The Hong Kong IPO market has remained active since 2026. As of March 19, 28 new stocks have been listed this year, raising a combined HKD 97.166 billion, an increase of nearly tenfold compared to the same period last year. Market analysis suggests the revival of the Hong Kong IPO market results from the combined effects of regulatory optimizations and ample liquidity. The pace of new listings on the Hong Kong market in 2026 is expected to be steady, with strong momentum likely to persist throughout the year. However, amid this resurgence of capital inflows, market logic is undergoing a significant transformation: capital is shifting away from blind speculation on concepts and instead focusing on hard-tech leaders with genuine profitability, global competitive advantages, and clear paths to earnings.
Against this backdrop, the arrival of HUAYAN ROBOTICS, a leader in China's collaborative robot sector, is particularly noteworthy. The company initiated its global offering on March 20, which will close on March 25. In this global offering, the company will issue 80.785 million shares, comprising a Hong Kong public offering of 4.0394 million shares and an international offering of 76.7456 million shares. The final offer price has been set at HKD 17.00 per share, with the board lot entry fee approximately HKD 3,434. The company is scheduled to officially list on the main board of the Hong Kong Stock Exchange on March 30 under the stock code "1021".
The IPO of HUAYAN ROBOTICS has attracted several heavyweight cornerstone investors, including prominent institutions such as HHLRA (affiliated with Hillhouse), GF Fund, Morgan Stanley, and Vertex Ventures. These investors have collectively subscribed for 45.2658 million shares, amounting to a total commitment of USD 98.4 million. As China's top exporter of collaborative robots, the question remains: what is the true value of this highly sought-after company?
The growth potential for the collaborative robot industry continues to expand. Collaborative robots are undoubtedly one of the fastest-growing segments within the robotics industry. According to a Frost & Sullivan report, the global collaborative robot market size grew from RMB 2.5 billion in 2020 to RMB 7.5 billion in 2024, representing a compound annual growth rate (CAGR) of 32.0%. Looking ahead, with technological maturation and an explosion of application scenarios, this figure is projected to surge to RMB 35 billion by 2029, with the CAGR from 2025 to 2029 accelerating further to 37.4%.
Growth in the Chinese market is even more impressive within this blue ocean. The CAGR for China's collaborative robot market from 2020 to 2024 reached 38.8%, and is expected to increase further to 43.5% over the next five years. However, in terms of penetration rate, collaborative robots accounted for only 1.7% of the global robot market in 2024, indicating the sector is still in its early stages of development. With deep integration of AI technology, explosive growth in demand for flexible manufacturing, and continuously rising global labor costs, collaborative robots are poised to replace traditional manual labor and large industrial robots in more industrial and service scenarios.
The company's revenue demonstrates remarkable acceleration: rising rapidly from RMB 109.4 million in 2022 to RMB 175.4 million in 2023, and breaking through the RMB 300 million mark to reach RMB 308.4 million in 2024. The three-year CAGR reached an impressive 68.4%. More crucially, while maintaining rapid expansion, the company successfully crossed the breakeven point. After a net loss of RMB 83.4 million in 2022, the company achieved a net profit of RMB 17.9 million in 2024 through efficient cost control and technology premium pricing.
By mastering core components that constitute the highest proportion of total unit cost—such as frameless torque motors, servo drives, and joint modules—as well as core motion control algorithms, HUAYAN ROBOTICS has not only freed itself from constraints of the upstream supply chain but also gained strong pricing power and gross margin potential. This proven profitability serves as the company's most solid moat against market fluctuations.
Within the collaborative robot sector, most companies follow the traditional path of "procuring components - assembling complete machines - selling." HUAYAN ROBOTICS, however, has chosen a more challenging yet potentially more valuable route: a dual-drive model of "external sales of core components + overseas branding of complete machines."
As the only leading Chinese collaborative robot enterprise to achieve large-scale external sales of core motion components, HUAYAN ROBOTICS leverages its founding team's technical expertise in motors and servo drives to overcome industry pain points like high torque density and high-precision control. Its self-developed frameless torque motor can achieve a maximum torque of 72Nm. Coupled with an optimized reducer design, this enables its S-series collaborative robots to cover payload capacities up to 60kg, with performance metrics surpassing those of leading international brands.
