IPO activity in China's A-share embodied AI sector is accelerating. On May 19th, the ChiNext IPO application of Leju Robotics (Shenzhen) Co., Ltd. was officially accepted by the Shenzhen Stock Exchange.
According to the prospectus, Leju Robotics plans to issue no more than 20 million shares. Post-issuance, the total share capital will not exceed 80 million shares, aiming to raise a total of 2.6 billion yuan. The funds will be used for a humanoid robot industrialization base construction project, a humanoid robot embodied AI R&D center project, a high-quality large-scale dataset construction project, a marketing network construction project, and to supplement working capital.
Leju Robotics is reportedly the first company to apply for listing under the ChiNext's fourth set of listing standards, which were formally implemented on April 24th. Based on the prospectus, the company's post-investment valuation from its most recent financing was 4.327 billion yuan. Considering the valuations of comparable listed peers, the company estimates its market value to be no less than 3 billion yuan. Its 2025 revenue was 258 million yuan, with a compound annual growth rate of 118.68% over the past three years. This meets the fourth set of standards, which require an estimated market value of at least 3 billion yuan, revenue of at least 200 million yuan in the most recent year, and a three-year revenue CAGR of at least 30%.
A third-party report cited in the prospectus indicates Leju Robotics ranked fourth globally in humanoid robot shipments for 2025. For the years 2023 to 2025, Leju Robotics reported revenues of 53.9883 million yuan, 55.5003 million yuan, and 258 million yuan, respectively. Net losses attributable to the parent company were 41.1161 million yuan, 59.2298 million yuan, and 69.7794 million yuan, respectively. The company has not yet achieved profitability and had accumulated losses at the end of 2025.
The company attributes the losses to the characteristics of the humanoid robot industry, which features long R&D cycles, significant capital investment, and rapid technological iteration. The industry is currently in its early commercialization stage. The company has continuously increased its investment in core technology and product R&D, and its revenue scale and profitability level have not yet matched the sustained high level of investment.
Net cash flow for 2023-2025 was -27.5244 million yuan, -29.4069 million yuan, and -28.2481 million yuan, respectively, remaining consistently negative. Leju Robotics states this is primarily due to the company being in a phase of rapid development and business expansion, with substantial expenditures on R&D, market expansion, and talent acquisition to maintain its core technological advantages and market competitiveness. Simultaneously, influenced by the industry's development stage, business expansion pace, and the company's operational scale, the cash inflow from operating activities has not yet matched the outflow.
Furthermore, the company's comprehensive gross margin for 2023-2025 was 50.45%, 44.30%, and 40.78%, respectively, showing a continuous downward trend.
The prospectus shows that Leju Robotics' main products are humanoid robots, currently covering full-size, medium, and small series, primarily the Kuafu (Kuavo) series, Luban (Roban) series, and Aelos series. In 2025, the company produced 860 units of the Kuavo series humanoid robots, sold 577 units, and used 71 units internally, resulting in a production-to-sales ratio of 75.35%. The average unit price was 308,100 yuan, generating sales revenue of 177 million yuan, a roughly 12-fold year-on-year increase, accounting for nearly 70% of the company's main business revenue.
Leju Robotics stated that full-size humanoid robot products have now become its primary revenue source. In the future, with continuous technological iteration and upgrades, ongoing product performance optimization, and the deepening and expansion of application scenarios, the full-size humanoid robot business is expected to maintain a rapid growth trend.
The company expects that as it continues to advance technological upgrades, product optimization, and refined cost and expense control, its operating losses are projected to continue narrowing, gradually achieving a turnaround to profitability. It is estimated that this could be achieved as early as 2028.
Regarding application scenarios, the prospectus indicates that with the rapid development of the humanoid robot industry and the continuous release of market demand, Leju Robotics achieved revenue growth in both scientific research/education and commercial service scenarios in 2025. During the same period, the company won bids for multiple local data collection center construction projects across the country, leading to a significant increase in revenue from the data collection application field. This segment's share of revenue by application scenario rose to 44.94%, becoming the largest source of application scenario revenue for that year.
According to the prospectus, in 2025, Beijing Shijingshan Industrial Development Co., Ltd. was a major customer of Leju Robotics, with sales revenue of 33.4148 million yuan, accounting for 12.94% of total revenue. BrainCo was the company's third-largest supplier, with procurement of dexterous hands amounting to 13.9259 million yuan.
The prospectus reveals that Leju Robotics currently has 37 shareholders, including 3 individual shareholders and 34 non-individual shareholders. Shareholders include Linzhi Lixin (backed by Tencent), Guangdong Oriental Precision Technology, Shenzhen Capital Group, Moutai Jinshi, and Top Group.
The company's actual controllers, Leng Xiaokun, Chang Lin, and An Ziwei, directly hold 15.92%, 6.01%, and 3.81% of the equity, respectively. Additionally, as the executive partner of Leyue Partnership, Leng Xiaokun indirectly controls 7.64% of the company's equity. The three actual controllers collectively control 33.38% of the equity.
However, Leju Robotics cautions that after the completion of this public IPO, the equity controlled by the actual controllers Leng Xiaokun, Chang Lin, and An Ziwei will be further diluted. At that time, the combined equity controlled by the three will fall below 30%, indicating a situation where the actual controllers have a relatively low proportion of control.
Simultaneously, the prospectus shows that the company's actual controllers Leng Xiaokun, Chang Lin, An Ziwei, and their concert party Leyue Partnership have made commitments regarding performance decline scenarios. If the net profit in the listing year declines by more than 50% year-on-year, they will extend the lock-up period for their then-held shares by 6 months. The same applies for the second and third years after listing. Leju added that "then-held shares" refers to shares obtained before the listing and still held upon the disclosure of the annual reports for the listing year and the subsequent second and third years.
Furthermore, according to the prospectus, as of the end of 2025, Leju Robotics' employee count surged from less than 200 in 2024 to 468. There were 322 employees under the age of 30, accounting for 68.8%. R&D personnel numbered 149, accounting for 31.84%. The sales department was the largest, with 190 employees, accounting for 40.6%. There were 76 employees with a master's degree or higher, accounting for 16.24%.
Recently, the IPO process in the A-share embodied AI sector has notably accelerated. Companies like Unitree and Yun Shenchu have already applied for listing on the STAR Market, while the Hong Kong-listed company UFactory's ChiNext IPO application was previously accepted.
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