The company immediately caused a massive stir right after its listing, and the founder of Mech-Mind with top academic credentials publicly lashed out at his peer who is also his fellow alumnus.
On September 1, Mech-Mind officially landed on the Hong Kong capital market with the aura of "the first stock of embodied intelligence eye-brain-hand". But just a few days after the company went public, its founder Shao Tianlan "overturned the table" of the embodied intelligence industry.
In a recent post on WeChat Moments, Shao Tianlan said bluntly, at present, many "gathering-type" embodied intelligence enterprises use a large number of "data collection centers" and related party transactions with local governments, investors and suppliers to create false and unsustainable revenue.
In his view, the above-mentioned practices are aimed at going public quickly, which not only harms the majority of investors, but also traps enterprises in a vortex of continuous fraud and blood loss. In the comment section, Shao Tianlan also specifically named another star robotics enterprise - Galbot.
Faced with the "criticism" from its peer, Galbot issued a statement on September 10, saying that it will not engage in unnecessary verbal disputes, the company will stay true to its original aspiration, take embodied intelligence technology as the core of its development, and take the implementation of real applications as its long-term goal.
According to Radar Finance, Mech-Mind, led by Shao Tianlan, was founded in 2016. As a leading enterprise in the niche market of AI + 3D vision-guided general intelligent robot components, its share price broke below the issue price on the first day of trading after listing on the Hong Kong Stock Exchange on September 1 this year, and then fell for several consecutive days.
In terms of performance, due to the early stage of commercialization, Mech-Mind's profit margin has been squeezed by a large amount of R&D expenditure and sales expenses, and the company has not yet achieved profitability. From 2023 to 2025, the company's cumulative losses have exceeded 1 billion yuan.
Mech-Mind Founder Blasts Peer, Galbot Says No Unnecessary Verbal Disputes
Recently, the screenshot of Mech-Mind founder Shao Tianlan's WeChat Moments post has been widely spread on the Internet, causing quite a stir in the currently hot embodied intelligence track.
The screenshot shows that Shao Tianlan questioned and criticized the business models and listing intentions of some current embodied intelligence enterprises in the post.
Shao Tianlan said, "Now many 'gathering-type' embodied intelligence enterprises, including some well-known, high-valuation companies in Beijing and Shanghai that have appeared on the Spring Festival Gala, make extensive use of the so-called 'data collection centers' and related party transactions with local governments, investors and suppliers to generate false and unsustainable revenue. This practice is illegal, immoral and unwise."
Shao Tianlan believes that the above-mentioned practices are aimed at achieving a quick listing, but they harm the majority of investors. At the same time, the enterprises themselves will fall into the "vortex of continuous fraud and blood loss" - "if you make such revenue this year, next year you will not only have to continue doing it, but also have to make more of it".
In the comment section of this WeChat Moments post, Shao Tianlan also specifically mentioned another robotics peer - Galbot, and said "welcome to contact me, everyone is welcome to screenshot and repost this".
Tianyancha shows that the full name of Galbot, which was "named" by Shao Tianlan, is Beijing Galbot Robot Co., Ltd. The company was registered and established in May 2023, with business scope covering manufacturing and sales of service and consumer robots; R&D and sales of intelligent robots; manufacturing and sales of industrial robots, etc.
Radar Finance noted that Shao Tianlan and Wang He, founder of Galbot, are alumni of Tsinghua University. The former graduated from the School of Software of Tsinghua University with a bachelor's degree, while the latter graduated from the Department of Electronic Engineering of Tsinghua University.
Faced with the "criticism" from his alumni and the recent market discussions on the embodied intelligence industry, Galbot released an article titled "Embodied Intelligence is a Long-Distance Race, We Only Race Against Time" through its official WeChat account "Galbot" on September 10 as a response.
Galbot said, "We will not participate in unnecessary verbal disputes, nor will we be disturbed by short-term noise. What we need to do is to make better products, deliver solid scenarios, deepen our technology, and continue to focus on our own business."