This technological barrier has translated into a unique commercial advantage for HUAYAN ROBOTICS. On the complete machine side, its proprietary E-series and S-series, benefiting from the superior performance of its core components, have successfully established high customer loyalty in demanding industrial scenarios such as precision machining and intelligent welding, achieving differentiated breakthroughs. Simultaneously, the components business has opened a robust second growth curve. Its self-developed core modules have gained high recognition from several traditional industrial robotics giants and leading humanoid robot companies, and are deeply embedded in their standard supply chains.
This means that even without directly selling complete machines, HUAYAN ROBOTICS can broadly share in the growth红利 of the entire robotics industry through the output of its upstream core technology. This unique model—supplying core components to peers while also independently developing complete machines to compete in the market—has not only built a difficult-to-replicate competitive moat for HUAYAN ROBOTICS but has also earned it significant valuation premiums in the capital market. The cornerstone investment from multiple star institutions is a strong endorsement of this unique business logic.
In the current context of complex global geopolitics, the title of "China's number one collaborative robot company by overseas sales revenue" is another standout label for HUAYAN ROBOTICS. Through forward-looking global deployment, the company's footprint already spans major economies including Europe, North America, and Asia. In markets with the most stringent demands for industrial equipment precision and safety, such as Germany and the US, HUAYAN ROBOTICS has quickly gained the trust of local system integrators thanks to its open system interfaces and powerful secondary development capabilities.
More importantly, leveraging its profound technical积累, HUAYAN ROBOTICS has successfully achieved deep integration with the global high-end industrial chain. The company has not only gained high recognition from leading equipment manufacturers in various segments like machine tools, welding, inspection, and healthcare worldwide but has also established strategic partnerships with them. This promotes collaborative robots to become part of their standard equipment portfolio, reaching global markets through partners' product networks.
Furthermore,凭借卓越的性能与可靠性, HUAYAN ROBOTICS has also become a core supplier to several leading traditional industrial robot manufacturers, providing them with multiple models of joint modules. This "embedded" globalization model not only effectively avoids the high costs of building proprietary channels but also facilitates rapid brand elevation through the brand endorsement of top-tier partners. HUAYAN ROBOTICS has successfully carved out a vast incremental market; its growth logic is no longer constrained by domestic macroeconomic cycles but resonates with the broader trend of global manufacturing upgrade.
If collaborative robots represent HUAYAN ROBOTICS' current foundation, then humanoid robots represent its future growth catalyst. With breakthroughs in AI and large language models, humanoid robots are transitioning from the laboratory to the cusp of industrialization. The core bottleneck constraining the mass production of humanoid robots is precisely the availability of high-precision, high-torque-density, and highly reliable joint modules. Frost & Sullivan predicts the global market for humanoid robot components will see a CAGR of 59.5% from 2024 to 2029.
HUAYAN ROBOTICS holds a natural first-mover advantage in this field. The motion control technology accumulated over years in the collaborative robot sector shares a high degree of technical commonality with the joint modules required for humanoid robots. Currently, the company's joint modules have already gained recognition from several leading humanoid robot enterprises. With this strategic positioning, HUAYAN ROBOTICS is poised to occupy a critical niche within the trillion-dollar humanoid robot赛道.
The ultimate landscape of the humanoid robot sector remains uncertain, but HUAYAN ROBOTICS' strategic position is becoming increasingly clear. Regardless of which complete machine manufacturer ultimately prevails, as long as their products require high-precision joint modules, HUAYAN ROBOTICS represents a key, unavoidable node in the supply chain. This dual-path strategy—capable of both independent R&D of complete machines and focused supply of core components—creates a highly resilient business structure for the company and significantly raises the ceiling for its long-term investment value.
In summary, HUAYAN ROBOTICS is building a solid value foundation in the collaborative robot赛道 with a clear and稀缺的商业逻辑. From a profitability perspective, the company was among the first to cross the breakeven point, demonstrating a robust capacity for self-sustenance. Regarding competitive barriers, its dual-drive model of "external component sales + overseas machine branding" has unlocked upstream technology monetization, forming a difficult-to-replicate moat. In terms of growth potential, with its forward-looking positioning in critical areas like humanoid robot joint modules, the company is well-positioned to continuously benefit from the next wave of robotics industry growth, pushing open the ceiling for long-term valuation.
Amid the current revival of Hong Kong IPOs and the re-pricing of quality assets, HUAYAN ROBOTICS is not merely a leading collaborative robot company that has pioneered a commercially viable closed-loop; it is also a long-term investment target characterized by scarcity, certainty, and growth potential. With the support of capital markets, the company's global布局 and technological advantages are expected to be further amplified. Its investment value will continue to materialize through industrial upgrading and earnings delivery, warranting sustained attention.
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