Another industrial embodied intelligence company is gearing up for a public listing in Hong Kong through an Initial Public Offering (IPO).

Not too long ago, the official website of the Hong Kong Stock Exchange revealed that Standard Robots had successfully passed the listing hearing and subsequently released its prospectus.

From 2022 to 2024, the company's revenue figures stood at 96.275 million yuan, 162 million yuan, and 250 million yuan, respectively. In the first nine months of 2025, the company recorded a revenue of 188 million yuan, marking a year-on-year increase of 19.75%.

Based on sales volume, the company ranks among the top four providers of industrial intelligent mobile robot solutions in China, holding a market share of 3.2%. If its IPO is successful, Standard Robots could become the "first industrial embodied intelligence stock."

However, like most industrial robot companies, behind the impressive growth trajectory lies a challenging reality. As of the end of September 2025, Standard Robots had only 77.764 million yuan in cash and cash equivalents, indicating significant cash flow pressure.

Next, we will delve into this company's quest to become the "first industrial embodied intelligence stock" and explore the business realities that underpin its growth narrative.

/ 01 /

Annual Revenue Compound Growth Rate of 61%, with Functional Robots Dominating

Over the past three years, Standard Robots has witnessed rapid revenue growth.

From 2022 to 2024, the company's revenue reached 96.275 million yuan, 162 million yuan, and 251 million yuan, respectively, maintaining a consistent year-on-year growth trend with a compound growth rate of 61.3%. In the first nine months of 2025, the company's revenue hit 188 million yuan, approaching 75% of the total revenue for 2024.

From a business structure standpoint, the company's income primarily stems from the sale of robot solutions. This includes delivering complete automation solutions to customers as well as individual sales of robot units, accessories, software, and subsequent services.

In terms of revenue composition, the majority of the company's income is derived from "turnkey" whole-line solutions, with the revenue share consistently ranging between 86% and 91%. The remaining income comes from standalone machines, accessories, software, and maintenance services.

At the product level, Standard Robots has established a three-tier robot product system tailored to different application complexities:

First, standard robots (with unit prices ranging from approximately 60,000 to 350,000 yuan).

These products boast basic mobility and positioning navigation capabilities, primarily targeting system integrators for use as mobile units in automated systems.

Second, functional robots (with unit prices ranging from approximately 100,000 to 600,000 yuan).

Building on mobility capabilities, these robots integrate specific functional modules such as carrying and forking, directly targeting end customers and covering more defined operational scenarios.

Third, embodied intelligence robots (with unit prices ranging from approximately 450,000 to 1.25 million yuan).

These robots feature higher degrees of freedom and intelligence levels, incorporating Artificial General Intelligence (AGI)-related technologies. They are primarily used in high-end, complex industrial scenarios such as semiconductors.

Among these, functional robots serve as the main source of income.

From 2022 to 2024, their sales volume increased from 725 units to 1,932 units, with the revenue share consistently ranging between 70% and 80%. In the first nine months of 2025, this proportion still reached 68.4%, forming the core pillar of the company's income.

While solidifying the foundation of functional robots, the company is continuously optimizing its product structure and increasing investment in embodied intelligence robots.

Currently, Standard Robots has developed two core industrial embodied intelligence products:

- A single-arm embodied robot, LINK, which can be configured with specialized end-effectors based on tasks to perform operations such as grasping, handling, and equipment operation. It primarily targets precision material handling scenarios in industries such as semiconductors.

- A dual-arm wheeled embodied intelligence robot, DARWIN, which features 23 degrees of freedom and an omnidirectional chassis, coupled with a multi-sensor system for comprehensive environmental perception. Through multimodal algorithms and end-to-end models, it achieves integrated perception, decision-making, and control, covering a variety of complex tasks from heavy lifting to fine operations.

In the first nine months of 2025, embodied intelligence robots generated revenue of 15.402 million yuan, showing significant year-on-year growth. This indicates that this product line is gradually entering a phase of volume expansion.

Overall, Standard Robots' current revenue structure still heavily relies on functional robots and turnkey solutions. This determines that the company's short-term growth certainty primarily stems from the existing and expanding demand for industrial automation.

