Analysis of Stander Robots' Hong Kong IPO and Industrial Robot Industry Concentration

Based on the latest search data and industry research materials, I provide you with the following systematic analysis:

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According to information disclosed by the Hong Kong Stock Exchange, Stander Robots (Wuxi) Co., Ltd. submitted its second listing application to the Main Board of the Hong Kong Stock Exchange on

, planning to adopt the (Listing Regime for Specialist Technology Companies) [1]. The company previously submitted its first application on June 23, 2025, and this is a resubmission after the first application expired.

Item	Details
Joint Sponsors	CITIC Securities (Hong Kong) Co., Limited, Guotai Junan Financing Co., Limited
Legal Advisors	Latham & Watkins (Hong Kong and US Law), Han Kun Law Offices (PRC Law)
Auditor	Ernst & Young
Industry Consultant	China Insights Consultancy Limited

Stander Robots is a leader in

, dedicated to empowering smart factories in various industrial scenarios, and is also a pioneer in [2]. The company can customize one-stop robot solutions integrating technology platforms, intelligent robots, and intelligent collaboration systems.

:

• One of the few Chinese enterprises to achieve independent R&D of full-stack technology
• A pioneer in Chinese industrial intelligent robot system engineering and proprietary robot operating systems
• One of the first enterprises to release Simultaneous Localization and Mapping (SLAM) technology
• The first Chinese company to realize world modeling and swarm intelligence for industrial robot systems

According to data from China Insights Consultancy, based on 2024 sales volume:

Ranking Dimension	Market Rank	Market Share
Overall Chinese Industrial Intelligent Mobile Robot Market	4th	3.2%
3C Sector (Computer, Communication, Consumer Electronics)	2nd	2.9%
Automotive Sector	2nd	4.7%
Semiconductor Sector	5th	1.0%

The company’s products have been recognized and adopted by over 400 customers worldwide, many of which are leading enterprises in their respective sectors [3].

Financial Indicator	2022	2023	2024	First 9 Months of 2025
Operating Revenue (CNY 100 million)	0.96	1.62	2.51	1.88
Net Profit (CNY 100 million)	-1.28	-1.00	-0.45	-1.63
Gross Profit Margin	12.86%	31.55%	38.78%	44.74%
R&D Expense Ratio	57.67%	34.59%	14.61%	29.81%

:

• Operating revenue has maintained a continuous growth trend, with a compound annual growth rate (CAGR) of approximately 61.8% from 2022 to 2024
• Gross profit margin has continued to improve, rising from 12.86% in 2022 to 44.74% in the first 9 months of 2025
• Net profit has remained in loss but narrowed significantly in 2024; the expanded loss in the first 9 months of 2025 is mainly due to increased R&D investment
• As of September 30, 2025, the company had approximately CNY 78 million in cash on hand and approximately CNY 116 million in accounts receivable

Shareholder	Shareholding Ratio
Founder Wang Yongkun (Direct + Employee Shareholding Platform Stander Automation)	27.10%
Co-founder Li Hongxiang	3.80%
Xiaomi Group (Beijing Xiaomi Intelligent Manufacturing Fund)	8.40%
Shareholders Affiliated with Bohua Capital	21.55%
Other Investors	Approximately 39.05%

The company has undergone multiple rounds of financing, with a post-money valuation of

in its latest round [2].

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The global industrial robot market presents a

, with the “Big Four” represented by Japan’s FANUC, Germany’s KUKA, Switzerland’s ABB, and Japan’s YASKAWA maintaining long-term dominance [4].

:

Enterprise	Market Share	Country/Region
FANUC	Approximately 15%	Japan
YASKAWA	Approximately 11%	Japan
ABB	Approximately 11%	Switzerland
KUKA	Approximately 10%	Germany
Other International Brands	Approximately 18%	-
Domestic Brands and Others	Approximately 35%	-

:

• CR4 (concentration ratio of the top four players) is approximately
  47%
  , placing it in a moderately to highly concentrated market
• Japanese enterprises (FANUC + YASKAWA) account for approximately 26% in total, with obvious advantages in the precision robot sector
• German enterprise (KUKA) has traditional advantages in the automotive manufacturing sector
• The market share of domestic brands continues to increase, but there is still a significant gap in the high-end market

The Chinese industrial robot market is undergoing a profound domestic substitution process, with significant changes in the market pattern [5]:

Enterprise Tier	Representative Enterprises	Market Characteristics
First Tier (Domestic Leaders)	Estun, Inovance Technology	Combined market share of approximately 20%, with significant technological breakthroughs
Second Tier	Siasun Robot & Automation, Topstar, Efort	Advantages in segmented sectors, with different focuses
Third Tier	Numerous Small and Medium-sized Enterprises	Differentiated competition, mainly adopting price strategies

: Estun topped the rankings for the first time with a , marking a new stage in domestic substitution [6].

There are significant differences in concentration across links in the industrial robot industry chain:

:

Component	Market Concentration	Competition Pattern	Domestic Substitution Progress
RV Reducer	Highly Concentrated	Japan’s Nabtesco holds over 30% market share in a monopoly	Enterprises such as Huandong Technology have achieved a 25% market share and entered the first tier
Harmonic Reducer	Highly Concentrated	Dominated by Japanese manufacturers, Green Harmonic holds approximately 12%	Domestic substitution is accelerating, with technology approaching international advanced levels
Servo System	Moderately to Highly Concentrated	Inovance Technology holds over 20% market share, surpassing Japanese brands	Domestic brands have formed a dominant position
Controller	Moderately Concentrated	International brands hold approximately 34% market share	Estun, Huazhong Numerical Control, etc. have achieved technological breakthroughs

(Higher values indicate higher concentration):

