Robots are rapidly integrating into a multitude of industries, from household cleaning to industrial logistics, and from research settings to public services.

However, as the industry scales up, the development gap in the localization of upstream core components remains to be filled.

The core technology of precision reducers has long been held by overseas manufacturers, leaving many domestic system integrators essentially in the business of assembly—profiting from scale and distribution channels, but struggling to profit from underlying technology.

For domestic companies seeking to break free from the industry's established path, one of the key points for transformation lies in reshaping the underlying power structure.

The direct-drive technology path that Benmo Technology has been dedicated to involves skipping the established gear-reduction framework entirely and reconstructing the robot's powertrain from a physical principles standpoint.

This fundamental reconstruction approach has also garnered significant attention from the capital markets.

It has been learned that on June 29, Benmo Technology passed the hearing for listing under Chapter 18C of the Hong Kong Stock Exchange's rules for Specialist Technology Companies.

This is not merely an ordinary capital market milestone; it represents a crucial vote of confidence from the capital markets in the direct-drive approach.

The Chinese robotics industry has secured a significant entry ticket for autonomous technology in the underlying powertrain race.

Building a Self-Developed Robot System Centered on Direct-Drive Technology

Founded in 2020, Benmo Technology positions itself as a leading robotics technology company with direct-drive technology as its core capability, choosing a differentiated development path from the outset.

The company is committed to making robots more agile, convenient, and intelligent, enabling their true adoption across diverse sectors.

The starting point for Benmo Technology to realize this vision is directly addressing the industry pain point of traditional transmission structures being bulky and inefficient.

It has developed its own direct-drive powertrain system, reconstructing the power solution at the physical principle level, and increasing R&D investment in talent, processes, and core technologies.

According to its prospectus, the company's cumulative R&D expenditure from 2023 to 2025 exceeded 1.37 billion yuan.

As of the end of 2025, its 165-person R&D team covers core areas including robot power modules and motion control, embedded drive-control hardware, robot structural engineering, and system-level robot platform development.

As of June 22, 2026, the company holds 321 registered patents and 163 pending patent applications, forming a complete intellectual property layout covering hardware, algorithms, and complete robots.

Currently, Benmo Technology has established three core robotics technologies: robot power modules, wheel-legged robots, and modular assembly, along with two product lines: robot power modules and robots.

This forms a progressive development system from hardware to complete robots to real-world application.

Among these, the robot power module serves as the foundational technical base for the entire product series.

Based on its self-developed direct-drive technology, the company deeply integrates an outer-rotor brushless motor, a high-precision encoder, and drive components, eliminating the mechanical transmission structure found in traditional solutions.

Leveraging three core technologies—direct-drive motor design, full-range thermal management, and integrated drive-control—the module achieves high-precision torque output and instantaneous motion control.

The company's power modules offer distinct advantages in low failure rate, positioning accuracy, quiet operation, service life, and integration efficiency.

The integrated drive-control architecture significantly reduces the risk of wiring faults, operating noise is only 45-50dB making it suitable for home environments, service life is extended to 50,000-100,000 hours, and the integrated structure greatly reduces the overall size of the robot, making it adaptable to various robot types and leading in its niche market.

Data from Frost & Sullivan shows that in 2025, the company held a 61.1% market share in China's consumer-grade direct-drive module market, shipping approximately 8.5 million units for the year.

It is the only company globally with shipments exceeding 5 million units in this category.

Wheel-legged robots serve as the core vehicle for cutting-edge technology.

The complete robot is developed based on an integrated power unit, adaptable to various complex indoor and outdoor environments, and validated in high-dynamic scenarios such as university research and factory inspections.

The product is equipped with self-developed integrated joint modules and cerebellum coordination algorithms, allowing flexible adjustment of movement forms, and paired with embodied intelligence algorithms for autonomous environmental perception and path planning.

Operational data from real-world scenarios continuously feeds back to drive iterative optimization of the underlying direct-drive technology.

In 2025, the company's wheel-legged robot business ranked fourth in domestic revenue within the industry, and second in the dual-wheeled leg sub-segment.

Modular assembly technology is the vehicle for scaled expansion in industrial scenarios.

Building on the maturity of power modules and motion control validation from wheel-legged robots, the company has extended its development to modular assembly technology, targeting multi-robot coordination and dynamic task adaptation for flexible industrial logistics.

These three core technologies form a complete empowerment loop.

On the forward-driving side, technological breakthroughs in power modules directly raise the performance ceiling of complete robots, and control algorithms refined from wheel-legged robots can be laterally applied to modular products.

On the reverse-iteration side, real-world operational data from deployed scenarios continuously drives structural and process optimization of the power modules.

Based on this closed-loop system, the company has charted a complete development path of underlying technological innovation, multi-scenario robot validation, and evolution of upper-layer intelligent systems, continuously broadening its technological boundaries.

