Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating ongoing efforts to secure funding despite continuous losses in recent years [1][2]. Group 1: Company Performance - Ledong Robot reported net losses of -73 million yuan, -69 million yuan, -57 million yuan, and -14 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company attributes its losses primarily to the research and market expansion of its lawn-mowing robots, which are still in the early development stage and have limited revenue generation [2]. - The company views lawn-mowing robots as a significant growth driver due to their market potential and alignment with the company's technological capabilities [2]. Group 2: Market Position and Competition - Ledong Robot is recognized as a global leader in full-stack intelligent robots based on perception intelligence, with over 6 million intelligent robots equipped with its visual perception technology expected to be in operation by 2024 [2]. - The company faces intense competition in the visual perception technology and lawn-mowing robot sectors, with competition based on product functionality, performance, service scalability, and brand reputation [3]. - Revenue from the company's largest customer was 66 million yuan, 46 million yuan, 71 million yuan, and 67 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 28.3%, 16.5%, 15.3%, and 17.3% of total revenue, respectively [3]. Group 3: Supplier Relationships - Ledong Robot's suppliers include raw material and component suppliers, with transactions with the largest supplier amounting to 12 million yuan, 16 million yuan, 45 million yuan, and 15 million yuan for the years 2022, 2023, 2024, and the first half of 2025, representing 8.9%, 9.9%, 13.6%, and 4.9% of total procurement, respectively [4]. - The company has a concentrated customer and supplier base, which poses risks if relationships with major clients or suppliers change unfavorably [4].

Core Viewpoint - Ledong Robotics has refiled its IPO application in Hong Kong after its initial submission expired, focusing on visual perception technology for smart robots [2] Group 1: Company Overview - Ledong Robotics was established in 2017 and specializes in intelligent robot infrastructure centered around visual perception, providing products for various emerging applications [2] - The company has completed multiple rounds of financing with participation from firms such as Shen High-tech Investment, Hupu Capital, and CICC [2] - Visual perception technology is crucial for smart robots, enabling them to detect, locate, and understand objects and scenes through sensors and AI algorithms [2] Group 2: Market Position - By 2024, over 6 million smart robots equipped with Ledong's visual perception technology are expected to be in operation, positioning the company as the largest in this sector globally [2] - The product range includes floor cleaning robots, lawn mowing robots, room service robots, delivery robots, inspection robots, and logistics robots [2] Group 3: Financial Performance - Ledong Robotics reported revenues of 234 million yuan, 277 million yuan, and 467 million yuan for 2022, 2023, and 2024, respectively, with a 97% year-on-year revenue growth in the first half of this year [3] - Despite revenue growth, the company has been experiencing continuous net losses, with losses of 73.13 million yuan, 68.49 million yuan, and 56.48 million yuan projected for 2022, 2023, and 2024, respectively [3] - The company attributes its losses to being in a growth phase focused on product innovation and global expansion, expecting to continue incurring operational losses in the short term [3] Group 4: Profitability Metrics - The product gross margin for Ledong Robotics was 27.3%, 25.7%, and 19.5% for 2022, 2023, and 2024, indicating a significant decline, although it rebounded to 25.4% in the first half of this year [3]

Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange, marking its second attempt after the previous application expired [1][3]. Company Overview - Ledong Robot, established in 2017 and converted to a joint-stock company in 2022, focuses on the research and development of intelligent robot visual perception technology and products [3]. - The company aims to create intelligent robot infrastructure centered on visual perception, providing products suitable for emerging application scenarios [3]. Market Position - According to Zhaoshang Consulting, by 2024, the number of intelligent robots equipped with Ledong's visual perception technology is expected to exceed 6 million units, positioning the company as the largest globally in this sector [3]. - The global intelligent 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% [11]. Financial Performance - Ledong Robot's revenue for 2022, 2023, and 2024 is projected to be 234 million yuan, 277 million yuan, and 467 million yuan, respectively. In the first half of this year, the company reported a revenue of 386 million yuan, representing a 97% year-on-year increase [4]. - Despite the revenue growth, the company has been experiencing continuous net losses, with losses of 73.13 million yuan in 2022, 68.49 million yuan in 2023, and 56.48 million yuan in 2024, along with a loss of 13.78 million yuan in the first half of this year [5][6]. Profitability Metrics - The product gross margin for 2022, 2023, and 2024 is reported at 27.3%, 25.7%, and 19.5%, respectively, indicating a significant decline. However, the gross margin rebounded to 25.4% in the first half of this year [7]. Investment and Funding - Ledong Robot has attracted significant investment since its inception, completing multiple funding rounds annually from 2018 to 2022, with the latest round being a Series C financing in February 2022 [9][10]. - Notable investors include prominent capital firms and individuals, such as Alibaba's CEO, who holds shares through Yuanjing Capital [11]. Future Plans - The funds raised from the IPO are intended to enhance research and development of intelligent robot visual perception technology, upgrade AI algorithms, optimize product offerings, and expand production capacity and overseas market presence [12].

