Author | Yang Jingli, Editor | Li Shuiqing
According to a report by Zhidx on September 28, on September 24, Orbbec, an A-share robot vision and AI vision technology company, submitted a listing application to the Stock Exchange of Hong Kong (HKEX), planning to issue H-shares and list on the Main Board of the HKEX. Founded in Shenzhen in 2013, Orbbec listed on the SSE STAR Market of the Shanghai Stock Exchange in July 2022 and is known as the "first robot 3D vision stock." In terms of shareholders, Shanghai Yunxin Venture Capital Co., Ltd., wholly owned by Ant Group, holds approximately 8.92% of the company's shares.
Huang Yuanhao, the founder of Orbbec, earned his bachelor's degree from Peking University, followed by a master's degree from the National University of Singapore and a Ph.D. from the City University of Hong Kong, with a research focus on 3D optical measurement. Orbbec primarily engages in the design, R&D, production, and sales of 3D vision sensing products, providing complete machines and solutions. Its products cover fields such as robotics, consumer-grade 3D scanning, biometric payment, and industrial measurement.
The company focuses on the critical infrastructure capabilities required for Physical AI to enter the real world, integrating Spatial Intelligence, Embodied AI, and Physical Intelligence. Centered around three core capabilities—physical perception, data and world models, and embodied AI—it builds a technical and engineering system spanning from 3D vision sensing and real-world data collection to robot product development.
According to Frost & Sullivan, ranked by 2025 revenue, Orbbec ranked first in the global robot 3D vision sensing market, with a market share of 29.0%. The company is also the world's largest manufacturer of dedicated consumer-grade 3D scanner solutions and the largest global sensor supplier for biometric payment terminals. As of the close on September 28, Orbbec's A-shares were priced at CNY 85.75 per share, a decrease of 4.20% from the previous trading day, with a total market capitalization of CNY 35.401 billion.
01.Revenue Grows by Over 1.6 Times in Three Years, Turning Profitable in 2025
In 2023, 2024, and 2025, Orbbec's revenues were CNY 360 million, CNY 564 million, and CNY 941 million, respectively. Its net profits were a loss of CNY 276 million, a loss of CNY 62.89 million, and a profit of CNY 128 million, respectively. R&D expenses were CNY 301 million, CNY 204 million, and CNY 203 million, respectively. In the first half of 2026, Orbbec achieved a revenue of CNY 438 million, a net profit of CNY 40.79 million, and R&D expenses of CNY 111 million.
▲ Changes in Orbbec's Revenue, Net Profit, and R&D Investment from 2023 to the First Half of 2026 (Chart by Zhidx)
In terms of gross profit, from 2023 to 2025 and the first half of 2026, Orbbec's gross profits were CNY 146 million, CNY 220 million, CNY 393 million, and CNY 203 million, respectively, with overall gross profit margins of 40.5%, 38.9%, 41.8%, and 46.3%, respectively. From 2023 to 2025, the average gross profit margins of comparable companies in the same industry were 43.18%, 42.80%, and 41.12%, respectively.
According to the prospectus, the decrease in the gross profit margin in 2024 was mainly related to the increased sales of low-margin payment terminals. The recovery in the gross profit margin in 2025 was primarily due to the increased sales of high-margin sensor products. The further improvement in the gross profit margin in the first half of 2026 was associated with the rising revenue contribution from sensor products.
In terms of revenue structure, Orbbec's business is mainly divided into three categories: sensor products, complete machines and solutions, and services and others. In 2023, sensor products contributed 63.9% of the revenue, while complete machines and solutions accounted for 32.9%. By 2025, the revenue proportion of complete machines and solutions rose to 65.6%, becoming the company's largest source of revenue, while the revenue proportion of sensor products dropped to 32.3%. In the first half of 2026, the revenue proportion of sensor products rebounded to 47.3%, complete machines and solutions accounted for 46.3%, and services and others accounted for 6.4%.
02.First in Global Robot 3D Vision Market Share, R&D Personnel Account for 46.4%
Orbbec is a 3D vision sensing technology company. Centered around three core capabilities—physical perception, data and world models, and embodied AI—it builds a full-stack technology and engineering foundation covering optics, chips, algorithms, systems, software, and engineering mass production, forming a spatial intelligence sensing entry point, a real-world data foundation, and robot product development solutions. In the field of robot vision sensing, Orbbec provides 3D vision sensors such as active binocular cameras, passive binocular cameras, ToF (Time-of-Flight) cameras, and structured light cameras, as well as visual modules for the head, chest, abdomen, and wrist, and environmental perception modules for mobile robots. These products can be used for spatial positioning, obstacle detection, object recognition, and 3D mapping.
In the field of 3D scanning, Orbbec's products include Ferret Pro, Pika, etc.; in the field of egocentric data collection, its products include EGO Dual, EGO Quad, EGO Depth, WristCam, etc.; in the field of biometric payment, its products include JWS-1033, T1Z, etc.
According to Frost & Sullivan, in 2025, Orbbec's market share in the global robot 3D vision sensing market was 29.0%, ranking first by revenue. During the same period, the company was also the world's largest manufacturer of dedicated consumer-grade 3D scanner solutions and the largest global sensor supplier for biometric payment terminals. As of the last practicable date, Orbbec had a total of 1,098 employees. Among them, there were 509 R&D personnel, accounting for 46.4%; 320 supply chain personnel, accounting for 29.1%; 171 administrative personnel, accounting for 15.6%; and 98 sales personnel, accounting for 8.9%.
