Core Viewpoint - The robot industry is experiencing fluctuating interest in the capital market, with a notable focus on humanoid robots expected to be mass-produced by 2025. However, the listing process for companies like Ledong Robotics has faced delays and challenges due to market conditions and competition [1]. Company Overview - Ledong Robotics, established in 2017, is a full-stack intelligent robotics company focusing on visual perception technology. It aims to provide intelligent robotic infrastructure and products for various applications, including home, commercial, and industrial sectors [2]. - According to market research, Ledong Robotics is projected to be the largest global company in visual perception-based intelligent robotics by 2024, with 6 million robots enabled and 720,000 units of DTOF radar shipped [2]. Financial Performance - Ledong Robotics reported total revenues of 234 million RMB, 277 million RMB, and 467 million RMB for the years 2022, 2023, and 2024, respectively. The company also recorded losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB during the same period [3]. - For the first half of 2025, the company achieved revenues of 386 million RMB and 196 million RMB, with losses of 28.93 million RMB and 13.78 million RMB, respectively. The ongoing losses are attributed to the company's focus on product innovation and global expansion during its growth phase [3]. Market Dynamics - The machine vision industry is divided into 3D vision and AI-based 2D vision, with increasing automation in manufacturing driving growth. However, the sector faces intense competition from established players like Hikvision and others, leading to price wars [4]. - Ledong Robotics' gross margin decreased from 27.3% in 2022 to 19.5% in 2024, before rebounding to 25.4% in the first half of 2025, reflecting the impact of industry competition [5]. Strategic Initiatives - The company plans to use the funds raised from its IPO to enhance R&D in visual perception technology, expand its brand internationally, optimize production capacity, and explore potential investment opportunities [3]. - Ledong Robotics has entered the lawn mowing robot market, launching its first generation of robots in 2024 and achieving cumulative sales of 10,000 units. The second generation, featuring AI algorithms, is expected to drive further growth [5]. Competitive Landscape - The lawn mowing robot market is estimated to have annual sales of 30 million units, with current robotic models holding less than 10% market share. This presents a significant growth opportunity for Ledong Robotics, although competition from leading lidar companies is anticipated [5]. - The company primarily targets the mid-to-low-end market for laser radar applications, which may limit its ability to penetrate the high-end autonomous vehicle market, where demand is increasing [6].

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 submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its expertise in intelligent robot visual perception technology for growth in the rapidly expanding smart robotics market [1][2]. Group 1: Company Overview - Ledong Robotics, established in 2017, focuses on the research and development of intelligent robot visual perception technology and has transitioned to a joint-stock company in 2022 [2]. - The company specializes in creating intelligent robot infrastructure centered around visual perception, enabling various applications such as cleaning robots, delivery robots, and inspection robots [2]. - By 2024, Ledong Robotics is projected to be the largest global company in intelligent robots utilizing visual perception technology, with over 6 million units expected to be deployed [2]. Group 2: Financial Performance - Ledong Robotics reported revenues of 234 million yuan, 277 million yuan, and 467 million yuan for the years 2022, 2023, and 2024, respectively, with a significant year-on-year revenue growth of 97% in the first half of 2023 [2][3]. - Despite revenue growth, the company has faced continuous net losses, with figures of 73.13 million yuan, 68.49 million yuan, and 56.48 million yuan for 2022, 2023, and 2024, respectively, and a loss of 13.78 million yuan in the first half of 2023 [3]. - The product gross margin has declined from 27.3% in 2022 to 19.5% in 2024, although it rebounded to 25.4% in the first half of 2023 [3]. Group 3: Investment and Market Potential - Ledong Robotics has attracted significant investment from notable capital firms, completing multiple financing rounds since its inception, with the latest being a Series C round in February 2022 [4]. - The global smart robotics market is expected to grow from 158.3 billion yuan in 2020 to 369 billion yuan by 2024, with a compound annual growth rate (CAGR) of 23.6%, and projected to reach 1,005.8 billion yuan by 2029 [6]. - The competitive landscape in the intelligent robot visual perception technology sector is intense, with leading players establishing significant technological barriers through advanced environmental perception and decision-making algorithms [6]. Group 4: IPO Fund Utilization - The funds raised from the IPO are intended to enhance research and development in intelligent robot visual perception technology, upgrade AI algorithms, optimize product offerings, and expand production capacity and overseas market presence [7].

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]

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]