Ledu Robotics listed on the Hong Kong Stock Exchange with a market value of 20 billion Hong Kong dollars and significant fluctuations in gross profit margin

Source | Beiduo Business & Beiduo Finance

On May 11, Shenzhen Ledu Robotics Co., Ltd. (hereinafter referred to as 'Ledu Robotics', HK:01236 $LDROBOT (01236.HK)$ ) was listed on the Main Board of the Hong Kong Stock Exchange. In this listing, the issue price of Ledu Robotics was 26.36 Hong Kong dollars per share, with the number of H shares issued being 33,333,400. The total amount raised was approximately 879 million Hong Kong dollars, and the net proceeds were approximately 807 million Hong Kong dollars.

On the first day of listing, the opening price of Ledu Robotics was 66.00 Hong Kong dollars per share, an increase of 150.38% compared to the IPO issue price. It once reported 50.30 Hong Kong dollars per share during trading, with an amplitude of 59.56%. As of midday, the stock price of Ledu Robotics temporarily stood at 60.10 Hong Kong dollars per share, up by 128.00%, with a market value of approximately 20 billion Hong Kong dollars.

According to Bedo Business and Bedo Finance, LDROBOT is an intelligent robotics company with main business segments including visual perception products (sensors, algorithm modules), and robotic lawn mowers. According to CIC data, LDROBOT was the world's largest intelligent robotics company centered on visual perception technology by revenue in 2024.

By 2025, the number of smart robots equipped with LDROBOT’s visual perception technology exceeded 9 million units, and DTOF LiDAR shipments surpassed 720,000 units. In its prospectus, LDROBOT stated that its clients include seven of the top ten global home service robot companies and all of the top five global commercial service robot companies.

Information from Tianyancha App shows that LDROBOT was established in November 2017 and is located in Shenzhen, Guangdong Province. Currently, the company's registered capital is 30 million yuan, with Zhou Wei as the legal representative. The major shareholders include Zhou Wei, Tibet Wanqing Investment Management Co., Ltd., among others.

Before this listing, Zhou Wei and Guo Gaihua acted as a concert party, holding 20.55% and 11.41% of LDROBOT’s shares, respectively. Meanwhile, Zhou Wei holds 6.80% through Photon Space, while his wife Wang Mingyue holds 0.86%. Zhou Wei, Guo Gaihua, Photon Space, and Wang Mingyue form a group of controlling shareholders, collectively holding approximately 39.61% of the shares.

Among them, Zhou Wei serves as the co-founder, executive director, and chairman of LDROBOT, while Guo Gaihua is the co-founder, executive director, and general manager. Additionally, the senior management team of LDROBOT includes Zhang Jun as an executive director, Xie Bin as vice general manager, Tang Yanli as chief financial officer, board secretary, and joint company secretary, among others.

In terms of performance, LDROBOT's revenue for 2023, 2024, and 2025 was approximately 277 million yuan, 467 million yuan, and 748 million yuan, respectively. Gross profits were about 71.109 million yuan, 91.317 million yuan, and 192 million yuan, respectively, while net losses were approximately 68.491 million yuan, 56.483 million yuan, and 62.501 million yuan, respectively.

From this perspective, LDROBOT's revenue has been growing rapidly, but the company remains in a state of loss. Measured on a non-IFRS basis, LDROBOT’s adjusted net losses were approximately 55.776 million yuan, 44.657 million yuan, and 26.089 million yuan, showing a narrowing scale of losses.

It is worth mentioning that previous prospectuses showed that LDROBOT's revenue for the first half of 2025 was approximately 386 million yuan, a year-on-year increase of 97.0%; its adjusted net profit was about 2.178 million yuan, achieving profitability for the first time. However, for the full year of 2025, LDROBOT still recorded a net loss.

Additionally, LDROBOT’s gross margin has also been fluctuating. For 2023, 2024, and 2025, the gross margins were 25.7%, 19.5%, and 25.7%, respectively, with a decrease of 6.2 percentage points in 2024 and recovery in 2025. In 2022, the company’s gross margin was 27.3%.

In terms of business structure, LDROBOT's revenue mainly comes from visual perception products, accounting for 99.1%, 94.0%, and 81.0% during the reporting period. Over the past few years, robotic lawn mowers have also contributed to LDROBOT’s growth, generating revenue of approximately 137 million yuan in 2025, a year-on-year increase of 488.2%, accounting for 18.3%.

Data from CIC灼识Consulting shows that the global market penetration rate for robotic lawn mowers remains below 4.0%, and is expected to exceed 17.0% by 2029, with a potential market size surpassing 300 billion yuan. Meanwhile, key players such as ECOVACS, KUMAR Technology, and Dreame are actively positioning themselves to capture shares in this growing market.

197K Views