Humanoid Lecture Hall learned from the HKEX that recently, Standard Robots (Wuxi) Co., Ltd., a company focusing on the industrial intelligent mobile robot track, has filed for the Main Board of the HKEX for the third time. CITIC Securities and Guotai Haitong are serving as joint sponsors for this listing.
As a core service provider of domestic industrial mobile robot solutions, Standard Robots mainly provides technical support for the construction of smart factories in various industrial scenarios. According to CIC data, based on sales volume in 2025, the company has ranked fourth among China's industrial intelligent mobile robot solution providers, with a market share of 4.0%.
In terms of financial performance, the company's revenue has maintained steady growth, but it has not yet achieved profitability. From 2023 to 2025, its operating revenue climbed from RMB 162 million to RMB 301 million, and it recorded a revenue of RMB 107 million in the first four months of 2026.
The growth momentum mainly comes from the increase in robot sales: in 2023, the company sold 1,212 units of equipment, which increased to 2,284 units in 2025. In the first four months of 2026, sales reached 556 units, a year-on-year increase of 57.5% compared to 353 units in the same period of 2025.
However, the pressure of losses during the same period remains: the net losses for the periods from 2023 to 2025 were RMB 100 million, RMB 45.144 million, and RMB 202 million, respectively. In the first four months of 2026, the loss was RMB 61.835 million. The cumulative loss over more than three years exceeded RMB 400 million, with the loss in 2025 expanding by 347.5% year-on-year.
In terms of earnings quality, the company's gross profit margin shows an upward trend: from 2023 to 2025, the gross profits were RMB 51.169 million, RMB 97.158 million, and RMB 122 million, respectively, with corresponding gross profit margins of 31.6%, 38.8%, and 40.5%. The prospectus states that this is mainly due to the realization of product economies of scale and the increased proportion of high-value-added solutions. The gross profit margin for the first four months of 2026 was 44.5%, a slight decrease of 0.2 percentage points from 44.7% in the same period of 2025.
In terms of customer structure, Standard Robots has accumulated over 400 leading industry customers such as Xiaomi Auto, Foxconn, and OPPO. However, the issue of high customer concentration is worth attention. From 2023 to 2025, the revenue proportion of the top five customers was 36.8%, 41.3%, and 35.1%, respectively. In the first four months of 2026, this proportion rose to 68%, with the single largest customer contributing 32.1% of the revenue. The high customer dependency poses operational risks of losing core customers.
There is also concentration risk on the supply chain side: from 2023 to 2025, the procurement proportion of the top five suppliers increased from 27.7% to 34.8%, and further climbed to 49.4% in the first four months of 2026. Due to the high dependence on external suppliers for core components such as LiDAR and batteries, the increase in supplier concentration also heightens the potential risk of supply chain disruptions.
In terms of equity structure, the company's control right has been clarified before the IPO: the founder and chairman Wang Yongkun, through personal shareholding and controlling Standard Automation, together with co-founder Li Hongxiang, can collectively exercise approximately 30.90% of the voting rights of the company, making him the controlling shareholder. According to the voting proxy agreement, Wang Yongkun can also exercise the voting rights of the shares held by Golden Summer, Shenzhen Hongze, and Zhuhai Shengyinjing, further consolidating his control.
As an employee stock ownership platform, Standard Automation holds 14.30% of the company's shares and is actually controlled by Wang Yongkun as the general partner. In addition, Wuxi Liangxi Sci-Tech Innovation Industry Investment Fund and Beijing Xiaomi Zhizao Equity Investment Fund hold 14.29% and 8.4% of the company's shares, respectively, serving as important institutional shareholders.
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