Following a recent surge, DOBOT (02432) has climbed over 4% again, with its stock price accumulating a gain of more than 25% over the past five trading sessions. At the time of writing, the stock was up 3.12%, trading at HKD 39.76, with a turnover of HKD 245 million.

The catalyst for this movement stems from a company announcement stating that, on December 29, 2025, its Board of Directors declared the initiation of a plan for an initial public offering of Renminbi-denominated ordinary shares and a listing on the Shenzhen Stock Exchange. This decision aims to propel business development, enhance overall competitiveness, and secure the achievement of operational goals and long-term strategic plans.

The Board has resolved and approved the commencement of preparatory work related to the proposed A-share listing. In connection with this proposed listing, the company has appointed a pre-listing guidance institution and has already submitted the registration application for the pre-listing guidance process.

China Galaxy Securities noted that DOBOT has been continuously iterating in embodied data collection, vertical domain models, learning-based motion control, and core hardware. Concurrently, the company possesses a solid customer foundation in industrial manufacturing and has implemented intelligent services across multiple scenarios in the commercial service sector, which is advantageous for the deployment of its embodied AI products.

Currently, the company has launched humanoid bipedal/wheeled robots and multi-legged robotic dogs, positioning itself as one of the first domestic enterprises to enter the mass-production phase for humanoid robots. It has secured substantial procurement orders, including 1,000 units from Lens Technology and an RMB 80.5 million order from Ruidefeng, alongside strategic collaborations such as partnering with Luyuan Group to promote the deployment of 5,000 robotic dogs, indicating tangible progress in its commercialisation efforts.