【编者按】 为了更好地提升资本市场服务实体经济质效，中国基金报与上海证券交易所联合开设《百亿千万计划——与投资 大咖走进上市公司》栏目，与管理规模百亿元级的机构投资者、中国基金报逾千万粉丝一道，共同走进优质沪市 公司。本期，我们来到国内电源管理芯片龙头希荻微，独家对话公司创始人、董事长兼总经理陶海。 目前研发回报丰厚 中国基金报： 公司为何如此重视研发？不管是研发投入还是研发人员薪酬水平，投入都挺重 的。 陶海： 希荻微是一家芯片设计企业，而设计是整个半导体行业最重要的一个环节。芯片设计 具有技术密集型特征，相关企业想要持续发展，最核心的竞争力就是来自研发。一方面产品 技术、制造需要不停创新；另一方面人员投入要保证， 要吸引 芯片行业 全世界最好、能力 最强的人才 到希荻微这个平台上来 。 另外，也只有保持高研发投入，希荻微才能在研发、设计方面从学习国外先进技术，逐渐过 渡到国产化。我们的目标是无论技术、制造还是团队，都要百分之百国产化，做到自主可 控。 中国基金报记者 南深 牛思若 希荻微电子集团股份有限公司（以下简称 希荻微"）成立于 2012 年，是较早一批由海外大 厂背景团队归国创立的芯片设计企业，目 ...

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 - 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 Le Dong Robot Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the lawn mower robot sector and has sold over 10,000 units in a year [2][9]. Company Overview - Founded by Zhou Wei, an entrepreneur born in the 1980s, Le Dong Robot has attracted investments from notable institutions such as Huaye Tiancheng and New Hope Group [2][11]. - The company specializes in visual perception technology for robots, with a product range that includes sensors and laser radar, widely used in various robotic applications [6][9]. Financial Performance - Le Dong Robot reported revenues of 234 million RMB, 277 million RMB, and 467 million RMB for the years 2022, 2023, and 2024 respectively, with net losses of 73 million RMB, 68 million RMB, and 56 million RMB during the same period [11][12]. - Revenue from visual perception products accounted for 44.3%, 60.5%, and 72.9% of total revenue in the respective years [11]. Investment and Growth - The company has completed four rounds of financing, with significant investments from Huaye Tiancheng and others, indicating strong backing from venture capital [13]. - Le Dong Robot's growth is supported by a robust ecosystem in Shenzhen Nanshan, which houses over 200 quality robot companies and is a hub for the robotics industry [14]. Industry Trends - A wave of robotics companies is preparing for IPOs, including Xian Gong Intelligent and Yun Ji Technology, indicating a growing interest in the sector [15][16]. - The industry is experiencing a "GPT moment," where the focus is shifting from functional robots to intelligent robots, similar to the pre-explosion phase of the electric vehicle market [17][18].

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].

Core Viewpoint - The IPO of Shenzhen Ledong Robot Co., Ltd. reflects the booming yet challenging landscape of the AI and robotics sector, highlighting both the recognition of its visual perception technology and the pressures from intense market competition [7] Group 1: Company Overview - Ledong Robot, founded in 2017, is a full-stack intelligent robotics company focused on perception intelligence, with a core emphasis on visual perception technology [2] - The company has developed a range of visual perception products, including sensors and laser radar, which are widely used in various robotic applications such as cleaning and service robots [2] - By 2024, Ledong Robot is projected to be the largest global company in the intelligent robotics sector based on visual perception technology, with over 6 million robots equipped with its technology [2] Group 2: Financial Performance - Ledong Robot's total revenue is expected to grow from 234 million RMB in 2022 to 467 million RMB in 2024, driven by the sales of visual perception products [3] - Despite significant revenue growth, the company has faced continuous losses over the past three years, with losses of 73.1 million RMB, 68.5 million RMB, and 56.5 million RMB respectively [4] - The gross margin for visual perception products has declined from 27.7% in 2022 to 18.8% in 2024, attributed to price reductions to maintain market share and the lower margins of sensor products [6] Group 3: Market Position and Challenges - Ledong Robot has established partnerships with over 300 robotics companies and serves customers in more than 50 countries, indicating a strong market presence [3] - The company is experiencing intense market competition, leading to price cuts to retain market share, which poses a challenge to profitability [5] - The global market for intelligent robotics visual perception technology is highly competitive, with the top five companies holding only about 6.2% market share, intensifying the pressure on Ledong Robot [6]

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]

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]