Core Viewpoint - Guangdong Tuosda Technology Co., Ltd. is officially pursuing a dual listing on both the A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Tuosda was established in 2007 in Dongguan and has transformed from a supplier of injection molding peripheral equipment to a full-chain service provider in the robotics sector, becoming the first listed robotics company in Guangdong [3][5]. - The company is recognized as a leader in the full-stack industrial robotics industry in mainland China and is a pioneer in embodied intelligence [3][6]. Financial Performance - Tuosda's revenue for 2023, 2024, and the first three quarters of 2025 was RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [4][9]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [9][10]. Strategic Transformation - The company is undergoing a strategic transformation focusing on core businesses such as industrial robots, CNC machine tools, and injection molding machines, which has led to improved gross margins of 17.6%, 14.6%, and 28.3% for the respective years [11][12]. - Tuosda's shift away from lower-margin businesses, particularly the smart energy and environmental management systems, has been a significant factor in its recent financial performance [11][13]. Market Expansion - The overseas market has become a crucial growth driver, with overseas sales revenue accounting for 11.0%, 20.9%, and 25.0% of total revenue in 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a sales network covering over 50 countries and regions, with significant operations in Vietnam and Mexico [8][9]. Challenges and Risks - Despite the positive outlook, Tuosda faces challenges such as market competition, where it ranks fifth in the domestic industrial robotics market with a market share of 0.9% [13]. - The company is also dealing with governance issues, having received regulatory warnings for revenue recognition discrepancies and other compliance failures [14][15].

Core Viewpoint - Guangdong Tosida Technology Co., Ltd. is officially pursuing a dual listing on both A-share and H-share markets to enhance its global development strategy and broaden financing channels [1][3]. Company Overview - Founded in 2007, Tosida initially focused on injection molding peripheral equipment and has transformed into a full-chain service provider in the domestic robotics sector, offering solutions from single machines to entire factories [5][6]. - The company became the first listed robotics company in Guangdong, first on the New Third Board in 2014 and then on the Shenzhen Stock Exchange in 2017 [3]. Market Position - Tosida is recognized as a leader in the full-stack industrial robotics sector in mainland China, ranking first in the market for light-load industrial robots and solutions according to a Frost & Sullivan report [3]. - The company aims to leverage its H-share listing to enhance brand influence and core competitiveness while expanding its international market presence [7]. Financial Performance - Tosida's revenue for 2023, 2024, and the first three quarters of 2025 was reported at RMB 45.53 billion, RMB 28.72 billion, and RMB 16.88 billion, respectively [10]. - The net profit showed significant volatility, with figures of RMB 1.06 billion, -RMB 2.39 billion, and RMB 0.47 billion for the same periods [10]. Strategic Transformation - The company is undergoing a strategic shift to prioritize industrial robots and their application systems, moving away from lower-margin businesses like smart energy and environmental management systems [12][14]. - The revenue from the smart energy and environmental management systems, which once contributed RMB 26.86 billion (59% of total revenue) in 2023, has seen a decline of over 50% in 2024 [12]. International Expansion - Tosida's overseas sales revenue as a percentage of total revenue has been increasing, with figures of 11.0%, 20.9%, and 25.0% for 2023, 2024, and the first nine months of 2025, respectively [7][8]. - The company has established a presence in over 50 countries and regions, with offices in Vietnam and Mexico, and service centers in Thailand and Indonesia [8]. Challenges and Risks - The company faces challenges in market competition, with a market share of only 0.9% in the domestic industrial robotics solutions market as of 2024 [14]. - Supply chain risks are significant, as the cost of raw materials and components accounted for approximately 94.0%, 92.7%, and 92.2% of total sales costs in 2023, 2024, and the first three quarters of 2025, respectively [14]. Governance Issues - Tosida has faced regulatory scrutiny due to multiple governance issues, including revenue recognition discrepancies and improper cost accounting practices [15][16]. - The company received warning letters from regulators for these violations, which have raised concerns among investors [15].

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 與 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 申 請 版 本 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 意 見，並 明 確 表 示 概 不 就 因 本 申 請版本全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Guangdong Topstar Technology Co., Ltd. 廣東拓斯達科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣 下 知 悉、接 納 並 向 本 公 司、本 公 司 的 獨 家 保 薦 人、獨 家 保 薦 人 兼 整 體 協 調 人、整 體 協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項 ...