Core Insights - The article discusses the advancements and future potential of 3D visual perception technology, particularly in the context of robotics and AI, as articulated by Huang Yuanhao, the CEO of Orbbec Technology [2][4][18]. Group 1: Company Overview - Orbbec Technology, founded by Huang Yuanhao in 2013, focuses on developing 3D visual perception technology, which is considered to have disruptive potential in various industries [4][6]. - The company went public in July 2022, becoming the first stock focused on 3D vision technology in the Science and Technology Innovation Board [4]. - As of 2024, Orbbec has 322 R&D personnel, accounting for approximately 47% of its workforce, with R&D investment reaching 204 million yuan, representing 36% of its revenue [6]. Group 2: Market Potential and Growth - The global 3D visual perception market is projected to grow rapidly, with estimates reaching $17.2 billion by 2028 and $15 billion by 2025 [18][20]. - Orbbec has accumulated over 6,000 clients globally in the past three years and aims to exceed 10,000 clients in the next 3 to 5 years [17]. Group 3: Financial Performance - Orbbec's net profit loss has been narrowing, from 615 million yuan in 2020 to 62.91 million yuan in 2024 [8]. - For the first five months of 2025, the company anticipates a cumulative revenue of approximately 363 million yuan, a year-on-year increase of about 117.18%, with a projected net profit of around 55 million yuan [17]. Group 4: Technological Advancements - 3D visual perception technology is evolving from industrial applications to consumer-level products, with Orbbec being one of the few companies with a comprehensive layout across six major technology routes [4][6]. - The technology enables various applications, including biometric recognition, 3D scanning, and industrial measurement, enhancing the capabilities of AI algorithms [7][8]. Group 5: Future Outlook - Huang predicts that the growth of robotics will accelerate significantly once key performance thresholds are crossed, similar to the electric vehicle market [23]. - The future of robotic vision is expected to be highly integrated, focusing on compact, low-power, high-performance visual systems [23][24].

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].

【机器人企业资本化提速，乐动机器人赴港IPO挑战与机遇并存】 伴随机器人主题火热，其资本化进程提速。日前，深圳乐动机器人股份有限公司向港交所递交IPO申 请。乐动机器人主攻激光雷达等视觉感知类产品，2024年创收3.41亿元，占比超7成。以当年收入计， 它是全球最大的以视觉感知技术为核心的智能机器人公司，同年搭载其技术的智能机器人超600万台。 不过，乐动机器人毛利较低，不到A股奥比中光的三分之一。为此，它加码智能割草机器人业务。2025 年迄今，该产品销量超1.5万台，已超2024年全年。但国内众多品牌入局，其产品待验证。 乐动机器人 背后明星股东是IPO看点，阿里巴巴CEO吴泳铭旗下圆璟鼎恒参投，持股1.79%。视觉感知是乐动机器 人核心产品，涵盖多种传感器及算法模组，2024年视觉感知产品创收3.41亿元，同比增超1倍，但毛利 率仅15.2%，显著低于同业。 乐动机器人算法模组毛利率相对高，2024年达31.3%，但收入萎缩，较 2022年下滑超20%。原因一是跌价冲击，二是终端企业加码算法自研，如追觅、石头科技等。这压缩了 乐动机器人毛利空间，2024年整体毛利率降至19.5%。 面对B端挑战，乐动机 ...

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].

