Group 1 - The core viewpoint is that the robot industry is experiencing a surge in IPO applications, particularly in Hong Kong, with over 30 companies in the pipeline, indicating both growth potential and urgency for these firms [2] - The rapid submission of IPO applications by multiple robot companies suggests a recognition of the growth expectations for robotic assets, but it also implies that time is running out for these companies [2] - The industry is facing significant profitability challenges, with high R&D costs, reliance on expensive imported components, and a crowded market leading to delayed profitability for many firms [3][4][6] Group 2 - Companies like Woan Robot are under pressure to achieve profitability, with expectations to turn a profit by mid-2025, while their expenses remain high [3] - Stand Robot has reported cumulative losses of 273 million yuan over three years, primarily due to supply chain issues and reliance on foreign suppliers for critical components [4] - The decline in product prices, while expected with increased production, is also negatively impacting profitability across the sector, as seen with companies like Ledong Robot [6] Group 3 - The capital market is showing signs of tightening, with notable exits from investments, such as Baidu's divestment from Micro Yi Zhi Zao before its IPO [7][8] - The industry is witnessing a wave of bankruptcies, indicating a decrease in investor patience and a potential shift towards a "survival of the fittest" scenario [8][9] - The overall profitability issues in the robot industry stem from mismatches between technological maturity, scalability, and commercial returns, although there are positive signs of progress in domestic component localization and commercialization [10]

01 今年，机器人赛道无疑是最受瞩目的风口之一。 据不完全统计，前11个月已有近30家机器人产业链企业向港交所递交上市申请，包括奥迪威、仙工智 能、卡诺普机器人、凯乐士、珞石机器人、优艾智合等。市场热度在资本层面尤为明显，IT桔子数据显 示，仅今年前8个月，机器人领域一级市场融资额已达386.24亿元，是2024年全年融资额的1.8倍。 然而在这股热潮背后，一个残酷的现实是，大多数机器人企业尚未建立起可持续的盈利模式。 它们究竟面临怎样的困境？近日向港股递交招股书的深圳乐动机器人股份有限公司(下称"乐动机器人") 便是一个观察的样本。 这是一家业内明星公司，投资方中，华业天成、源码资本、新希望集团、共创卓信等一线投资机构均在 列，最受关注的当属阿里CEO吴泳铭的圆璟鼎恒，曾参与乐动机器人2022年1月的C轮融资，持有乐动 机器人1.79%的股权。 在一众机器人公司中，乐动机器人的特色在于以视觉感知技术为核心，即为机器人提供"眼睛"。尽管公 司收入在增长，却"以价换量"，没能摆脱连年亏损的局面。 这家由华中科技大学校友创立的公司，正站在一个机遇与风险并存的十字路口。 "高科技"产品，变成了"薄利多销" 根据招股 ...

来源丨凤凰网财经《IPO观察哨》 它们究竟面临怎样的困境？近日向港股递交招股书的深圳乐动机器人股份有限公司（下称"乐动机器人"）便是一个观察的样本。 01 "高科技"产品，变成了"薄利多销" 这是一家业内明星公司，投资方中，华业天成、源码资本、新希望集团、共创卓信等一线投资机构均在列，最受关注的当属阿里 CEO吴泳铭的圆璟鼎恒，曾参与乐动机器人2022年1月的C轮融资，持有乐动机器人1.79%的股权。 在一众机器人公司中，乐动机器人的特色在于以视觉感知技术为核心，即为机器人提供"眼睛"。尽管公司收入在增长，却"以价换 量"，没能摆脱连年亏损的局面。 这家由华中科技大学校友创立的公司，正站在一个机遇与风险并存的十字路口。 根据招股书，2022年-2024年、2025年上半年，乐动机器人收入分别为2.34亿、2.77亿、4.67亿、3.86亿。年复合增长率可观。 然而，其净利润却连续多年为负，2022年至2024年、2025年上半年，分别净亏损0.73亿、0.69亿、0.56亿元、0.14亿元，累计亏损超 2亿元。这意味着，公司收入规模的扩大，并未转化为健康的盈利能力。 今年，机器人赛道无疑是最受瞩目的风口之一。 ...