The characteristic of technology being replicable across different sectors is precisely the core difference between a robotics technology company and a single hardware manufacturer.

Going beyond hardware product synergy, the company is simultaneously developing upper-layer "brain" intelligent systems such as swarm coordination control and embodied intelligence.

It is building a full-stack robotics solution on a unified technological foundation, highly aligned with the industry trend towards integrated and intelligent direct-drive technology.

Commercialization Accelerates, Revenue CAGR Exceeds 300% Over Three Years

The underlying breakthroughs in Benmo Technology's technology are gradually translating into verifiable business results.

Dual growth in power module and complete robot businesses, coupled with synergistic efforts in hardware, algorithms, and robots, continues to highlight the growth advantages of a robotics technology company.

Prospectus data shows that from 2023 to 2025, the company's revenue climbed from 17.538 million yuan to 282 million yuan, achieving a compound annual growth rate exceeding 300% over three years.

This is a result of efficiency gains from production scale-up, as well as continuous optimization of the product mix and an increasing proportion of high-value-added products.

Looking at the revenue structure, in 2025, robot power module revenue accounted for 97.4% of the total, serving as the current core revenue driver as a standardized product that has achieved scaled volume first.

Complete robot business accounted for 2.6%, currently in a phase of rapid volume growth.

The current revenue structure of Benmo Technology reflects a typical growth rhythm for a hard-tech company.

The company first validated mass production and technology with standardized power modules, amortizing early R&D investments.

Then, leveraging mature underlying technology, it expanded upward into complete robot products and scenario solutions, completing the transition from a hardware supplier to an intelligent system solution provider.

Alongside scale expansion, Benmo Technology's profitability quality has continuously improved.

From 2023 to 2025, the company's gross profit margin increased from 13.5% to 21.5%, with the gross profit margin for the robot business rising from 35.4% to 64.3%.

During the same period, the company's adjusted net loss narrowed from 61.594 million yuan in 2024 to 43.247 million yuan in 2025.

Improving profitability will continue to feed back into R&D, forming a positive cycle of "commercialization—technological iteration—product upgrade," propelling the long-term realization of the platform's commercial value.

Sector Tailwinds Continue, Opening Long-Term Growth Space

From an industry macro perspective, the resonance of three tailwinds—policy support, technological iteration, and scenario expansion—is opening a long-term upward channel for direct-drive technology and the intelligent robotics industry.

On the policy front, the "Implementation Plan for High-Quality Development of Energy-Saving Equipment (2026–2028)" jointly issued by four departments including the Ministry of Industry and Information Technology explicitly lists direct-drive motors as key energy-saving equipment to promote, providing top-level design support for technology substitution and industrial adoption.

On the market front, the performance bottlenecks of traditional reduction solutions are prominent, the trend towards direct-drive substitution is clear, and coupled with the explosive growth in sectors like flexible industrial logistics, specialized robots, and humanoid robots, the industry's growth space continues to widen.

Frost & Sullivan data indicates that the global consumer-grade direct-drive power module market size was 2 billion yuan in 2025.

With advantages such as high responsiveness, precision, low noise, and compact structure, it is projected to grow to 17.9 billion yuan by 2030.

Growth in the Chinese market is even more rapid, with the domestic consumer-grade direct-drive module market size at 1.9 billion yuan in 2025, a compound annual growth rate of 48.6% from 2026 to 2030, reaching a projected size of 12.9 billion yuan by 2030.

The wheel-legged robot sector shows outstanding growth potential, with the global market projected to grow at a CAGR of 106.5% from 2026 to 2030, reaching 6.67 billion yuan by 2030.

During the same period, the Chinese market is projected to grow at a CAGR of 90.1%, with its size increasing to 3.14 billion yuan by 2030.

Compared to vertical manufacturers, Benmo Technology's multi-sector positioning allows it to fully capture the dividends of robotics industry upgrading.

Following this successful passage of the Hong Kong exchange hearing, upon completing its listing, the company plans to rely on capital markets to focus on four development directions: deep iteration of direct-drive technology, expansion of automated production capacity, scaled deployment of complete robot scenarios, and continuous upgrading of intelligent algorithms.

This will further strengthen the synergy among its three businesses, accelerate the penetration of direct-drive technology across all robot categories, and solidify its moat in integrated robotics hardware and software.

Looking back at the trajectory of China's manufacturing upgrade, many hard-core industries have followed a unified development path: from integrated assembly, to self-developed core technology, and finally to autonomous definition of industry standards.

The robotics industry is now at a critical transformation node, urgently needing to break free from the constraints of established overseas transmission solutions.

Benmo Technology's direct-drive technology strategy is not merely a simple product iteration; it represents a systematic technological breakthrough for domestic robots in the field of underlying power.

This entirely new technological path provides a feasible solution for the industry to break its dependence on overseas reducers and offers a reference model for the long-term development of domestic hard-tech companies.