At the same time, Galbot also emphasized that as an enterprise deeply engaged in this field, the company will stay true to its original aspiration, take embodied intelligence technology as the core of its development, and take the implementation of real applications as its long-term goal.
Led by Tsinghua Top Student, Building "The First Stock of Embodied Intelligence Eye-Brain-Hand"
Shao Tianlan, who posted on WeChat Moments to criticize the current situation of the industry, is also one of the participants in the embodied intelligence industry.
Public information shows that Shao Tianlan graduated from the School of Software of Tsinghua University with a bachelor's degree in 2012, and then went to Technical University of Munich in Germany to study robotics.
After graduating with a master's degree in 2015, Shao Tianlan worked as an engineer at KBee AG, a well-known German robotics enterprise, mainly responsible for robot R&D work.
With the arrival of 2016, known as the "first year of artificial intelligence", Shao Tianlan resolutely chose to return to China to start a business, adhering to the original intention of making robots more intelligent.
In September of the same year, Mech-Mind Robotics was officially established. Based on his previous study experience and work experience, Shao Tianlan led Mech-Mind to cut into the niche market of AI + 3D vision-guided general intelligent robot components.
In 2017, Mech-Mind launched its first generation of Mech-Eye industrial 3D cameras, Mech-Vision machine vision software and Mech-Viz robot programming software for the global market.
In 2019, Mech-Mind began to commercialize intelligent robot solutions. According to CIC Consulting, it is one of the first batch of enterprises in China to provide general 3D vision solutions for industrial robots.
In 2021, Mech-Mind began mass production of Mech-Eye 3D cameras and large-scale launch of Mech-Vision software, and then expanded to intelligent path planning and multi-modal artificial intelligence solutions by launching Mech-Viz and Mech-GPT.
As of the end of the first quarter of this year, Mech-Mind has sold more than 24,000 Mech-Eye cameras to over 1,600 customers in the logistics, automotive, consumer electronics and new energy industries.
In addition, Mech-Mind's intelligent inspection and measurement products were officially commercialized in 2023, and have since been adopted by many battery and auto parts manufacturers for online quality control.
In 2025, after several years of internal R&D and early pilot tests, Mech-Mind officially launched Mech-Hand, which has been commercially deployed in logistics, automotive and precision assembly scenarios.
Mech-Mind's current achievements are inseparable from the support of capital. Radar Finance learned from the official website that since its establishment, Mech-Mind has received multiple rounds of support from well-known investment institutions including IDG Capital, Meituan, HSG, Source Code Capital, Intel Capital, Qiming Venture Partners, with cumulative financing exceeding 2 billion yuan.
On September 1 this year, Mech-Mind landed on the Hong Kong Stock Exchange at an issue price of HKD 101.7 per share, successfully winning the title of "the first stock of embodied intelligence eye-brain-hand".
However, on the first day of listing, Mech-Mind's share price broke below the issue price, closing down 1.87% at HKD 99.8 per share.
In the following three days, Mech-Mind's share price continued to fall, with daily declines of 1.55%, 15.67% and 5.25% respectively.
Since September 7, Mech-Mind's share price has started to pick up. As of the close of September 11, Mech-Mind was quoted at HKD 95 per share, still lower than the issue price of HKD 101.7 per share, with a total market value of about HKD 11.876 billion.
Commercialization Still in Early Stage, Cumulative Losses Exceed 1 Billion Yuan in Three Years
While facing the "cold shoulder" of the capital market, Mech-Mind is also under the pressure of continuous losses in terms of performance.
The prospectus shows that from 2023 to 2025, Mech-Mind recorded net losses of 401 million yuan, 283 million yuan and 360 million yuan respectively, with cumulative losses exceeding 1 billion yuan in three years.
For the predicament of continuous losses, Mech-Mind attributed it to the fact that the company is still in the early stage of commercialization, as well as significant R&D investment and upfront investment in the expansion and upgrading of its sales network.
