The first direct-drive technology company is set to debut on the Hong Kong Stock Exchange main board. Benmo Technology initiated its global offering on September 21 and will close the subscription period on September 24. The company will offer 50 million shares in this global sale, with 2.5 million shares earmarked for the Hong Kong public offering and 47.5 million for the international placement.
The offer price is set at HK$21.60 per share, with each board lot consisting of 100 H-shares under the stock code "06731." Trading is scheduled to commence on September 29 on the HKEX main board. What the Hong Kong market is witnessing is not just the listing of a specialty technology enterprise, but a pivotal inflection point for the global robotics powertrain sector.
For years, the "motor plus reducer" architecture has dominated global power systems. Benmo Technology has carved out a new industrialization pathway tailored to the smart robotics era, leading robots and intelligent equipment industries in a foundational shift from reducers to direct-drive technology. As the world's first listed robotics technology company built on direct-drive core capabilities, it fills a void in this niche sector and is poised to establish a new benchmark for industry value.
Direct-Drive Leader with High Revenue Growth
According to the prospectus, Benmo Technology, founded in 2020, has established three core robotics technology platforms: robot powertrain modules, wheeled legged robots, and modular assembly. The company operates two product lines—robot powertrain modules and complete robots—forming a dual-driven growth system that spans core component enablement to whole-machine application deployment.
In terms of scaled delivery and application of direct-drive technology, Benmo Technology has demonstrated a highly elastic growth trajectory. Per Frost & Sullivan data, the company shipped approximately 8.5 million direct-drive powertrain modules in 2025, making it the first and only enterprise globally to exceed an annual shipment volume of 5 million units, holding an absolute dominant market share position.
As of the first half of 2026, direct-drive powertrain module shipments reached approximately 5.7 million units, and the company has entered the supply chains of four of the world's top ten consumer robotics manufacturers. From 2023 to 2025, Benmo Technology's revenue grew from RMB 17.538 million to RMB 282 million, a three-year compound annual growth rate of 300.8%.
In the first half of 2026, the company achieved operating revenue of RMB 200 million, up 39.7% year-over-year. Profitability improved in tandem, with gross margin expanding from 13.5% in 2023 to 21.5% in 2025, driven by economies of scale. The gross margin for H1 2026 stood at 20.7%, a 2.2 percentage point increase year-over-year.
From a revenue structure perspective, in H1 2026, the robot powertrain module business generated RMB 186 million, accounting for 94.5% of total revenue. Notably, driven by rapid uptake in commercial application sectors, the complete robot business delivered RMB 10.997 million in revenue during H1, representing a more than threefold increase compared to the same period in 2025.
The current revenue composition of Benmo Technology reflects the typical growth rhythm of hard-tech enterprises: first, leveraging standardized powertrain modules to achieve mass production scale, complete technology validation, and amortize substantial early-stage R&D investments; then, using direct-drive technology as the core to empower complete products and scenario-based solutions, gradually evolving from a hardware component supplier to an intelligent system solution provider.
Direct-Drive vs. Reducers: Accelerating the End of a Traditional Powertrain Era
In the arena of hard technology competition, technological innovation is the greatest common denominator for success, and the core foundation for the "first direct-drive stock" to secure its position atop the powertrain sector. Traditional robot drive systems rely on reducers to amplify motor output torque, delivering robust driving force under high-load, high-impact conditions—suitable for industrial production lines, warehousing logistics, and heavy equipment operations.
However, in next-generation near-human, high-precision, high-dynamic application scenarios such as intelligent service robots and embodied robots, this approach exhibits structural shortcomings that are difficult to resolve: gear meshing introduces transmission backlash, causing insufficient positioning accuracy and jerky directional changes; multi-stage transmission leads to response lag, failing to meet the agile movement requirements of intelligent robots.
Additionally, high mechanical wear rates, elevated operational noise, and limited service life make the traditional solution increasingly incompatible with the developmental trends of consumer-grade and intelligent robotics. To counter these inherent defects, direct-drive technology delivers a comprehensive upgrade across four core dimensions—precision, response, energy consumption, and maintenance—through structural innovation that replaces traditional transmission schemes.
This not only redefines the technical standards for robot powertrain systems but also recalibrates the underlying power logic for intelligent manufacturing and embodied intelligent equipment. This fundamental powertrain revolution is driving the global industrial transmission system away from inefficient legacy models and into a new era defined by high precision, high response, low energy consumption, and low cost.
Benmo Technology has built its direct-drive technology system through independent R&D, dismantling transmission constraints from the ground up and establishing solid, differentiated technical barriers. Per the prospectus, cumulative R&D expenditures from 2023 to H1 2026 reached RMB 191 million. As of H1 2026, the company's 192-member R&D team covers core areas including robot powertrain modules and motion control, embedded drive control hardware, robot structural engineering, and system-level robot platform development.
As of August 10, 2026, the company holds 345 registered patents and 163 pending patent applications, forming a complete intellectual property portfolio spanning hardware, algorithms, and complete machines. Translating to product performance, Benmo Technology's robot powertrain modules demonstrate significant differentiated advantages in failure rate, positioning accuracy, noise performance, service life, and integration efficiency.
