The leading player in the RMB 35 billion robot 3D vision industry is sprinting for a listing on the Hong Kong Stock Exchange, with Ant Group as its shareholder.

According to a report by Zhidx on September 28, on September 24, Orbbec, an A-share listed technology company focused on robot vision and AI vision, submitted a listing application to the Hong Kong Stock Exchange, planning to issue H shares and list on the Main Board of the Hong Kong Stock Exchange.

Founded in Shenzhen in 2013, Orbbec was listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange in July 2022, and is known as the "first stock of 3D robot vision". In terms of shareholders, Shanghai Yunxin Venture Capital Co., Ltd., wholly owned by Ant Group, holds approximately 8.92% of the company's shares.

Huang Yuanhao, the founder of Orbbec, graduated from Peking University with a bachelor's degree, and later obtained a master's degree from the National University of Singapore and a doctorate from the City University of Hong Kong, with a research focus on 3D optical measurement. Orbbec is mainly engaged in the design, R&D, production and sales of 3D visual perception products, and provides complete machines and solutions, with products covering fields such as robots, consumer-grade 3D scanning, biometric payment and industrial measurement.

The company focuses on the key infrastructure capabilities required for Physical AI to enter the real world, connects spatial intelligence, embodied intelligence and physical intelligence, and builds a technical and engineering system from 3D visual perception, real-world data collection to robot product development around the three core capabilities of physical perception, data and world models, and embodied intelligence.

According to Frost & Sullivan, in terms of 2025 revenue, Orbbec ranks first in the global 3D visual perception market for robots with a market share of 29.0%; the company is also the world's largest manufacturer of dedicated consumer-grade 3D scanner solutions, and the world's largest sensor supplier for biometric payment terminals.

As of the close of trading on September 28, Orbbec's A-share price was 85.75 yuan per share, down 4.20% from the previous trading day, with a total market value of 35.401 billion yuan.

Orbbec's A-share stock price (Source: Xueqiu)

01. Revenue increased by more than 1.6 times in three years, and the company turned profitable in 2025

In 2023, 2024 and 2025, Orbbec's revenue reached 360 million yuan, 564 million yuan and 941 million yuan respectively, its net profit was a loss of 276 million yuan, a loss of 62.89 million yuan and a profit of 128 million yuan respectively, and its R&D expenses were 301 million yuan, 204 million yuan and 203 million yuan respectively.

In the first half of 2026, Orbbec achieved a revenue of 438 million yuan, a net profit of 40.79 million yuan, and R&D expenses of 111 million yuan.

Changes in Orbbec's revenue, net profit and R&D investment from 2023 to the first half of 2026 (Chart by Zhidx)

In terms of gross profit, from 2023 to 2025 and the first half of 2026, Orbbec's gross profit was 146 million yuan, 220 million yuan, 393 million yuan and 203 million yuan respectively, with a comprehensive gross margin of 40.5%, 38.9%, 41.8% and 46.3% respectively. From 2023 to 2025, the average gross margin of comparable companies in the same industry was 43.18%, 42.80% and 41.12% respectively.

According to the prospectus, the decline in gross margin in 2024 was mainly related to the increase in sales of low-margin payment terminals; the rebound in gross margin in 2025 was mainly due to the increase in sales of high-margin sensor products; the further improvement of gross margin in the first half of 2026 was related to the rising revenue contribution of sensor products.

From the perspective of revenue structure, Orbbec's business is mainly divided into three categories: sensor products, complete machines and solutions, services and others.

In 2023, sensor products contributed 63.9% of the revenue, and complete machines and solutions accounted for 32.9%. By 2025, the revenue share of complete machines and solutions rose to 65.6%, becoming the company's largest source of revenue; the revenue share of sensor products dropped to 32.3%.

In the first half of 2026, the revenue share of sensor products rebounded to 47.3%, complete machines and solutions accounted for 46.3%, and services and others accounted for 6.4%.

02. Ranked first in global 3D visual perception market share for robots, R&D personnel account for 46.4%

Orbbec is a 3D visual perception technology enterprise. Centering on the three core capabilities of physical perception, data and world models, and embodied intelligence, the company builds a full-stack technical and engineering base covering optics, chips, algorithms, systems, software and mass production, and forms a spatial intelligent perception entry, a real-world data base and robot product development solutions.

In the field of robot visual perception, Orbbec provides 3D visual sensors such as active binocular cameras, passive binocular cameras, ToF (Time of Flight) cameras and structured light cameras, as well as visual modules for the head, chest, abdomen and wrist, and environment perception modules for mobile robots. The related products can be used for spatial positioning, obstacle detection, object recognition and 3D mapping.

