东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于东四十条资本 ，作者鲁智高 三年半入账超9亿元。 作者丨 Aes 来源丨 投中网 一家山东县城的明星公司冲向港股。 在北大校友庹（ tu ǒ）华的带领下，珞石机器人已拥有工业机器人、柔性协作机器人、具身智能机器人等产品，不仅获得了 小米、歌尔股份、智元机器人等全球超 1000 家客户的认可，还于近日从山东邹城来到港交所门前。 一路走来，除了在天使轮获得梅花创投独家投资，珞石机器人还得到德联资本、清控银杏、顺为资本、金沙江联合资本、襄禾 资本、深创投、远翼投资、新希望集团、国家制造业转型升级基金、新业资本等支持，并在经过 10 轮融资后估值达到 52.95 亿元。 山东县城，冲出一家全球明星公司 十年前，在国内机器人发展刚起步时，珞石机器人便成为最早一批入局的玩家。 那个时候，随着国家大力支持发展智能制造，机器人产业的发展成为国家战略。为了做出中国一流的机器人品牌，庹华与央企 的同事在中关村创业大街 3W 咖啡决定创业，并于 2014 年 ...

Core Viewpoint - Luoshi Robotics has filed for an IPO on the Hong Kong Stock Exchange, showcasing significant revenue growth and a reduction in adjusted net losses, although R&D expenditures have been declining [1][5]. Revenue Growth - Luoshi Robotics' revenue increased from 153 million yuan in 2022 to 325 million yuan in 2024, achieving a doubling in three years [1]. - In the first half of 2025, the company's revenue grew by 50% year-on-year, reaching 176 million yuan [6]. Profitability and Losses - Adjusted net losses decreased from 135 million yuan in 2022 to 72.5 million yuan in 2024, but expanded by 1.8% to 35.15 million yuan in the first half of 2025 [1][6]. Revenue Composition - Revenue primarily comes from two segments: robot products and robot solutions, with robot products consistently generating more revenue [2]. - Industrial robots contributed 44.4% of total revenue in 2022, with a projected increase to 51.3% in 2024 and 50.6% in the first half of 2025 [2][3]. R&D and Marketing Expenditures - R&D expenditures have been declining, from 67.16 million yuan in 2022 to 54.22 million yuan in 2024, with a significant drop in the ratio of R&D spending to total revenue [5][6]. - In contrast, sales and marketing expenditures increased from 53.70 million yuan in 2022 to 62.95 million yuan in 2024, surpassing R&D spending in 2024 and the first half of 2025 [6]. Product Segmentation - The company offers six types of embodied intelligent robots, but revenue from this segment has significantly decreased, with only 403,000 yuan in the first half of 2025, down 72.5% year-on-year [4][5]. - Flexible collaborative robots generated 60.94 million yuan in the first half of 2025, accounting for 34.7% of total revenue, marking the highest contribution since 2022 [3].

工业机器人营收超一半 2014年12月成立的珞石机器人营收主要来自机器人产品和机器人解决方案两大块。 "珞石机器人刚刚去港交所交表"，9月上旬，梅花创投创始人吴世春在2025年服贸会论坛上公开表示，作为这家公司的早期天使轮投资方，他对这家公司的 评价是"协作机器人的代表性企业"，月底港交所公开了珞石机器人的招股书。 根据招股书，珞石机器人营收从2022年的1.53亿元增长至2024年的3.25亿元，三年实现翻倍；经调整净亏损从1.35亿元缩小至7246.8万元。2025年上半年，这 家快过11岁生日的公司营收同比增长50%，经调整净亏损同比扩大1.8%。"一降两增"的费用开支也值得关注，2022年至2025年上半年，公司研发投入逐年下 滑，且自2024年起就低于销售及营销开支。 2022年至今，来自机器人产品的营收始终高于机器人解决方案的营收，且占比越来越高，组成这个板块的工业机器人、柔性协作机器人、具身智能机器人 中，工业机器人是营收主力。 吴世春提到的协作机器人，优势在于能够促进无缝的人机协作。珞石机器人在招股书中表示，协作机器人以灵敏度、安全性及易用性为设计核心，与传统工 业机器人不同，柔性协作机器人采 ...

