Raised 1.5 billion in financing, an 80s alumnus from Peking University is going to IPO: Annual revenue of 500 million
A robotics company with an annual revenue of 500 million yuan is on the verge of listing on the Hong Kong Stock Exchange.
Recently, LUOSHI Robotics submitted its prospectus for the second time, attempting to list on the Hong Kong stock market as a specialized and innovative enterprise, which has attracted attention.
LUOSHI Robotics manufactures industrial robots, collaborative robots, and embodied intelligent robots. Its flexible collaborative robot products have the highest market share in China.
There are several reasons to pay attention to it:
The incremental market for traditional industrial robots is almost saturated, and collaborative robots are seen as a new growth point in the industrial scenario.
Most of its customers are well - known enterprises, such as Apple, Xiaomi, SERES, and ZHIYUAN.
People's attention to LUOSHI Robotics is not just focused on the company itself, but on the industry prospects it represents.
- 01 - A Peking University Master Creates Robots
Tuo Hua, the founder of LUOSHI Robotics, was born in 1983 in Jining, Shandong.
He graduated from Harbin University of Science and Technology with a bachelor's degree in Measurement and Control Technology and Instruments. In 2009, he graduated from Peking University with a master's degree in Electronic and Communication Engineering.
After that, he joined Ericsson, a giant in the industry, and engaged in the R & D of the underlying software basic system.
Later, Tuo Hua entered the field of industrial robots. He worked on robot R & D in two research institutes and met the other two founders of LUOSHI Robotics (including Han Fengtao, the current founder of Qianxun Intelligence).
After the establishment of LUOSHI Robotics, it has undergone several adjustments in its development direction.
Tuo Hua's team initially wanted to develop high - performance control systems because they thought that "there are very few companies that do a good job in industrial robot control systems", and the controller was their area of expertise from previous research, with relatively strong technical capabilities.
Later, they realized that developing robot control requires a large number of parameters, but it is difficult to find so many parameters in the market, so the controllers would be difficult to sell. They quickly transformed to develop lightweight industrial robot complete machines for the 3C field.
Taking this opportunity, LUOSHI Robotics entered the robot complete machine market.
Generally speaking, collaborative robots are robots that can work with humans, and the most common form is the robotic arm. Compared with traditional industrial robots, collaborative robots are equipped with sensors to ensure that they do not harm humans. Traditional industrial robots need to set up isolation areas during use to protect human safety.
Since its establishment, LUOSHI Robotics has received up to ten rounds of financing, with a total financing amount of over 1.5 billion yuan and a valuation of 5.295 billion yuan.
It is backed by several well - known institutions, including Plum Ventures, Delian Capital, Shunwei Capital, New Hope Group, National Manufacturing Transformation and Upgrading Fund, Zoucheng New Kinetic Energy Industry Investment Fund, and GSR Ventures.
- 02 - Entering the Supply Chain of Giants
LUOSHI Robotics has a rare ability: it can mass - produce both industrial robots and collaborative robots.
This aligns precisely with the major trend of manufacturing upgrading, as more and more factories are moving towards intelligence.
Currently, LUOSHI Robotics has launched more than 50 products, with payloads ranging from 3 kg to 220 kg.
Its applications are concentrated in high - demand industries such as automotive, 3C electronics, and new energy. It serves more than 1000 customers, including leading companies like Xiaomi, Goertek, Valeo, and Foton Cummins.
For example, LUOSHI's products are used in the production line of Apple product packaging boxes. The production line uses two LUOSHI XB7L industrial robots to work in tandem, which can complete multiple precision processes such as positioning, gluing, and loading and unloading, and it only takes 1.9 seconds to produce one packaging box.
For another example, LUOSHI entered the supply chain of Xiaomi SU7 early. It is responsible for building the intelligent production line of automotive air - conditioners, with a focus on two key aspects: air - conditioner electrical inspection and the Manufacturing Execution System (MES). This indicates that it has entered the core manufacturing process.
In September 2025, LUOSHI Robotics and ZHIYUAN Robotics signed a cooperation agreement, under which LUOSHI will provide humanoid robotic arms to ZHIYUAN for integration into its humanoid robot products under development.
In 2025, LUOSHI ranked first in two niche markets.
One is the flexible collaborative robot market, where it ranked first among the top five manufacturers in China, with a market share of 47%.
The other is the light - payload industrial robot market, where it also ranked first among the top five manufacturers in China, with a market share of 5.8%.
The revenues of LUOSHI Robotics in 2023, 2024, and 2025 were 267 million yuan, 325 million yuan, and 522 million yuan respectively.
The gross profits were 30.57 million yuan, 71.19 million yuan, and 114 million yuan respectively; the adjusted net losses were 101 million yuan, 72.47 million yuan, and 41.67 million yuan respectively.
However, LUOSHI Robotics' R & D investment has been significantly decreasing.
In 2022, R & D expenses accounted for 44% of the revenue. By 2025, it dropped to 12.6%. This figure is already lower than the minimum requirement of 15% for commercialized companies among specialized and innovative enterprises listed on the Hong Kong stock market.
- 03 - The Second Growth Curve
Collaborative robots are very popular, but the market size is actually not large.
Globally, in 2024, the market size was only 1.9 billion US dollars; it is expected to reach 11.8 billion US dollars by 2030.
In China, in 2023, the shipment volume of six - axis and above collaborative robots was 24,500 units; it is expected to approach 60,000 units by 2026, corresponding to a market size of approximately 6 billion yuan.
A comparison makes it clearer: in 2022 alone, the sales volume of industrial robots in China reached 303,000 units, and the market size exceeded 50 billion yuan.
The gap is obvious. Why is this the case? There are two core reasons:
First, performance is limited. Compromises must be made for safety and collaboration. As a result, in most scenarios, they can only play a supplementary role and undertake relatively easy tasks.
Second, there is a cost issue. The current price is still relatively high. However, the enterprises that really need collaborative robots are often small and medium - sized enterprises, which are most sensitive to costs.
In short, their capabilities are not strong enough, and the price is not low enough.
Therefore, the second growth curve is the goal that all collaborative robot enterprises are pursuing.
They have all chosen embodied intelligence.
UFactory, known as the "first stock of collaborative robots", had an embodied intelligence revenue of 20 million yuan in 2025 and is expected to mass - produce 2000 - 3000 units in 2026.
In 2025, LUOSHI Robotics' revenue from embodied intelligence was more than 47 million yuan, accounting for less than 10% of the total revenue. It stated in its prospectus that the company has received orders for more than 10,000 units of embodied intelligence products.
Currently, LUOSHI is in a middle position: the market for collaborative robots is not large enough, and embodied intelligence is not yet mature.
When the second growth curve is truly opened up will be its real strength.
This article does not constitute any investment advice.
This article is from the WeChat official account "Pencil News" (ID: pencilnews), written by Huang Xiaogui and edited by Zou Wei. It is published by 36Kr with authorization.