Luoshi Robotics submits listing application to HKEX: Revenue exceeds 500 million by 2025, embodied intelligence becomes new growth engine

(Source: Robot Circle)

Eleven years ago, in a residential unit in Zhongguancun, Beijing—spanning just over 100 square meters—Tuo Hua, a tech entrepreneur with a master’s degree from Peking University, along with two co-founders, wrote the first line of robot control code against the backdrop of a winter period in the domestic robotics industry and overseas monopolies over core technologies. Named on the belief of “不欲琭琭如玉，珞珞如石” they founded “LuoShi,” vowing to build China’s own industrial robots with fully independent core technologies. Today, LuoShi’s business has reached over 40 countries and regions worldwide. It has completed a full product-line layout spanning “industrial + collaborative + embodied intelligence robots,” evolving from the development of a single controller into a path of domestic innovation—breaking through in technology and then leading in industry.

According to the March 31 announcement from the Hong Kong Stock Exchange, Luoshi (Shandong) Robot Group Co., Ltd. (hereinafter “LuoShi Robotics”) submitted an updated prospectus to the Hong Kong Stock Exchange. With its unique positioning as the only domestic company simultaneously producing mass in “industrial + collaborative” robots, it is aiming to become the “first intelligent robots stock of the full product range” in Hong Kong. The IPO is jointly sponsored by CICC and Guotai Junan International, and has already obtained备案 approval from the China Securities Regulatory Commission for overseas issuance and listing, as well as the “full circulation” filing.

According to a report by Zhigu Consulting, in 2025 by sales volume, the company ranked first among the top five flexible collaborative robot and top five light-load industrial robot suppliers in China, with market shares of 47% and 5.8%, respectively. Meanwhile, LuoShi’s multi-joint robots ranked third among domestic manufacturers and seventh among global manufacturers. In addition, since 2023, for three consecutive years, the growth rate of sales among major domestic multi-joint robot makers has ranked first, demonstrating strong innovation capability and growth potential.

Fast growth: revenue grows at a high rate year after year, losses continue to narrow, and gross margin improves significantly

LuoShi Robotics was established at the end of 2014. Its product lines cover three major tracks: industrial robots, flexible collaborative robots, and embodied intelligence robots. At present, the company’s business covers over 40 countries and regions globally, serving more than 1,000 customers such as Xiaomi, GoerTek, Valeo, and Foton Cummins. Its footprint spans high-value sectors including consumer electronics, automotive, new energy, medical, and general manufacturing.

The prospectus shows that LuoShi Robotics has maintained strong revenue growth momentum over the past three years. From 2023 to 2025, the company’s operating revenue was RMB 267 million, RMB 325 million, and RMB 522 million, respectively, with a compound annual growth rate of 40%. Gross margin rose sharply from 11.4% in 2023 to 21.9% in 2024, and remained at that level in 2025, highlighting sustained profitability resilience. This is especially notable given that domestic robot manufacturers generally face profitability pressure and it is difficult for gross margin to climb.

Of particular note is that in an industry where domestic robotics companies generally incur losses, after excluding non-cash items such as share-based payments and fair value changes in financial liabilities, the company’s adjusted loss in 2025 narrowed by about 42.5% compared with 2024 to RMB 41.67 million. The turning point toward profitability is drawing near. Meanwhile, historical losses mainly include large share-based payment expenses and fair value change gains/losses—both arising from accounting treatment and not requiring actual cash outlays—so they do not affect operating cash flow.

Strategic positioning: building a full-range matrix of “industrial + collaborative + embodied intelligence”

Unlike other robotics companies that focus on a single domain, from the very beginning of its establishment LuoShi Robotics defined a strategy with “industrial + collaborative” running as two parallel main lines, building a “full-range intelligent robots” matrix.

Industrial robots are the company’s core business pillar. In 2025, they generated revenue of RMB 225 million, accounting for 43.1% of total revenue, and gross margin increased from 14.9% in 2023 to 21.6% in 2025. Products are divided into three major series—light-load (≤25 kg), medium-load (25–120 kg), and heavy-load (>120 kg)—based on the specific performance requirements of different industrial applications. The company offers 33 products in total, widely used in scenarios such as welding, assembly, and material handling in industries including automobiles and auto parts, 3C electronics, and new energy.