In Mech-Mind's view, R&D is the driving force of the company's innovation, which enables it to develop advanced 3D vision and AI technologies. With interdisciplinary R&D capabilities, the company integrates technical expertise in optics, robotics, AI algorithms and other fields, and continuously expands the technical boundaries of 3D vision and artificial intelligence.
To this end, Mech-Mind has always maintained a high level of R&D investment. The prospectus shows that from 2023 to 2025, the company's R&D expenses were 119 million yuan, 109 million yuan and 113 million yuan respectively, accounting for 65.6%, 40.6% and 29% of the total revenue in the same period respectively.
In the same period, Mech-Mind's sales expenses were 186 million yuan, 162 million yuan and 168 million yuan respectively, accounting for 102.7%, 60.4% and 43.3% of the total revenue in the current period respectively.
However, driven by both the expansion of the company's business application scenarios and the acceleration of global market promotion, Mech-Mind's revenue has continued to grow: from 181 million yuan in 2023 to 389 million yuan in 2025, with a compound annual growth rate of 46.6%.
In the first quarter of this year, Mech-Mind achieved revenue of 107 million yuan, a year-on-year increase of 73.1%; recorded a net loss of 57 million yuan, narrowing 19.5% year on year.
Mech-Mind said that the growth of the company's revenue is mainly due to the increase in revenue from intelligent robot guidance products. In the first quarter of this year, a total of 2412 units of this product were sold, an increase of 1091 units year-on-year, contributing 99 million yuan in revenue, a year-on-year increase of nearly 70%.
By region, in the first quarter of this year, Mech-Mind's revenue from Chinese mainland was 60 million yuan, a year-on-year increase of 78.65%, mainly driven by rising customer demand. The sales volume of products in Chinese mainland increased from 1050 units in the same period of last year to 1882 units.
In the same period, as Mech-Mind continued to expand overseas markets, the company's overseas revenue in the first quarter also increased by 66.5% year-on-year to 47 million yuan. As of the latest practicable date, the company has served more than 900 overseas customers in nearly 50 countries and regions.
In addition, Mech-Mind's profitability has also improved. The company's gross profit increased from 39 million yuan in the same period of last year to 69 million yuan in the first quarter of this year, and the gross profit margin increased by 2.4 percentage points year-on-year to 64.8%.
It is worth mentioning that with the more extensive deployment of intelligent robots in the manufacturing, logistics and service industries, and the increasing demand for high-precision, flexible and scene-adaptive perception functions, the potential of the global AI + 3D vision-guided general intelligent robot component market is increasing day by day.
According to Mech-Mind's prospectus, the global market size of AI + 3D vision-guided general intelligent robot components is expected to grow from 1.8 billion yuan in 2025 to 10.6 billion yuan in 2030, with a compound annual growth rate of 43.2%; and is expected to further expand to 102.5 billion yuan in 2035.
In terms of installation volume, in 2025, the global installation volume of AI + 3D vision-guided general intelligent robot components has reached 30,100 units, which is expected to grow to 239,900 units in 2030, and further increase to 2.6841 million units in 2035.
The penetration rate of the industry in the general intelligent robot market is expected to grow from 5.1% in 2025 to 22.2% in 2035.
With the continuous expansion of the market size, industry competition will also intensify. By the end of 2025, there are more than 20 participants in this niche market. Calculated by revenue in 2025, the top five participants account for about 45.4% of the market share.
At present, Mech-Mind is in a leading position: in 2025, Mech-Mind achieved revenue of 389 million yuan, ranking first in the industry with a market share of about 22.1%. At the same time, the company's shipment volume also ranks first in the industry.
However, Mech-Mind also admitted in the prospectus that "the industry we operate in is highly competitive, and is affected by accelerated technology iteration, shortened product life cycles, periodic fluctuations in the market pattern, continuous decline in prices, and intensified competition at home and abroad."