Standard Robots (Wuxi) Co., Ltd. (hereinafter referred to as Standard Robots) submitted its listing application to the Hong Kong Stock Exchange on July 27, which was accepted, with CITIC Securities and Guotai Haitong as sponsors. This marks the company's third filing attempt, following previous submissions in June 2025 and January 2026.

Despite rising revenue, the company continues to incur losses with high costs. According to Tianyancha and the prospectus, Standard Robots, founded in 2016, is a leader in industrial intelligent mobile robot solutions, dedicated to enabling smart factories across various industrial scenarios. It is also a pioneer in industrial embodied intelligent robot solutions. The company's customized one-stop robot solutions include a core robot technology platform, industrial intelligent multi-function robot products, and the RoboVerse system. According to Frost & Sullivan, by 2025 sales volume, Standard Robots was the fourth-largest industrial intelligent mobile robot solution provider in China, with a 4.0% market share. As of the latest practicable date, its solutions had been adopted by over 400 clients globally, many of which are leaders in their respective fields. The company primarily generates revenue from selling robot solutions, as well as robots and other items. From 2023 to 2025 and the four months ended April 2026 (the "Reporting Periods"), revenue from robot solutions was RMB 142 million, RMB 228 million, RMB 255 million, and RMB 40.786 million, accounting for 87.5%, 91%, 84.5%, and 38.2% of total revenue, respectively. Revenue from robots and other items was RMB 20.184 million, RMB 22.435 million, RMB 46.862 million, and RMB 66.154 million, representing 12.5%, 9.0%, 15.5%, and 61.8% of total revenue. By product type, sales of standard robots were 237, 388, 501, and 119 units, functional robots were 949, 1525, 1715, and 410 units, and embodied robots were 26, 19, 68, and 27 units. Total sales volumes were 1,212, 1,932, 2,284, and 556 units. Total revenue steadily increased to RMB 162 million, RMB 251 million, RMB 301 million, and RMB 107 million, with growth rates of 54.5%, 20%, and 139.1% for 2024, 2025, and the first four months of 2026. Gross margins were 31.6%, 38.8%, 40.5%, and 44.5%, a cumulative increase of 12.9 percentage points. However, like many robot companies, Standard Robots remains unprofitable, with net losses of RMB 100 million, RMB 45.144 million, RMB 202 million, and RMB 61.835 million, and net profit margins of -61.9%, -18%, -67%, and -57.8%. Adjusted net losses were RMB 94.931 million, RMB 39.338 million, RMB 34.956 million, and RMB 23.845 million, with adjusted net profit margins of -58.5%, -15.7%, -11.6%, and -22.3%. Total losses over the reporting periods exceeded RMB 400 million. The company explained that the 2024 loss narrowed due to higher revenue, reduced R&D and administrative expenses, and slower growth in sales costs and marketing expenses. The 2025 loss widened significantly due to a RMB 147 million share-based compensation expense to employees and listing costs. The 2026 loss increased due to higher sales and marketing expenses, R&D costs, and exchange losses. Operating expense ratios (sales, administrative, and R&D expenses divided by total revenue) were 85.7%, 49.8%, 101.4%, and 93.1%. Sales and marketing expenses were RMB 57.358 million, RMB 64.595 million, RMB 114 million, and RMB 41.985 million, while administrative expenses were RMB 25.466 million, RMB 23.575 million, RMB 115 million, and RMB 28.496 million, and R&D expenses were RMB 56.098 million, RMB 36.611 million, RMB 76.729 million, and RMB 29.129 million.

