--- title: "HuanChuang Technology is pushing for a Hong Kong IPO again: supplying Xiaomi and Roborock, growth is not difficult but profitability is challenging" type: "News" locale: "en" url: "https://longbridge.com/en/news/282785418.md" description: "Shenzhen HuanChuang Technology Co., Ltd. has once again submitted its IPO application for the Hong Kong stock market. As a supplier to well-known companies such as Xiaomi and Roborock, HuanChuang Technology is in a leading position in the industry. Despite continuous growth in shipment volume and revenue, it faces challenges such as market competition, fluctuations in gross profit margins, and reliance on major clients. Since its establishment in 2013, the company has focused on the consumer-grade LiDAR field and has become a leading supplier of spatial perception solutions for intelligent robots, with an expected shipment volume of over 8 million units in the robotic vacuum market in 2024" datetime: "2026-04-15T05:00:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282785418.md) - [en](https://longbridge.com/en/news/282785418.md) - [zh-HK](https://longbridge.com/zh-HK/news/282785418.md) --- # HuanChuang Technology is pushing for a Hong Kong IPO again: supplying Xiaomi and Roborock, growth is not difficult but profitability is challenging As a supplier to well-known companies such as Xiaomi, Roborock, and Lenovo, Shenzhen HuanChuang Technology Co., Ltd. (referred to as "HuanChuang Technology") has recently submitted its listing application again. Whether it is the continuous rise in shipment volume or the steady expansion of revenue scale, HuanChuang Technology is in a leading position in the industry. However, under the halo, fierce market competition, fluctuations in gross profit margins, and concerns about dependence on major customers have put this technology company, which has been deeply rooted for more than a decade, in a development situation where opportunities and challenges coexist amid the industry's growth wave. Beijing News Shell Finance reporter Duan Wenping, illustration **From Technical Entrepreneurs to Industry Leaders** The story begins in Shenzhen in 2013. That year, Wang Jian and Zhou Kun co-founded HuanChuang Technology. The two entrepreneurs, who graduated from prestigious universities and have deep industry experience, injected an innate technical gene into the company. Wang Jian graduated from Xi'an Jiaotong University with a major in mechanical manufacturing and has held key positions in well-known companies such as Hualu Panasonic, Zhuoran Company, and C2Micro, with a deep understanding of industry operations and management; Zhou Kun graduated from Tsinghua University with a major in precision instruments and has worked at Bell Labs in Chicago and China Mobile, possessing exceptional abilities in technology research and development and achievement transformation. Wang Jian serves as the chairman, executive director, and co-general manager of the company, responsible for overseeing the overall management and business operations; Zhou Kun serves as the executive director and general manager, responsible for the company's research and development. The two collaborate to drive the company from a startup to an industry benchmark step by step. In 2017, HuanChuang Technology welcomed a critical turning point by entering the consumer-grade LiDAR field and developing its first LiDAR product. This also became the core growth engine for the company thereafter. With a solid foundation in AI technology, HuanChuang Technology has built a comprehensive intelligent spatial perception system, providing high-precision algorithms and related hardware support for intelligent robots, precisely targeting the core track of robot perception. According to data from ZhiShi Consulting, in terms of revenue, HuanChuang Technology is a leader among global suppliers of intelligent robot spatial perception solutions, with a market share of 1.7%; based on 2024 revenue, HuanChuang Technology's market share in the global vacuum cleaner spatial perception solutions field is 17%, especially maintaining a leading position in revenue and shipment volume in the vacuum cleaner LiDAR product field in 2024, with a shipment volume of approximately 8 million units, and a market share exceeding 50% based on shipment volume. The impressive performance has also attracted capital's favor. Since completing its Series A financing in 2018, HuanChuang Technology has completed 7 rounds of financing in just a few years, with a lineup of investors that can be described as luxurious, providing not only financial support for HuanChuang Technology's technology research and development and market expansion but also demonstrating the industry's recognition of its development potential. As of 2025, HuanChuang Technology has initiated the IPO process for the Hong Kong stock market. On September 29, 2025, HuanChuang Technology submitted its listing application to the Hong Kong Stock Exchange, aiming for a Hong Kong stock listing, but the prospectus expired on March 29, 2026 Subsequently, HuanChuang Technology submitted its application to the Hong Kong Stock Exchange for the second time on April 8, continuing its push for an IPO. **High Revenue Growth Under Pressure on Gross Margin** HuanChuang Technology's rapid growth is inseparable from the tailwind of the entire intelligent robot spatial perception sector. In recent years, the global and Chinese intelligent robot industries have developed rapidly, driving the market size of spatial perception solutions to continue expanding, providing HuanChuang Technology with broad development space. According to the prospectus, from a global market perspective, the market size of intelligent robot spatial perception solutions has grown from 11.8 billion yuan in 2020 to 26 billion yuan in 2024, with a compound annual growth rate of 21.7%; it is expected that by 2030, this market size will exceed 78.6 billion yuan, with a compound annual growth rate remaining at a high level of 20.2% over the next six years. The growth momentum in the Chinese market is even more rapid, with the market size increasing from 4.7 billion yuan in 2020 to 10.8 billion yuan in 2024, achieving a compound annual growth rate of 22.8%, and it is expected to reach 35.7 billion yuan by 2030, slightly higher than the global average. In such a high-growth sector, HuanChuang Technology's