In-Depth Analysis of Standard Robot's Second Listing Application on the Hong Kong Stock Exchange

Standard Robot (Wuxi) Co., Ltd. submitted its second listing application to the Main Board of the Hong Kong Stock Exchange (HKEX) on January 4, 2026, seeking to list under the

(Specialist Technology Companies Listing Regime). The joint sponsors are CITIC Securities and Guotai Junan International [1]. This is the company’s second attempt after its first application expired in June 2025. If successful, it is expected to become the on the Hong Kong stock market [2].

Founded in 2016 by Wang Yongkun, a graduate of Harbin Institute of Technology, and others, the company focuses on laser-guided AMR (Autonomous Mobile Robot) and industrial embodied intelligent robot solutions. According to a report by CIC Consulting, based on 2024 sales volume, Standard Robot ranks as the

, and ranks second globally in both the 3C electronics and automotive manufacturing sectors [2].

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Indicator	2022	2023	2024	First 9 Months of 2024	First 9 Months of 2025
Revenue (RMB 100 million)	0.96	1.62	2.51	1.57	1.88
Net Loss (RMB 100 million)	1.28	1.00	0.45	0.57	1.63
Gross Margin (%)	12.86	31.55	38.78	31.88	44.74
R&D Expense Ratio (%)	57.67	34.59	14.61	17.62	29.81

1. Rapid Revenue Growth
   : Revenue increased from RMB 96 million in 2022 to RMB 251 million in 2024, representing a
   compound annual growth rate (CAGR) of 61.3%
   . In the first nine months of 2025, revenue grew 19.66% year-on-year [1][2]

2. Significant Improvement in Gross Margin
   : Gross margin rose from 12.86% in 2022 to 44.74% in the first nine months of 2025, an
   increase of 31.9 percentage points
   , indicating continuous enhancement of product competitiveness [1]

3. Unexpected Widening of Losses
   : Net loss surged to RMB 163 million in the first nine months of 2025, widening by 188.73% year-on-year, mainly due to
   increased share-based payment expenses
   and rising market expansion costs [1][2]

4. Cash Flow Pressure
   : As of September 30, 2025, the company’s cash on hand was only approximately
   RMB 78 million
   , accounts receivable were about RMB 116 million, and operating cash flow was approximately -RMB 80 million in the first nine months of 2025 [1]

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From 2022 to 2024, R&D expenses accounted for over 18% of revenue. In the first nine months of 2025, the R&D expense ratio reached

, a year-on-year increase of 102.44% [1]. As a technology-intensive enterprise, sustained R&D investment is a necessary cost to maintain technological leadership, but it severely erodes profits in the short term.

Core components of industrial robots, such as reducers, servo motors, and controllers, typically account for approximately

. Standard Robot’s high-precision harmonic reducers are highly dependent on overseas suppliers such as Japan’s Harmonic Drive and Nabtesco [3]. In 2022, delivery delays from Japanese suppliers resulted in semi-finished products worth tens of millions of RMB piling up on production lines, severely impacting cash flow [3].

The price of mid-to-low-end AMRs in the domestic market has dropped to

, while the price of Standard Robot’s main models is as high as , putting its high-price strategy under pressure in market competition. Meanwhile, its accounts receivable turnover days extended to in 2024, significantly increasing cash flow pressure [2].

Deep collaboration with key customers such as Xiaomi Group (which holds an 8.4% stake) brings order stability, but ecological agreements also limit the flexibility of overseas market expansion and bargaining power [1][2].