Operating cash flow continues to decline, and cash reserves are running low. The company's solutions are primarily used in 3C manufacturing, with revenue from this sector comprising 26.5%, 48.4%, 56.7%, and 55.0% of total revenue. The automotive and semiconductor industries are the second and third largest markets, with fluctuating contributions. Automotive revenue shares were 18.3%, 21.2%, 9.3%, and 11.8%, while semiconductor shares were 15.8%, 6.9%, 8.6%, and 17.8%. The lower automotive contribution in 2025 was due to intensified competition and higher demand in the 3C sector, diverting resources. The company has also expanded into new energy and bio-pharmaceutical industries, with new energy revenue shares of 11.2%, 7.6%, 2.1%, and 1.6%, and bio-pharmaceutical shares of 9.3%, 3.0%, 0.9%, and 1.4%. Revenue from manufacturers accounted for 37.9%, 37.3%, 58.2%, and 30.9%, while system integrators contributed 62.1%, 62.7%, 41.8%, and 69.1%. Revenue from the top five customers was RMB 59.796 million, RMB 103 million, RMB 106 million, and RMB 72.717 million, representing 36.8%, 41.3%, 35.1%, and 68.0% of total revenue. Purchases from the top five suppliers were RMB 24.206 million, RMB 32.144 million, RMB 54.472 million, and RMB 54.687 million, or 27.7%, 37.7%, 34.8%, and 49.4% of total purchases. Customer numbers were 171, 208, 242, and 123, with new customer numbers of 87, 83, 112, and 25, and retention rates of 42.2%, 52.6%, 55.3%, and 35.9%. Net revenue retention rates were 168%, 114%, 102%, and 31%, and customer acquisition costs were RMB 659,300, RMB 778,300, RMB 1,020,600, and RMB 1,369,800. Due to persistent losses, cash flow remains strained, with net operating cash flows of -RMB 120 million, -RMB 27.184 million, -RMB 86.656 million, and -RMB 64.531 million. This is mainly due to pre-tax losses and changes in working capital items, such as increases in inventory, trade receivables, and prepayments, along with non-cash adjustments like inventory write-downs and depreciation. Angel investor and AI expert Guo Tao noted that the negative operating cash flow reflects real challenges in working capital management under the project-based model, with long accounts receivable turnover and high inventory levels consuming cash. As of the end of the reporting periods, inventory was RMB 110 million, RMB 59.432 million, RMB 63.577 million, and RMB 122 million, with turnover days of 459.4, 261.2, 167.2, and 235.8. Trade receivables were RMB 51.817 million, RMB 93.422 million, RMB 163 million, and RMB 172 million, with turnover days of 144.2, 163.2, 229.1, and 272.5. Trade payables were RMB 45.785 million, RMB 52.299 million, RMB 80.563 million, and RMB 135 million, while other payables were RMB 23.608 million, RMB 20.171 million, RMB 33.464 million, and RMB 28.657 million. Cash and cash equivalents were RMB 33.454 million, RMB 83.358 million, RMB 77.140 million, and RMB 49.686 million, far below current liabilities of RMB 141 million, RMB 160 million, RMB 158 million, and RMB 199 million. By May 2026, cash was only RMB 54.464 million. Total assets were RMB 235 million, RMB 306 million, RMB 452 million, and RMB 473 million, with total liabilities of RMB 149 million, RMB 165 million, RMB 163 million, and RMB 207 million, and asset-liability ratios of 64%, 54%, 36%, and 44%. Current ratios were 1.5, 1.7, 2.7, and 2.2, quick ratios were 0.7, 1.4, 2.3, and 1.6, and debt-to-equity ratios were 0.3, 0.4, 0, and 0.1. Guo Tao added that despite revenue growth, the business cannot self-sustain, relying heavily on equity financing. If the IPO is delayed, the company faces liquidity pressure, and the Hong Kong Stock Exchange's Chapter 18C will scrutinize the sustainability of its cash flow.

The 2025 subscription price revision has drawn attention. As of the latest practicable date, founder Wang Yongkun controls about 30.90% of voting rights through direct holdings, employee stock platforms, and voting proxies. The IPO proceeds will be used to strengthen core technology platforms, expand sales networks, develop production capacity, and for general corporate purposes. According to Tianyancha, the company completed seven financing rounds from 2016 to 2024, including a RMB 2 million angel round, a Series A from Guoke Jiahe and Hechuang Capital, a Series B from Guangyi Investment, Lightspeed China, and Source Code Capital, a Pre-C round from NIO Capital and Source Code Capital, a Series C from Xiaomi Industrial Investment and CSC Financial, and a Series D from Liangxi Investment. In October 2021, Wang Yongkun subscribed for 271,600 shares at RMB 92.5 per share. In March 2025, the subscription price was revised to RMB 1 per share, reducing his payment from RMB 25.1221 million to RMB 271,600, saving nearly RMB 25 million. In May 2025, Wang sold 200,000 shares to Zhuhai Shengyingjing, cashing out RMB 8 million. These significant price differences have raised market and regulatory concerns about the fairness of the equity transactions, becoming a key focus of the China Securities Regulatory Commission's (CSRC) supplementary inquiries. In late August 2025, the CSRC requested Standard Robots to explain six items: pricing and payment for capital increases and transfers; progress of foreign exchange registration for the May 2025 transactions; unclear reasons for stopping penetration in major shareholders; compliance of establishment and equity changes; reasons for new shareholders in the past 12 months and potential benefit transfers; and whether the business involves restricted areas under the negative list. Guo Tao believes that the Hong Kong Stock Exchange and CSRC will conduct thorough checks on equity changes within 12 months before listing, requiring clear explanations of pricing logic, funding sources, and backgrounds. Failure to justify commercial rationality could lead to doubts about internal controls, a key reason for the previous filing failures, and undermine investor confidence in the IPO process.