21世纪经济报道记者 赵云帆 报道 虽然2025年被称为人形机器人量产元年，但机器人赛道在资本市场上热度却一直阴晴不定，且冷热不 均。 12月1日，深圳机器视觉企业乐动机器人更新了其在港交所的招股书。在此之前，乐动机器人于今年5月 30日便首次提交招股书。直至11月30日，公司招股书因披露满半年而逾期失效，公司方面也不得不更新 招股书，拉长了冲刺上市进程。 业内人士告诉记者，今年以来，已经有数家头部机器人本体和相关产业链企业成功登陆港股，成功先例 吸引后来者趋之若鹜，以致等待登陆港股的科技企业已然排起长龙，备案和预备递交招股书的企业亦不 在少数，港交所推进进度已经趋慢。 持续减亏 招股书显示，乐动机器人成立于2017年，是一家以感知智能为基础的全栈式智能机器人公司，专注于提 供以视觉感知为核心的智能机器人基础设施并赋能于各类机器人应用场景，同时提供适合新兴应用场景 的视觉感知产品及整机智能机器人产品。 对于亏损，乐动机器人称，报告期内产生净亏损的主要原因是公司处于业务爬坡阶段，在此阶段公司专 注于产品创新、技术改进及扩大量产规模，且预计将于短期内继续产生经营亏损，因为投入研发、拓展 全球业务并就公司的快速增长 ...

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].

12月1日，港交所官网披露了深圳乐动机器人股份有限公司(以下简称"乐动机器人")在港交所提交的主 板上市申请，公司上市材料被正式受理，联席保荐人为海通国际和国泰君安国际。 此前的5月30日，乐动机器人首次向港交所提交上市申请书。招股书显示，乐动机器人是一家专注于智 能机器人视觉感知技术及产品研发设计的全栈式智能机器人公司。 再次递表港交所 今年5月30日的港股IPO申请资料失效后，乐动机器人再次在港交所提交了上市申请。 招股书显示，乐动机器人成立于2017年，并于2022年改制为股份有限公司。公司打造以视觉感知为核心 的智能机器人基础设施并赋能各类智能机器人应用场景，同时提供适合新兴应用场景的视觉感知产品及 整机智能机器人产品。 视觉感知是智能机器人的"眼睛"，通过传感器获取环境信息，结合图像处理、模式识别及AI算法，实现 对物体、场景、运动的检测、定位、理解，最终指导机器人行为与决策，是智慧机器人最重要的感知系 统。 据灼识咨询的资料，2024年，搭载公司的视觉感知技术的智能机器人数量超过600万台。以2024年营业 收入计算，乐动机器人是全球最大的以视觉感知技术为核心的智能机器人公司。 据公司介绍，乐动机 ...

12月1日，港交所官网披露了深圳乐动机器人股份有限公司(以下简称"乐动机器人")在港交所提交的主板上市申请，公司上市材料被正式受理，联席保荐人为海 通国际和国泰君安国际。 此前的5月30日，乐动机器人首次向港交所提交上市申请书。招股书显示，乐动机器人是一家专注于智能机器人视觉感知技术及产品研发设计的全栈式智能机器人 公司。 据公司介绍，乐动机器人的智能视觉感知产品搭载至广泛的整机机器人，包括扫地机器人、割草机器人、客房服务机器人、餐厅送餐机器人、巡检机器人及物流机 器人等。 业绩方面，2022年、2023年及2024年，乐动机器人营业收入分别为2.34亿元、2.77亿元和4.67亿元。今年上半年，公司营业收入为3.86亿元，同比增长97%。 然而，乐动机器人虽然收入高速增长，但公司的净利润却在持续亏损。 招股书显示，2022年、2023年及2024年公司净亏损分别为7313.2万元、6849.1万元、5648.3万元，今年上半年公司仍然亏损1378万元。 对于业绩亏损的原因，乐动机器人表示，公司处于业务爬坡阶段，在此阶段专注于产品创新、技术改进及扩大量产规模。公司预计将于短期内继续产生经营亏损， 因为公司投入 ...

智通财经APP获悉，据港交所12月1日披露，深圳乐动机器人股份有限公司(简称：乐动机器人)递表港交所主 板，海通国际、国泰君安国际为其联席保荐人。 乐动机器人正战略性扩大在海外市场的业务布局。公司在深圳设立了研发、生产基地，在苏州设立了技术支持 中心，同时在海外正积极设立新加坡、香港及德国运营中心，以及在越南建立生产合作关系，从而在海外实现 高效的研发、生产、销售及服务。 招股书显示，乐动机器人是全球领先的以感知智能为基础的全栈式智能机器人公司。公司打造了以视觉感知为 核心的智能机器人基础设施并赋能于各类智能机器人应用场景，同时提供视觉感知产品及整机智能机器人产 品。 根据灼识咨询的资料，2024年，搭载公司的视觉感知技术的智能机器人数量超过6百万台。以2024年营业收入计 算，公司是全球最大的以视觉感知技术为核心的智能机器人公司。 视觉感知技术和产品是公司业务的第一增长曲线。公司拥有最全面的智能机器人视觉感知技术产品矩阵，首创 多款智能机器人激光雷达创新产品。以多模态感知技术、AI算法为核心，在智能机器人领域构建了从底层技术 研发到上层应用落地的完整能力。 公司亦具备设计及制造整机机器人的全自研能力。智能视 ...

