Core Viewpoint - The surge in robot companies seeking to list in Hong Kong reflects a growing interest in the sector, with approximately 30 companies having submitted applications this year. Ledong Robotics, a leader in visual perception technology, is facing challenges with declining profit margins and is betting on smart lawn mowers as a new growth avenue [2][3]. Company Overview - Ledong Robotics is primarily focused on two business segments: visual perception products, which are expected to account for 94% of total revenue in 2024, and smart lawn mowers, projected to contribute 5% [2]. - The company provides critical perception and navigation solutions to robot manufacturers, with core products including various types of LiDAR and visual sensor modules [2]. Market Dynamics - The global smart robot market is projected to grow from 158.3 billion yuan in 2020 to 369 billion yuan in 2024, with a compound annual growth rate (CAGR) of 23.6%. The visual perception technology segment is expected to grow from 13.6 billion yuan in 2020 to 28.5 billion yuan in 2024 [3][4]. - Ledong Robotics holds a 1.6% market share in the highly fragmented visual perception market, with its products expected to be used in over 6 million smart robots by 2024 [4]. Financial Performance - Revenue for Ledong Robotics is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2024, with a CAGR of 41.4%. However, net losses are also expected to decrease from 73.1 million yuan in 2022 to 56.5 million yuan in 2024 [4][5]. - The company's gross margin is declining, from 27.3% in 2022 to an anticipated 19.5% in 2024, attributed to a pricing strategy aimed at maintaining market share [4][5]. Competitive Landscape - The company faces increasing competition from major players entering the market with advanced technologies. For instance, Hesai Technology has significantly increased its LiDAR delivery volumes in the robot sector [5][6]. - Ledong Robotics' customer base includes seven of the top ten home service robot companies globally, but the revenue contribution from its largest customer has decreased from nearly 30% in 2022 to 15% in 2024 [6]. Growth Strategy - To counteract the pressures on its core business, Ledong Robotics is pursuing a dual strategy: reinforcing its technology in visual perception and investing in smart lawn mowers as a secondary growth line [7]. - The smart lawn mower market is expected to grow significantly, with projections indicating a market size reaching several billion dollars by 2029 [7][8]. Recent Developments - The new lawn mower business has shown rapid growth, with revenue expected to reach 23.3 million yuan in 2024 and 77.5 million yuan in the first half of 2025, with gross margins improving from 33.6% in 2024 to 45.6% in 2025 [8]. - However, this segment also faces challenges, including potential anti-dumping investigations by the EU that could impact competitiveness [8]. IPO and Future Plans - The upcoming IPO aims to raise funds for enhancing visual perception technology, expanding brand presence, optimizing production capacity, exploring investment opportunities, and supplementing working capital [10]. - The ability of Ledong Robotics to maintain its market share and successfully grow its lawn mower business will be critical for its future trajectory [10].

Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted a second application for IPO on the Hong Kong Stock Exchange after its first application lapsed in May 2023, despite significant order and revenue growth, the company continues to face substantial losses and increasing competition in the robotics sector [1][3]. Group 1: Company Performance - Ledong Robot's revenue increased from 234 million in 2022 to 467 million in 2024, with a 97.03% year-on-year growth in the first half of this year, reaching 386 million [3]. - The company reported net losses of 73 million, 68 million, and 56 million for the years 2022 to 2024, with an additional loss of 14 million in the first half of this year [3]. - The gross margin for the sensor business has dropped to 15.2%, significantly lower than comparable companies [3]. Group 2: Research and Development - Ledong Robot has been reducing its R&D spending, with the proportion of R&D expenses to revenue declining from 41% in 2022 to an estimated 13% in the first half of 2025, approaching the 15% threshold set by the Hong Kong Stock Exchange for IPO eligibility [3][6][7]. - The company plans to use IPO proceeds to enhance R&D in intelligent robot visual perception technology, optimize products, and expand internationally [2]. Group 3: Competitive Landscape - The company faces increased pressure from downstream clients who are developing their own technologies and reducing reliance on external suppliers, as well as competition from traditional lidar manufacturers entering the robotics market [7][9]. - Competitors like Stone Technology and Chasing Technology are showcasing advanced technologies that diminish the demand for Ledong Robot's products [8][9]. Group 4: Financial Health - Ledong Robot's debt ratio has risen from 16% in 2022 to 49% by mid-2023, with accounts payable exceeding 316 million, a 64% increase from the previous period [10][12]. - The company has reported negative operating cash flow, with a cumulative outflow of 224 million, despite raising over 600 million in external financing [10][12]. - The concentration of procurement and sales is high, with over 70% of components sourced externally and significant reliance on a few major suppliers and customers [12].

