Core Viewpoint - The company, Ledong Robotics, is experiencing rapid revenue growth driven by the increasing demand for machine vision technology in consumer-grade robots, despite facing significant competition in the laser radar market [1][2]. Group 1: Company Overview - Ledong Robotics has submitted its listing application to the Hong Kong Stock Exchange, with plans to list on the main board, supported by Haitong International and Guotai Junan International as joint sponsors [1]. - The company focuses on laser radar module sales, primarily targeting home, commercial, and industrial robot applications, distinguishing itself from competitors like Hesai and Suteng, which are more known for automotive laser radar [1][3]. - In 2024, Ledong Robotics empowered 6 million intelligent robots, with a DTOF laser radar shipment of 720,000 units, making it the global leader in this segment [3]. Group 2: Financial Performance - The company's total revenue grew from 233 million RMB in 2022 to 467.3 million RMB in 2024, achieving a compound annual growth rate of 41.4% [5]. - Revenue from visual perception products increased from 228.7 million RMB in 2022 to 439.3 million RMB in 2024, while the revenue from lawnmowers surged to 23.27 million RMB in 2024 from just 63,000 RMB in 2023 [5]. - Despite revenue growth, the company reported losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB over the past three reporting periods [5]. Group 3: Cost Management - The company has managed to reduce its losses by controlling expenses, with administrative expenses decreasing from 45.66 million RMB in 2022 to 36.93 million RMB in 2024, and R&D expenses also showing a slight decline [6][7]. - Marketing expenses increased significantly, from 13.91 million RMB in 2022 to 31.43 million RMB in 2024, indicating a strategic focus on promoting its products [7]. Group 4: Market Competition - Ledong Robotics faces intense competition from major players like Hesai and Suteng, who are expanding their presence in the robotics sector [10]. - Hesai reported a 649.1% year-on-year growth in robot deliveries, with expectations to reach 200,000 units in 2025, while Suteng also achieved significant growth in its robot business [10][11]. - The competitive landscape is expected to impact Ledong Robotics' market share, as the overall robot lidar market is projected to reach 28 billion RMB by 2030, with a compound annual growth rate of 67.9% [11].