The integrated drive-control architecture substantially reduces development cycles and complexity for end customers, with module operating noise at only 45-50dB—highly suitable for near-human home environments. Product service life reaches 50,000 to 100,000 hours, far surpassing traditional structures in durability. The highly integrated design effectively reduces overall machine size, enabling broad adaptation across multiple robot categories.
Bidirectional Technology Iteration: Building a Platform-Based Robotics Technology Solution
The wheeled legged robot serves as the frontier validation platform for Benmo Technology's direct-drive technology. The complete machine adopts an integrated power unit, adapting to complex indoor and outdoor environments for high-dynamic scenarios such as university research, factory inspection, and short-distance delivery.
Equipped with self-developed integrated joint modules and cerebellar coordination algorithms, it supports motion mode switching, leveraging embodied intelligence for perception, obstacle avoidance, and path planning. Real-world scenario data continuously flows back, refining direct-drive hardware and control logic. Building on mature powertrain modules and validated wheeled legged motion control systems, the company has extended into modular assembly technology.
This expansion targets multi-machine coordination and dynamic adaptation in industrial and logistics scenarios, effectively broadening the application boundaries of robot bodies and paving the way for diversified commercial deployment. The two business divisions together form a closed-loop technology ecosystem. On the forward-driving side, robot powertrain module technology strengthens complete machine performance, while real-world operating data from robot bodies across multiple scenarios continuously optimizes module structural design, thermal management processes, and control algorithms.
Through this self-evolving closed loop, Benmo Technology forms a complete growth path encompassing direct-drive technology innovation, whole-machine scenario validation, and upper-level intelligent system iteration. The ability to reuse technology across sectors is also a core distinction between platform-based robotics technology companies and traditional hardware manufacturers. Beyond hardware iteration, the company is simultaneously investing in upper-level intelligent algorithms such as embodied intelligence and swarm coordination control, aligned with industry trends toward integration and intelligence.
Three Layers of Momentum: Direct-Drive Is the Inevitable Global Powertrain Trend
From an industry perspective, three forces—policy support, technology iteration, and scenario deployment—are converging to accelerate the industrialization of direct-drive technology, opening long-term upward potential for the global powertrain market. With forward-looking technology布局 and mature mass production capabilities, Benmo Technology is precisely positioned to capture industry upgrade opportunities, with future growth potential set to continue unfolding.
On the policy front, amid the global trend toward energy conservation and carbon reduction, the exceptional efficiency of direct-drive technology aligns perfectly. In the first half of this year, China's Ministry of Industry and Information Technology, along with three other departments, issued the "Implementation Plan for High-Quality Development of Energy-Saving Equipment (2026–2028)," explicitly listing direct-drive motors as key energy-saving equipment for promotion, providing top-level design support for technology substitution and industrial implementation.
On the market front, the structural deficiencies of traditional reducer-based solutions are evident, with a clear trend toward direct-drive replacement. Combined with the explosive growth of consumer robots, service robots, and embodied robots, the industry's growth space is rapidly expanding. Frost & Sullivan data shows the global consumer-grade direct-drive powertrain module market was valued at RMB 2 billion in 2025.
Leveraging core advantages such as high response, high precision, low noise, and compact structure, this market is projected to grow to RMB 17.9 billion by 2030. China's growth is even more pronounced: the domestic consumer-grade direct-drive module market reached RMB 1.9 billion in 2025, with a compound annual growth rate of 81.3% from 2026 to 2030, reaching RMB 12.9 billion by 2030.
The wheeled legged robot segment also shows exceptional growth potential, with a projected 106.5% CAGR globally from 2026 to 2030, reaching RMB 6.67 billion; China's CAGR over the same period is forecast at 90.1%, expanding to RMB 3.14 billion. These high-growth sectors will continue to fuel the company's development.
Following its Hong Kong listing, the company will leverage capital markets to pursue four strategic directions: deep iteration of direct-drive technology, automated production capacity expansion, scaled deployment of complete machine scenarios, and intelligent algorithm upgrades. This will further strengthen synergies across its three business segments, accelerate direct-drive technology penetration across all robot categories, and solidify its moat in integrated robot software and hardware.
Conclusion
As the value competition in the robotics industry shifts from complete machine integration to the independent design of underlying powertrain architectures, the criteria by which the market evaluates hard-tech enterprises are undergoing transformation. Previously, capital focused more on the speed of complete machine product iteration; now, platform-based technology delivery capabilities, depth of underlying architecture self-development, cross-scenario technology reuse potential, along with intellectual property reserves and supply chain control, are progressively becoming the core yardsticks for measuring long-term enterprise value.
Benmo Technology's industrialization achievements, built on its platform-based technology system, align with the developmental trends of the robotics industry and match the value assessment standards of the capital markets. Looking at the broader industry landscape, embodied intelligence is accelerating the reshaping of the competitive landscape in robotics, while global demand for new direct-drive powertrain architectures is rapidly expanding. With its mature technology foundation and validated mass production capabilities, the company has established pathways for multi-scenario technology deployment, positioning it to unlock differentiated growth opportunities amid industry technology transitions and market expansion.