--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/40311658.md" description: "$LDROBOT(01236.HK) Dare to buy it?After submitting its listing application for the third time, Ledong Robot passed the Hong Kong Stock Exchange hearing and entered the final sprint stage for its IPO. However, the quality of its "turnaround to profitability" has been widely questioned. In the first half of 2025, the company's adjusted net profit was approximately RMB 2.18 million, achieving phased profitability. However, it still recorded a full-year loss of RMB 62.5 million, with a single-quarter loss of about RMB 28.27 million in the second half. The cumulative loss over three years was about RMB 187 million, indicating that profitability is not yet stable. Although revenue growth was relatively fast (reaching RMB 748 million in 2025), gross profit margins fluctuated noticeably, and there is downward pressure as scale expands.The company positions its intelligent lawn mowing robot as its second growth curve, with revenue reaching RMB 137 million in 2025, a significant year-on-year increase. However, competition in this sector is intensifying rapidly, with obvious industry involution, creating uncertainty about future market share. Its core advantage lies in visual perception technology, and its industry standing is relatively strong. However, R&D investment as a percentage of revenue has been declining continuously, while sales expenses have risen significantly, raising concerns about resource allocation.Financially, the company has low cash reserves, with only about RMB 119 million as of the end of 2024, facing considerable funding pressure against a backdrop of continuous losses. Combined with multiple rounds of financing and the exit demands of some shareholders, this IPO appears more like a crucial "funding-driven" milestone. Overall, the company possesses technological advantages and growth potential, but its profit model has not yet been proven, and valuation support still requires verification." datetime: "2026-04-30T03:39:07.000Z" locales: - [en](https://longbridge.com/en/topics/40311658.md) - [zh-CN](https://longbridge.com/zh-CN/topics/40311658.md) - [zh-HK](https://longbridge.com/zh-HK/topics/40311658.md) author: "[轻松翻仓](https://longbridge.com/en/profiles/20613585.md)" --- # $LDROBOT(01236.HK) Dare to buy it?After submitting… ### Related Stocks - [01236.HK](https://longbridge.com/en/quote/01236.HK.md)