Core Viewpoint - Ledong Robotics is a leading global full-stack intelligent robotics company based on perception intelligence, focusing on visual perception technology and its applications in various scenarios [5][8]. Company Overview - Ledong Robotics was founded in 2017 by Zhou Wei and Guo Gaihua, both graduates of Huazhong University of Science and Technology [7]. - The company is headquartered in China and is strategically expanding its overseas market presence, with R&D and production bases in Shenzhen and a technical support center in Suzhou [7]. - Ledong has established partnerships with over 300 robotics and related companies, reaching end-users in more than 50 countries and regions [7]. Market Potential - The global intelligent robotics market is projected to grow from RMB 158.3 billion in 2020 to RMB 369 billion in 2024, with a compound annual growth rate (CAGR) of 23.6% [8]. - The market is expected to further expand to RMB 1,005.8 billion by 2029, with a CAGR of 22.2% from 2024 to 2029 [8]. Technology and Products - Ledong Robotics has a comprehensive product matrix for intelligent robotics visual perception technology and has pioneered several innovative laser radar products [5]. - The company’s visual perception technology is expected to enable over 6 million intelligent robots by 2024, making it the largest company in this sector based on revenue [5]. Financial Performance - Ledong's revenue increased from RMB 234 million in 2022 to RMB 277 million in 2023, and is projected to reach RMB 467 million in 2024 [12]. - The gross profit rose from RMB 63.9 million in 2022 to RMB 71.1 million in 2023, with further growth expected to RMB 91.3 million in 2024 [12]. - The company reported a net loss of RMB 73.1 million in 2022, which decreased to RMB 68.5 million in 2023, and is projected to further reduce to RMB 56.5 million in 2024 [14]. R&D and Future Plans - R&D expenses were RMB 96.7 million in 2022, accounting for 41.4% of revenue, and are expected to decrease to RMB 51 million in 2025, representing 13.2% of revenue [14]. - The funds raised from the upcoming IPO will be allocated to enhance visual perception technology, brand building, international expansion, production capacity optimization, and exploring potential investments and acquisitions [14].

Core Viewpoint - Ledong Robotics has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its expertise in intelligent robot visual perception technology for growth in the rapidly expanding smart robotics market [1][3]. Company Overview - Ledong Robotics, established in 2017 and converted to a joint-stock company in 2022, focuses on developing intelligent robot infrastructure centered around visual perception technology [3]. - The company provides visual perception products and complete intelligent robot solutions for various applications, including cleaning robots, lawn mowers, service robots, and logistics robots [3]. Financial Performance - Ledong Robotics reported revenues of 234 million yuan, 277 million yuan, and 467 million yuan for the years 2022, 2023, and 2024, respectively, with a 97% year-on-year revenue growth in the first half of the current year, totaling 386 million yuan [3][4]. - Despite revenue growth, the company has been operating at a loss, with net losses of 73.13 million yuan, 68.49 million yuan, and 56.48 million yuan projected for 2022, 2023, and 2024, respectively, and a loss of 13.78 million yuan in the first half of this year [4]. Market Potential - The global smart robotics market is projected to grow from 158.3 billion yuan in 2020 to 369 billion yuan by 2024, with a compound annual growth rate (CAGR) of 23.6%, and expected to reach 1,005.8 billion yuan by 2029, with a CAGR of 22.2% from 2024 to 2029 [8]. - Ledong Robotics is positioned as the largest company globally in the visual perception technology sector for intelligent robots, with over 6 million units expected to be equipped with its technology by 2024 [3][8]. Investment and Funding - Ledong Robotics has attracted significant investment from notable capital firms, completing multiple funding rounds since its inception, with the latest being a Series C round in February 2022 [6][8]. - Investors include prominent names such as Deep High-tech Investment, Hupu Capital, and Yuanjing Capital, indicating strong market confidence in the company's potential [6]. Future Plans - The funds raised from the IPO are intended to enhance research and development in intelligent robot visual perception technology, upgrade AI algorithms, optimize product offerings, and expand production capacity and overseas market presence [9].