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The industrial robot industry indeed reached a critical turning point in 2025, with some enterprises turning losses into profits:

Enterprise	H1 2025 Performance	Highlights
Inovance Technology	Revenue: RMB 20.509 billion (+26.73%), Net Profit: RMB 2.968 billion (+40.15%)	Leader in the industrial control sector, with a 28.3% share of general servo systems ranking first
Estun Automation	Revenue: RMB 2.548 billion (+17.5%), Net Profit: RMB 6.68 million (loss turned to profit)	Ranked first among domestic brands in industrial robot shipments for the first time, with a 10.5% share
STEP Electric	Revenue: RMB 1.644 billion (+8.45%), Net Profit: RMB 1.86 million (loss turned to profit)	Revitalized after empowerment by Haier

Data Source: [4]

Although traditional industrial robot manufacturers are starting to recover, the

still faces widespread profit difficulties:

1. AICS Robotics
   : Accumulated losses of nearly RMB 700 million from 2022 to 2024, with a further loss of RMB 140 million in H1 2025 [5]
2. LeDong Robotics
   : Sensor prices dropped from RMB 77.4 to RMB 43.6 (a decline of over 40%), and algorithm module prices dropped from RMB 162.1 to RMB 78.1 (a decline of over 50%), with sustained losses [3]
3. Sharp Decline in Industry Financing
   : The financing amount of China’s mobile robot market plummeted in 2024, with many enterprises rushing to IPO to escape debt difficulties [5]

According to industry analysis, the arrival of the profit inflection point requires the following conditions:

Condition	Current Status	Expected Time
Domestic Replacement of Core Components	Lidar costs reduced from RMB 15,000 to RMB 1,500-10,000	2026-2027
Market Scale Expansion	Global AMR solution market is expected to exceed RMB 162 billion by 2029	2028-2029
Stable Gross Margin Improvement	Leading enterprises have achieved gross margins of over 40%	Achieved
Expense Ratio Reduction	Scale effect not yet fully realized	2026-2027

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• Status as the
  world’s fifth-largest supplier
  of industrial intelligent mobile robots
• Fully self-developed “
  1+N+S=∞
  ” technology system (core controller + SROS operating system + RoboVerse collaboration system)
• Over
  400 customers
  , including leading enterprises in the 3C electronics and automotive manufacturing sectors
• Endorsement by well-known industrial capital such as Xiaomi Group

1. Cash Flow Risk
   : Cash on hand is only RMB 78 million, creating an urgent need for financing
2. Valuation Pressure
   : The latest post-investment valuation is RMB 2.1 billion, and the widening loss in the first nine months of 2025 may affect the valuation logic
3. Supply Chain Risk
   : Core components still rely on overseas manufacturers
4. Industry Competition
   : Price wars continue, and market concentration needs to be improved

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As a representative enterprise in the industrial embodied intelligence track, Standard Robot exhibits development characteristics of

coexisting with . Although gross margin has improved significantly and revenue maintains rapid growth, increased share-based payment expenses and rising market expansion costs have led to widened losses in the short term.

, with traditional industrial robot manufacturers represented by Inovance Technology and Estun Automation turning losses into profits. However, the , when:

• The domestic replacement rate will further increase
• The scale effect will be fully realized
• The supply chain security of core components will be guaranteed

For Standard Robot, listing on HKEX under the 18C Rules will be a key step to break through capital bottlenecks, accelerate technological R&D, and expand market reach. If it can successfully list and continuously optimize supply chain management, it is expected to occupy a favorable position in industry integration.

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[1] Sina Finance - “Standard Robot Submits Second Listing Application to HKEX, Competing Again to Be the ‘First Stock of Industrial Embodied Intelligence’” (https://finance.sina.com.cn/cj/2026-01-11/doc-inhfxmct7826398.shtml)

[2] Caizhongshe - “Standard Robot Makes Second Attempt to Tap ‘Industrial Embodied Intelligence’” (https://m.caizhongshe.cn/news-1063258429587549664.html)

[3] QQ.com - “2025 in the Robot Track: Survival Test Behind the Boom” (https://news.qq.com/rain/a/20251229A05OS800)

[4] Sina Finance - “Inflection Point Arrived! Inovance Leads Industrial Control, Estun Ranks First in Share, STEP Electric Turns Profit with Haier’s Empowerment” (https://finance.sina.com.cn/roll/2025-10-14/doc-inftwnvh2707661.shtml)

[5] Yiou - “Looking at the Track from AICS Robotics: Cash Flow Anxiety and Industrial Pains of Mobile Robots” (https://www.iyiou.com/analysis/202512171117350)