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, with Haitong International and Guotai Junan International as joint sponsors [1]. Company Overview - Ledong Robotics is a leading global full-stack intelligent robotics company based on perceptual intelligence, focusing on visual perception technology and providing a comprehensive range of intelligent robotics applications and products [3]. - The company is projected to have over 6 million intelligent robots equipped with its visual perception technology by 2024, making it the largest in the world in this sector based on projected revenue [3]. Business Growth Drivers - The primary growth driver for the company is its visual perception technology and products, which form a comprehensive product matrix, including innovative laser radar products [3]. - The intelligent lawn mower segment is emerging as a secondary growth driver, with the company successfully developing and mass-producing fully intelligent lawn mower products [3]. International Expansion - The company is strategically expanding its overseas operations, establishing R&D and production bases in Shenzhen and Suzhou, and setting up operational centers in Singapore, Hong Kong, and Germany, along with production partnerships in Vietnam [4]. Client and Market Reach - Ledong Robotics has established close partnerships with over 300 robotics and related companies, reaching end-users in more than 50 countries and regions [6]. - The company has a strong client retention rate, with net revenue retention rates of approximately 113.0%, 145.0%, and 169.0% for the years 2023, 2024, and the first half of 2025, respectively [6]. Financial Performance - The company reported revenues of approximately 234 million RMB, 277 million RMB, 467 million RMB, and 386 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - Gross profits for the same periods were approximately 63.9 million RMB, 71.1 million RMB, 91.3 million RMB, and 98.3 million RMB [8].

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Haitong International and Guotai Junan International as joint sponsors [1] Company Overview - Ledong Robotics is a leading global full-stack intelligent robotics company based on perception intelligence, focusing on visual perception technology and providing a comprehensive range of intelligent robotics applications and products [3] - The company is projected to have over 6 million intelligent robots equipped with its visual perception technology by 2024, making it the largest in the world in this sector [3] Business Growth Drivers - The primary growth driver for the company is its visual perception technology and products, which form a comprehensive product matrix, including innovative laser radar products [3] - The intelligent lawn mower is identified as the second growth curve, with the company capitalizing on the global market opportunity for smart lawn mowers and successfully launching fully intelligent products [3] International Expansion - The company is strategically expanding its overseas operations, establishing R&D and production bases in Shenzhen and Suzhou, and setting up operational centers in Singapore, Hong Kong, and Germany, along with production partnerships in Vietnam [4] Client and Market Reach - Ledong Robotics has established close collaborations with over 300 robotics and related companies, reaching end-users in more than 50 countries and regions [6] - The company serves seven of the top ten household service robotics companies globally and all five of the largest commercial service robotics companies [6] Financial Performance - Revenue figures for Ledong Robotics are as follows: approximately 234 million RMB in 2022, 277 million RMB in 2023, 467 million RMB in 2024, and 386 million RMB for the first half of 2025 [7] - Gross profit figures are approximately 63.9 million RMB in 2022, 71.1 million RMB in 2023, 91.3 million RMB in 2024, and 98.3 million RMB for the first half of 2025 [8]

Core Viewpoint - Ledong Robotics, a company focused on intelligent robot vision perception technology, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a leader in the global market for vision-based intelligent robots [2][3]. Group 1: Business Overview - Founded in 2017 and headquartered in Shenzhen, Ledong Robotics specializes in developing intelligent robot infrastructure centered around vision perception technology [2]. - The company is recognized as the largest global player in the vision perception technology sector for intelligent robots, based on projected revenue for 2024 [2]. - Ledong Robotics offers a product portfolio that includes vision perception sensors, algorithm modules, and intelligent lawn mowers, with significant revenue contributions from each segment [3]. Group 2: Financial Performance - Revenue is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2024, driven by rapid sales increases in vision perception products [3]. - The sales volume of vision perception products is expected to rise from 2.11 million units in 2022 to 7.96 million units in 2024, with the first-generation intelligent lawn mower selling over 10,000 units in its first year [3]. - Despite revenue growth, the company has faced continuous losses, with net losses of 73.1 million yuan, 68.5 million yuan, and 56.5 million yuan from 2022 to 2024, primarily due to heavy investments in R&D and market penetration strategies [4]. Group 3: R&D and Future Plans - Ledong Robotics holds over 600 patents, with more than 300 being core invention patents, establishing a technological moat in key areas such as robot navigation and machine vision [5]. - The company plans to use the funds raised from the IPO to enhance R&D in vision perception technology, upgrade AI algorithms, expand production capacity, and explore potential investment opportunities for global expansion [5].