Flexible collaborative robots are the company’s differentiated advantage products. They have become an independent growth driver within smart automation ecosystems, with their strength in enabling seamless human-robot collaboration. In 2025, revenue reached RMB 138 million, accounting for 26.5%, and gross margin increased from 21.9% in 2023 to 34.8% in 2025. Products include multiple series such as xMate ER, CR, and SR. According to the Zhigu Consulting report, the company’s flexible collaborative robots feature an IP67 protection rating for the full machine; both their working radius and precision ranges are higher than industry-standard conventional performance.

Embodied intelligence robots are the company’s new growth engine. In 2025, revenue grew significantly year over year, accounting for 9.0% of total revenue. As of the last date of actual practicability, the company has received orders for more than 10,000 embodied intelligence robots. According to the same report, based on market valuations, among China’s top 10 embodied intelligence robot companies, nearly half are either using or have switched to the company’s humanoid robotic arms for product iterations.

Behind this, however, lies its deep “technical foundation.” By insisting on independent R&D of core technologies, LuoShi has built a technological system centered on the xCore robot control platform, an embodied AI model training platform, and the ROKAE + open ecosystem expansion platform. Benefiting from this, the company’s key performance indicators—such as repeat positioning accuracy, speed, and force control accuracy—have reached the level of top international competitors.

The prospectus shows that LuoShi has successfully built the ROKAE embodied intelligence AI model training platform. This has been validated through large-scale industrial deployments in fields including consumer electronics, new energy, computing infrastructure, and heavy machinery. It is expected that by the end of 2026, it will provide services to more than 20 industry-leading customers. The company also holds more than 20 core patents and has participated in a national standard initiative. According to the Zhigu Consulting report, the company ranks among the global leaders in both shipment volume of force-controlled humanoid robotic arms and market share of force-control applications.

Global expansion: reach beyond borders and strengthen international brand influence

Leveraging its core technological advantages and full-range product matrix, LuoShi Robotics deepens market penetration through localized operations and precision marketing, accelerating global expansion. It has a broad and continuously expanding global customer base, covering the Chinese domestic market as well as about 40 overseas countries and regions in Europe, other parts of Asia, the Americas, and Africa, helping overseas customers upgrade their technologies for intelligent automation.

In terms of overseas customer cooperation, LuoShi Robotics has reached in-depth partnerships with many leading global enterprises, including Valeo, a global leading automotive parts supplier. Since 2017, it has established a partner relationship with Valeo, providing robot solutions to more than 10 of its global production sites.

In the past two years, the company’s overseas revenue was RMB 29.20 million and RMB 46.60 million, respectively, accounting for 9.0% and 8.9% of revenue for the same periods. Since overseas markets have lower levels of product competition, pricing can be more advantageous. Compared with the domestic market, the gross margin and gross margin rate in overseas markets are relatively higher.

At present, LuoShi has received more than 42,000 confirmed orders globally, of which more than 40,000 are from domestic customers and more than 1,400 from overseas customers. In addition, there are more than 19,000 units of potential orders supported by letters of intent, of which more than 17,000 are from domestic customers and more than 1,300 from overseas customers. Meanwhile, the company plans to focus on winning over global high-end customers, establish partnerships with leading overseas companies, increase the proportion of overseas revenue, and enhance LuoShi’s brand’s global recognition.

At the same time, across the globe, the company is accelerating market penetration by strengthening its distributor network. In Japan, it has partnered with a leading industrial systems integrator to establish a distributor network and has started supplying local leading manufacturers. In the European and American regions, it is accelerating the setup of distributor networks and the certification process. Expanding the overseas sales team provides standardized and professional product and application solution services to global customers, further solidifying the foundation for global expansion.

In terms of the latest developments, LuoShi Robotics’ prospectus shows that in the first quarter of 2026, the company launched and began mass production of the HSA series force-control joint modules for humanoid robots. In March 2026, the company expects the monthly shipments of embodied intelligence robots to exceed 1,500 units.

Source: Interface News

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