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading global provider of perception-based intelligent robotics, with a projected deployment of over 6 million intelligent robots utilizing its visual perception technology by 2024 [1]. Group 1: Company Overview - Ledong Robotics is recognized as a global leader in full-stack intelligent robotics based on perception intelligence, focusing on visual perception as the core of its intelligent robotics infrastructure [1]. - The company offers a comprehensive range of visual perception products, including LiDAR, cameras, and ultrasonic sensors, and is one of the few in the industry with a complete product matrix [3]. Group 2: Revenue Drivers - The primary revenue growth drivers for Ledong Robotics are its visual perception products and intelligent lawn mowers [2]. - In 2024, revenue from visual perception products reached 341 million yuan, representing over 100% year-on-year growth and accounting for 73.02% of total revenue [4]. Group 3: Financial Performance - The overall gross margin for Ledong Robotics in 2024 was 19.5%, a decline of nearly 8 percentage points compared to 2022 [5]. - The gross margin for visual perception products was only 15.2%, significantly lower than competitors, while the algorithm module had a gross margin of 31.3% [4]. - The company reported revenues of 234 million yuan, 277 million yuan, 467 million yuan, and 386 million yuan for the years 2022 to 2024 and the first half of 2025, respectively, with cumulative losses of 212 million yuan over three and a half years [7]. Group 4: Product Development - Ledong Robotics launched its first-generation intelligent lawn mower in 2024, generating 23 million yuan in revenue from over 10,000 units sold, with sales continuing to grow [6]. - The intelligent lawn mower business has a higher added value, achieving a gross margin of 33.6% in 2024, which helps stabilize the overall gross margin trend [7]. Group 5: Client Base - The company serves seven out of the top ten household service robot companies globally and all five of the largest commercial service robot companies [7]. - Revenue from the top ten household service robot companies increased from 3.7 million yuan in 2022 to 147 million yuan in 2024 [7]. Group 6: Shareholding Structure - Before the IPO, the controlling shareholders, including Zhou Wei, Guo Gaihua, and Wang Mingyue, collectively held approximately 39.61% of the issued share capital [8].

Core Viewpoint - Ledong Robotics, established in 2017, has launched its first generation of lawn mowing robots in 2024, with plans for a second generation in the following year. The company has filed for an IPO in Hong Kong, reporting revenues of 234 million RMB, 277 million RMB, and 467 million RMB for 2022, 2023, and 2024 respectively, with corresponding net losses of 73.13 million RMB, 68.49 million RMB, and 57.48 million RMB [1][2]. Financial Performance - Revenue for Ledong Robotics increased from 234 million RMB in 2022 to 467 million RMB in 2024, with a compound annual growth rate (CAGR) of approximately 50.5% [1][2]. - The company's net losses decreased from 73.13 million RMB in 2022 to 57.48 million RMB in 2024, indicating a reduction in losses over the years [1][2]. - The gross profit margin declined from 27.3% in 2022 to 19.5% in 2024, while sales costs increased from 169.89 million RMB to 376.03 million RMB during the same period [2][9]. Product Segmentation - Visual perception products, including sensors and algorithm modules, accounted for 97.8%, 99.1%, and 94% of revenues from 2022 to 2024, highlighting the importance of this segment [3][4]. - Sensor sales increased significantly, with 133.89 thousand units sold in 2022, rising to 695.83 thousand units in 2024, while algorithm module sales peaked in 2023 at 1.07 million units before declining [5][6]. Market Position - Ledong Robotics holds a 1.6% share of the global market for intelligent robots focused on visual perception, ranking first among competitors [2][3]. - The global market for intelligent lawn mowing robots is projected to reach 6.1 billion RMB in 2024, with Ledong Robotics selling over 15,000 units since its launch [6][7]. Cost Structure - Research and development (R&D) expenses remained stable, decreasing slightly from 96.7 million RMB in 2022 to 94.86 million RMB in 2024, while marketing expenses surged by 323% in 2024 [9][10]. - The company’s overall operating expenses increased gradually, with total operating expenses of 1.56 billion RMB in 2022, 1.58 billion RMB in 2023, and 1.63 billion RMB in 2024 [9][10]. Future Outlook - Ledong Robotics plans to continue increasing R&D and marketing expenditures, which may lead to ongoing net losses as the company expands its global footprint [9][10]. - The company sees significant growth potential in the lawn mowing robot segment, particularly in markets like Europe, North America, and Australia [6][7].