Core Viewpoint - The company, Ledong Robotics, is experiencing rapid revenue growth driven by the increasing demand for machine vision technology in consumer-grade robots, despite facing significant competition in the laser radar market [1][2]. Group 1: Company Overview - Ledong Robotics has submitted its listing application to the Hong Kong Stock Exchange, with plans to list on the main board, supported by Haitong International and Guotai Junan International as joint sponsors [1]. - The company focuses on laser radar module sales, primarily targeting home, commercial, and industrial robot applications, distinguishing itself from competitors like Hesai and Suteng, which are more known for automotive laser radar [1][3]. - In 2024, Ledong Robotics empowered 6 million intelligent robots, with a DTOF laser radar shipment of 720,000 units, making it the global leader in this segment [3]. Group 2: Financial Performance - The company's total revenue grew from 233 million RMB in 2022 to 467.3 million RMB in 2024, achieving a compound annual growth rate of 41.4% [5]. - Revenue from visual perception products increased from 228.7 million RMB in 2022 to 439.3 million RMB in 2024, while the revenue from lawnmowers surged to 23.27 million RMB in 2024 from just 63,000 RMB in 2023 [5]. - Despite revenue growth, the company reported losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB over the past three reporting periods [5]. Group 3: Cost Management - The company has managed to reduce its losses by controlling expenses, with administrative expenses decreasing from 45.66 million RMB in 2022 to 36.93 million RMB in 2024, and R&D expenses also showing a slight decline [6][7]. - Marketing expenses increased significantly, from 13.91 million RMB in 2022 to 31.43 million RMB in 2024, indicating a strategic focus on promoting its products [7]. Group 4: Market Competition - Ledong Robotics faces intense competition from major players like Hesai and Suteng, who are expanding their presence in the robotics sector [10]. - Hesai reported a 649.1% year-on-year growth in robot deliveries, with expectations to reach 200,000 units in 2025, while Suteng also achieved significant growth in its robot business [10][11]. - The competitive landscape is expected to impact Ledong Robotics' market share, as the overall robot lidar market is projected to reach 28 billion RMB by 2030, with a compound annual growth rate of 67.9% [11].

Core Viewpoint - The company, Ledong Robotics, is set to launch an IPO on the Hong Kong Stock Exchange, positioning itself as a leading player in the intelligent robotics sector, particularly in visual perception technology, despite facing challenges in profitability and rising costs [1][5][10]. Company Overview - Ledong Robotics is recognized as the largest intelligent robotics company globally based on visual perception technology, with over 6 million units expected to be deployed by 2024 [3]. - The company has a comprehensive product matrix in visual perception technology and possesses core technology across the entire supply chain [3]. - Ledong Robotics has a global presence, serving over 300 clients across more than 50 countries, including seven of the top ten household service robot companies [3]. Financial Performance - The company has shown continuous revenue growth, with projected revenues of 234 million, 277 million, and 467 million RMB from 2022 to 2024, respectively, while net losses have decreased from 73 million to 56 million RMB during the same period [10][11]. - Despite revenue growth, the gross margin has declined from 27.3% in 2022 to 19.5% in 2024, indicating potential issues with pricing strategies and cost management [11][13]. - The cash reserves are low, with only 4.7 million RMB available by the end of 2024, raising concerns about the company's ability to sustain operations amid ongoing losses [13]. Investment and Financing - Ledong Robotics has attracted significant investment from notable firms, including Alibaba's CEO, who holds a 1.79% stake through his fund [7][10]. - The company has undergone multiple financing rounds since its inception in 2017, indicating strong investor confidence despite its financial challenges [5][6]. Market Potential - The global intelligent robotics market is projected to grow from 158.3 billion RMB in 2020 to 369 billion RMB by 2024, with a compound annual growth rate (CAGR) of 23.6% [8]. - The intelligent lawn mower segment, a new growth area for Ledong Robotics, is expected to see significant market expansion, with penetration rates projected to rise from under 2% in 2024 to over 17% by 2029 [19][20]. Competitive Landscape - The intelligent robotics market is becoming increasingly competitive, with numerous players entering the space, which could pressure pricing and margins [20]. - Ledong Robotics faces competition from established companies like Ecovacs and others, which are also innovating in the lawn mower segment [20]. Challenges and Future Outlook - The company must address its profitability issues and find a sustainable business model to convert its technological advantages into financial success [21]. - The ongoing decline in research and development spending raises concerns about the company's ability to maintain its technological edge in a rapidly evolving market [16][18].