Core Viewpoint - ROKAE (Shandong) Robotics Group Inc. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for enhancing R&D capabilities, expanding its global sales network, improving production efficiency, and supporting operational costs [2][3]. Business Overview - Established in 2014, ROKAE Robotics is a leading next-generation AI robotics company focused on the design, R&D, manufacturing, and commercialization of intelligent robots and related solutions [3]. - The company has developed a comprehensive ecosystem of robotic applications, including industrial robots, collaborative robots, and embodied intelligent robots, based on a fully self-developed technology platform [3][4]. Product Offerings - ROKAE Robotics offers 27 models of industrial robots with payload capacities ranging from 4 kg to 220 kg and working radii from 475 mm to 2,705 mm, as well as 15 models of collaborative robots with payloads from 3 kg to 45 kg [6]. - The company has also launched six models of embodied intelligent robots, which feature full-dimensional data perception and physical interaction capabilities, and has entered into agreements to supply humanoid robotic arms for integration into humanoid robot products [6][8]. Market Position - ROKAE is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales as of 2024 [8]. - The company has provided robotic solutions to over 1,000 clients across approximately 40 countries and regions, including major firms like Xiaomi and Valeo [8][11]. Financial Performance - ROKAE Robotics has shown revenue growth, with figures of RMB 153 million, RMB 267 million, RMB 325 million, and RMB 176 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [20][21]. - However, the company has faced significant net losses, totaling RMB 677 million over three and a half years, with adjusted net losses also reflecting a downward trend [20][21]. R&D Investment - R&D expenditures have decreased from RMB 67.2 million in 2022 to RMB 25.9 million in the first half of 2025, representing a decline in the proportion of total revenue from 44.0% to 14.7% [22][21]. - This reduction in R&D investment may impact the company's ability to innovate and maintain its competitive edge in the robotics industry [22]. Shareholder Structure - The major shareholder, Mr. Tuo Hua, directly holds 13.46% of the shares and controls approximately 38.78% of the voting rights through various platforms [12][32]. - Key institutional investors include the National Manufacturing Transformation and Upgrade Fund and other notable VC/PE firms, providing financial support and strategic advantages [27][31]. Industry Outlook - The multi-joint robot market in China is projected to grow at a compound annual growth rate of 15.7%, reaching RMB 45.3 billion by 2029, driven by factors such as aging population, rising labor costs, and expanding application scenarios [37]. - ROKAE's strengths in industrial and collaborative robotics position it well to capitalize on this growth, although challenges such as ongoing losses and cash flow pressures remain [37].

Core Viewpoint - The listing trend of robotics companies is accelerating towards the Hong Kong Stock Exchange, with Luoshi Robotics officially submitting its IPO application, aiming to enhance R&D capabilities and expand its global sales network [1][2]. Group 1: Company Overview - Luoshi Robotics was established in 2014 and focuses on the design, R&D, manufacturing, and commercialization of intelligent robots and solutions [1]. - The company has developed a comprehensive ecosystem of robotic applications, including industrial robots, collaborative robots, and intelligent robots, characterized by leading performance, flexibility, intelligence, safety, and robustness [1]. Group 2: Financial Performance - Luoshi Robotics has shown significant revenue growth, with revenues of 153 million, 267 million, and 325 million yuan from 2022 to 2024, and 176 million yuan in the first half of 2025, representing a 50% year-on-year increase [2]. - However, the company has also faced continuous net losses, with losses of 238 million, 157 million, and 192 million yuan from 2022 to 2024, and a loss of 90 million yuan in the first half of 2025, marking a 7.94% year-on-year increase [2]. Group 3: R&D and Accounts Receivable - R&D investment has declined, with expenses dropping from approximately 67.2 million yuan in 2022 to 25.9 million yuan in the first half of 2025, and the proportion of R&D expenses decreasing from 44% to 14.7% [2]. - Accounts receivable reached 206 million yuan by the end of 2024, with turnover days increasing to 223.7 days in the first half of 2025, indicating a prolonged collection period [3]. Group 4: Shareholder Composition - Luoshi Robotics has a strong shareholder base, having completed 10 rounds of financing before its IPO application, with investors including prominent venture capital firms and funds [3].