Group 1 - The core viewpoint of the article is that Shenzhen Ledong Robotics is preparing for an IPO on the Hong Kong Stock Exchange with an estimated market value of over HKD 4 billion, backed by significant investments from notable figures like Alibaba's CEO and former Huawei executives [1][26]. Group 2 - Ledong Robotics positions itself as a robot company focused on visual perception technology, which includes various sensory technologies to help robots interact with their environment [2][4]. - The product portfolio is divided into two main business lines: visual perception products and lawn-mowing robots, with visual perception products being the primary focus [2][6]. Group 3 - The visual perception products include various types of sensors such as DTOF LiDAR, triangulation LiDAR, solid-state linear LiDAR, and ultrasonic sensors, enabling functionalities like SLAM/VSLAM for real-time navigation and obstacle avoidance [4][10]. - In 2024, the expected shipment volume for sensors and algorithm modules is projected to be 6.958 million units and 1 million units, respectively, reflecting compound annual growth rates of 128% and 14.1% from 2022 [4][10]. Group 4 - The lawn-mowing robot market is identified as a growing segment, particularly in Europe and the U.S., with Ledong's first-generation robot delivering over 10,000 units in its first year and the second generation achieving over 15,000 units delivered to date [6][8]. Group 5 - Ledong's revenue from 2022 to 2024 is projected to grow from CNY 234 million to CNY 467 million, with a compound annual growth rate of approximately 41.4% [8][10]. - The core business of visual perception products generated revenues of CNY 229 million, CNY 274 million, and CNY 439 million over the same period, accounting for 97.8%, 99.1%, and 94.0% of total revenue, respectively [10][11]. Group 6 - The revenue from sensors is expected to reach CNY 340 million in 2024, with a compound annual growth rate of about 81%, contributing 73% to the total revenue [10][12]. - The lawn-mowing robot business generated revenue of CNY 2.327 million in its first year of production [10]. Group 7 - Ledong's gross profit for 2022 to 2024 is projected to increase from CNY 63.95 million to CNY 91.32 million, although the gross margin is declining, with rates of 27.3%, 25.7%, and 19.5% over the same period [12][14]. - The gross margin for visual perception products is expected to decrease from 27.7% in 2022 to 18.8% in 2024, primarily due to the increasing proportion of lower-margin sensors [14]. Group 8 - The company has been operating at a loss, with net losses decreasing from CNY 30.75 million in 2022 to CNY 10.63 million in 2024, largely due to high R&D expenditures [14][16]. - Cash reserves have significantly decreased in 2024, with a year-end balance of CNY 46.95 million, down from CNY 27.58 million in 2023 [16][17]. Group 9 - Ledong was founded in 2017 by two alumni from Huazhong University of Science and Technology, with significant backing from investors including Alibaba's CEO and former Huawei executives [18][24]. - The company has raised funds through multiple rounds of financing, with notable investments from Huaye Tiancheng and Yuanjing Capital [24][25].

Core Viewpoint - Ledong Robotics, a company focused on intelligent robot vision perception technology, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become a leader in the global market for vision-based intelligent robots [2][3]. Group 1: Business Overview - Founded in 2017 and headquartered in Shenzhen, Ledong Robotics specializes in developing intelligent robot infrastructure centered around vision perception technology [2]. - The company is recognized as the largest global player in the vision perception technology sector for intelligent robots, based on projected revenue for 2024 [2]. - Ledong Robotics offers a product portfolio that includes vision perception sensors, algorithm modules, and intelligent lawn mowers, with significant revenue contributions from each segment [3]. Group 2: Financial Performance - Revenue is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2024, driven by rapid sales increases in vision perception products [3]. - The sales volume of vision perception products is expected to rise from 2.11 million units in 2022 to 7.96 million units in 2024, with the first-generation intelligent lawn mower selling over 10,000 units in its first year [3]. - Despite revenue growth, the company has faced continuous losses, with net losses of 73.1 million yuan, 68.5 million yuan, and 56.5 million yuan from 2022 to 2024, primarily due to heavy investments in R&D and market penetration strategies [4]. Group 3: R&D and Future Plans - Ledong Robotics holds over 600 patents, with more than 300 being core invention patents, establishing a technological moat in key areas such as robot navigation and machine vision [5]. - The company plans to use the funds raised from the IPO to enhance R&D in vision perception technology, upgrade AI algorithms, expand production capacity, and explore potential investment opportunities for global expansion [5].

