Luo Shi Robotics pushes for a Hong Kong IPO: 2025 revenue of 520 million yuan, a loss of 179 million yuan, and IPO filing has been secured

Why does AI Luoshi Robotics continue to incur losses despite revenue growth?

Leidi Network Le Jianping April 1

Luoshi (Shandong) Robotics Group Co., Ltd. (referred to as “Luoshi Robotics”) recently updated its prospectus, preparing for listing on the Hong Kong Stock Exchange.

Luoshi Robotics has passed the IPO filing with the China Securities Regulatory Commission and has obtained the key to go public.

Annual revenue of 520 million yuan, loss of 179 million yuan

Luoshi Robotics (ROKAE) was founded in 2015, focusing on the research and development, production, and large-scale deployment of embodied intelligent products such as industrial robots, flexible collaborative robots, and humanoid robots.

Luoshi Robotics relies on fully self-developed core technologies to build a robot product and application ecosystem, covering fields such as industry, commerce, and healthcare, providing customers with products and automation solutions.

The prospectus shows that Luoshi Robotics’s revenue for 2023, 2024, and 2025 will be 267 million yuan, 325 million yuan, and 522 million yuan respectively; gross profit will be 30.57 million yuan, 71.19 million yuan, and 114 million yuan, with gross profit margins of 11.4%, 21.9%, and 21.9%.

Luoshi Robotics’s losses for 2023, 2024, and 2025 are 157 million yuan, 192 million yuan, and 179 million yuan respectively; the loss rates during these periods are 59%, 59%, and 34.4%.

Luoshi Robotics’s adjusted net losses for 2023, 2024, and 2025 are 101 million yuan, 72.47 million yuan, and 41.67 million yuan.

As of December 31, 2025, Luoshi Robotics held only 14.8 million yuan in cash and cash equivalents.

Xianghe Fund and Meihua Venture Capital are shareholders

The executive directors of Luoshi Robotics are Tuo Hua, Tang Shengtian, Dr. Wang Hao, Song Bin, and Zhang Lei; non-executive director is Dr. Yu Shihua; independent non-executive directors are Zhang Peilin, Ms. Zhang Rui, and Ms. Chen Manli. Tuo Hua is the chairman of the board and general manager, Tang Shengtian is the CFO and company secretary.

Before the IPO, Tuo Hua held 13.46% of shares, Zoucheng Luoshi Brothers held 8.48%, Zoucheng Ruolu Brothers held 6.96%; Meihua Venture Capital holds 4.23% through Tibet Meiling, and 0.71% through Hubei Meihua, totaling 4.94%.

Jiaxing Yuanshi holds 2.89% and 2.05%, the National Manufacturing Transformation and Upgrading Fund holds 9.67%, Pinghu Jinluo holds 3.68%, GSR Capital holds 1.97%, China Innovation Capital holds 0.17%.

Southern Hope holds 6.96%, Golden Growth Three holds 6.44%, Xianghe Fund holds 5.88%, Shenzhen Chuangtou holds 2.91%, Beijing Yitang holds 0.77%, Yuan Yi Yongxuan holds 3.46%, TR Victory holds 3.29%, Zoucheng New Momentum holds 2.42%, Zoulu Fund holds 2%, Su Xiang Fund holds 1.86%.

Yixing Hanke Park holds 1.72%, Fenglongxing 1.71%, Qingkong Ginkgo holds 1.25%, Huida Luxin holds 1.2%, Yankuang Capital holds 1.18%, Tianqi Zefeng holds 1.03%, Quanzhou Shanyue holds 0.6%, Ms. Jiao Shaoling holds 0.34%, Zhang Yong holds 0.32%, Tianjin Qihui holds 0.21%, Ms. Tian Zheng holds 0.17%.

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