The robotics industry has reached a pivotal moment in 2026.
On one side, the concept of embodied AI continues to gain momentum in both capital and technology circles, with the integration of large language models and physical entities forming the most captivating narrative.
On the other, in real-world factories and commercial settings, relatively mature industrial and collaborative robots remain the workhorses of application, while embodied terminals capable of handling complex conditions and operating routinely are still maturing.
A chasm of engineering separates these two narratives, from laboratory demos to real-world productivity.
Consequently, the capital market has imposed stricter requirements on robotics companies: they must possess long-term vision alongside a verifiable, self-sustaining operational capability.
What kind of company truly meets these criteria? ROKAE ROBOTICS, which recently launched its Hong Kong IPO, stands as the latest bellwether in the hard tech sector.
An examination of its publicly available prospectus reveals that instead of blindly chasing short-term conceptual trends, the company has built a dual-engine structure: "Industrial and collaborative robots provide stable cash flow, while embodied AI carves out a second growth curve."
At this industry inflection point where storytelling meets delivery, this platform-type company, grounded in self-developed technology and wielding a robust industrial foundation alongside hardware and software capabilities, has squeezed the hype out of concepts, articulating a genuinely effective "evolution theory" for robotics.
Evaluating the Dual-Engine Model
In recent years, the capital market's evaluation logic for robotics companies has been somewhat fragmented.
One category consists of traditional industrial robots rooted in conventional fields, often perceived as "lacking imagination" and thus not commanding much market premium.
The other comprises pure-play embodied AI concept players that landed atop the hype cycle without a physical foundation; while they often attract hot financing and high valuations, their commercial落地 remains indefinitely suspended.
The uniqueness of ROKAE ROBOTICS lies in its ability to break this尴尬 dichotomy.
Its dual-engine business architecture provides both a near-to-mid-term业绩 safety net and builds a defensive moat for the development of embodied intelligence.
From the performance details disclosed in the prospectus, the company's revenue achieved a compound annual growth rate (CAGR) of 40% from 2023 to 2025, climbing from RMB 267 million to RMB 522 million, with revenue growth accelerating to 60.4% year-on-year in 2025.
Analyzing its revenue structure and product purity shows that the proportion of revenue from complete machine products increased systematically from 68.0% in 2023 to 78.6% in 2025.
Complete machines represent a more complete, standardized, and high-consistency sales format.
The growth of this metric signifies the company's accelerated shift away from customized system integration solutions, which typically require higher costs to meet client demands and are characterized by heavy capital intensity and low gross margins.
Now, the increased proportion of complete machine deliveries has directly led to an improvement in overall profitability.
With enhanced process maturity and product structure upgrades, the gross margins for ROKAE's two core products—flexible collaborative robots and industrial robots—underwent comprehensive recovery in 2025.
The gross margin for flexible collaborative robots surged significantly from a previous 21.9% to 34.8%, while the gross margin for industrial robots also improved from 14.9% to 21.6%, jointly propelling the company's overall gross margin to a new level.
Concurrently, the company's adjusted losses showed a systematic narrowing trend, decreasing by over 60% within two years to RMB 41.67 million in 2025, accelerating towards a financial inflection point and demonstrating excellent overall growth and risk resilience.
Unlocking the Potential of a Triple-Thrust Strategy
However, focusing solely on ROKAE's commercial value would overlook the potential of its "Collaborative + Industrial + Embodied Terminal" three-pronged layout.
Diversified robotics operations not only stabilize performance but also serve as the most essential engineering training ground for embodied AI.
The penetration process of multi-joint robots into high-precision, high-load, complex scenarios constitutes a long-term stress test on the performance limits of key components (such as precision reducers, high-performance servo motors, and joint assemblies).
According to CIC data, the market size for multi-joint robots in China is projected to reach RMB 41 billion by 2030.
Within this, ROKAE ROBOTICS ranks as the third-largest domestic multi-joint robot manufacturer and seventh globally by sales volume.
In the segment of flexible collaborative robots, which has higher technical barriers, the company has captured a 47.0% market share in China.
Currently, ROKAE serves over 1,000 clients globally, spanning verticals such as general manufacturing, 3C electronics, commercial services, and healthcare, including leading clients like Valeo, Foton Cummins, Xiaomi, and Goertek.
The consistency in process and experience in mass production accumulated from industrial settings are intangible assets eagerly sought by algorithm teams lacking hardware expertise.
The sturdier the industrial foundation, the more stable the hardware载体 for future development of embodied intelligence.
Core Competency: Full-Stack In-House R&D
Like other hardware manufacturing sectors, a major pain point in the robotics industry is the容易陷入 trap of homogenization—"building empty shells, lacking brains."
The essence of all price wars and survival anxiety points to a lack of independent pricing power for products.
Judging from the aforementioned business situation, ROKAE has evidently avoided this dangerous cycle.
Why? Because from the underlying logic of the robotics industry, when a device lacks a core controller and underlying algorithms, the probability of a company devolving into a hardware代工厂 increases significantly.
Even looking ahead to the development of embodied AI products, embodied intelligence is essentially a "physical AI," whose operation is based on a "carrier of physical behavior."
This "carrier" can be robots of various forms, but the key lies in core components like force-control joints that govern actions and the algorithm design that determines motion behavior.
These requirements precisely fall within ROKAE's comfort zone—deep in-house R&D of its core technology stack.
