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wrote a column · Jan 20 19:10

[IPO Watch] Aiming for the 'A+H' Dual Platform! What’s Tosun’s Strategy Behind Its Hong Kong Fundraising?

As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$ the robotics sector that Tosun belongs to has gained significant attention. Being a leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, Tosun,$Guangdong Topstar Technology (300607.SZ)$ which is already listed on the ChiNext Board of the Shenzhen Stock Exchange, is also planning an H-share listing to build an 'A+H' dual capital platform. According to the prospectus, Tosun intends to use the raised funds for R&D in embodied intelligence technology and the development of embodied intelligence products, expansion of sales and service networks as well as brand building, and for strategic investments and industrial ecosystem construction. Another robotics company heads to Hong Kong, with a market cap of nearly 16 billion yuan in the A-share market Tosun's predecessor, Dongguan Tuosipuda Plastic Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun successfully went public on the ChiNext Board of the Shenzhen Stock Exchange. Data shows that since the end of September 2024, after experiencing a strong rally, its A-share price reached a high position,As of the close on January 20, 2026, its A-share market value exceeded 15.9 billion yuan. After nearly two decades of development, Topstar's current business focuses onindustrial robots and automation application systems as the core, with additional ventures into CNC machine tools and injection molding equipment businesses,while also venturing into intelligent energy and environmental management system businesses. Specifically,拓斯...
As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$the robotics sector it operates in has drawn significant attention.
As the leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, listed on the ChiNext board of the Shenzhen Stock Exchange,$Guangdong Topstar Technology (300607.SZ)$it is also planning an H-share listing to build an 'A+H' dual capital platform.
According to the prospectus, Topstar plans to use the funds raised for research and development of embodied intelligence technology and development of embodied intelligence products, expansion of sales and service networks and brand building, and for strategic investments and industrial ecosystem construction.
Another robotics company heads to Hong Kong, with an A-share market value nearing 16 billion yuan
Tosun Technology’s predecessor, Dongguan Tosun Puda Plastics Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun Technology successfully listed on the ChiNext board of the Shenzhen Stock Exchange.
Data shows that since the end of September 2024, its A-shares reached a high position after experiencing a strong upward trend,As of the close on January 20, 2026, its A-share market capitalization exceeded 15.9 billion yuan.
After nearly two decades of development, Tosun Technology’s current business focuses onindustrial robots and automation application systems as its core, while also expanding into CNC machine tools and injection molding equipment businesses,and has ventured into intelligent energy and environmental management system services.
Specifically,Tosun Technology now offers a robot product lineup including Cartesian coordinate robots for injection molding scenarios, multi-joint robots for various applications, and full-scenario embodied intelligence robots.In addition, Tosun Technology provides comprehensive automation solutions centered around its industrial robots, equipped with auxiliary devices such as vision systems and sensors. According to the prospectus, industrial robots and automation application systems are widely used across multiple industries, including consumer electronics, automotive parts, home appliances, daily chemical products, packaging, toy manufacturing, and medical devices.
It is worth noting that,Tosun Technology has also made significant progress in the field of embodied intelligence,and has achieved commercial application in multiple manufacturing scenarios. According to the prospectus, the company launched 'Xiao Tuo,' the first intelligent humanoid robot in mainland China applied to injection molding scenarios. Additionally, Topstar's quadruped robot 'Xing Xiao' can perform various tasks across different application scenarios, including autonomous inspections, forest firefighting operations, and specialized tasks in other complex environments.
andTopstar’s CNC machine tools are widely used in metal processing scenarios across industries such as civil aviation, automotive, humanoid robotics, semiconductors, and low-altitude aircraft.
Topstar's injection molding equipment portfolio includes injection molding machines and auxiliary machines (such as three-in-one machines, mold temperature controllers, and automatic feeding systems),which together constitute a comprehensive turnkey solution for injection molding plants. These solutions are widely applied in injection molding scenarios across industries like consumer electronics, automotive parts, home appliances, daily chemicals, packaging, toy manufacturing, and medical devices.
As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$ the robotics sector that Tosun belongs to has gained significant attention. Being a leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, Tosun,$Guangdong Topstar Technology (300607.SZ)$ which is already listed on the ChiNext Board of the Shenzhen Stock Exchange, is also planning an H-share listing to build an 'A+H' dual capital platform. According to the prospectus, Tosun intends to use the raised funds for R&D in embodied intelligence technology and the development of embodied intelligence products, expansion of sales and service networks as well as brand building, and for strategic investments and industrial ecosystem construction. Another robotics company heads to Hong Kong, with a market cap of nearly 16 billion yuan in the A-share market Tosun's predecessor, Dongguan Tuosipuda Plastic Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun successfully went public on the ChiNext Board of the Shenzhen Stock Exchange. Data shows that since the end of September 2024, after experiencing a strong rally, its A-share price reached a high position,As of the close on January 20, 2026, its A-share market value exceeded 15.9 billion yuan. After nearly two decades of development, Topstar's current business focuses onindustrial robots and automation application systems as the core, with additional ventures into CNC machine tools and injection molding equipment businesses,while also venturing into intelligent energy and environmental management system businesses. Specifically,拓斯...
