撰稿|多客 来源|贝多财经 智能机器人赛道再度火热之际，乐动机器人率先吹起了港股IPO号角。 据港交所文件公开披露，5月30日，乐动机器人在港交所提交招股书，拟在香港主板挂牌上市，联席保荐人为海通国际与国泰君安国际。 根据灼识咨询的研究数据，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。同年，搭载公司的视觉感知技术的 智能机器人数量超过6百万台，在同时具备设计及开发整机智能机器人能力的公司中位居首位。 然而，与不少典型的新兴科技赛道初创公司相类似，乐动机器人商业变现能力依旧面临考验，近些年收入端虽保持持续增长，但净利润在逐年亏损，未能品 尝到盈利果实，同时毛利率也在走下坡路。 那么，眼下真的是乐动机器人冲刺IPO的合适时机吗？而随着智能机器人行业技术驱动与商业变现久久未能达到平衡下，以视觉感知智能机器人为主营业务 的乐动机器人，又是否真的能等来一个春天呢？ 此外，招股书信息还显示，在技术及产品创新方面，乐动机器人不仅是拥有最全面智能机器人视觉感知技术产品的矩阵公司之一，而且也是少数自主掌握全 链条核心技术的智能机器人公司之一。 在全球化布局上，目前乐动机器人覆盖全球终端 ...

Core Business Analysis - Shenzhen LDROBOT Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing AI algorithms, optimizing production capacity, and exploring investment opportunities [1] - The company's visual perception products include sensors and DTOF laser radars, widely used in various robotic applications, making it one of the most comprehensive companies in this field [2] - The first growth curve is driven by visual perception technology, with products segmented into DTOF laser radar, triangulation laser radar, solid-state linear laser radar, and four-eye matrix sensor modules [2] Second Growth Curve - The smart lawn mower robot is emerging as the second growth curve, with the company expanding into the design and mass production of complete smart robot products [3] - The first-generation smart lawn mower robot achieved sales of over 10,000 units in 2024, while sales exceeded 15,000 units from early 2025 to May 23, 2025 [3] - By 2024, over 6 million smart robots equipped with the company's visual perception technology are expected to be in operation, with partnerships established with over 300 companies [3] Market Position and Competition - The company ranks first among those capable of designing and developing complete smart robots, serving over 50 countries and regions [5] - In 2024, the DTOF laser radar shipment exceeded 720,000 units, leading the industry, with major sales orders coming from vacuum cleaning robots [5] - Despite being a leader in visual perception technology, the company faces competition from other players, with a market share of only about 1.6% [7] Financial Performance - The company reported revenues of 234 million, 277 million, and 467 million RMB from 2022 to 2024, with visual perception products accounting for 94% of total revenue in 2024 [12] - The net losses for the same period were 73.1 million, 68.5 million, and 56.5 million RMB, indicating ongoing financial challenges [12] - R&D expenditures were significant, representing 41.4%, 34.7%, and 20.3% of revenue from 2022 to 2024, reflecting a focus on innovation and product development [13] Future Prospects - The company is expanding its international presence with operational centers in Singapore, Hong Kong, and Germany, and production partnerships in Vietnam [14] - With 252 patents and 24 software copyrights, the company is well-positioned for future growth, especially if it can successfully penetrate overseas markets [14]