In the first eight months of this year, the robotics sector raised 38.624 billion yuan, 1.8 times the total financing amount for 2024 [1]. - Shenzhen Ledong Robotics, a notable player in the industry, has seen revenue growth but continues to operate at a loss, indicating a reliance on volume sales rather than profitability [3][5]. Group 2: Financial Performance - Ledong Robotics reported revenues of 234 million, 277 million, 467 million, and 386 million yuan for the years 2022 to 2025 (first half), with a compound annual growth rate that appears promising [5]. - However, net losses for the same periods were 73 million, 69 million, 56 million, and 14 million yuan, totaling over 200 million yuan in cumulative losses, highlighting a disconnect between revenue growth and profitability [5][6]. Group 3: Product and Pricing Strategy - The company primarily focuses on B2B operations, with sensors and algorithm modules contributing over 90% of revenue, but prices have significantly dropped, leading to a "low-margin, high-volume" business model [8][9]. - Sensor sales increased from 1.339 million to 5.238 million units, but prices fell by 44%, while algorithm module sales rose from 772,000 to 1.004 million units, with prices decreasing by 52% [9]. Group 4: Profitability and Cash Flow Concerns - The gross margin has declined from 27.3% in 2022 to 19.5% in 2024, with a recovery to 25.4% expected in 2025, driven by the introduction of a new consumer-grade lawnmower robot [10]. - The company's accounts receivable have surged, leading to negative cash flow from operating activities, with a net outflow of 105 million yuan in the first half of 2025, raising concerns about liquidity [11]. Group 5: Strategic Challenges - Ledong Robotics faces competition from established players in the lidar market, which are encroaching on the robotics perception market, putting pressure on the company [19]. - The shift from B2B to B2C has led to increased marketing expenses while R&D investment has decreased, raising concerns about long-term technological competitiveness [20][21]. Group 6: Future Outlook - The upcoming IPO aims to address immediate funding needs, but the company must develop a sustainable business model that balances technological innovation with profitability to ensure long-term success [21].