Dual business lines running in parallel, LeDong Robotics rings the bell on Hong Kong stocks

The Hong Kong Stock Exchange’s gong sounds again for robots.

On May 11, the visual perception product and lawn mowing robot company LeDun Robotics officially made its debut on the Hong Kong stock market. On its first day of trading, it saw a surge in activity in the secondary market. It closed at HKD 60, with a daily increase of 127.62%. This corresponded to a total market capitalization of HKD 20 billion. The trading value that day reached HKD 892 million, with outstanding trading performance.

Relying on its dual-line business layout of visual perception hardware and complete intelligent lawn mowing robots, LeDun Robotics has tapped into the current industry window for the commercialization and on-the-ground rollout of global service robots.

According to data, measured by annual revenue, in 2024 LeDun Robotics is the world’s largest intelligent robot company centered on visual perception technology. That year, more than 6 million smart robots equipped with its perception technology were deployed. In 2025, this figure rose to 9 million; however, in descriptions related to the latest prospectus, the phrase “world’s largest” no longer appears. DTOF LiDAR shipments, meanwhile, still rank first in the industry. The downstream complete lawn mowing robot business is also rapidly ramping up by leveraging overseas market dividends.

On the operational side, the company’s revenue has maintained rapid growth. From 2023 to 2025, operating revenue increased from RMB 277 million to RMB 748 million, and the gross margin improved steadily in tandem.

But behind the rapid expansion, the operating situation of continuous losses, the cost pressures brought by technical R&D and expanding into overseas markets, and the challenges of competition under a fragmented market landscape have become increasingly apparent as the listing process advances.

1. Rapid business expansion, profitability pressure still exists

In its prospectus, the company has proactively drawn two clear business growth curves for the market, using them to break down its development path.

The first is the visual perception hardware business it has cultivated for many years. Built on its accumulated expertise in multimodal perception and AI algorithm technology, LeDun Robotics has established a product matrix covering LiDAR and various types of sensors. Its technical solutions can be applied to multiple categories of robot equipment, including floor-sweeping robots, commercial service robots, inspection robots, logistics robots, and more. The company’s industry-leading LiDAR shipment volume also helps it secure a leading position among global visual perception robot companies within the revenue reporting framework.

Based on this, the company chose to extend into the downstream complete-machine segment, targeting demand in overseas home markets such as Europe, North America, and Australia, and entering the intelligent lawn mowing robot field. In 2024 and 2025, it achieved mass production of its first-generation and second-generation products respectively, attempting to build a second growth curve.

From the perspective of the broader industry environment, the global smart robot market has continued to expand in recent years. From 2020 to 2024, the compound annual growth rate reached 23.6%. As the penetration rate of LiDAR—core robot hardware—keeps rising, it provides a favorable external environment for companies to expand their business.

However, while revenue scale is rising quickly, the weakness in profitability remains prominent. From 2023 to 2025, LeDun Robotics’ operating revenue grew from RMB 277 million to RMB 748 million. Its gross margin fell from 25.7% in 2023 to 19.5% in 2024, then rebounded to 25.7% in 2025, essentially matching the earlier level, suggesting an overall positive growth fundamentals. But due to investments and pressures in the early-stage R&D of complete lawn mowing robots, customer acquisition in overseas markets, and spending on iterative upgrades of visual perception product technology and market promotion, the company has failed to achieve profitability for three consecutive years. The corresponding annual net losses were RMB 68.491 million, RMB 56.483 million, and RMB 62.501 million respectively.

According to information disclosed in the prospectus, the global visual perception solutions market is highly fragmented at present, with the company’s overall market share at only 1.6%. Even if its revenue scale leads peers, the overall business is still in the ramp-up phase of scale expansion, and the timeline for achieving profitability remains unclear.

International registered innovation manager and founder and CEO of LuKeDao Technology, Luke Lin, analyzed for Beijing Business Daily that LeDun Robotics’ integrated model of software and hardware can simultaneously capture technical barriers for core robot components and command a technical premium in overseas consumer markets. However, because the company also has dual identities as both a supplier and a competitor of end-product users, it may lead B-end customers to worry. In addition, the development logic and capability genes of perception hardware and complete machines do not fully overlap, so uncertainty exists on both ends that needs to be watched.

2. Competition intensifies, facing enemies on all sides

While LeDun Robotics is expanding simultaneously across the two business lines of visual perception hardware and complete intelligent lawn mowing robots, it is also being squeezed by leading companies in the industry, as competition within the track grows increasingly fierce.

The prospectus discloses that in 2024 and 2025, LeDun Robotics’ DTOF LiDAR shipments each exceeded 720,000 units. The company therefore has a certain scale advantage in robot perception hardware. However, when looking at the entire LiDAR market, this scale is not significantly advantageous compared with leading manufacturers.

In the passenger vehicle sector, according to data from the GAC Automotive ADAS configuration database for January to August 2025, in the domestic market only, Huawei, Hesai Technology, and SUTENG JUCHEO rank among the top three in LiDAR installation volumes for passenger vehicles. The combined market share of these three companies exceeds 99%, indicating a clear industry concentration effect.

Competition in the robot track is also heating up. SUTENG JUCHEO, another Hong Kong-listed company, according to data from Gao Gong Robot Industry Research Institute (GGII) and disclosures in its 2025 annual report, sold 303,000 robot LiDAR units that year, representing a more than 11-fold year-on-year surge. It topped the global shipment list for 3D robot LiDAR and ranked first in each of five sub-segments, including lawn mowing robots, unmanned delivery, and commercial cleaning.

As for the second growth curve that LeDun Robotics is pursuing—the intelligent lawn mowing robot track—the supply chain side has also been pre-empted by major players.

According to disclosures by GGII and Hesai Technology, Hesai’s JT series 3D LiDAR took the lead in the global lawn mowing robot LiDAR market in 2025. Its cumulative deliveries exceeded 200,000 units for the full year, and its quarterly shipments in the first three quarters of 2025 continued to rank first. According to official disclosures, in 2026, the company has already secured a global exclusive supply order of 10 million units for Attivo’s ecosystem.

On the downstream complete-machine end, relying on Hesai’s radar used by Attivo and the MOVA brand, according to Frost & Sullivan certification, it has secured first positions in both 2025 global laser radar lawn mowing robot sales revenue and sales volume, respectively.

By contrast, LeDun Robotics’ smart lawn mowing robots only began mass production in 2024, with annual sales of just over 10,000 units. In terms of supply chain binding and large-scale expansion in overseas markets, there is still a short-term gap compared with leading industry players, and market resistance to break through along both lines continues to rise.

Beijing Business Daily tried to consult LeDun Robotics about related business matters, but as of the time of publication, it had not received a response.

Industry observer Hong Shibin told Beijing Business Daily that the capital market recognizes LeDun Robotics’ business model of running parts and complete machines in parallel. The two can form a virtuous cycle in which technology empowers the process and the market provides feedback. In the long term, the company still has growth potential. However, at the stage of market roll-out, it is still necessary to closely monitor key indicators—such as whether losses narrow, and the actual results of overseas market expansion, among other important metrics.

Beijing Business Daily, Tao Feng, Wang Tianyi