/ 02 /

Only 77 Million Yuan Left in the Account, Standard Robots Goes Public to "Replenish Funds"

Like most robot companies, Standard Robots has not been able to avoid the situation of incurring losses.

From 2022 to 2024, the company's adjusted net losses were 124 million yuan, 94.93 million yuan, and 39.34 million yuan, respectively, showing a continuous downward trend. In 2025, this improvement further accelerated: in the first nine months, the adjusted net loss was only 29.305 million yuan, significantly lower than the 52.502 million yuan in the same period of 2024.

The primary reason for the narrowing losses lies in the continuous improvement of the gross profit margin. From 2022 to 2024, the company's overall gross profit margin increased from 12.9% to 38.8%, showing a significant improvement.

Breaking it down, the gross profit margins for both robot solutions and robot and other businesses have improved.

Among them, the gross profit margin for robot solutions increased from 10.2% to 35.4% from 2022 to 2024. During the same period, the gross profit margin for robots and others increased from 33.5% to 73.5%.

Compared to solutions, the latter's gross profit margin improvement was more pronounced. According to the prospectus, the gross profit margin improvement was mainly driven by two aspects:

First, cost structure improvements brought about by product upgrades. The company launched a new generation of E-series products at the end of 2022, adopting a more robust modular design and continuously promoting the localization of key components.

With the increase in the procurement ratio of core components developed and supplied by domestic companies, the overall product cost has significantly decreased. For example, the total bill of materials (BOM) cost of the 2024 version of the Oasis 300E decreased by approximately 40% compared to the 2023 version of the Oasis 300C, becoming one of the key sources of gross profit margin improvement.

Second, the increase in the sales share of overseas customers. During the reporting period, the company's overseas project sales grew significantly, and such projects typically have a higher profit margin structure, further boosting the overall gross profit level.

From a data perspective, the company's revenue from regions outside mainland China increased significantly from 9.8 million yuan in 2022 to 60.4 million yuan in 2024, marking a year-on-year increase of 107.5%.

Due to long-term losses, the company's operating cash flow has also been under continuous pressure.

From 2022 to 2024, cash flows were -89.8 million yuan, -120 million yuan, and -27.2 million yuan, respectively, consistently in a net outflow state. As of September 2025, cash and cash equivalents were only 77.764 million yuan.

The relatively tight cash flow is also a core reason why Standard Robots is urgently seeking to go public in Hong Kong.

This situation is not unique to Standard Robots; most embodied intelligence and robot companies that went public in 2025 face similar circumstances.

For example, in mid-2025, the collaborative robot leader, Techsoft Robotics, had a net operating cash flow of -64.918 million yuan, with cash and cash equivalents significantly decreasing to 164 million yuan compared to the end of 2024.

From an industry perspective, the robot and embodied intelligence sectors generally face long technology implementation cycles and slow commercialization returns. Companies need to invest heavily in research and development and market expansion over the long term but find it difficult to generate stable positive cash flow in the short term. Thus, going public and raising funds becomes a crucial option for sustaining business growth.

More alarmingly, the company's unit economic model is under pressure.

Standard Robots' customer acquisition cost increased from 582,800 yuan per customer in 2022 to 892,300 yuan per customer in the first nine months of 2025. Meanwhile, the average customer transaction value decreased from 353,000 yuan to 252,000 yuan.

This combination of "rising customer acquisition costs and declining average transaction values" may drive revenue scale expansion in the short term but significantly amplifies cash flow pressure and operational difficulties.

Project-based businesses often entail higher upfront funding, longer customer payment terms, and a mismatch between revenue recognition and cash collection. This ultimately forms a structural dilemma of "increasing revenue without increasing cash."

Against this backdrop, going public and raising funds serves more as a "hemostatic agent" to help the company navigate the current stage. What truly determines whether Standard Robots can weather the cycle still lies in its ability to gradually build a self-sustaining business model through continuous technological cost reduction and operational efficiency improvement.

Writer/Lang Lang