DOBOT's Aggressive Fundraising Despite Strong Cash Position: Sales Expense Ratio Hits 53% as Receivables Deteriorate Rapidly

Deep News12-03 18:30

DOBOT recently completed a new share placement, raising 780 million yuan to advance smart robotics R&D, expand sales channels, and supplement working capital. This marks its second equity financing within six months.

Despite listing on the Hong Kong Stock Exchange in December 2024 with an IPO raising 768 million yuan, DOBOT’s cash reserves—including monetary funds, term deposits, and liquid financial assets—grew substantially by mid-2025, while its debt ratio halved to 26.5%.

Nevertheless, the company proceeded with two additional share placements in July and November 2025, raising over 1.8 billion yuan combined for robotics business expansion and working capital.

While revenue rose 27.08% YoY to 153 million yuan in H1 2025, driven by higher sales of collaborative robots, marketing expenses surged faster. The sales expense ratio hit 53.7%, far exceeding peers like Ubtech, Geek+, and Yunji Technology.

DOBOT’s net loss narrowed slightly to -41 million yuan in H1, but operating cash flow remained negative at -65 million yuan, continuing a streak of outflows since 2022. More alarmingly, days sales outstanding (DSO) jumped 55% YoY to 85 days, signaling worsening receivables collection.

By prioritizing top-line growth over profitability and cash flow, DOBOT appears to be sacrificing margins for market share. Its aggressive fundraising despite ample liquidity warrants close scrutiny from investors.

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