Core Viewpoint - Ledong Robotics Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its leading position in the intelligent robotics market, particularly in visual perception technology [2][12]. Business Overview - Founded in 2017, Ledong Robotics is a full-stack intelligent robotics company focused on developing and selling visual perception products and solutions [2]. - The company launched its first-generation laser radar and simultaneous localization and mapping algorithm in 2018, followed by the world's first consumer-grade Mini DTOF radar [2]. Market Position - By 2024, the number of intelligent robots equipped with Ledong's visual perception technology reached 6 million, with seven out of the top ten global home service robot brands being its clients, indicating a near-monopoly in the market [2]. - In 2024, Ledong Robotics achieved revenue of 467.3 million RMB, making it the largest company globally focused on visual perception technology in intelligent robotics [5]. Financial Performance - From 2022 to 2024, Ledong's revenue grew from 233.8 million RMB to 467.3 million RMB, with a compound annual growth rate (CAGR) exceeding 41% [5][6]. - Despite revenue growth, the company reported net losses of 73.1 million RMB, 68.5 million RMB, and 56.5 million RMB for the years 2022, 2023, and 2024, respectively [6][8]. - The gross profit margin has declined from 27.3% in 2022 to 19.5% in 2024, reflecting increasing cost pressures [8][9]. Product Development - In 2024, Ledong Robotics capitalized on the global smart lawn mower market, launching and mass-producing smart lawn mowers with sales exceeding 10,000 units [4]. - The second generation of smart lawn mowers, which integrates AI algorithms, was produced in 2025, with total sales surpassing 15,000 units from January to May 2024 [4]. Revenue Composition - The majority of Ledong's revenue comes from visual perception products, which accounted for 1.04 billion RMB, 1.67 billion RMB, and 3.41 billion RMB from 2022 to 2024 [6][7]. - Revenue from smart lawn mowers was 23.27 million RMB in 2024, representing approximately 5% of total revenue, indicating a potential second growth curve for the company [7]. Leadership and Investment - The company is led by founder Zhou Wei, a successful entrepreneur with a background in technology and innovation [10]. - Ledong Robotics has attracted significant investment from notable firms such as Huaye Tiancheng and Yuanjing Capital, with key shareholders holding 39.61% of the total issued share capital [11].

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a leading player in the intelligent robotics industry, particularly focusing on visual perception technology [1][2][3] Group 1: Company Overview - Founded in 2017, Ledong Robotics is a full-stack intelligent robotics company based on perception intelligence, specializing in visual perception technology and its applications across various intelligent robotics scenarios [1] - By 2024, Ledong Robotics is projected to be the largest intelligent robotics company globally based on visual perception technology, with over 6 million smart robots equipped with its technology [1][2] - The company has achieved the highest shipment volume of DTOF laser radar in the industry, exceeding 720,000 units in 2024 [1] Group 2: Growth Strategies - Ledong Robotics is actively developing a second growth curve through smart lawn mowers, leveraging its visual perception technology to penetrate markets in Europe, America, and Australia [2] - The first generation of smart lawn mowers is expected to achieve mass production in 2024, with sales projected to exceed 10,000 units in the first year [2] - The second generation of smart lawn mowers, incorporating AI models for scene recognition and boundary detection, is set for mass production in 2025, with steady monthly sales growth since early 2025 [2] Group 3: Financial Performance - The company's revenue from 2022 to 2024 is projected to grow from 234 million RMB to 467 million RMB, while net losses are expected to decrease from 73.13 million RMB to 56.48 million RMB during the same period [2] - Ledong Robotics has completed multiple rounds of financing, attracting investments from notable institutions, including a 1.79% stake held by a company controlled by Alibaba's CEO [2] Group 4: IPO Fund Utilization - The net proceeds from the IPO will primarily be used to enhance R&D in intelligent robotics visual perception technology, upgrade AI algorithms, and optimize product offerings [3] - Funds will also support brand building and international expansion to increase the global customer base and strengthen the company's position as a leading robotics firm [3] - Additional allocations include optimizing production capacity, exploring potential investments and acquisitions, and general corporate purposes [3]