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].

Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted a second application for IPO on the Hong Kong Stock Exchange after its first application lapsed in May 2023, despite significant order and revenue growth, the company continues to face substantial losses and increasing competition in the robotics sector [1][3]. Group 1: Company Performance - Ledong Robot's revenue increased from 234 million in 2022 to 467 million in 2024, with a 97.03% year-on-year growth in the first half of this year, reaching 386 million [3]. - The company reported net losses of 73 million, 68 million, and 56 million for the years 2022 to 2024, with an additional loss of 14 million in the first half of this year [3]. - The gross margin for the sensor business has dropped to 15.2%, significantly lower than comparable companies [3]. Group 2: Research and Development - Ledong Robot has been reducing its R&D spending, with the proportion of R&D expenses to revenue declining from 41% in 2022 to an estimated 13% in the first half of 2025, approaching the 15% threshold set by the Hong Kong Stock Exchange for IPO eligibility [3][6][7]. - The company plans to use IPO proceeds to enhance R&D in intelligent robot visual perception technology, optimize products, and expand internationally [2]. Group 3: Competitive Landscape - The company faces increased pressure from downstream clients who are developing their own technologies and reducing reliance on external suppliers, as well as competition from traditional lidar manufacturers entering the robotics market [7][9]. - Competitors like Stone Technology and Chasing Technology are showcasing advanced technologies that diminish the demand for Ledong Robot's products [8][9]. Group 4: Financial Health - Ledong Robot's debt ratio has risen from 16% in 2022 to 49% by mid-2023, with accounts payable exceeding 316 million, a 64% increase from the previous period [10][12]. - The company has reported negative operating cash flow, with a cumulative outflow of 224 million, despite raising over 600 million in external financing [10][12]. - The concentration of procurement and sales is high, with over 70% of components sourced externally and significant reliance on a few major suppliers and customers [12].

Core Viewpoint - The Hong Kong stock market is witnessing a surge in the capitalization of intelligent robot companies, driven by the expansion of market scale and accelerated commercialization of technology, with companies like Youdi Robotics, XianGong Intelligent, and Ledong Robotics advancing their IPO processes. Group 1: Youdi Robotics - Youdi Robotics has received a filing notice from the China Securities Regulatory Commission for its overseas listing, planning to issue up to 73.6 million shares on the Hong Kong Stock Exchange, marking a significant step in its IPO process [2] - Established in 2013, Youdi Robotics focuses on commercializing unmanned driving technology and embodied intelligence across various sectors, including delivery, cleaning, and security [2] - The company has developed a range of products, including delivery robots and cleaning robots, and serves over 30 million people daily across more than 600 cities globally [4] Group 2: XianGong Intelligent - XianGong Intelligent submitted its prospectus to the Hong Kong Stock Exchange, aiming for a mainboard listing, following a previous failed attempt in May [5] - Founded in 2020, XianGong Intelligent specializes in robot control systems, providing a one-stop solution for various industries, and has built the world's first large-scale open platform for intelligent robots [7] - The company has achieved significant market presence, ranking first in both global and Chinese markets for robot controller sales, with a market share of 23.6% and 37.5%, respectively [7][8] Group 3: Ledong Robotics - Ledong Robotics has also submitted its prospectus to the Hong Kong Stock Exchange, aiming to enhance its visual perception technology and expand its production capacity [11] - Founded in 2017, Ledong Robotics focuses on visual perception technology and has developed a comprehensive product matrix, including various types of laser radar and 3D sensors [13] - The company has shown strong growth, with revenue increasing from 234 million RMB in 2022 to 467 million RMB in 2024, and is approaching profitability with a reduced net loss [16]

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]

Group 1 - The "World Robot Carnival" held in Wuhan showcased nearly a hundred robots, highlighting the interaction between technology and culture [1] - The event featured various types of robots, including a robot band, robotic pets, and makeup robots, providing visitors with unique experiences [1] Group 2 - Human-shaped robot companies are experiencing a surge in orders, with significant growth expected in 2025, marking it as a pivotal year for mass production [4] - Companies like Yushutech and Leju Robot reported substantial order increases, with Leju's Q1 orders up 200% year-on-year [4] - The "human content" ranking of the E Fund ETF is the highest among all tracked indices, reflecting strong market demand for human-shaped robots [4][2] Group 3 - Shenzhen Ledong Robot Co., Ltd. submitted its IPO application to the Hong Kong Stock Exchange, focusing on visual perception technology for various robotic applications [7] - Ledong is positioned as the largest global company in visual perception technology for smart robots, with over 6 million units expected to be equipped with its technology by 2024 [7] Group 4 - Yijiahe established a new subsidiary focused on intelligent robotics and AI applications, indicating a strategic expansion into cutting-edge technology [10] - The new company aims to leverage Yijiahe's resources and brand influence to accelerate development in the intelligent technology sector [10] Group 5 - Chaojie Co., Ltd. is focusing on human-shaped robots, having received small batch orders from clients including Zhiyuan Robotics [11] - The company is optimistic about the future of the human-shaped robot sector and is actively developing related products [11]