Core Viewpoint - FJD, a supplier of robotic solutions and enabling technologies, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange after raising a total of 1.176 billion RMB in multiple funding rounds [1]. Funding and Valuation - FJD completed a 400 million RMB financing round in October 2020, achieving a post-money valuation of 2 billion RMB, with an approximate share price of 1.8688 RMB [2]. - In November 2021, FJD raised 70 million USD in Series B funding, resulting in a post-money valuation of 624 million USD and a share price of approximately 0.4913 USD [2]. - The company raised 39 million USD in a B-1 round in November 2023, with a post-money valuation of 663 million USD, maintaining the same share price of 0.4913 USD [2]. Company Background - FJD was founded in December 2017 and focuses on creating digital models for the real world, facilitating automation in key workflows across agriculture, construction, and property management [6]. - The founder, Dr. Wu Di, has a background in system engineering and has held significant positions in various technology companies before establishing FJD [3]. Financial Performance - For the first half of 2025, FJD reported revenue of 358.276 million RMB, a 49.2% increase from 240 million RMB in the same period the previous year, with a loss of 151 million RMB compared to a loss of 198 million RMB in the prior year [4][9]. - Projected revenues for 2022, 2023, and 2024 are 500 million RMB, 530 million RMB, and 570 million RMB, respectively, with corresponding gross profits of 146 million RMB, 284 million RMB, and 367 million RMB [7]. Product Offerings - FJD launched several innovative products, including a 3D excavator guidance system in 2021, a high-performance 3D laser radar scanner in 2022, and various autonomous robots for agricultural and construction applications [6][7]. Shareholder Structure - The largest shareholder, including Dr. Wu and Simple Mindset, controls approximately 23.59% of the voting rights, with Tencent holding 16.47% and other investors like Dongfeng and various funds holding significant stakes [10][13].

Core Viewpoint - FJD Inc. has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley and CICC acting as joint sponsors [1] Company Overview - FJD Inc. is a global supplier of robotic solutions and related enabling technologies, focusing on automating workflows in agriculture, construction, and property management to enhance human potential [3] - The company has developed integrated hardware and software systems that free labor from repetitive tasks, allowing them to focus on work requiring human insight, judgment, and creativity [3] - FJD aims to provide user-friendly robotic solutions that address critical pain points in target industries, helping end-users improve efficiency and business growth [3] Market Position - FJD has rapidly developed into a global leader in the agricultural robotics market, ranking as the third-largest supplier of agricultural automatic navigation system kits and the second-largest supplier of aftermarket kits, with market shares of approximately 8.5% and 16.9% respectively in 2024 [3] Financial Performance - FJD's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 was 504 million, 530 million, 570 million, and 358 million RMB respectively [4] - The company reported losses of 333 million, 471 million, 334 million, and 151 million RMB for the same periods [4] - The gross profit for the fiscal years 2022, 2023, 2024, and the first half of 2025 was 146 million, 284 million, 367 million, and 235 million RMB respectively [6]

Core Viewpoint - FJD Inc. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, aiming to expand its market presence and enhance its research and development capabilities in the robotics sector [1][3]. Company Overview - FJD Inc. is a global supplier of robotic solutions and enabling technologies, focusing on automating workflows in agriculture, construction, and property management to enhance human productivity [1]. - The company was founded by Wu Di in December 2017 and has rapidly developed into a leader in the agricultural robotics market, becoming the third-largest supplier of agricultural automatic navigation system kits and the second-largest supplier of aftermarket kits in 2024, with market shares of approximately 8.5% and 16.9% respectively [2]. Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first half of 2025 is projected to be 504 million, 530 million, 570 million, and 358 million respectively, while the losses for the same periods are expected to be 333 million, 471 million, 334 million, and 151 million [2]. Use of Proceeds - The funds raised from the listing will be utilized to expand the product matrix, explore untapped market potential, and continuously enhance research and development capabilities to strengthen core technologies and product offerings [3].

Core Insights - The North American robotics market has transitioned from a period of perceived failure to a thriving industry, with significant growth in order volumes, particularly in non-automotive sectors [1][3][5] - The rise of humanoid robots is a hot topic, but the market currently has limited examples, and the focus should remain on providing effective solutions rather than the specific type of robot [5][9] - Emerging opportunities in the North American robotics market are identified in warehousing logistics and the construction industry, driven by labor shortages and the need for automation [7][9] Market Overview - In 2022, North American robot orders increased by approximately 30% due to pandemic-driven demand, followed by a decline in 2023, with modest growth expected in 2024 and beyond [3] - The dependency on the automotive industry is decreasing, with non-automotive orders now matching or exceeding automotive orders in certain years, indicating a more diverse market [3] Emerging Technologies - Humanoid robots are currently a focal point, with over 50 companies showcasing their developments, yet the actual number in use remains minimal [5] - Companies like Agility Robotics and Figure are highlighted as examples, but there are concerns about the speed and cost-effectiveness of developing humanoid robots [5][9] New Opportunities - The warehousing logistics sector is experiencing significant growth due to e-commerce and labor shortages, with only about 5% of warehouses in the U.S. currently utilizing robotic automation, indicating substantial market potential [7] - The construction industry faces a labor shortage, with a need for approximately 439,000 new workers, and robotic solutions are being developed to enhance efficiency in tasks like scaffolding and bricklaying [7] Impact of Artificial Intelligence - Artificial intelligence is emerging as a significant influence on robotics, with potential applications that could greatly benefit society, such as accelerating medical research [9] - There is skepticism regarding the rapid development of humanoid robots and autonomous vehicles, with a consensus that the focus should remain on delivering practical solutions to customer needs [9]