According to Frost & Sullivan, in 2024 Topstar ranked first in mainland China in three metrics: shipment volume of light-load industrial robots, shipment volume of industrial robots in the light industry sector, and shipment volume of auxiliary machines for injection molding. The company has served over 15,000 customers cumulatively, with approximately 73,000 robots shipped in total.
As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$ the robotics sector that Tosun belongs to has gained significant attention. Being a leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, Tosun,$Guangdong Topstar Technology (300607.SZ)$ which is already listed on the ChiNext Board of the Shenzhen Stock Exchange, is also planning an H-share listing to build an 'A+H' dual capital platform. According to the prospectus, Tosun intends to use the raised funds for R&D in embodied intelligence technology and the development of embodied intelligence products, expansion of sales and service networks as well as brand building, and for strategic investments and industrial ecosystem construction. Another robotics company heads to Hong Kong, with a market cap of nearly 16 billion yuan in the A-share market Tosun's predecessor, Dongguan Tuosipuda Plastic Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun successfully went public on the ChiNext Board of the Shenzhen Stock Exchange. Data shows that since the end of September 2024, after experiencing a strong rally, its A-share price reached a high position,As of the close on January 20, 2026, its A-share market value exceeded 15.9 billion yuan. After nearly two decades of development, Topstar's current business focuses onindustrial robots and automation application systems as the core, with additional ventures into CNC machine tools and injection molding equipment businesses,while also venturing into intelligent energy and environmental management system businesses. Specifically,拓斯...
Core businesses are more focused, with overseas revenue growing rapidly.
In terms of performance,In the fiscal years 2023, 2024, and the first three quarters of 2025, Topstar's revenues were RMB 4.553 billion (all amounts in RMB unless otherwise stated), RMB 2.872 billion, and RMB 1.688 billion, respectively; net profits for the periods were RMB 106 million, -RMB 239 million, and RMB 47.29 million, respectively.
Among these figures, the company experienced a decline in revenue and a shift to losses in 2024, while in the first three quarters of 2025, its revenue decreased by 24.5% year-over-year. The good news is that net profit increased significantly year-over-year, though it remains far below previous levels.
According to relevant announcements on the A-share market, the drop in revenue and the shift to losses in 2024 were due to multiple factors. For instance, the company continued to advance its strategic transformation of 'focusing on products and scaling back projects,' proactively adjusting its business structure and significantly reducing the scale of its intelligent energy and environmental management systems business, which had a major impact on net profit. The downstream clients of the company's intelligent energy and environmental management systems business are mainly from the 3C, lithium battery, and photovoltaic industries, where some clients faced intensified competition, overcapacity, and financial strain, among other issues, resulting in project acceptance and settlement falling short of expectations, further adversely affecting the company’s net profit.
Breaking down the business structure,Revenue contribution from core businesses, industrial robots, and automation application systems increased from 21.3% in 2023 to 32.3% in the first three quarters of 2025.Revenue share from injection molding equipment rose from 9.5% to 20.6%, while that of CNC machine tools increased from 7.7% to 13.4%.The revenue proportion from non-core smart energy and environmental management systems fell from 59.0% to 30.5%.
In fact, looking at the business structure, the proportion of Tosun's core business has steadily increased in recent years, with significant results from its business focus strategy.
As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$ the robotics sector that Tosun belongs to has gained significant attention. Being a leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, Tosun,$Guangdong Topstar Technology (300607.SZ)$ which is already listed on the ChiNext Board of the Shenzhen Stock Exchange, is also planning an H-share listing to build an 'A+H' dual capital platform. According to the prospectus, Tosun intends to use the raised funds for R&D in embodied intelligence technology and the development of embodied intelligence products, expansion of sales and service networks as well as brand building, and for strategic investments and industrial ecosystem construction. Another robotics company heads to Hong Kong, with a market cap of nearly 16 billion yuan in the A-share market Tosun's predecessor, Dongguan Tuosipuda Plastic Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun successfully went public on the ChiNext Board of the Shenzhen Stock Exchange. Data shows that since the end of September 2024, after experiencing a strong rally, its A-share price reached a high position,As of the close on January 20, 2026, its A-share market value exceeded 15.9 billion yuan. After nearly two decades of development, Topstar's current business focuses onindustrial robots and automation application systems as the core, with additional ventures into CNC machine tools and injection molding equipment businesses,while also venturing into intelligent energy and environmental management system businesses. Specifically,拓斯...
