The world's fifth-ranked intelligent mobile robotics company counts heavy hitters Lenovo and ByteDance among its investors, and A-list underwriter CICC as its IPO sponsor



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<h4>Key Takeaways:</h4>



<ul>
<li>Iplusmobot has applied to list in Hong Kong, counting Lenovo and ByteDance-owned Quantum Jump Technology among its backers</li>



<li>The intelligent robotics company relies overwhelming on China for its revenue, and continues to lose money</li>
</ul>



By Bai Xin Rui



The latest hardware and software breakthroughs are bringing robotics applications out of science fiction novels and into the real world in growing numbers, especially in industrial settings where they perform repetitive but complex tasks. One such maker of general-purpose intelligent mobile robotics, Zhejiang Iplusmobot Technology Co. Ltd., is hopping on a financial conveyor belt leading straight to the Hong Kong Stock Exchange, hoping to capitalize on a recent wave of interest in robotics IPOs.



The company is steered by Xiong Rong, its chairman who holds a PhD in control science and engineering, and is primarily responsible for Iplusmobot's overall strategic planning. Xiong not only calls the shots from her chairman's position, but is also a major shareholder controlling 29.61% of the company's equity before the listing.



Other notable shareholders include computing giant Lenovo, with 5.8% of the company, and Beijing Quantum Jump Technology, which holds 4.9% and is reportedly connected to TikTok owner ByteDance. Another major backer is Supcon Technology, a Shanghai-listed industrial AI platform company, which holds 2.35%. Investment banking heavyweight CICC is underwriting the deal, suggesting it could raise substantial capital.



Iplusmobot's core business centers on intelligent mobile robots. Intelligent robots are broadly defined as models capable of intelligent behavior, leveraging AI, machine learning, and advanced control technologies to give them capabilities analogous to human cognition and physical skills. Intelligent mobile robots are a subgroup equipped with navigation devices and controlled by onboard systems. Using environmental perception and modeling capabilities, they can behave autonomously within complex environments, performing tasks such as goods transportation, material handling, picking and delivery.



<h4>Robust growth</h4>



The intelligent robotics industry value chain is divided into three segments: upstream, focusing on the development of core components, including controllers, sensors and servo motors; midstream, covering the design, development, manufacturing and assembly of complete robot systems, alongside the development of software like single-robot and multi-robot intelligent scheduling systems; and downstream, encompassing the integration of robot systems into solutions tailored for specific industries and end-customers.



The intelligent mobile robot market can be divided into industrial, warehousing and commercial application scenarios. Industrial scenarios refer to operational environments within manufacturing systems where robots directly or indirectly participate in core production processes. Warehousing scenarios include storage, sorting and logistics operations, primarily serving industries such as e-commerce, apparel and fast-moving consumer goods. Commercial scenarios encompass environments involving direct interaction with end customers or public service institutions, such as retail stores, hotels and restaurants.



A recent wave of technological progress and innovation, coupled with falling costs and expanding application scenarios, has propelled the global intelligent robotics sector into a new phase of high-speed growth. The market surged from 13.7 billion yuan ($1.97 billion) in sales in 2020 to 47.1 billion yuan in 2024, growing at a rapid annual pace of 36.1%. Annual sales are expected to reach 649.7 billion yuan by 2030. Within that, China's intelligent robotics market is expected to explode from 3.9 billion yuan in 2020 to 226.0 billion yuan in 2030, according to third-party market data in Iplusmobot's listing document.



<h4>Strong gross margin</h4>



In terms of the global market for industrial intelligent mobile robots, Iplusmobot ranked fifth globally and third in China based on order value in 2024. The company's revenue reached 201 million yuan in the first nine months of last year, nearly quadrupling with a 294% year-on-year jump. Its revenue from China rose 324% to 175 million yuan over that time, accounting for 87.2% of its total.



The company's products fall mainly into two major segments, namely, robotic solutions and robots. Robotics solutions generated the highest gross profit in the first nine months of 2025, surging 721% year-on-year to 38.75 million yuan. The robot business segment reported a gross profit of 14.97 million yuan during that time, up 452% year-on-year. Notably, the gross profit margin for the robot segment was 51.1%, significantly higher than the 23.3% for robotic solutions.



Like many in its field, Iplusmobot has yet to earn any profits. It lost 72.08 million yuan in the first nine months of last year, weighed down by expenses related to sales and distribution, R&amp;D, as well as financing costs associated with the redemption of financial liabilities. Still, the latest loss marked a 24.6% year-on-year improvement.



It's also worth pointing out that Iplusmobot faces high risk from reliance on just a few customers. Its top three clients collectively accounted for 53.3% of its total revenue. And the largest of those, described as a China-based enterprise primarily engaged in integrated smart logistics solutions, contributed nearly 30% of the company's total. To win over investors, the company will need to work on better diversifying its customer base.



Listed rivals for Iplusmobot include Symbotic (SYM.US), a U.S. leader in warehouse management, and Geekplus Technology (2590.HK), which listed in Hong Kong last July. Industry forecasts suggest Geekplus may have achieved profitability last year, and its net profit is expected to increase by more than 200% to reach 380 million yuan this year. That projection implies a forward price-to-earnings (P/E) ratio exceeding 100 times, while its price-to-sales (P/S) ratio is estimated at approximately 9 times.



Its backing by prominent investors like Lenovo and ByteDance, coupled with CICC's role as sponsor, suggest that Iplusmobot's could get a premium valuation. That said, a prospective P/S ratio of more than 10 times its forecast sales for last year could be excessive, especially when one considers that Geekplus may have beat Iplusmobot to the profit finish line. Accordingly, an overly aggressive pricing at a P/S valuation of more than 10 times could risk setting the stock up to fall when it makes its trading debut.



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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

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Iplusmobot, a leading intelligent mobile robotics company, has filed for an IPO in Hong Kong, backed by major investors including Lenovo and ByteDance. The company, which has seen significant revenue growth but continues to operate at a loss, aims to capitalize on the booming robotics market. With a focus on industrial applications, Iplusmobot's revenue surged to 201 million yuan in the first nine months of last year, despite a net loss of 72.08 million yuan. The IPO is underwritten by CICC, indicating potential for substantial capital raising.

Iplusmobot Files For Hong Kong IPO Counting Lenovo Among Key Backers