Core Viewpoint - The article highlights the upcoming IPO of Lashi Robot, which is set to become the first comprehensive intelligent robot stock in the Hong Kong market, with a projected ranking of seventh globally in sales by 2024 [1] Group 1: Company Overview - Lashi Robot is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales by 2024 [1][4] - The company has established a comprehensive technology and product system, achieving mass production and commercialization [1][4] Group 2: Technological Advantages - The core advantage lies in its self-developed xCore control system, which is compatible with various robot types and enhances functionality through a large model training platform [3] - The company has developed an embodied AI model training platform that covers a full spectrum of sensory perception and advanced interaction [3][4] - Lashi Robot has become an ecological leader in the robotics industry through its open "ROKAE+" platform [3][4] Group 3: Product Line and Market Reach - The product matrix includes three main categories: industrial robots, flexible collaborative robots, and embodied intelligent robots, allowing the company to tap into various industries such as automotive, consumer electronics, and healthcare [4] - The company serves over 1,000 clients across approximately 40 countries and regions, indicating strong market penetration [4] Group 4: Financial Performance - Revenue has doubled from 153 million yuan to 325 million yuan between 2022 and 2024, with a gross margin increase from 7.0% to 21.9% [9] - As of June 2025, the company had cash and cash equivalents of 327 million yuan, indicating strong financial health [9] Group 5: Future Growth Potential - The company is expected to benefit from the ongoing intelligent transformation of China's manufacturing sector and the reshaping of global supply chains [10] - The market for multi-joint robots in China is projected to reach 45.3 billion yuan by 2029, with a compound annual growth rate of approximately 16% [10] - The collaboration with Zhiyuan Robot in 2025 marks a significant milestone towards becoming a leader in embodied intelligence technology [11]

Core Insights - The article highlights the emergence of embodied AI as a significant trend in the technology sector, with the Hong Kong Stock Exchange set to welcome a rare listing from Locus Robotics, which aims to become the first comprehensive intelligent robotics stock in the market [1] Group 1: Company Overview - Locus Robotics is the only company in China capable of mass-producing both industrial and collaborative robots, ranking third among domestic manufacturers and seventh globally in multi-joint robot sales by 2024 [1][8] - The company has established a comprehensive technology and product system, achieving mass production and commercialization [1] Group 2: Technological Advantages - The core advantage of Locus Robotics lies in its self-developed xCore control system, which is compatible with various robot types and enhances functionality through a large model training platform [3][5] - The company has developed an integrated platform that allows for rapid product iteration and customized solutions for different application scenarios, forming a significant competitive barrier [5] Group 3: Product Lines - Locus Robotics has a comprehensive product matrix divided into three main categories: industrial robots, flexible collaborative robots, and embodied intelligent robots, allowing it to capture opportunities across various industries [5][8] - The company serves over 1,000 clients across approximately 40 countries and regions, indicating strong market penetration and recognition from top global technology firms [5][8] Group 4: Financial Performance - The company's revenue has doubled from 153 million yuan to 325 million yuan between 2022 and 2024, with gross margin increasing from 7.0% to 21.9% [11] - As of June 2025, the company had cash and cash equivalents of 327 million yuan, indicating strong financial health [11] Group 5: Future Outlook - Locus Robotics is expected to benefit from the ongoing intelligent transformation of China's manufacturing sector and the reshaping of global supply chains, with the multi-joint robot market projected to reach 45.3 billion yuan by 2029 [12] - The collaboration with ZhiYuan Robotics in 2025 marks a significant milestone, positioning the company for future growth in the embodied AI space [6][12]

