Core Viewpoint - The surge in robot companies seeking to list in Hong Kong reflects a growing interest in the sector, with approximately 30 companies having submitted applications this year. Ledong Robotics, a leader in visual perception technology, is facing challenges with declining profit margins and is betting on smart lawn mowers as a new growth avenue [2][3]. Company Overview - Ledong Robotics is primarily focused on two business segments: visual perception products, which are expected to account for 94% of total revenue in 2024, and smart lawn mowers, projected to contribute 5% [2]. - The company provides critical perception and navigation solutions to robot manufacturers, with core products including various types of LiDAR and visual sensor modules [2]. Market Dynamics - The global smart 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%. The visual perception technology segment is expected to grow from 13.6 billion yuan in 2020 to 28.5 billion yuan in 2024 [3][4]. - Ledong Robotics holds a 1.6% market share in the highly fragmented visual perception market, with its products expected to be used in over 6 million smart robots by 2024 [4]. Financial Performance - Revenue for Ledong Robotics is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2024, with a CAGR of 41.4%. However, net losses are also expected to decrease from 73.1 million yuan in 2022 to 56.5 million yuan in 2024 [4][5]. - The company's gross margin is declining, from 27.3% in 2022 to an anticipated 19.5% in 2024, attributed to a pricing strategy aimed at maintaining market share [4][5]. Competitive Landscape - The company faces increasing competition from major players entering the market with advanced technologies. For instance, Hesai Technology has significantly increased its LiDAR delivery volumes in the robot sector [5][6]. - Ledong Robotics' customer base includes seven of the top ten home service robot companies globally, but the revenue contribution from its largest customer has decreased from nearly 30% in 2022 to 15% in 2024 [6]. Growth Strategy - To counteract the pressures on its core business, Ledong Robotics is pursuing a dual strategy: reinforcing its technology in visual perception and investing in smart lawn mowers as a secondary growth line [7]. - The smart lawn mower market is expected to grow significantly, with projections indicating a market size reaching several billion dollars by 2029 [7][8]. Recent Developments - The new lawn mower business has shown rapid growth, with revenue expected to reach 23.3 million yuan in 2024 and 77.5 million yuan in the first half of 2025, with gross margins improving from 33.6% in 2024 to 45.6% in 2025 [8]. - However, this segment also faces challenges, including potential anti-dumping investigations by the EU that could impact competitiveness [8]. IPO and Future Plans - The upcoming IPO aims to raise funds for enhancing visual perception technology, expanding brand presence, optimizing production capacity, exploring investment opportunities, and supplementing working capital [10]. - The ability of Ledong Robotics to maintain its market share and successfully grow its lawn mower business will be critical for its future trajectory [10].

以下文章来源于东四十条资本 ，作者韦香惠 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 能在港股上岸或许是现阶段机器人企业相对现实的一条"捷径"。 作者丨 韦香惠 来源丨 东四十条资本 年关临近，机器人企业奔赴港股的速度仍在加快。今年7月的时候，我们同事写过，港股IPO的机器人企业大排长队。当时正 值深圳乐动机器人股份有限公司向港交所递表。不到半年，这家公司再度向港交所递交招股书，继续冲击IPO。 从资本阵容来看，乐动机器人身后的股东颇为亮眼：不仅有深高新投、厚普资本、中金浦成、联通中金、华业天成资本等明星 机构，阿里巴巴CEO吴泳铭也通过其名下元璟资本间接持股。 乐动机器人的两次递表其实是机器人行业上市潮的一个缩影。据不完全统计，今年已有约 30 家机器人产业链企业向港交所递 表。但是真正成功上市的却不多，只有三花智控、极智嘉、云迹科技、均胜电子等少数几家。 究其原因，大概是过去两年融资狂潮的推升下，机器人赛道"故事"讲得热闹，但真正的商业化与造血能力仍然不足。如乐动机 器人在招股书中披露，20 ...

Core Viewpoint - The recent surge of robotics companies applying for listings in Hong Kong has drawn attention, with many companies showing poor performance in their financials and facing intense competition in the industry [1][4]. Group 1: Company Performance - Many robotics companies seeking to list in Hong Kong have reported overall poor performance, with continuous losses noted in their financial statements [2][4]. - For instance, LeDong Robotics 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, attributing these losses to the early-stage development of their lawnmower robots and market expansion efforts [2]. - Kanopu Robotics achieved revenues of 197 million yuan, 222 million yuan, 234 million yuan, and 156 million yuan for the years 2022, 2023, 2024, and the first half of 2025, with net profits of approximately 28.27 million yuan, 1.69 million yuan, -12.94 million yuan, and 8.44 million yuan [4]. Group 2: Industry Competition - The robotics industry is characterized by fierce competition, with many companies acknowledging the increasing competitive landscape in their listing applications [4]. - Companies face competition from global multinational corporations, established domestic manufacturers, and emerging tech firms across various product categories, including industrial robots and collaborative robots [4]. - The market for AI-enabled household robotics is still in its nascent stage, with companies like Woan Robotics expressing concerns about the potential for slower-than-expected growth impacting their business outlook [5]. Group 3: Funding and Future Prospects - LeDong Robotics plans to use the funds raised from its IPO to enhance research in visual perception technology, brand building, international expansion, production optimization, and exploring potential investment opportunities [3]. - Experts suggest that while the robotics industry is entering a mature phase, the sector focused on embodied intelligence is still in its conceptual stage, requiring significant capital to support growth [7]. - The Hong Kong market may not favor companies that are unprofitable or have long order cycles, indicating a potential for a survival-of-the-fittest scenario as the market matures [7].

