Robot company "Tianlian" plans to strive for listing on the Science and Technology Innovation Board.

On July 31, the stock price of Sichuan Tianlian Robot Co., Ltd. (securities abbreviation: Sichuan Robot, code: 835015, formerly known as "Sichuan Fude Robot Co., Ltd.", hereinafter referred to as "Tianlian Robot"), a company listed on the New Third Board, gapped up at the opening. As of press time, it had risen by more than 17%.

On July 30, the board of directors of Tianlian Robot issued an announcement stating that the company signed a "Coaching Agreement for the Initial Public Offering of Stocks and Listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange between Sichuan Tianlian Robot Co., Ltd. and Huaxi Securities Co., Ltd." with Huaxi Securities on July 25. The coaching institution is Huaxi Securities.

Image source: Tianlian Robot's 2024 annual report

Tianlian Robot was listed on the New Third Board in 2015. On July 28, it submitted the coaching record - filing materials for the public offering of stocks to unspecified qualified investors and listing on the Shanghai Stock Exchange to the Sichuan Regulatory Bureau of the China Securities Regulatory Commission. On July 30, the Sichuan Regulatory Bureau of the China Securities Regulatory Commission accepted its IPO coaching record - filing materials, and Tianlian Robot began the coaching period.

What kind of company is Tianlian Robot?

Tianlian Robot was founded in 2012 and was incubated by an entrepreneurial team led by Hu Tianlian. It is the first national high - tech enterprise in Mianyang, Sichuan, with the independent research and development of robots as its main business. It sells core robot components such as harmonic reducers, integrated joints, collaborative robots, overall solutions for intelligent manufacturing systems, software, and technical services.

Its 2024 annual report shows that humanoid robots are its main R & D project. It has developed a highly lightweight and anthropomorphic humanoid robot product, the Humanoid Robot T1pro (see the picture below) - 160 cm tall, weighing 43 kg (including the battery but excluding the skin), with a total of 71 degrees of freedom. It has been successfully promoted and delivered to customers' application scenarios for testing. In addition, it has completed the basic hardware and software tests of collaborative robots, which have successfully run on the company's physiotherapy robots and composite robots, and have also been promoted to customers' application scenarios for testing. The optimization design work is basically completed.

At the just - concluded WAIC2025 World Artificial Intelligence Conference, Tianlian Robot showcased the Humanoid Robot T1pro, Composite Robots WC1 and WC2, ultra - lightweight collaborative robots, and robot components (harmonic reducers + ultra - lightweight integrated joints).

However, the latest shipment data shows that the company's complete robot products have not yet achieved scale. Both the production volume and shipment volume are in single - digits, and the humanoid robot products have not been shipped yet. In June 2025, Tianlian Robot only produced one humanoid robot and shipped one collaborative robot. Its main product is the harmonic reducer, which is mainly used in SCARA robots, collaborative robots, service robots, and humanoid robots. However, the production and shipment volumes of this product have both declined due to customer demand and pick - up. In June, the production volume of its harmonic reducers decreased by 50.89% year - on - year, and the shipment volume decreased by 35.34% year - on - year. The shipment volume of integrated joints decreased by 87.50% year - on - year.

While striving to be listed on the Science and Technology Innovation Board, Tianlian Robot is constantly expanding its business and looking for partners.

On July 25, it signed a "Strategic Cooperation Agreement" with Shenzhen Lihexing Co., Ltd. (hereinafter referred to as "Lihexing") to jointly promote the automated manufacturing and testing of robots and promote the application of robots in manufacturing enterprises. Tianlian Robot is responsible for providing robot application technology support, application cases of robots in industries such as 3C automated testing and process equipment.

In April this year, Sichuan Robot signed a "Strategic Cooperation Agreement" with Guansheng Co., Ltd. Based on the goal of mutual benefit and win - win results, the two parties will utilize their own advantages, share market resources and sales channels, and research, develop, and produce high - quality and low - cost robot bearing products.

During the Mobile World Congress in March this year, the "Tina" humanoid robot jointly developed by ZTE and Sichuan Robot made its debut.

Currently, Tianlian Robot has no controlling shareholder. The actual controller, Hu Tianlian, controls the company through 10 concerted action agreements (Hu Tianlian, Wu Jian, Chen Gang, Tang Huang, Jiang Ming, Luo Qianyou, Yue Zhibin, Song Zhihui, Tian Rong, and Yan Jin hold a total of 48.53% of the shares), and there is a risk of decentralized control rights.

According to its financial data for the past two years, Tianlian Robot has not yet made a profit, its cash flow is negative, and its gross profit margin is less than 30%: In 2023 and 2024, its operating revenues were 21.3926 million yuan and 29.91 million yuan respectively, with a compound growth rate of 12.03% in the past three years. The net cash flows from operating activities were - 14,400 yuan and - 9.0884 million yuan respectively, and the net profits attributable to the shareholders of the listed company were negative. As of press time, the company's total market value is 900 million yuan, and its operating revenue in the past year was 29.91 million yuan. It has not yet met the financial and market value standards for listing on the Science and Technology Innovation Board. Moreover, the company does not belong to the negative list of industries for listing on the Science and Technology Innovation Board.

Therefore, Tianlian Robot has warned that the company's market value and financial indicators do not currently meet the conditions for the public offering of stocks and listing on the Science and Technology Innovation Board, and there is a risk that it may not be able to be listed on the Shanghai Stock Exchange.

This article is from the WeChat official account "Science and Technology Innovation Board Daily". Author: Song Ziqiao. Republished by 36Kr with permission.