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, positioning itself as a leading global provider of perception-based intelligent robotics [1] Group 1: Company Overview - Ledong Robotics is recognized as a full-stack intelligent robotics company, focusing on visual perception technology and providing a comprehensive range of intelligent robotics applications and products [1] - The company is projected to have over 6 million intelligent robots equipped with its visual perception technology by 2024, making it the largest in this sector globally [1] - Ledong Robotics has developed a complete capability from foundational technology research to application implementation in the intelligent robotics field [1] Group 2: Business Growth and Market Strategy - The intelligent lawn mower robot is identified as the company's second growth curve, with successful mass production and innovation in products catering to emerging scenarios [2] - The company is strategically expanding its overseas market presence, establishing operational centers in Singapore, Hong Kong, and Germany, and forming production partnerships in Vietnam [2] - Ledong Robotics has established close collaborations with over 300 robotics and related enterprises, reaching end-users in more than 50 countries and regions [2] Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 234 million, 277 million, 467 million, and 386 million RMB respectively [3] - The gross profit for the same periods is approximately 63.94 million, 71.11 million, 91.32 million, and 98.28 million RMB respectively [4] - The net revenue retention rate for group clients is reported at 113.0%, 145.0%, and 169.0% for the years 2023, 2024, and the first half of 2025 [2]

Core Business Analysis - Shenzhen LDROBOT Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing AI algorithms, optimizing production capacity, and exploring investment opportunities [1] - The company's visual perception products include sensors and DTOF laser radars, widely used in various robotic applications, making it one of the most comprehensive companies in this field [2] - The first growth curve is driven by visual perception technology, with products segmented into DTOF laser radar, triangulation laser radar, solid-state linear laser radar, and four-eye matrix sensor modules [2] Second Growth Curve - The smart lawn mower robot is emerging as the second growth curve, with the company expanding into the design and mass production of complete smart robot products [3] - The first-generation smart lawn mower robot achieved sales of over 10,000 units in 2024, while sales exceeded 15,000 units from early 2025 to May 23, 2025 [3] - By 2024, over 6 million smart robots equipped with the company's visual perception technology are expected to be in operation, with partnerships established with over 300 companies [3] Market Position and Competition - The company ranks first among those capable of designing and developing complete smart robots, serving over 50 countries and regions [5] - In 2024, the DTOF laser radar shipment exceeded 720,000 units, leading the industry, with major sales orders coming from vacuum cleaning robots [5] - Despite being a leader in visual perception technology, the company faces competition from other players, with a market share of only about 1.6% [7] Financial Performance - The company reported revenues of 234 million, 277 million, and 467 million RMB from 2022 to 2024, with visual perception products accounting for 94% of total revenue in 2024 [12] - The net losses for the same period were 73.1 million, 68.5 million, and 56.5 million RMB, indicating ongoing financial challenges [12] - R&D expenditures were significant, representing 41.4%, 34.7%, and 20.3% of revenue from 2022 to 2024, reflecting a focus on innovation and product development [13] Future Prospects - The company is expanding its international presence with operational centers in Singapore, Hong Kong, and Germany, and production partnerships in Vietnam [14] - With 252 patents and 24 software copyrights, the company is well-positioned for future growth, especially if it can successfully penetrate overseas markets [14]