• Upstream Core Components: HHI of approximately 2800 (
  High Concentration
  )
• Midstream Robot Body Manufacturing: HHI of approximately 1200 (
  Moderate Concentration
  )
• Downstream System Integration: HHI of approximately 800 (
  Low Concentration
  )

[5]:

Application Sector	Proportion	Market Characteristics
Automotive and Auto Parts	43.3%	Largest application sector, dominated by foreign brands
Consumer Electronics	19.1%	Demand for high-precision robots, accelerated domestic penetration
Metal and Machining	10.3%	Mid-end market, large space for domestic substitution
New Energy	8.5%	Emerging growth point, obvious advantages for domestic manufacturers
Warehousing and Logistics	7.2%	AGV/AMR sector, domestic brands take the lead
Other	11.6%	Fragmented market

:

• 3C Sector
  : Ranked 2nd (2.9% market share)
• Automotive Sector
  : Ranked 2nd (4.7% market share)
• Semiconductor Sector
  : Ranked 5th (1.0% market share)

Industry Chain Link	Concentration	Bargaining Power	Entry Barriers
Upstream (Core Components)	High	Strong	High (Technological Barriers)
Midstream (Body Manufacturing)	Medium	Medium	Medium (Capital + Technological Barriers)
Downstream (System Integration)	Low	Weak	Low (Mainly Customized Services)

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Year	Market Size (CNY 100 million)	Compound Annual Growth Rate (CAGR)
2020	58	-
2024	153	27.2%
2025 (Forecast)	240	-
2029 (Forecast)	814	37.1% (2025-2029)

Indicator	2024 Data	2025 Forecast	2026 Forecast
Market Size	CNY 46.7 billion	CNY 52.7 billion	CNY 60 billion
Production Volume	556,400 units	Approximately 720,000 units	Approximately 850,000 units
Sales Volume	302,000 units	332,000 units	361,900 units

: Over 50% (by sales volume) [1]

Global market size of industrial embodied intelligent robot solutions:

• 2020: CNY 400 million
• 2024: CNY 1.4 billion (CAGR of 39.5%)
• 2029 (Forecast): CNY 15.2 billion (CAGR of 63.1%)

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1. Overall Market Concentration
   : The global industrial robot market is
   moderately to highly concentrated
   (CR4 of approximately 47%), with the dominant pattern of the “Big Four” remaining stable, while the market share of domestic brands continues to increase.

2. Significant Differences Across Industry Chain Links
   :
   • Upstream Core Components
     : Highest concentration (HHI of approximately 2800), high technological barriers, domestic substitution is accelerating but still needs to catch up
   • Midstream Robot Body Manufacturing
     : Moderate concentration (HHI of approximately 1200), most competitive, with domestic leaders such as Estun emerging
   • Downstream System Integration
     : Lowest concentration (HHI of approximately 800), fragmented market, mainly based on customized services

3. Stander Robots’ Positioning
   : Ranked in the
   first tier
   in the segmented sector of industrial intelligent mobile robots (AGV/AMR), with an overall market share of 3.2% ranking 4th in China, and 2nd in the 3C and automotive sectors.

4. Industry Trend
   : Domestic substitution is evolving from “low-end substitution” to “mid-to-high-end breakthroughs”, with core technological breakthroughs being the key competitive factor.

1. Intensified Market Competition
   : There are numerous industry participants, and price wars may compress profit margins
2. Technological Iteration Risk
   : New technological routes such as large AI models and embodied intelligence may change the competitive pattern
3. Capital Pressure
   : High R&D investment, long profit cycle, and high requirements for cash flow management
4. Fluctuations in Downstream Demand
   : Cyclical fluctuations in manufacturing capital expenditures affect robot demand

:

• Technological leadership in the industrial intelligent mobile robot sector
• Stable position in segmented markets, with high-quality customer resources
• Forward-looking layout in the emerging embodied intelligence track
• Endorsement by well-known institutions such as Xiaomi

:

• Sustained losses, with unvalidated profit model
• Relatively small market share, with pressure to scale up
• Limited cash reserves, with high follow-up financing needs
• Founder’s shareholding operations have attracted market attention

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[1] Sina Finance - “Stander Robots Resubmits Listing Application to HKEX, Ranking Among China’s Top 4 Industrial Intelligent Mobile Robot Solution Providers” (https://finance.sina.com.cn/stock/hkstock/hkstocknews/2026-01-04/doc-inhfeeek7346183.shtml)

[2] Sina Finance - “Stander Robots Resubmits Listing Application to HKEX, Competing Again for the First IPO in Industrial Embodied Intelligence” (https://finance.sina.com.cn/cj/2026-01-11/doc-inhfxmct7826398.shtml)

[3] Eastmoney - “Loss of CNY 160 Million in 9 Months! Xiaomi-Backed Stander Robots Sprint for Hong Kong IPO” (https://finance.eastmoney.com/a/202601053608660329.html)

[4] Qianzhan Industry Research Institute - Industrial Robot Industry Research Report

[5] Zhongshang Industry Research Institute - “2026 China Industrial Robot Industry Chain Map and Investment Layout Analysis” (https://finance.sina.com.cn/stock/relnews/cn/2026-01-04/doc-inhfawkt1993676.shtml)

[6] Securities Times - Industrial Robot Industry Market Pattern Analysis Report

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:

The above chart shows: 1) 2024 Chinese industrial robot market share distribution; 2) Stander Robots’ rankings and market shares in segmented sectors; 3) Trend of Stander Robots’ financial performance; 4) Global and Chinese industrial intelligent mobile robot market size forecasts.

The above chart shows: 1) Core components market concentration (international vs. domestic brands); 2) Global industrial robot market pattern of the “Big Four”; 3) 2024 Chinese industrial robot application sector distribution; 4) Comparison of HHI concentration indices across industry chain links.