2025 年 5 月 30 日，来自广东深圳南山区的深圳乐动机器人股份有限公司 SHENZHEN LDROBOT CO., LTD( 简称 " 乐动机器人 ") 在港交所递交招股书，拟在香港主板挂牌上市 ，海通国际和国泰君安国际担任联 席保荐人。 公司此次募资，计划用于加强智能机器人视觉感知技术的研发，以实现人工智能功能算法结构的升级，优化智 能机器人视觉感知产品及智能机器人产品，品牌建设与国际拓展，优化生产能力及产能扩充，以及探索潜在投 资及收购机会等。 ▍ 核心业务情况分析 招股书显示，乐动机器人的视觉感知产品涵盖传感器、 DTOF 激光雷达、四目矩阵传感器模块等，广泛应用 于扫地机器人、服务机器人及割草机器人等场景 ，是 拥有最全面的智能机器人视觉感知技术产品矩阵的公司 之一，首创多款智能机器人激光雷达创新产品。 具体而言， 乐动机器人于 2018 年推出第一代激光雷达及第一代同步定位与地图构建 (SLAM) 算法，后将其 应用于扫地机器人。 此后，该公司又开发了全球首款消费级 Mini DTOF 雷达， 并 深入应用于各类创新 机 器人领域。 视觉感知技术和产品是公司的第一增长曲线 ，主要是提供广泛的 ...

来自深圳南山。 作者 I 刘博 王露 报道 I 投资界PEdaily 投 资 界 获 悉 ， 深 圳 乐 动 机 器 人 股 份 有 限 公 司 （ 简 称 " 乐 动 机 器 人 " ） 向 港 交 所 递 交 招 股 书，拟在香港主板上市。 公司创始人是一位85后连续创业者——周伟，毕业于华中科技大学。目前乐动机器人瞄 准割草机器人赛道，产品远销海外，一年卖出超过一万台。成立八年来，公司身后集结华 业天成、新希望集团、源码资本、深高新投、元璟资本、联通中金等知名机构。 放眼望去，一众机器人公司正在排着队IPO：宇树科技、智元机器人、仙工智能、云迹科 技……上市潮来，浩浩荡荡。 华科85后 干出一个机器人IPO 这已不是周伟第一次创业。 1 9 8 6年，周伟出生于湖北襄阳，1 8岁那年他考入华中科技大学机械学院。在大学时代， 周伟便对机器人产生了浓烈兴趣，大二时便加入了机器人俱乐部，开始参加各种比赛。 在这里，周伟收获一批志同道合的校友，组成"若比特团队"，这些人也成为他日后的创 业伙伴。他曾回忆那段时光，跟团队做机器人到深夜两三点，早上七点又去上课，是当时 的一种常态。后来，这支团队又备战中国机器人足球 ...

近期，随着AI技术企业的上市潮涌起，深圳乐动机器人股份有限公司（以下简称乐动机器人;）于5月30 日向港交所发起了冲刺。 对于上市募资额的用途，乐动机器人计划将其用于加强智能机器人视觉感知技术的研发、品牌建设与国 际拓展，以及优化生产能力及扩充产能等。 创始人入围福布斯30岁以下创业者 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。 乐动机器人持续投入AI研发以增强智能机器人的竞争力，其表示，公司在众多视觉感知技术领域取得 了领先地位，开发出多款业内首创的机器人激光雷达、点激光技术移动解决方案及领先的AI空间感知 算法等。 值得一提的是，乐动机器人联合创始人兼董事长周伟今年仅38岁，其曾入选「2015年福布斯中国30位30 岁以下创业者」，并于2022年被评为粤港澳大湾区战略性新兴产业青年领袖。 收入狂奔，毛利率持续下滑 视觉感知技术和产品构成了乐动机器人业务的第一增长曲线，随着机器人行业迎来发展风口，乐动机器 人也步入了快速成长期。 根据招股书，乐动机器人触达全球超过50多个国家及地区的终端用户，与全球300多家机器人相关企业 深入合作，管理超过1.5万平方米的工厂。 随着客户群 ...