Particularly, its technology platform, refined over years, seamlessly connects the hardware, algorithm, and system layers.
Its self-developed HSA high-precision integrated force-control joint significantly enhances perception and motion capabilities.
High-bandwidth force-control algorithms, combined with a seven-degree-of-freedom biomimetic structure, optimize the动力学 model, greatly improving operational fluidity.
The system layer integrates data flows from joint-level force control, underlying drivers, and whole-arm dynamics algorithms, enabling the system to operate as efficiently as neural regulation of muscles.
The in-house development and沉淀 of the control system elevate ROKAE's products beyond mere "mechanical equipment" to intelligent terminals that integrate hardware and software, possessing continuous optimization potential.
Strategic Positioning and Market Advantage
Furthermore, the core value of the control system lies not only in reducing overall costs but also in its design based on ROKAE's "technology platform-product platform," endowing the company with the highly technically elastic characteristic of "one brain, multiple bodies."
From heavy-load industrial robots to lightweight flexible collaborative robots, and further to humanoid dual arms for embodied AI scenarios, ROKAE can drive and调度 them all using the same xCore underlying technology stack.
The "ecological isolation" that once existed between different hardware products and industrial scenarios is彻底打破.
On one hand, this capability leads to a structural reduction in development and deployment costs.
Driven by the same control system, downstream clients can achieve unified equipment operation and maintenance logic, significantly lowering learning costs and secondary system development expenses.
ROKAE thus maximizes the marginal benefit of a one-time R&D investment in underlying control algorithms, amortized over multiple terminals in the long term,重构 its pricing power and defensive depth in the face of price wars.
On the other hand, such a control system also acts as the "neural hub" between the embodied AI's brain and cerebellum.
Embodied AI imposes stringent demands on multimodal interaction, high-bandwidth force-control feedback, and real-time performance.
Without a control foundation that is highly real-time and dynamically compatible with various physical form动力学 models, the semantic planning and decision logic of upper-layer large models cannot be smoothly translated into precise actions by the physical entity, potentially leading to hardware失控.
ROKAE's底蕴, accumulated through its self-developed controller,恰好 shortens the alignment cycle between AI software large models and physical entities, moving embodied AI落地 beyond mere software simulation.
Future Outlook and Industry Role
According to IT桔子 statistics, 288 financing events occurred in the embodied AI and robotics field in the first half of this year, with many startups emerging.
However,不少 remain at the stage of "taking one step into the commercialization元年"—applied, but not fully or deeply applied.
The competitive dimensions of the industry have undergone a qualitative change.
The era when a few carefully edited videos or highlights from competitions and exhibitions could secure high valuations is gone, with the劣势 of "high noise, low delivery" becoming apparent.
At this juncture, ROKAE has not盲目下场 engaged in flashy整机 marketing but has firmly positioned itself in the "supply-side infrastructure" of the embodied AI industry chain, steadfastly valuing industrial division of labor.
The strategy focusing on embodied physical carriers and model training platforms has also allowed ROKAE to quickly gain a special advantage in the embodied field.
According to the prospectus, as of the latest practicable date, ROKAE has secured firm orders for over ten thousand embodied AI robots.
In terms of industry penetration, nearly half of the top ten embodied AI robot companies in China have chosen its robotic arms as the hardware physical载体 for rapid product iteration.
In 2025, ROKAE's embodied AI robot-related business generated revenue of RMB 47.01 million, accounting for 9.0% of total revenue, directly解释 its卡位 advantage.
Returning to ROKAE's "core competency," the commercialization落地 of robotics is, in essence, a battle for data from the physical world.
ROKAE's cross-industry client ecosystem,覆盖 over 40 countries and regions globally, provides an irreplaceable data红利 for subsequent algorithm model iteration.
Process data generated in苛刻 environments like precision assembly, automotive parts, and heavy industry, along with safety boundary feedback from human-robot interaction, constitute the most valuable "physical nourishment" for algorithm model training.
Compared to startups trained only in frictionless simulation environments, the embodied AI solutions ROKAE forms from high-precision physical feedback possess inherent stability when confronting real-world dust, oil stains, and dynamic interference.
Therefore, what ROKAE is building is a physical foundation built upon industrial standards.
Based on the "hardware-data-model-scenario" closed loop, it empowers the development of the embodied AI industry through products like force-control arms, thereby跳出 the increasingly homogenized competition.
With an open approach, it helps accelerate the industry's maturation, discussing "dividing the pie" only after "making the pie bigger."
Conclusion: A New Chapter in Robotics Valuation
Thus, examining the use of proceeds from ROKAE's Hong Kong IPO—whether for advancing R&D in前沿 fields like感知交互 technology, upgrading humanoid robot arms, or further完善 the high-margin overseas distribution and service network—all reflect its aim to target future market opportunities and extend its dual-engine strategy forward.
A report指出 that China's embodied AI market will突破 RMB 250 billion by 2030 and exceed RMB 1 trillion by 2035, creating a pillar增量.
The maturation of this trillion-level赛道 will ultimately回归真实 production scenarios.
In this process, ROKAE, as an生态推动者, will迎来 a双击 in both performance and valuation.
As market hype is gradually挤干, the synergistic significance of ROKAE's robust industrial造血 foundation, its全栈自研 control system, and its supply-side卡位 in embodied AI will be more fully发掘.
The commencement of its上市 may well翻开 a new page in the valuation重塑 of robotics.
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