In the 3D scanning field, Orbbec's products include Ferret Pro, Pika, etc.; in the field of ontology-free data collection, its products include EGO Dual, EGO Quad, EGO Depth, WristCam, etc.; in the biometric payment field, its products include JWS-1033, T1Z, etc.

According to Frost & Sullivan, in 2025, Orbbec accounted for 29.0% of the global 3D visual perception market for robots, ranking first in terms of revenue. In the same period, the company is also the world's largest manufacturer of dedicated consumer-grade 3D scanner solutions and the world's largest sensor supplier for biometric payment terminals.

As of the latest practicable date, Orbbec has a total of 1,098 employees, of whom 509 are R&D personnel, accounting for 46.4%; 320 are supply chain personnel, accounting for 29.1%; 171 are administrative personnel, accounting for 15.6%; 98 are sales personnel, accounting for 8.9%.

As of June 30, 2026, Orbbec has applied for a total of 2,082 patents, including 1,019 invention patents, 212 PCT patent applications and 234 overseas patents; a total of 1,288 authorized patents have been obtained, including 574 invention patents and 151 overseas patents.

In addition, as of the same period, the company holds 150 registered trademarks in China and 32 registered trademarks overseas, and owns 123 registered copyrights.

Orbbec's R&D work covers links such as optical design, chip design, algorithm development, system design, software development and mass production, and has established a product development system from R&D and engineering verification to mass production delivery.

03. Serving more than 7,000 customers, the top five customers contributed 63.9% of revenue in 2025

As of June 30, 2026, Orbbec has had more than 7,000 customers, including more than 1,000 robot companies. The customers are mainly distributed in fields such as robots, 3D scanning, biometric payment, consumer electronics and industrial applications.

In terms of customer concentration, in 2023, 2024, 2025 and the first half of 2026, the revenue share of Orbbec's top five customers was 37.6%, 51.5%, 63.9% and 46.6% respectively; the revenue share of the largest customer was 17.3%, 28.3%, 30.0% and 27.3% respectively.

Combined with the description that Customer B is listed on the Hong Kong Stock Exchange and is mainly engaged in consumer-grade 3D printing products and services, Customer B may be Creality; combined with the description that Customer F's main business is digital payment and internet financial services and it is also the parent company of the company's shareholder, Customer F may be Ant Group.

In 2025, the revenue share of the company's top five customers reached 63.9%, up 26.3 percentage points from 2023; the revenue share of the largest customer also reached 30.0%.

In terms of suppliers, Orbbec mainly purchases from suppliers of optical components, electronic components, structural components and other raw materials, and also purchases some production and service-related contents.

In 2023, 2024, 2025 and the first half of 2026, the purchase amount from Orbbec's top five suppliers accounted for 24.4%, 18.9%, 19.9% and 22.4% of the total purchase amount respectively. In the same period, the proportion of the purchase amount from the largest supplier in the total purchase amount was 6.8%, 4.7%, 4.5% and 8.6% respectively.

During the reporting period, one of the top five customers of the company was also a supplier every year, and the related overlapping customers included Customer C, Customer F and Customer I.

In 2023, 2024, 2025 and the first half of 2026, the total sales amount of Orbbec to the above overlapping customers was 21.5 million yuan, 61.9 million yuan, 268 million yuan and 62.7 million yuan respectively, and the total purchase amount from them was 12.1 million yuan, 18.6 million yuan, 65 million yuan and 49 million yuan respectively. The above customers mainly purchase biometric devices or AIoT devices from Orbbec, while Orbbec purchases components, software and manufacturing equipment from them.

04. Led by an alumnus of Peking University, Shanghai Yunxin under Ant Group holds 8.92% of shares

As of the latest practicable date, the controlling shareholders of Orbbec include Huang Yuanhao, the founder, chairman and general manager of the company, as well as related shareholders who act in concert with him, jointly controlling 63.14% of the voting rights of the company.

From the perspective of equity structure, Huang Yuanhao directly holds approximately 19.98% of the Class A ordinary shares and 5.48% of the Class B ordinary shares of the company, and further controls the company's shares and voting rights through related shareholding platforms and concerted action arrangements.

In terms of major shareholders, Huang Yuanhao directly holds 82,467,848 A shares and 22,619,448 B shares; Orbex holds 21,622,185 A shares, accounting for approximately 5.24% of the issued shares of the company; Shanghai Yunxin Venture Capital Co., Ltd. holds 36,822,120 A shares, accounting for approximately 8.92%; another major shareholder Zhou Guangda holds 26,968,320 A shares, accounting for approximately 6.53%.

Among them, Shanghai Yunxin Venture Capital Co., Ltd. is wholly owned by Ant Group and holds 8.92% of Orbbec's shares. In addition, Orbbec's shareholders also include multiple shareholding platforms, industrial investors and financial investors.