Guangdong Topstar Technology Co.,Ltd. (referred to as Topstar, 300607.SZ) has once again submitted an application for a listing on the Main Board of the Hong Kong Stock Exchange, with Huatai International acting as its sole sponsor. The company had previously filed an application on January 16, 2026.
Company Profile
According to the prospectus, Guangdong Topstar Technology Co.,Ltd. is an industrial robotics company operating an integrated and self-developed business covering core robotic components, robot bodies, and automation systems. The company has developed mainland China's first intelligent humanoid robot for injection molding applications. Its business is centered on industrial robots and automation application systems, supported by high-end five-axis linkage CNC machine tools and injection molding equipment. Beyond its core operations, the company also provides intelligent energy and environmental projects. Its product portfolio includes Cartesian coordinate robots, multi-joint robots, and intelligent humanoid robots.
The company's industrial robots and automation application systems are widely used across multiple industries. Its customer base essentially covered the top five consumer electronics manufacturers in mainland China in 2024. Its clients primarily include manufacturing companies, engineering firms, and technology companies operating in sectors such as consumer electronics, automotive, aerospace, and new energy.
The injection molding equipment product portfolio includes injection molding machines and auxiliary equipment (such as three-in-one machines, mold temperature controllers, and automatic feeding systems), which together form comprehensive injection molding plant solutions. These solutions are widely used in injection molding scenarios within industries including consumer electronics, automotive parts, home appliances, daily chemicals, packaging, toy manufacturing, and medical devices.
Furthermore, a significant portion of the company's revenue during the track record period was derived from intelligent energy and environmental projects. Under this business segment, it primarily offers two types of services: injection molding-related electromechanical engineering services and non-injection molding electromechanical engineering services.
Geographical Expansion
In addition to mainland China, the company's business has expanded into selected overseas markets. During the track record period, it made sales to overseas customers, including those from countries such as Vietnam and Indonesia. Overseas revenue primarily comes from the sale of products and solutions related to industrial robots and automation application systems, injection molding equipment, and intelligent energy and environmental projects.
For the years 2023, 2024, 2025, and the three months ended March 31, 2025, and 2026, revenue from overseas sales accounted for 11.0%, 20.9%, 26.3%, 11.9%, and 26.6% of total revenue, respectively, showing a strong growth trend.
Financial Performance
Revenue for the years 2023, 2024, 2025, and the three months ended March 31, 2026, was approximately RMB 4.553 billion, RMB 2.872 billion, RMB 2.51 billion, and RMB 538 million, respectively.
Profit for the year/period for 2023, 2024, 2025, and the three months ended March 31, 2026, was approximately RMB 106 million, RMB -239 million, RMB 73.141 million, and RMB 42.845 million, respectively.
Gross profit margin for 2023, 2024, 2025, and the three months ended March 31, 2026, was 17.6%, 14.6%, 28.3%, and 32.5%, respectively.
Industry Overview
Automated manufacturing equipment refers to equipment integrated with software, possessing functions for data collection, analysis, feedback, execution, and control. Among various types of automated manufacturing equipment, industrial robots are representative products with high technological integration and widespread application. The market size for industrial robot solutions in mainland China grew from RMB 50.9 billion in 2021 to RMB 92.4 billion in 2025, representing a compound annual growth rate (CAGR) of 16.1% from 2021 to 2025. The market size is projected to further increase to RMB 200.7 billion by 2030, with a CAGR of 16.8% from 2025 to 2030.
The shipment volume of industrial robots in mainland China increased from 317,500 units in 2021 to 382,200 units in 2025, with a CAGR of 4.7% from 2021 to 2025. Shipments are forecast to grow further to 657,700 units by 2030, with an expected CAGR of 11.5% from 2025 to 2030. In 2025, shipments of light-load, medium-load, and heavy-load industrial robots in mainland China were 67,300, 259,900, and 55,000 units, respectively. Their CAGRs from 2021 to 2025 were 1.5%, 4.6%, and 10.8%, respectively. Shipments are projected to reach 112,500, 450,500, and 94,700 units by 2030, with expected CAGRs of 10.8%, 11.6%, and 11.5%, respectively, from 2025 to 2030.
Competitive Landscape
The mainland China industrial robot solutions market is highly competitive and relatively fragmented. Based on 2025 revenue from industrial robot solutions, the company ranked tenth among all participants in mainland China and fourth among domestic suppliers in the mainland China industrial robot solutions market, with a market share of 0.7%.
Board Composition
The board of directors will consist of nine members, including six executive directors and three independent non-executive directors.
Shareholding Structure
As of July 12, 2026, Mr. Wu Fengli, the company's executive director, board chairman, and president, through his direct holding of 144,629,860 A-shares, is entitled to exercise approximately 30.61% of the voting rights in the company (excluding 4,471,668 A-shares held by the company as treasury shares).
Professional Team
Sole Sponsor: Huatai Financial Holdings (Hong Kong) Limited
Company Legal Advisors: For Hong Kong and U.S. law: Paul Hastings (Hong Kong) LLP; For PRC law: Jia Yuan Law Offices; For international sanctions law: King & Wood Mallesons; For PRC data and cybersecurity law: Huashang Law Firm
Sole Sponsor's Legal Advisors: For Hong Kong and U.S. law: Wilson Sonsini Goodrich & Rosati; For PRC law: JunHe LLP
Auditor and Reporting Accountant: BDO Limited (Hong Kong)
Independent Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch
Compliance Advisor: Chok Yiu Capital Limited
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