As of June 30, 2026, Orbbec had cumulatively applied for 2,082 patents, including 1,019 invention patents, 212 PCT patent applications, and 234 overseas patents. It had cumulatively obtained 1,288 authorized patents, including 574 invention patents and 151 overseas patents. In addition, as of the same period, the company held 150 registered trademarks in China and 32 registered trademarks overseas, and owned 123 registered copyrights. Orbbec's R&D work covers optical design, chip design, algorithm development, system design, software development, and engineering mass production, and it has established a product development system from R&D and engineering validation to mass production and delivery.
03.Serving Over 7,000 Customers, Top Five Customers Accounted for 63.9% of Revenue in 2025
As of June 30, 2026, Orbbec had over 7,000 customers, including more than 1,000 robotics companies. Customers are mainly distributed in fields such as robotics, 3D scanning, biometric payment, consumer electronics, and industrial applications. In terms of customer concentration, from 2023, 2024, 2025, and the first half of 2026, the revenue proportion of Orbbec's top five customers was 37.6%, 51.5%, 63.9%, and 46.6%, respectively; the revenue proportion of the largest customer was 17.3%, 28.3%, 30.0%, and 27.3%, respectively.
Combining the description of Customer B being listed on the HKEX and primarily engaged in consumer-grade 3D printing products and services, Customer B is likely Creality; combining the description of Customer F primarily engaged in digital payment and internet financial services, while also being the parent company of a shareholder of the company, Customer F is likely Ant Group. In 2025, the revenue proportion of the company's top five customers reached 63.9%, an increase of 26.3 percentage points from 2023; the revenue proportion of the largest customer also reached 30.0%.
In terms of suppliers, Orbbec primarily procures from suppliers of optical components, electronic components, structural components, and other raw materials, while also purchasing some production and service-related content. From 2023, 2024, 2025, and the first half of 2026, the procurement amount proportion of Orbbec's top five suppliers was 24.4%, 18.9%, 19.9%, and 22.4%, respectively. During the same period, the proportion of the procurement amount from the largest supplier to the total procurement amount was 6.8%, 4.7%, 4.5%, and 8.6%, respectively. During the reporting period, one of the company's top five customers each year was also a supplier, and the relevant overlapping customers included Customer C, Customer F, and Customer I.
In 2023, 2024, 2025, and the first half of 2026, Orbbec's total sales to the aforementioned overlapping customers were CNY 21.5 million, CNY 61.9 million, CNY 268 million, and CNY 62.7 million, respectively, and its total procurement from them was CNY 12.1 million, CNY 18.6 million, CNY 65 million, and CNY 49 million, respectively. These customers primarily purchase biometric devices or AIoT devices from Orbbec, while Orbbec purchases components, software, and manufacturing equipment from them.
04.Steered by a Peking University Alumnus, Shanghai Yunxin Under Ant Group Holds 8.92% Stake
As of the last practicable date, the controlling shareholders of Orbbec include the company's founder, chairman, and general manager Huang Yuanhao, as well as related shareholders acting in concert with him, collectively controlling 63.14% of the voting rights of the company. In terms of equity structure, Huang Yuanhao directly holds approximately 19.98% of the company's Class A ordinary shares and 5.48% of the Class B ordinary shares, and further controls the company's shares and voting rights through relevant shareholding platforms and concerted action arrangements.
In terms of major shareholders, Huang Yuanhao directly holds 82,467,848 Class A shares and 22,619,448 Class B shares; Orbbec Zhongxin holds 21,622,185 Class A shares, accounting for approximately 5.24% of the company's issued shares; Shanghai Yunxin Venture Capital Co., Ltd. holds 36,822,120 Class A shares, accounting for approximately 8.92%; another major shareholder, Zhou Guangda, holds 26,968,320 Class A shares, accounting for approximately 6.53%. Among them, Shanghai Yunxin Venture Capital Co., Ltd. is wholly owned by Ant Group and holds an 8.92% stake in Orbbec. In addition, Orbbec's shareholders also include multiple shareholding platforms as well as industrial and financial investors.
Huang Yuanhao, currently 46 years old, is the founder, chairman, executive director, and general manager of Orbbec, responsible for the company's overall strategy, major operational decisions, and core technology R&D direction. Huang Yuanhao earned his bachelor's degree from Peking University, followed by a master's degree from the National University of Singapore and a Ph.D. from the City University of Hong Kong, with a research focus on 3D optical measurement. As an expert in 3D optical measurement, he has presided over 10 national, provincial, and municipal-level scientific research projects, co-authored two monographs, and published more than 20 papers in journals such as "Optics Letters".
05.Conclusion: Changes in Revenue Structure, Sustainability of Profitability Remains to Be Seen
Orbbec has long deployed 3D vision sensing technology across scenarios such as robotics, 3D scanning, biometric payment, and industrial measurement, taking Physical AI and Embodied AI as important development directions. In 2025, the revenue proportion of complete machines and solutions rose to 65.6%, but fell back to 46.3% in the first half of 2026, while the revenue proportion of sensor products rebounded to 47.3%. The revenue contributions of different businesses are still changing.
From the perspective of operational data, in 2025, the revenue proportion of Orbbec's top five customers reached 63.9%, and the proportion of the largest customer reached 30.0%, indicating a relatively high customer concentration. In terms of profitability, the company turned a loss into a profit in 2025, with a net profit of CNY 128 million, and a net profit of CNY 40.79 million in the first half of 2026. Its subsequent operational performance and profitability remain to be further observed.