--- title: "[HK IPO] Lifu Harmonic, second in robot reducers. Can we apply for it?" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/42155670.md" description: "Hello, I'm Lu Xian. I research the investment field and share overseas information. The previous post shared about True Health, and today let's look at a new humanoid robot concept stock - Laifu Harmonic. The company mainly produces harmonic reducers, which are the core transmission components in robot joints, and is listed under the 18C rules. The industry is hot, but the company is still not profitable, and the valuation is not low either..." datetime: "2026-06-24T17:20:15.000Z" locales: - [en](https://longbridge.com/en/topics/42155670.md) - [zh-CN](https://longbridge.com/zh-CN/topics/42155670.md) - [zh-HK](https://longbridge.com/zh-HK/topics/42155670.md) author: "[陆先的笔记](https://longbridge.com/en/profiles/12577892.md)" --- # [HK IPO] Lifu Harmonic, second in robot reducers. Can we apply for it? **Hello, I'm Lu Xian. I research the investment field and share overseas information.** The previous post shared about True Health. Today, let's look at a new humanoid robot concept stock — Laifu Harmonic. The company mainly produces harmonic reducers, which are the core transmission components in robot joints. It's listing under the Chapter 18C rules. The sector is hot, but the company is still not profitable, and its valuation is not low. ### **I. Overview of the New Stock Issue** Company Name: Zhejiang Laifu Harmonic Drive Co., Ltd. (03952.HK) Global Offering: 13,441,900 H Shares Hong Kong Public Offering: 672,100 Shares International Offering: 12,769,800 Shares Issue Price: HK$77.00—HK$85.50 Board Lot: 100 Shares Minimum Subscription Fee: HK$8,636.22 Cornerstone Investors: 10 in total, subscribing for approximately 39.46% of the Global Offering at the upper price limit Greenshoe: Yes Sponsor: CMB International Reallocation Mechanism: Chapter 18C Subscription Period: June 22—June 25 Allotment Results Announcement: June 26 Expected Grey Market Trading Time: June 29, 16:15—18:30 Listing Date: June 30 Market Capitalization: Approximately HK$7.962 billion—HK$8.841 billion Group A Tail: 500 Board Lots Group B Head: 600 Board Lots Top of the Hammer: 3,360 Board Lots ### **II. Company Fundamental Analysis** Laifu Harmonic is a supplier of precision transmission components for robots. Its products include harmonic reducers, joint modules, robotic arms, and automated workstations. Harmonic reducers are mainly used in humanoid and industrial robot joints, responsible for reducing speed, amplifying torque, and improving motion accuracy. Based on 2025 shipment volume, the company ranks second in China's robot harmonic reducer market with a 21.4% share; it also ranks second by revenue with a 12.9% share. The company is also one of only two domestic manufacturers that have achieved mass production of harmonic reducers for humanoid robots. Financial growth is relatively fast. From 2023 to 2025, the company's revenue was RMB 94.55 million, RMB 108 million, and RMB 261 million respectively, with a year-on-year growth of 142.2% in 2025. Gross profit was RMB 27.86 million, RMB 25.93 million, and RMB 66.86 million respectively, with gross margins of 29.5%, 24.1%, and 25.6%. Revenue growth mainly comes from sales volume. The sales volume of harmonic reducers increased from 115,300 units in 2023 to 291,500 units in 2025, but the average selling price dropped from RMB 795 to RMB 571, indicating growing industry demand and significant price competition. The incremental contribution from humanoid robots is still not significant. In 2025, revenue from small harmonic reducers was RMB 12.7 million, accounting for only 7.6% of harmonic reducer revenue. However, in the first four months of 2026, sales of small products increased from 3,600 units in the same period last year to 14,000 units, showing rapid growth. The company's book loss is substantial, with net losses around RMB 169 million from 2023 to 2025. However, the main reason is the annual book value change of approximately RMB 145 million in redemption liability, which will be transferred to equity after listing. Excluding listing expenses, redemption liability, and share-based payments, the adjusted net loss for 2025 narrowed to RMB 8.9 million, and adjusted EBITDA turned positive at RMB 16.87 million. The real concern is cash flow. In 2025, net operating cash outflow was RMB 63.41 million, and year-end cash and cash equivalents were only RMB 33.75 million; the cash conversion cycle was still 325 days, with high levels of accounts receivable and inventory. The company plans to use 55% of the raised funds for capacity expansion and 20% for R&D, indicating it is still in an investment phase. In terms of valuation, the issue market cap is approximately HK$7.962 billion to HK$8.841 billion. The company's 2025 revenue is equivalent to about HK$3 billion, corresponding to a P/S ratio of about 27x to 29x. This price cannot be explained by existing profits and mainly trades on the expectation of humanoid robot volume ramp-up. ### **III. IPO Subscription Analysis and My Action** The advantages of this new stock are its hot sector, leading industry position, significant revenue growth in 2025, and adjusted losses nearing breakeven. Ten cornerstone investors have locked in approximately 39.46% of the offering at the upper price limit, including institutions like Oaktree, CDH, and Lake Bleu, making the overall placement not bad. The offering size is also not large, with the initial Hong Kong public offering being only 6,721 board lots. After clawback, the one-lot winning rate is estimated to be around 4%, with all Group A applicants entering a ballot. The main risks are the high valuation, still-negative cash flow, and the currently limited contribution from the humanoid robot business. The company's reducer prices continue to decline. If the industry's volume ramp-up is slower than expected, it will be difficult to digest the valuation. Overall, Laifu Harmonic's short-term appeal is stronger than its fundamental certainty. It is suitable for participation as a robot concept new stock, not for valuation as a mature profitable company. **My action: Subscribe.** $LAIFUAL(03952.HK) ### Related Stocks - [03952.HK](https://longbridge.com/en/quote/03952.HK.md)