Core Viewpoint - The rapid capitalization of robotics companies is being driven by the growing interest in the sector, with Shenzhen Ledong Robotics Co., Ltd. filing for an IPO to enhance its market position and product offerings [1][2]. Group 1: Company Overview - Ledong Robotics focuses on visual perception products, particularly laser radar, which is expected to generate revenue of 341 million yuan in 2024, accounting for over 70% of its total revenue [2][11]. - The company is positioned as the largest intelligent robotics company globally based on visual perception technology, with over 6 million units equipped with its technology expected to be sold in 2024 [3]. - Despite its leading position, Ledong Robotics has a gross margin of only 15.2%, significantly lower than competitors like Orbbec and Aoptix, which have margins exceeding 60% [12][20]. Group 2: Product and Market Challenges - Ledong Robotics' visual perception products include a comprehensive range of sensors and algorithms, but the company faces challenges in maintaining pricing power due to its position as a 2B supplier [10][12]. - The company has acknowledged that it has had to lower prices to maintain market share in the home robotics sector, indicating a lack of bargaining power [14][15]. - The algorithm module segment, which has a higher gross margin of 31.3%, is experiencing a decline in revenue, attributed to price drops and increased competition from terminal robotics companies developing their own algorithms [16][18][19]. Group 3: New Business Ventures - In response to challenges in its B2B business, Ledong Robotics is entering the consumer market with its own line of intelligent lawn mowers, which it believes has significant growth potential in mature markets [22][23]. - The company launched its first intelligent lawn mower in 2024, achieving sales of over 10,000 units and generating 2.3 million yuan in revenue [24]. - The lawn mower segment boasts a gross margin of 33.6%, which could help stabilize the overall gross margin of the company [26]. Group 4: Competitive Landscape - The intelligent lawn mower market is becoming increasingly competitive, with established players like Ninebot and Roborock entering the space, posing additional challenges for Ledong Robotics [29][31][32]. - Despite the competitive pressures, Ledong Robotics is currently operating at a net loss of 56 million yuan in 2024, highlighting the financial challenges it faces [33]. - The upcoming IPO is expected to provide necessary funding to enhance its product offerings and improve market competitiveness [34].

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted its IPO prospectus to the Hong Kong Stock Exchange, positioning itself as the world's largest intelligent robotics company based on visual perception technology by 2024 [3]. Company Overview - Ledong Robotics was established in 2017 and is a full-stack intelligent robotics company based on perception intelligence [3]. - By 2024, the company plans to empower 6 million robots, making it the largest globally in this sector [3]. - The company serves seven out of the top ten household service robot companies and all of the top five commercial service robot companies worldwide [3]. Financial Performance - Revenue projections for Ledong Robotics from 2022 to 2024 are as follows: RMB 233.83 million, RMB 276.56 million, and RMB 467.35 million respectively [4]. - The company reported losses of RMB 73.13 million, RMB 68.49 million, and RMB 56.48 million for the same years, indicating a narrowing loss trend [11]. - Gross profit margins are projected to decline from 27.3% in 2022 to 19.5% in 2024 [11]. Leadership - The company is co-founded by Zhou Wei, who is 38 years old and serves as the chairman, overseeing overall strategic planning and capital operations [4][7]. - Guo Gaihua, 40 years old, is the general manager responsible for strategic planning and daily decision-making [8]. - Zhang Jun, 48 years old, is the executive director in charge of marketing management and business development [9]. - The youngest executive is 33-year-old Vice General Manager Xie Bin, who manages product line operations [11]. Shareholding Structure - Prior to the IPO, the controlling shareholders, including Zhou Wei and Guo Gaihua, collectively own approximately 39.61% of the issued share capital [4]. - Alibaba Group's CEO Wu Yongming holds a 1.79% stake through his company Yuanjing Dingheng [4].