The "Underground Pipeline" Robot Company in Shenzhen Longhua Aims for IPO, Founded by a Post-80s Entrepreneur, Backed by Zhengxuan Investment
In the past month, several companies in the robot industry chain have applied for IPO, including Bomingwei Technology, Hismag Technology, Wolong Electric Drive, Mega Robot, and Standard Robots.
According to Gelonghui, Shenzhen Bomingwei Technology Co., Ltd. (referred to as "Bomingwei Technology") submitted its prospectus to the Hong Kong Stock Exchange at the end of August, with CITIC Securities as the sponsor.
Bomingwei Technology focuses on the field of special - space robots for pipe networks. The revenue from public - sector and state - owned enterprise customers accounts for more than 30% of the company's total revenue. Although the company's revenue has increased in the past few years, it faces significant pressure from accounts receivable.
01 An 80s entrepreneur from Shenzhen focuses on special - space robots for pipe networks, and Zhengxuan Capital places a bet
Bomingwei Technology was established in January 2014 by Dai Yi, Yang Tingpeng, Song Zhangjun, and Bomingwei Engineering. The company completed the shareholding reform in December 2021, and its headquarters is located in Longhua Street, Longhua District, Shenzhen.
As of August 19, 2025, Dai Yi controls 45.10% of the company's voting rights through direct and indirect means.
Dai Yi, together with Dadi Yongshi Limited Partnership, Jifeng Zhilang Limited Partnership, Renzhe Shengui Limited Partnership, Chaoji Mali'o Shareholding Platform, and Fengkuang Shitou Limited Partnership, forms a group of controlling shareholders of the company.
Dai Yi, 40 years old, currently serves as the executive director, chairman, and general manager. He has obtained a bachelor's and a master's degree in biomedical engineering from the University of Electronic Science and Technology of China, and a master's degree in financial mathematics from Florida State University in the United States.
Liang Chuanglin serves as the executive director and deputy general manager, mainly responsible for overseeing the research, development, and manufacturing of the group's robot and special - purpose motor products. Previously, he worked as a research and development engineer at CSR Qishuyan Locomotive & Rolling Stock Technology Research Institute.
Liang Chuanglin, also 40 years old, has obtained a bachelor's degree in mechanical design, manufacturing, and automation and a master's degree in mechanical engineering from Hunan University.
Dr. Xie Fei, 33 years old, serves as the executive director and the head of the AI R & D department. He has obtained a bachelor's degree in surveying and mapping engineering from Tongji University, a master's degree in geographic information systems from the Hong Kong Polytechnic University, and a doctor's degree in land surveying and geo - informatics from the Hong Kong Polytechnic University.
The main investment institutions of Bomingwei Technology include Zhengxuan Investment, Zijing Asset Management, Shenha Fund, and funds under the State - owned Assets Supervision and Administration Commission of Xiamen.
In the capital increase in August 2025, the post - investment valuation of the company was approximately 1.8 billion yuan.
Bomingwei Technology is a provider of special - space robots for pipe networks, offering products or services such as robots and AI platforms, engineering technology solutions, and ultraviolet - light - cured repair hoses. It is at the forefront of applying AI for intelligent collaboration.
The company's solutions cover special spaces in pipe networks such as drainage pipes, reclaimed water pipes, water supply pipes, raw water pipes, seawater pipes, heating pipes, and gas pipes, as well as special spaces at key nodes of pipe networks such as water treatment plants and pumping stations.
Among them, the company's products of robots and AI platforms mainly include:
1. Inspection robots, dredging robots, and trenchless repair robots;
2. AI platforms, including the AI pipe network operation and maintenance management platform and the AI pipe network engineering management software;
3. Robot accessories and others, mainly including micro - special motor systems.
Example of a wheeled pipe inspection robot, Source: Prospectus
02 Revenue has increased, but the company faces pressure from accounts receivable
Driven by downstream demand, Bomingwei Technology's revenue has also increased in recent years.
During the reporting periods from 2022 to March 2025 (January - March 2025), the company's revenues were 162 million yuan, 214 million yuan, 249 million yuan, and 62.36 million yuan respectively, and the net profits were 22.394 million yuan, 30.643 million yuan, 40.153 million yuan, and 10.046 million yuan respectively. The gross profit margins during the same periods were 46.4%, 48.1%, 49.5%, and 48.1% respectively.
Key financial data, Source: Prospectus
In terms of the product revenue structure, Bomingwei Technology's revenue mainly comes from the sales of robots and AI platforms, the provision of engineering technology solutions, and the sales of ultraviolet - light - cured repair hoses.
From 2022 to 2024, the proportion of the company's revenue from the sales of robots and AI platforms decreased from 73.8% to 58.4%, while the proportion of revenue from the provision of engineering technology solutions increased from 23.2% to 29.6%.