据港交所12月1日披露，深圳乐动机器人股份有限公司(简称：乐动机器人)递表港交所主板，海通国际、国泰君 安国际为其联席保荐人。 招股书显示，乐动机器人是全球领先的以感知智能为基础的全栈式智能机器人公司。公司打造了以视觉感知为 核心的智能机器人基础设施并赋能于各类智能机器人应用场景，同时提供视觉感知产品及整机智能机器人产 品。 根据灼识咨询的资料，2024年，搭载公司的视觉感知技术的智能机器人数量超过6百万台。以2024年营业收入计 算，公司是全球最大的以视觉感知技术为核心的智能机器人公司。 财务方面 收入： 于2022年、2023年、2024年及2025年截至6月30日止六个月，乐动机器人实现收入分别约为2.34亿元、2.77亿 元、4.67亿元、3.86亿元人民币。 视觉感知技术和产品是公司业务的第一增长曲线。公司拥有最全面的智能机器人视觉感知技术产品矩阵，首创 多款智能机器人激光雷达创新产品。以多模态感知技术、AI算法为核心，在智能机器人领域构建了从底层技术 研发到上层应用落地的完整能力。 公司亦具备设计及制造整机机器人的全自研能力。智能视觉感知产品搭载至广泛的整机机器人(如扫地机器人、 割草机器人、客房 ...

Group 1: Hand Return Group - Hand Return Group plans to list on the Hong Kong Stock Exchange on May 30, 2025, with the stock code "2621" [3] - The IPO will issue a total of 24,358,400 shares, with a subscription rate of 990 times for the Hong Kong public offering and 1.13 times for the international offering [3] - The company aims to provide insurance service solutions through its online platform, with three main platforms: Xiao Yusan, Kachaba, and Niu Bao 100 [3] - Hand Return Group is the second-largest online insurance intermediary in China, holding a 7.3% market share in long-term life insurance premiums as of 2023 [4] - The company has distributed over 1,900 products since its establishment, including more than 280 customized products [4] - Financial data shows revenues of 806 million, 1.634 billion, and 1.387 billion CNY from 2022 to 2024, with adjusted net profits of 75 million, 253 million, and 242 million CNY respectively [5] Group 2: Yingshi Innovation - Yingshi Innovation plans to open subscriptions on May 30, 2025, and is expected to list on the Sci-Tech Innovation Board in mid-June [7] - The company will issue 41 million new shares, with 20% allocated for strategic placement [7] - Yingshi Innovation specializes in smart imaging devices, focusing on panoramic and action cameras, with a global market share of 67.2% in panoramic cameras as of 2023 [8] Group 3: Lin Qingxuan - Lin Qingxuan submitted its prospectus to the Hong Kong Stock Exchange on May 29, 2025, aiming for a main board listing [10] - The brand ranks first among domestic high-end skincare brands in China by retail sales as of 2024 [11] - Financial data indicates revenues of 691 million, 805 million, and 1.21 billion CNY from 2022 to 2024, with a compound annual growth rate of 32.5% [11] Group 4: Yushi Technology - Yushi Technology submitted its prospectus on May 28, 2025, planning to list on the Hong Kong Stock Exchange [14] - The company is the largest supplier of L4-level autonomous driving solutions for airport and factory scenarios in Greater China as of 2024 [15] - Financial data shows revenues of 66 million, 161 million, and 266 million CNY from 2022 to 2024, with a compound annual growth rate of 101.3% [15] Group 5: Yisiwei Computing - Yisiwei Computing submitted its prospectus on May 30, 2025, aiming for a main board listing [19] - The company is a leading provider of RISC-V solutions in China, with over 100 system-level solutions commercialized as of 2024 [20] - Financial data indicates revenues of 2 billion, 1.752 billion, and 2.025 billion CNY from 2022 to 2024 [20] Group 6: Xian Gong Intelligent - Xian Gong Intelligent submitted its prospectus on May 27, 2025, planning to list on the Hong Kong Stock Exchange [22] - The company ranks first in global robot controller sales for two consecutive years, with a market share of 23.6% in 2024 [22] - Financial data shows revenues of 184 million, 249 million, and 339 million CNY from 2022 to 2024, with a compound annual growth rate of 35.7% [23] Group 7: Tuopu CNC - Tuopu CNC submitted its prospectus on May 26, 2025, aiming for a main board listing [27] - The company is the top supplier of five-axis CNC machine tools in China's aerospace market, with an 11.6% market share as of 2024 [29] - Financial data indicates revenues of 136 million, 335 million, and 531 million CNY from 2022 to 2024, with a compound annual growth rate of 97.9% [29] Group 8: Xiantong Pharmaceutical - Xiantong Pharmaceutical submitted its prospectus on May 26, 2025, planning to list on the Hong Kong Stock Exchange [32] - The company is the first in China to obtain approval for innovative radioactive drugs, focusing on oncology and neurodegenerative diseases [32] Group 9: Ledong Robotics - Ledong Robotics submitted its prospectus on May 30, 2025, aiming for a main board listing [35] - The company has a customer retention rate of approximately 90% in 2024, with a compound annual growth rate of about 41.4% in revenues from 2022 to 2024 [36] Group 10: Saintong Special Medical - Saintong Special Medical submitted its prospectus on May 30, 2025, planning to list on the Hong Kong Stock Exchange [38] - The company ranks first among domestic special medical food brands in China, with a market share of 6.3% as of 2024 [39] - Financial data shows revenues of 491 million, 654 million, and 834 million CNY from 2022 to 2024, with a compound annual growth rate of 30.3% [39] Group 11: Jushuitan - Jushuitan updated its prospectus on May 22, 2025, continuing its listing process on the Hong Kong Stock Exchange [41] - The company is the largest e-commerce SaaS ERP provider in China, holding a 24.4% market share as of 2024 [42] - Financial data indicates revenues of 523 million, 697 million, and 910 million CNY from 2022 to 2024, with a compound annual growth rate of 31.9% [42]