Group 1 - MetaLight, the parent company of the real-time bus platform "Che Lai Le," has initiated its IPO process, offering approximately 24.856 million shares at a price of HKD 9.75 per share, with subscription closing on June 5 [1] - The company aims to leverage big data and AI technology to provide real-time bus information prediction services, addressing commuter pain points and indicating a broad market potential [1] - The listing is expected to enhance the company's market share and drive technological innovation in the public transportation sector [1] Group 2 - Lianlian Digital's stock surged by over 64% following positive developments in global stablecoin regulatory policies, particularly the enactment of the "Stablecoin Ordinance" in Hong Kong [2] - The company's collaboration with one of Hong Kong's first stablecoin issuers, Yuanbi Innovation Technology, contributed to the stock's significant rise, reflecting market optimism [2] - The regulatory advancements are anticipated to foster a healthier development environment for the stablecoin industry, benefiting related enterprises [2] Group 3 - New World Development announced the deferral of interest payments on four perpetual bonds, originally scheduled for June, totaling an initial issuance principal of USD 3.4 billion [3] - This decision indicates a strategic adjustment in the company's financial management, likely aimed at optimizing cash flow and reserving funds for future investments [3] - The flexible interest payment terms of perpetual bonds provide financial cushioning during market volatility [3] Group 4 - Shenzhen Ledong Robotics has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a leading full-stack intelligent robotics company based on perceptual intelligence [4] - The company's revenue from visual perception products and lawnmowers is projected to grow from CNY 234 million in 2022 to CNY 467 million in 2024 [4] - The upcoming IPO is expected to facilitate market share expansion and technological innovation, reinforcing the company's leadership in the intelligent robotics sector [4] Group 5 - The Hang Seng Index closed at 23,157.97, down 0.57% on June 2, while the Hang Seng Tech Index and the National Enterprises Index fell by 0.70% and 0.86%, respectively [5]

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 手回集团 港股｜挂牌上市 据IPO早知道消息，手回集团有限公司（以下简称"手回集团"） 计划于2025年5月30日正式 以"2621"为股票代码在港交所主板挂牌上市。 手回集团在本次IPO发行中总计发行24,358,400股股份。其中，香港公开发售获990.00倍认购，国 际发售亦获1.13倍认购。此外，手回集团在本次IPO发行中引入天津海泰集团和鹿驰资本两位基石投 资者，累计认购约4955万港元。以每股8.08港元的发行价计算，手回集团本次IPO募资总额为1.97 亿港元。 成立于2015年的手回集团作为一家中国人身险中介服务提供商，致力于通过人身险交易与服务平 台，在线为投保人和被保险人提供保险服务解决方案。 目前，手回集团旗下拥有小雨伞、咔嚓保和牛保100三大平台，从而赋能于不同销售场景中的保险交 易及服务——在小雨伞进行在线直接分销；在咔嚓保通过保险代理人进行分销；在牛保100在业务合 作伙伴的协助下进行分销。 根据弗若斯特沙利文的资料，按2023 年的长期人身险的总保费计算，手回集团是中 ...

"AI+人形机器人"双引擎发力 机器人技术如何与人工智能进行有效融合，备受投资者关切。埃夫特董事长、总经理游玮表示，公司积 极布局机器人技术与物联网、工业互联网、大数据、人工智能技术的结合，推动具有感知、学习、决策 和执行能力的智能机器人的发展。公司研发的大衍数据平台结合数据采集场景，形成采集、清洗、存 储、标注、训练一体的人工智能模型训练平台，正推动机器人从"专用设备"向"通用智能体"转型。 兰剑智能董事长吴耀华介绍，公司在智能装卸机器人、拆码垛机器人、视觉检测系统等产品上已采用 AI算法进行识别和控制，同时公司也在布局接入开源模型的机器人产品研发及基于深度强化算法的调 度系统开发。未来，公司将持续探索语言大模型、视觉大模型、多模态大模型等人工智能技术与公司工 业机器人和智慧仓储物流系统的深度融合，以实现更加智能、高效的智能物流管理和智能制造。 科创板机器人企业共话产业新动能 ◎记者 孙小程 人工智能（AI）、人形机器人概念正当红，对于机器人行业的科创板上市公司而言，应如何抓住新一 轮技术浪潮中的机遇？ 在5月6日举行的科创板细分行业集体业绩说明会上，多家企业"掌舵人"给出了答案。瑞松科技、步科股 份、埃夫 ...