Specific composition of the main business revenue, Source: Prospectus
Bomingwei Technology needs to continuously improve its products and launch new products, especially new robots and AI platforms, to meet the ever - changing customer needs. Therefore, the company needs continuous R & D investment.
During the reporting periods, the company incurred R & D expenses of 19.1 million yuan, 21.5 million yuan, 20.7 million yuan, and 7.6 million yuan respectively, accounting for 11.8%, 10.1%, 8.3%, and 12.2% of the total revenue in each period.
On the sales side, Bomingwei Technology's products and solutions have been widely used in 15 countries and regions, serving more than 4,000 customers.
It is worth noting that the downstream fields of special - space robots for pipe networks mainly include municipal water service operators, government pipe management agencies, utility tunnel operators, water pollution control agencies, energy or chemical enterprises, and construction or maintenance contractors.
Therefore, the company's business largely depends on government policy support and public - sector funds.
During the reporting periods, the proportion of the company's revenue from public - sector and state - owned enterprise customers was 33.9%, 43.5%, 49.5%, and 36.7% respectively.
However, if there are uncontrollable changes in government spending, such as changes in urban development plans or government fiscal policies, the company's business may be affected.
Bomingwei Technology also faces credit risks related to trade receivables. As of the end of each reporting period, the company's trade receivables and notes receivable were 88.7 million yuan, 96.7 million yuan, 164 million yuan, and 159 million yuan respectively, accounting for 54.75%, 45.19%, 65.86%, and 255% of the operating revenue respectively.
Correspondingly, the turnover days of the company's accounts receivable and notes receivable increased from 196 days in 2022 to 256 days from January to March 2025. The pressure from accounts receivable shows an upward trend.
03 The industry is highly competitive, and Bomingwei Technology's global market share is approximately 1.4%
A robot refers to an intelligent mechanical system designed to perform tasks automatically or semi - automatically, usually with functions such as environmental perception, information processing, and decision - making.
According to the application scope, robots are usually divided into three major categories, including industrial robots, service robots, and special - purpose robots. Bomingwei's products belong to special - purpose robots.
Based on different application scenarios, special - purpose robots can be further divided into special - space robots, emergency rescue robots, and other special - purpose robots.
Special - space robots are intelligent devices designed for operations in high - risk, narrow, and confined environments. They mainly perform tasks such as inspection, maintenance, cleaning, and repair and are deployed in special spaces of pipe networks and nodes, covering water, gas, electricity, heat, and petrochemical industries.
Among special - purpose robots, special - space robots are one of the fastest - growing market segments. In 2024, the global market for special - space robots reached 3 billion US dollars and is expected to increase to 8.4 billion US dollars by 2030, with a compound annual growth rate of approximately 19.0%.
Due to urban infrastructure upgrades and public safety governance, China is rapidly forming a large - scale market.
In 2024, the market size of special - space robots in China reached 700 million US dollars and is expected to increase to 2.1 billion US dollars by 2030, with a compound annual growth rate of 21.5% during this period, leading the growth of the overall special - purpose robot market.
Among these applications, water supply and drainage pipe robots are currently the most widely used and have the largest market share in the market segment.
Global and Chinese market sizes of special - space robots, Source: Prospectus
The industry of special - space robots for pipe networks is highly competitive. The global market for special - space robots for pipe networks is mainly dominated by European and American enterprises, while Chinese enterprises have achieved rapid development in the technical field.
In 2024, Bomingwei Technology ranked among the top 20 in the global market for special - space robots for pipe networks in terms of revenue.
During the same period, in the global market for special - space robots for pipe networks, the top five Chinese companies accounted for a total of 4.6% of the global market share.
Bomingwei Technology ranked first among all Chinese companies, with a revenue of 20.3 million US dollars in 2024, accounting for approximately 1.4% of the global market share.
The company's domestic peers mainly include Shenzhen Schroeder Industrial Group, Wuhan Zhongyi IoT Technology Co., Ltd., Shanghai Guankang Technology Co., Ltd., and Wuhan Terui Sheng Electronic Technology Co., Ltd.
Ranking and market share of Chinese enterprises in the global market for special - space robots for pipe networks in 2024, Source: Prospectus
Overall, the revenue from public - sector and state - owned enterprise customers accounts for more than 30% of Bomingwei Technology's total revenue. The field of special - space robots for pipe networks in which the company operates is greatly affected by the cycle of urban infrastructure upgrades. Although the company's revenue has increased in the past few years, it faces significant pressure from accounts receivable.
In the future, Gelonghui will continue to monitor whether the company can improve its financial situation, continuously iterate its products, and expand its customer base.
This article is from the WeChat official account "Gelonghui New Stocks", author: Fa Ge Talks about New Stocks. It is published by 36Kr with authorization.