revenue naturally rises. In 2023, 2024, and 2025, HuanChuang Technology's revenue is projected to be 333 million yuan, 433 million yuan, and 614 million yuan, respectively, with continuous growth; the growth rate is also climbing, with a year-on-year increase of 30.5% in 2024 and a further increase to 41.6% in 2025, demonstrating strong growth momentum. Behind this impressive revenue growth is HuanChuang Technology's sacrifice of gross profit to seize market share. In the context of increasingly fierce industry competition, "exchanging price for volume" has become a choice for many companies to capture the market, and HuanChuang Technology is no exception. According to a report by The Beijing News Beike Finance, by Duan Wenping In the past three years (2023-2025), HuanChuang Technology's gross profit was 71.3 million yuan, 70.8 million yuan, and 101 million yuan, respectively. In 2024, the company's gross profit slightly declined by 0.6%, while in 2025, it rebounded significantly with a year-on-year increase of 42.6%, surpassing 100 million yuan for the first time. The gross margins for these three years were 21.5%, 16.3%, and 16.5%, respectively. Regarding the fluctuations in gross margin, HuanChuang Technology explained that this was mainly due to the introduction of dTOF LiDAR products and line laser sensor products to expand the product portfolio, which had not yet reached optimal production efficiency, as well as sales and marketing efforts for triangulation LiDAR products to capture a higher market share. The price changes of core products can more intuitively reflect the intensity of industry competition. As the core revenue source for HuanChuang Technology, the shipment volume of triangulation LiDAR has continued to grow, reaching 4.7601 million units, 7.8499 million units, and 9.3127 million units in 2023, 2024, and 2025, respectively However, while the shipment volume is increasing, the average selling price of products has continued to decline, with prices over the past three years being 68.6 yuan/unit, 51.9 yuan/unit, and 43.3 yuan/unit, respectively, with the price drop gradually narrowing. The transmission of profit pressure is also reflected in the company's net profit. In 2023, HuanChuang Technology reported a loss of 883,000 yuan, which expanded to a loss of 31.375 million yuan in 2024. However, in 2025, the company turned a profit with a net profit of 2.201 million yuan. Regarding the previous losses, HuanChuang Technology stated that it was mainly due to significant R&D investments, with R&D costs increasing from 54.619 million yuan in 2023 to 76.695 million yuan in 2024. Although the large amount of R&D investment has affected profitability in the short term, it has also laid a solid technological foundation for the company's long-term development. Beijing News Shell Finance reporter Duan Wenping, illustration **Reliance on Major Clients is Both Performance Support and Potential Risk** In addition to the pressure on gross margins, HuanChuang Technology faces another significant risk point on its IPO journey—high dependence on major clients. As a supplier, HuanChuang Technology has a very high customer concentration, which supports its stable performance but also poses potential risks. The prospectus shows that HuanChuang Technology's main clients include leading robotics companies and smart device manufacturers. Over the past three years, the revenue from its top five clients accounted for 93.6%, 89.2%, and 80.4% of total revenue for the respective years. Among them, the largest client's revenue accounted for 37.1%, 36.1%, and 29.0% of total revenue for the respective years. HuanChuang Technology also stated that most of its revenue relies on a limited number of clients, and losing one or more major clients could lead to a significant decrease in sales, adversely affecting the company's business, operating performance, and financial condition. Currently, HuanChuang Technology has built one of the most comprehensive and commercially scaled spatial perception product matrices in the field of intelligent robotics. After years of technological development and product iteration, it offers a diversified product matrix covering traditional triangulation laser radar, dTOF laser radar, 3DTOF laser radar, and line laser sensors, with various application scenarios including intelligent robotics, industrial applications, smart manufacturing, robot testing, and XR products. However, how to further expand the customer base and reduce customer concentration is a challenge that needs to be addressed in its future development, which will directly affect the company's risk resistance capability and long-term stability. Beijing News Shell Finance reporter Duan Wenping Editor Yang Juanjuan Proofreader Liu Jun ### Related Stocks - [688169.CN](https://longbridge.com/en/quote/688169.CN.md) - [25259.HK](https://longbridge.com/en/quote/25259.HK.md) - [01810.HK](https://longbridge.com/en/quote/01810.HK.md) - [00992.HK](https://longbridge.com/en/quote/00992.HK.md) - [00941.HK](https://longbridge.com/en/quote/00941.HK.md) - [600941.CN](https://longbridge.com/en/quote/600941.CN.md) - [XIACY.US](https://longbridge.com/en/quote/XIACY.US.md) - [81810.HK](https://longbridge.com/en/quote/81810.HK.md) - [HXXD.SG](https://longbridge.com/en/quote/HXXD.SG.md) - [80992.HK](https://longbridge.com/en/quote/80992.HK.md) - [LNVGY.US](https://longbridge.com/en/quote/LNVGY.US.md) - [HCMD.SG](https://longbridge.com/en/quote/HCMD.SG.md) - [80941.HK](https://longbridge.com/en/quote/80941.HK.md) ## Related News & Research - [11:16 ETHaier ist die einzige IoT-Ökosystemmarke der Welt, die acht Jahre in Folge in die Kantar BrandZ Top 100 aufgenommen wurde](https://longbridge.com/en/news/286792596.md) - [Maris-Tech Completes Development of Peridot Night Micro for AI-Enhanced Situational Awareness | MTEK Stock News](https://longbridge.com/en/news/286769207.md) - [09:20 ETHaier Signs Four-Year Sponsorship with Al Ahly FC, Becoming the Club's Second Main Sponsor](https://longbridge.com/en/news/287073987.md) - [09:35 ETOpen Medicine Launches Ahead of ASCO, Introducing "Living Algorithms" for Real-Time Oncology Decision-Making](https://longbridge.com/en/news/286923155.md) - [07:30 ETSpolečnost Haier byla již osmým rokem v řadě označena za jedinou značku s ekosystémem IoT v žebříčku Kantar BrandZ Top 100](https://longbridge.com/en/news/286904267.md)