SRC Robotics, the world's top-selling robot controller manufacturer with over 2,000 robot models deployed across 20+ industries, has submitted its second listing application to the Hong Kong Exchange. The company, specializing in robotic control systems, ranked eighth globally in industrial smart robot sales for 2024 and first in controller sales volume.

With 1,600+ integrators and end clients across 35+ countries, SRC Robotics demonstrated strong growth—36% revenue CAGR from 2022-2024 and 35% YoY growth in H1 2025. However, it reported cumulative net losses of RMB 173.5 million since 2022, with a H1 2025 net loss margin of 32.1% (narrowed by 5.8pp YoY).

**Dual-Engine Strategy Drives Growth** Founded in April 2020, SRC Robotics adopted a "Technology + Platform" approach, launching lift robots, SRC-2000 controllers, and smart forklifts in its inaugural year. By 2022, it completed its software product matrix, becoming an industry leader.

The company’s AI-powered "robot brain" technology lowers deployment barriers while its platform ecosystem enriches the robotics supply chain. Core products—robots and controllers—generated RMB 110 million (69.1%) and RMB 29 million (18.3%) respectively in H1 2025, totaling 87.4% of revenue. Software (5.7%) and components like LiDAR (6.9%) contributed the remainder.

**Product Diversification & Innovation** SRC’s robots serve 20+ sectors, including 3C, automotive, and semiconductors. Its portfolio spans lift robots, smart forklifts, and humanoid wheeled robots. From 2022 to H1 2025, it sold 756–2,576 robots equipped with SRC controllers annually.

The multi-core SRC controller series boasts compatibility with 300+ components. The flagship SRC-5000 (launched Q3 2024) integrates AI for autonomous operations, supporting up to 64 drives. Standalone controller sales reached 2,532 units in H1 2025.

**Industry Outlook & Leadership** The global industrial robot market (RMB 22 billion in 2024) is projected to grow at 35.5% CAGR to RMB 115 billion by 2029. SRC holds a 6.5% market share in robot sales (3rd globally) and 23.6% in controllers (10.7pp ahead of the runner-up). Its controllers are the first to achieve functional safety certification.

**Financials & Challenges** Despite 45.4% gross margins (up 2.9pp YoY in H1 2025), high R&D (24.4% of revenue) and overseas expansion costs weigh on profitability. The company’s C-round valuation surged to RMB 3.27 billion (9.4x P/S, 24.6x P/B), raising concerns about post-listing sell pressure from early investors.

With RMB 162 million cash on hand and 68.25% debt ratio, SRC seeks listing to fuel growth in this capital-intensive sector, aiming to leverage its technological edge for global scale and profitability.