Significant achievements in overseas expansion have become another highlight of the company’s performance in recent years. In 2023, 2024, and the first three quarters of 2025,Tosun's overseas revenue share was 11.0%, 20.9%, and 25.0%, respectively, showing rapid growth.
Tosun stated in its prospectus that the company is advancing its globalization strategy through the following approaches: (1) scaling up penetration in emerging markets via its Vietnam operations base, and (2) making breakthroughs in developed markets supported by its Mexico operations base. As of September 30, 2025, the company's overseas sales network covered more than 50 countries and regions. The company has established contact with approximately 4,000 potential overseas customers, served nearly 1,000 overseas clients, and become a supplier to over 20 Fortune Global 500 companies.
The prospectus also disclosed thatThe gross profit margins for core businesses (including industrial robots and automation application systems, injection molding equipment, and CNC machine tools) in overseas markets were 42.4%, 45.9%, and 50.4%, respectively, reflecting strong profitability.
Business transformation and overseas market expansion have also led to a significant increase in Tosun's gross profit margin,with overall gross profit margins in 2023, 2024, and the first three quarters of 2025 being 17.6%, 14.6%, and 28.3%, respectively.
Inventory and goodwill deserve attention; risks exist at the operational and management levels
It should be noted that in the prospectus, Topstar also pointed out that as of the end of the third quarters of 2023, 2024, and 2025, the company's inventory and other contract costs were 699 million yuan, 630 million yuan, and 878 million yuan respectively. The average inventory turnover days during the periods were 95 days, 99 days, and 187 days respectively.
In the first three quarters of 2023, 2024, and 2025,Topstar's inventory write-downs were 31.531 million yuan, 35.773 million yuan, and 13.549 million yuan respectively;Moreover, in 2023 and 2024, the company’s goodwill impairment was 20.780 million yuan and 14.727 million yuan respectively,and as of the end of the third quarter of 2025, its goodwill still amounted to 70.50 million yuan.
Additionally, investors should take note of the warning letter received by Topstar.
According to reports, on December 30, 2025, Topstar issued an announcement stating that on the same day, the company and relevant personnel received a warning letter from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission.
The main content of the warning letter is that recently, the Guangdong Securities Regulatory Bureau conducted an on-site inspection of Topstar and found issues in five aspects,including inaccurate revenue accounting, inaccurate cost accounting, inaccurate provision for bad debts of accounts receivable, non-compliance in the use of raised funds, and non-compliance in insider information management.
As an extremely popular concept in recent years,$UBTECH ROBOTICS (09880.HK)$ 、$GEEKPLUS-W (02590.HK)$ the robotics sector that Tosun belongs to has gained significant attention. Being a leader in China's mainland full-stack industrial robotics industry and a pioneer in embodied intelligence, Tosun,$Guangdong Topstar Technology (300607.SZ)$ which is already listed on the ChiNext Board of the Shenzhen Stock Exchange, is also planning an H-share listing to build an 'A+H' dual capital platform. According to the prospectus, Tosun intends to use the raised funds for R&D in embodied intelligence technology and the development of embodied intelligence products, expansion of sales and service networks as well as brand building, and for strategic investments and industrial ecosystem construction. Another robotics company heads to Hong Kong, with a market cap of nearly 16 billion yuan in the A-share market Tosun's predecessor, Dongguan Tuosipuda Plastic Machinery Manufacturing Co., Ltd., was established in June 2007. Later, the company underwent a complete restructuring into a joint-stock company in March 2014 and completed its renaming. In February 2017, Tosun successfully went public on the ChiNext Board of the Shenzhen Stock Exchange. Data shows that since the end of September 2024, after experiencing a strong rally, its A-share price reached a high position,As of the close on January 20, 2026, its A-share market value exceeded 15.9 billion yuan. After nearly two decades of development, Topstar's current business focuses onindustrial robots and automation application systems as the core, with additional ventures into CNC machine tools and injection molding equipment businesses,while also venturing into intelligent energy and environmental management system businesses. Specifically,拓斯...
The Guangdong Securities Regulatory Bureau believes that Wu Fengli, the actual controller, chairman, and general manager of Topstar, bears primary responsibility for all the violations mentioned above. Zhou Yongchong, the financial director, Xie Shimei, the former company secretary, and Quan Heng bear primary responsibility for the related violations.
As a company that has been listed for many years, the existence of violations in five aspects also reflects to a certain extent some deficiencies in Topstar's operation and management, which need attention.
Conclusion
From the current situation, Topstar’s performance volatility is relatively significant, and its profitability is not particularly outstanding. However, after the company's transformation, the industrial robotics and automation application systems sector it focuses on is one of the popular fields in recent years, which has promising potential.
If Topstar can take advantage of the 'tailwind' of the A-share trend towards Hong Kong and successfully create a dual-capital platform, it will provide important support for the company’s subsequent development.
Author: Yun Zhifengqi
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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