The crazy agricultural machinery enthusiast is going for an IPO.

The Hong Kong stock IPO market is bustling, and even agricultural technology companies are joining the fray.

Today, we're going to talk about a leading player in the global agricultural robotics market - FullGing Intelligent.

This company holds a steady third place with an 8.5% market share, and in the aftermarket kit market, it ranks second with a 16.9% share. As a top - tier technology enterprise in the field of agricultural robotics, FullGing Intelligent's main stage is in large - scale farms.

Previously, we discussed XAG, which also operates in the agricultural robotics field and is seeking an IPO on the Hong Kong stock market. Now, as a competitor, FullGing Intelligent has also embarked on the journey to list in Hong Kong. Behind this company stands a remarkable figure.

Wu Di, the founder of FullGing Intelligent, is a tech talent with a very solid professional background. He graduated from Nanjing University of Aeronautics and Astronautics and Beijing University of Posts and Telecommunications successively, then went to Linköping University in Sweden for further studies and obtained a doctorate in computer engineering. He has not only served as a professor at Soochow University but is also well - known as the former chief scientist of DJI.

In Wu Di's heart, there is a robotics dream: to let robots undertake 80% of the strenuous agricultural work and allow humans to enjoy the remaining 20% of relaxation and creativity. Now, Wu Di wants to take this company public on the Hong Kong stock market.

However, the prospectus also reveals an undeniable fact: in three and a half years, the company has accumulated a loss of about 1.3 billion yuan, which also reveals a cruel business law between ideals and reality. With continuous losses and surging financial risks, will capital still have the patience to wait for the success of this agricultural technology revolution?

1

Wu Di's entrepreneurial story begins with his deep affection for his hometown.

Growing up in the countryside, he witnessed firsthand the hardships of his fathers "facing the loess with their backs to the sky." Those unforgettable memories accompanied him from China to Sweden, from pursuing a doctorate to becoming the chief scientist of DJI.

In 2017, at the age of 38, Wu Di left his position as the chief scientist of DJI and founded FullGing Intelligent. This entrepreneur, who obtained a doctorate in computer engineering in Sweden, chose a completely different technical route from XAG.

Different from Peng Bin of XAG, who transformed from a drone model enthusiast to an agricultural plant protection expert, Wu Di's choice seems more "down - to - earth."

After spending two consecutive months on a farm in Shandong, he realized that "agricultural robots must withstand extreme environments, which requires much higher hardware reliability than consumer electronics."

It was this in - depth on - the - ground insight that prompted him to focus his R & D on the automation transformation of ground agricultural machinery, choosing a "from the ground up" technical route.

In the early days of its establishment, FullGing Intelligent had an enviable shareholder lineup - Dongfeng Assets, DJI, China Post Capital... However, these glories could not cover up the hardships on the entrepreneurial path. The R & D of agricultural robots requires a large amount of capital investment, and the return cycle is quite long.

However, the good times didn't last long. In May 2019, "DJI's departure" was like a thunderbolt, hitting FullGing Intelligent hard. The official reason given was "adjusting the investment strategy." The company had to repurchase its shares, and it wasn't completely settled until two years later. This huge repurchase amount brought great financial pressure to the fledgling FullGing Intelligent.

In contrast, XAG's financing process seems more stable.

Peng Bin led the team to gradually shift from the initial drone aerial photography business to agricultural plant protection, accumulating in - depth industry understanding in the process.

An industry observer evaluated the difference between the two as follows: "XAG is more like a 'craftsman' deeply involved in the agricultural field, while FullGing has the color of a 'tech - savvy interloper'."

This difference in technological genes is directly reflected in the product strategy. Wu Di firmly believes that "the core of agricultural production still lies on the ground, which is the key scenario for improving efficiency."

Therefore, FullGing Intelligent focuses on the intelligent transformation of "big guys" like tractors and harvesters. For example, it installs intelligent brains on them, giving tractors an automatic navigation system and enabling harvesters to operate autonomously.