Group 1 - The core viewpoint of the articles highlights the strategic initiatives of Luoshi (Shandong) Robot Group Co., Ltd. in the field of intelligent manufacturing for the new energy shipbuilding industry, emphasizing their commitment to technological innovation and collaboration with industry partners [1][2] - Luoshi has developed over 60 models of industrial and collaborative robots since its establishment in 2015, positioning itself as a leading enterprise in high-precision industrial robotics and a key player in the national specialized and innovative "little giant" enterprises [1] - The company has formed a strategic partnership with Jining Energy Group and New Energy Shipbuilding, focusing on advancing intelligent shipbuilding processes through significant R&D investments [1][2] Group 2 - Luoshi and New Energy Shipbuilding have systematically addressed the entire process from material handling to intelligent cutting, utilizing collaborative robots to enhance key stages of shipbuilding, thereby overcoming traditional automation challenges in the industry [2] - The company aims to deepen its investment in core technologies and innovative products while integrating artificial intelligence to create a new ecosystem for intelligent robotics, facilitating the large-scale application of AI in shipbuilding and other verticals [2] - The chairman of Luoshi expresses confidence in the future growth and technological breakthroughs in the robotics industry, indicating a shift towards high-quality development [2]

Core Insights - The article highlights the achievements of Rockstone (Shandong) Robot Group Co., Ltd., which has established itself as a leading domestic industrial robot brand, particularly in the automotive sector, by successfully integrating advanced technology and achieving high precision in manufacturing processes [1][3][7]. Group 1: Company Achievements - Rockstone has developed the NB220 series industrial robot, which features a 220kg payload capacity and high precision, achieving welding accuracy of 0.4mm and measurement precision of 0.01mm [1][2]. - The company has built a robot production base in Jining, covering an area of 100 acres, and has exported over 40,000 robots globally [1][3]. - Rockstone's robots have significantly improved production efficiency and quality standards for major clients like Xiaomi, contributing to the success of the Xiaomi YU7 SUV, which sold 200,000 units in just three minutes [1][3]. Group 2: Technological Innovations - The NB220 series robot is equipped with a high-performance control system called xCore, which optimizes multi-axis motion coordination, allowing for complex detection paths and seamless integration with factory MES systems [2][3]. - Rockstone's flexible collaborative robots have achieved a success rate of over 99.5% in assembly tasks, utilizing a combination of visual servoing and force control technology [5][6]. - The company has invested over 1 billion yuan in R&D over the past decade, developing a leading robot product design and technology platform [7][8]. Group 3: Market Position and Future Plans - Rockstone is positioned as a key player in the domestic robot market, with its flexible collaborative robots ranking first in shipment volume in China [6][7]. - The company anticipates a significant increase in sales, projecting to sell over 15,000 units of industrial and collaborative robots by 2025, nearly doubling its 2024 sales forecast of 8,000 units [7][8]. - The company is focusing on integrating AI with robotics to address challenges in automation and enhance the capabilities of its robots for various industrial applications [7][8].

Group 1: Company Highlights - Luoshi Robot is a leading player in the industrial collaboration sector, focusing on industrial robots, flexible collaborative robots, and smart manufacturing solutions, with over 60 models and a projected sales volume of over 8,000 units in 2024, ranking fourth in domestic robot shipments and first in flexible collaborative robots [2][3] - Haier Robotics emphasizes the integration of AI in household robots, allowing them to learn and adapt to user behaviors, aiming for a market scale of one trillion yuan and a production target of one million units [4][5] - Youbot's humanoid robot "Walker Taishan" was developed in under two months, showcasing advanced capabilities in complex terrains, and is positioned among the top tier in the industry [6][7] - Niusidate Planetary Gearbox Company leads in precision planetary gearbox shipments, with over 700,000 units annually, and aims to foster 30 ecosystem enterprises in the robotics industry by 2035 [8] Group 2: Industry Trends - The robotics industry is experiencing significant technological advancements, with companies investing over 1 billion yuan in R&D over the past decade, achieving international leading levels in core technologies [3] - The integration of AI and embodied intelligence is a key trend, with companies developing various intelligent products to address the challenges of "unmanned factories" [3] - The household robotics market is expected to grow significantly, driven by the demand for smart home integration and industrial applications [5]