[HK IPO Subscription] Luoshi Robotics, with over 10,000 orders for embodied intelligence, is its nearly 10 billion valuation worth subscribing to?
Hello, I'm Lu Xian. I research the investment field and share overseas information.
Last time I shared about Momenta, today let's look at another robotics concept new stock—LuoShi Robotics. The company covers industrial robots, flexible collaborative robots, and embodied intelligent robots. Its revenue grew significantly in 2025, but it is still not profitable. Focus on the embodied intelligence business, the nearly HKD 10 billion valuation, and the offering structure.
1. New Stock Offering Overview
Company Name: LuoShi (Shandong) Robotics Group Co., Ltd. (03752.HK)
Global Offering: 23,031,900 H Shares
Hong Kong Public Offering: 2,303,200 Shares
International Offering: 20,728,700 Shares
Issue Price: HKD 38.00
Board Lot: 100 Shares
Minimum Subscription Fee: HKD 3,838.32
Cornerstone Investors: 5 in total, collectively subscribing for approximately HKD 275 million, representing about 31.40% of the Global Offering at the issue price
Greenshoe: Yes
Sponsors: CICC, Guotai Junan International
Reallocation Mechanism: Mechanism B
Subscription Period: June 30 – July 6
Allotment Results Announcement: July 7
Grey Market Trading Time: July 8, 16:15-18:30
Listing Date: July 9
Market Capitalization: Approximately HKD 9.946 billion
Group A Tail: 1,000 lots
Group B Head: 2,000 lots
Top Hammer: 11,516 lots
2. Company Fundamental Analysis
LuoShi Robotics primarily manufactures industrial robots, flexible collaborative robots, and embodied intelligent robots, while also providing robotic solutions. Its products are used in manufacturing, commercial services, healthcare, and other scenarios, serving over 1,000 customers across more than 40 countries and regions globally.
Based on 2025 revenue, the company ranks sixth in both the Chinese industrial robot and collaborative robot markets, with market shares of 0.9% and 4.8% respectively; it ranks among the top five in the Chinese embodied intelligent robotic arm market, with a market share of 6.3%. The company is not the absolute industry leader but possesses mass production and commercial delivery capabilities.
From 2023 to 2025, the company's revenue was RMB 267 million, RMB 325 million, and RMB 522 million respectively. Revenue grew 60.4% in 2025, with gross profit margin improving from 11.4% in 2023 to 21.9%. The revenue contribution from industrial robots, flexible collaborative robots, and embodied intelligent robots was 43.1%, 26.5%, and 9.0% respectively.
Embodied intelligence is the fastest-growing business, with revenue increasing from RMB 2.76 million in 2023 to RMB 47.01 million in 2025. As of the latest practicable date, the company has received orders for over 10,000 embodied intelligent robots. In Q1 2026, robot product shipments exceeded 5,100 units, of which over 2,000 were embodied intelligent robots; as of the end of March, in-transit orders amounted to approximately RMB 577 million.
The company is still in a loss-making position. Net losses from 2023 to 2025 were RMB 157 million, RMB 192 million, and RMB 179 million respectively. After excluding interest on redemption liabilities, share-based payments, and listing expenses, adjusted losses narrowed from RMB 101 million to RMB 41.67 million, and operating cash outflow also decreased from RMB 123 million to RMB 77.52 million.
The main risks are the still small revenue scale, with the embodied intelligence business accounting for only 9% of revenue in 2025. The company also faces industry competition, accounts receivable, and inventory pressure. In 2025, trade receivables were RMB 267 million, and inventory was approximately RMB 195 million, representing a significant cash tie-up.
3. IPO Subscription Analysis and My Action
Among this wave of 15 new stocks, the specific capital allocation is posted in the community. The advantages of LuoShi Robotics are its decent theme, and the fact that its embodied intelligence business has already generated revenue and orders, not just a concept. Revenue grew rapidly in 2025, and adjusted losses continued to narrow. The initial Hong Kong Public Offering is only about 23,000 lots, with a minimum subscription fee of less than HKD 4,000, which is a relatively low threshold.
The offering configuration can only be considered average. The five cornerstone investors include GF Fund, Huatai Capital, Financial Street Capital, Yishao Capital, and All View Fund, collectively locking up 31.40% of the offered shares. The company has a greenshoe, with CICC and Guotai Junan International as joint sponsors, but the cornerstone proportion is not particularly high.
Valuation is the main issue. The company's market capitalization at the issue price is approximately HKD 9.946 billion, while its 2025 revenue was only RMB 522 million, and it is still not profitable. The market is pricing in the growth of embodied intelligence and expectations for the robotics industry. Once IPO sentiment weakens, the valuation lacks profit support.
In summary, LuoShi Robotics' embodied intelligence orders and shipment volume have some appeal, and the public offering float is small. The drawbacks are its non-dominant industry position, average cornerstone lock-up, and expensive valuation. The performance of several previously listed Hong Kong robotics stocks has been mediocre. Combined with the large number of new stocks in this round, I won't take the risk.
My action: I will not subscribe.
$ROKAE ROBOTICS(03752.HK)
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