On the other hand, XAG continues the "from the air down" route, constantly delving into the field of agricultural drones.

Although these two enterprises take different paths, they face similar industrialization problems. The agricultural environment is extremely complex, and it is very difficult for technology to truly play its role here. Farmers are very price - sensitive, which requires enterprises to control costs well.

Wu Di repeatedly emphasized in internal meetings: "When we engage in technology, we can't just create things that look good but are useless. We need to develop practical innovations that can truly change the current situation of agriculture."

This down - to - earth and no - nonsense attitude has enabled FullGing Intelligent to find its own position in the highly competitive market.

The company uses modular design, which is as flexible and convenient as building blocks. Coupled with large - scale production, the cost naturally decreases as the output increases. As a result, FullGing Intelligent's intelligent agricultural machinery solutions are well - received in the market because of their reasonable price and good performance.

Now, in the aftermarket kit market for agricultural machinery automatic navigation, FullGing Intelligent has captured a 16.9% share, firmly ranking second in the industry.

As the agricultural technology industry continues to develop, the business scopes of these two enterprises have begun to overlap. XAG is no longer only focused on the air and has started to expand its business to ground equipment; FullGing Intelligent is no longer limited to the ground and is also considering developing air - based solutions.

This intertwined competitive situation shows that the landscape of the agricultural technology field is constantly changing, and no one can predict what the future will be like.

In this vast market worth trillions, Wu Di has led FullGing Intelligent to blaze a unique path of technological innovation - starting from hardware and deeply engaging in the intelligentization of ground equipment. His exploration is not only a growth story of an enterprise but also an important microcosm of China's agricultural modernization process.

2

Is it difficult to build agricultural robots? The answer is a resounding yes.

The agricultural robotics industry has a peculiar paradox: its R & D difficulty is no less than that of industrial robots, and may even exceed it. Because it must cope with the differences in crop growth in the ever - changing field environment. The optical, mechanical, and algorithm systems must be perfectly coordinated and be able to flexibly handle various emergencies.

This complexity means huge R & D investment, but the commercialization process is quite slow.

But in reality, there is another headache. Farmers are extremely price - sensitive. Expensive intelligent equipment often deters them.

This creates a typical "chicken - and - egg" dilemma: Without economies of scale, the cost cannot be reduced; if the cost cannot be reduced, economies of scale cannot be achieved.

To break this deadlock, FullGing Intelligent's founding team spent a long time negotiating with the market and finally managed to persuade the first batch of users to try their products.

This helpless situation can be seen from FullGing Intelligent's financial statements. Although the revenue increased from 2022 to the first half of 2025, the company accumulated significant losses during the same period. Behind these figures is the company's continuous investment in R & D, market development, and large - scale production.

Moreover, FullGing Intelligent also faces the risk of "walking on one leg." Over the past three years, the agricultural and livestock business has always been the company's main source of income, accounting for more than 70% in the first half of 2025. This high dependence on a single business makes the company's operational risks relatively concentrated.

Agricultural production also has seasonal characteristics, causing the company's revenue to fluctuate like a roller - coaster. There are large orders during the peak season and few customers during the off - season.

This cyclical fluctuation poses a huge challenge to the company's production planning and capital arrangement. To meet this seasonal demand, the company has to establish a flexible production system, which in turn increases the operating cost.

To avoid putting all eggs in one basket, FullGing Intelligent has started to try diversified layouts. They have expanded their business to the construction and property management fields. In the construction industry, they integrate laser scanning, GNSS receivers, 3D modeling, and post - processing into a single workflow, and then deeply integrate digital models with machine control systems and robotics technology to make construction safer and more efficient.

However, the proportion of these two newly expanded businesses in the overall revenue is still negligible and difficult to shoulder the responsibility of the "second growth curve."

