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 Viewpoint - Shenzhen LDROBOT Co., Ltd (乐动机器人) is seeking to list on the Hong Kong Stock Exchange amid challenges such as ongoing losses, tight cash flow, and increasing market competition. The company's valuation prospects as the "first stock of intelligent robot visual perception" depend on its ability to solidify its technological moat and penetrate overseas markets with its lawn mowing robots [1]. Group 1: Financial Performance - The total revenue for Shenzhen LDROBOT from 2022 to 2024 is projected to be 234 million, 277 million, and 467 million RMB, respectively, with net losses of 73 million, 68 million, and 56 million RMB [3][4]. - The gross margin has declined by nearly 8 percentage points over three years, from 27.3% in 2022 to 19.5% in 2024, indicating challenges in cost control and market competition [3][4]. - The gross margin for the sensor business has decreased from 18.6% in 2022 to 15.2% in 2024, while the algorithm module's gross margin has fluctuated from 35.2% to 31.3% during the same period [3][5]. Group 2: Research and Development - R&D spending has remained stable in absolute terms at approximately 97 million, 96 million, and 95 million RMB from 2022 to 2024, but its proportion of revenue has halved from 41.4% to 20.3% [5]. - The company’s R&D investment intensity is significantly lower than that of comparable companies, which averaged 1.04 billion RMB in R&D spending, accounting for about 53.4% of their revenue in 2024 [5][6]. Group 3: Cash Flow and Financial Health - As of the end of 2024, the company has only 47 million RMB in cash and cash equivalents, with negative net cash flow from operating activities of -41 million, -49 million, and -29 million RMB from 2022 to 2024 [7][8]. - The company has faced tight cash flow, which may hinder its ability to invest in R&D, market expansion, and capacity building [7]. Group 4: Market Position and Competition - Despite being the largest company in the visual perception technology sector for intelligent robots, Shenzhen LDROBOT holds only a 1.6% market share, indicating a highly fragmented competitive landscape [9][10]. - The company faces potential threats from alternative technologies such as LiDAR, which are being aggressively promoted by competitors like Hesai and Suton [11]. - The lawn mowing robot segment, which is seen as a second growth curve, accounted for only 5% of total revenue in 2024, with significant competition from established players [12][14].