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].

首度递表资料失效后，12月1日，乐动机器人再次在港交所提交了上市申请。时隔6个月再度递表，乐动 机器人交出了首份盈利财报，2025年上半年营收录得3.86亿元，同比增长97%，经调整净利润217.8万 元。其中，割草机器人为其贡献两成营收，该部分业务45.6%的毛利率有效地拉动了公司整体盈利能 力。 不过，在今年11月，欧盟已立案对中国生产的割草机器人发起反倾销调查，南都湾财社记者也就此次反 倾销调查将对公司产生的影响，以及盈利能否延续等问题向乐动机器人发去采访函，截至发稿时未获回 应。 值得注意的是，在乐动机器人首度盈利的同时，隐忧也已浮现。11月19日，中国机电产品进出口商会发 布的案情通报显示，当地时间2025年11月19日，欧盟委员会发布《立案公告》，对原产于中国的割草机 器人发起反倾销调查。 2024年割草机器人实现量产 2025年上半年实现盈利 在高毛利率的割草机器人业务带动下，乐动机器人整体盈利能力明显提升，公司也在此次递表交出了首 份盈利财报，2025年上半年营收录得3.86亿元，经调整净利润217.8万元。 招股书显示，乐动机器人成立于2017年，总部位于深圳，公司打造以视觉感知为核心的智能 ...

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].

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。2024年，搭载公司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。 乐动机器人在招股书中表示，公司收入增长主要有两个驱动力：视觉感知产品及智能割草机器人。乐动 机器人的视觉感知产品包括激光雷达、摄像头、超声波传感器等在内的传感器以及算法模组。 2024年，乐动机器人视觉感知产品创收3.41亿元，同比增长超1倍，占营收的73.02%。 毛利率低于同行，3年多亏损超2亿元 【深圳商报讯】（记者 钟国斌）12月1日，深圳乐动机器人股份有限公司（下称"乐动机器人"）向港交 所递交IPO申请。联席保荐人为海通国际和国泰君安国际。此前5月30日，乐动机器人首次向港交所提 交上市申请书。 由于视觉感知产品更多属于缺乏议价力的2B侧供应商环节，2024年毛利率仅有15.2%。这一毛利率显著 低于同业，同期视觉传感器企业奥普特、奥比中光的毛利率分别 ...

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。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。 根据灼识咨询的资料，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。 目前乐动机器人是业内拥有最全面的智能机器人视觉感知产品矩阵的公司之一。产品涵盖了DTOF激光 雷达、三角测量激光雷达、固态线性激光雷达、单点激光雷达、3D结构光传感器等，可适配各类移动 机器人场景。 2024年，乐动机器人视觉感知产品创收3.41亿元，同比增长超1倍，占营收的73.02%。 由于视觉感知产品更多属于缺乏议价力的2B侧供应商环节，2024年毛利率仅有15.2%。这一毛利率显著 低于同业，同期视觉传感器企业奥普特、奥比中光的毛利率分别可达到42%、64%，均高出乐动机器人 超20个百分点。 这或和服务领域差异有关。奥普特、奥比中光主要服务领域包括消费级的同时还涉及工业级产品，但乐 动机器人的传感器主要集中在消费级的服务机器人，例 ...

Core Viewpoint - Shenzhen Ledong Robotics Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, positioning itself as a leading global provider of perception-based intelligent robotics [1] Group 1: Company Overview - Ledong Robotics is recognized as a full-stack intelligent robotics company, focusing on visual perception technology and providing a comprehensive range of intelligent robotics applications and products [1] - The company is projected to have over 6 million intelligent robots equipped with its visual perception technology by 2024, making it the largest in this sector globally [1] - Ledong Robotics has developed a complete capability from foundational technology research to application implementation in the intelligent robotics field [1] Group 2: Business Growth and Market Strategy - The intelligent lawn mower robot is identified as the company's second growth curve, with successful mass production and innovation in products catering to emerging scenarios [2] - The company is strategically expanding its overseas market presence, establishing operational centers in Singapore, Hong Kong, and Germany, and forming production partnerships in Vietnam [2] - Ledong Robotics has established close collaborations with over 300 robotics and related enterprises, reaching end-users in more than 50 countries and regions [2] Group 3: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 234 million, 277 million, 467 million, and 386 million RMB respectively [3] - The gross profit for the same periods is approximately 63.94 million, 71.11 million, 91.32 million, and 98.28 million RMB respectively [4] - The net revenue retention rate for group clients is reported at 113.0%, 145.0%, and 169.0% for the years 2023, 2024, and the first half of 2025 [2]

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].