The tight capital chain has forced FullGing Intelligent to rely frequently on diversified financing channels. As the business scale grows, the company's borrowing scale has also increased accordingly, rising from 56.05 million yuan to 134 million yuan in two and a half years, mainly due to the capital needs for R & D investment and market expansion.

The company's capital structure includes 1.777 billion yuan of preferred stock financing, which is a common financing method for innovative technology enterprises before going public. According to the disclosure, the terms of this part of preferred stock have been extended for 18 months, providing the company with more time for preparation.

Meanwhile, the company continues to maintain high R & D investment. In the first half of 2025, the R & D expenditure was about 107 million yuan, accounting for 29.9% of the revenue. It is worth noting that in the first half of 2025, the company's operating cash flow turned positive for the first time, achieving a net inflow of 77.53 million yuan.

FullGing Intelligent's plan to list in Hong Kong this time may be an important step in the company's pre - determined capital strategy.

3

Going public may help the company barely get through the financial difficulties, but it still cannot avoid fierce market competition.

Globally, the agricultural robotics market has a bright future. It is expected that the market size will rise from about $13.5 billion in 2024 to about $27.6 billion in 2029.

Meanwhile, the development speed of the Chinese intelligent agricultural machinery market is even more astonishing. The market size is expected to soar from 11.8 billion yuan in 2024 to 22.4 billion yuan in 2025.

Currently, this market is still a blue ocean with a penetration rate of less than 12%, hiding huge growth potential.

In this emerging agricultural robotics market, FullGing Intelligent is facing a competitive situation of being "attacked from both the front and the back."

In the front are traditional agricultural machinery giants like John Deere and Case, which have a century - long heritage. They have strong brand influence, extensive distribution networks, and are actively transforming by acquiring AI technology companies, aiming to continue to dominate the emerging market.

Behind are local technology enterprises like XAG and Fengnong Holdings. They have flexible strategies and have quickly established their advantages in niche fields such as drones and digital ecosystems.

In the agricultural machinery automatic steering system market, although FullGing Intelligent ranks third, its 8.5% market share is insignificant compared to the giants.

These international giants firmly dominate the high - end market with their brand advantages, distribution networks, and technological accumulations. For FullGing Intelligent to compete with them, it needs to find a breakthrough, and high cost - effectiveness and the aftermarket may be the keys.

FullGing Intelligent's choice to enter the market through "aftermarket kits" (automated navigation kits for transforming traditional agricultural machinery) is a smart move. It skillfully avoids the high threshold of manufacturing complete machines and attracts the hearts of small and medium - sized farms that want to make their existing equipment "smarter" with a more affordable price.

However, the current global penetration rate of the agricultural robotics market is still less than 10%, indicating huge future development potential. This low penetration rate also means that the market is still in its infancy, and the future competitive landscape may change dramatically. For FullGing Intelligent, this is both an opportunity and a challenge.

This vast market prospect is attracting more and more enterprises to accelerate their layout. Not only start - ups but also some Internet giants and traditional manufacturing enterprises are eyeing this field.

These new entrants often bring new technological concepts and business models, which may have a significant impact on the existing market landscape.

Fortunately, FullGing Intelligent's products have entered more than 130 countries. Among them, the feed - pushing robots are particularly popular in European and American pastures. This international layout not only helps the company diversify market risks but also provides a broader development space. Especially in some developing countries, agricultural automation is in its infancy, and the market potential is huge.

In the first half of 2025, FullGing Intelligent received good news. The operating cash flow turned positive for the first time, achieving a profit of 77.53 million yuan. Although this figure is not large, it has great symbolic significance, indicating that the company may be moving towards a healthy development track.

For Wu Di, the real challenge may not only lie in the financial figures but also in how to make his agricultural robotics dream take root and thrive in the real - world business environment.

This article is from the WeChat official account "Investors", author: Su Qing, published by 36Kr with authorization.