Mech-Mind Robotics Debuts on HKEX at HK$101.70, Closes at HK$98.90

On September 1, Mech-Mind (Xiong'an) Robotics Technology Co. , Ltd. officially listed on the Hong Kong Stock Exchange under the stock code 09615. HK. The company priced its initial public offering at HK$101.70 per share, issuing 23.1406 million shares and raising net proceeds of approximately HK$2.2 billion. On its first trading day, the stock opened flat and fell more than 4% during the session, closing at HK$98.90 per share, with a market value of about HK$12.4 billion.

Founded in 2016 by a Tsinghua-educated returnee team, Mech-Mind Robotics is led by founder and Chief Executive Officer Shao Tianlan, a graduate of Tsinghua University's School of Software. The company previously received multiple rounds of investment from institutions including IDG Capital, Meituan, Sequoia Capital China, Source Code Capital, Intel Capital, and Qiming Venture Partners, with cumulative funding exceeding RMB 2 billion. It has been recognized as a national-level "Little Giant" enterprise specializing in new technologies and a national high-tech enterprise. In terms of shareholding structure, Shao Tianlan, Fu Ao, Ding Youshuang, and Mech-Mind Management act in concert, collectively holding approximately 19.11% of the company's issued shares after the global offering, with Shao Tianlan directly and indirectly holding about 10.33%. Hanchen holds approximately 11.11%, Beijing Kuxun Technology holds about 6.94%, and Qiming Rongke holds approximately 6.02%.

According to the prospectus, as of the end of 2025, the global market for "AI + 3D vision-guided general intelligent robot components" had more than 20 participants. In 2025, Mech-Mind generated revenue of approximately RMB 389 million, capturing a market share of about 22.1%, ranking first in shipment volume in the industry. Financially, from 2023 to 2025, the company's annual revenue was RMB 181 million, RMB 269 million, and RMB 389 million, respectively; net losses were RMB 401 million, RMB 283 million, and RMB 360 million; adjusted net losses were RMB 334 million, RMB 214 million, and RMB 109 million; and gross margins were 39.1%, 51.1%, and 64.6%. Research and development investment during the same period was RMB 119 million, RMB 109 million, and RMB 113 million, respectively. In the first quarter of 2025 and the first quarter of 2026, the company's revenue was RMB 62 million and RMB 107 million, net losses were RMB 70 million and RMB 57 million, adjusted net losses were RMB 39 million and RMB 33 million, and gross margins were 62.4% and 64.8%.

In the first quarter of 2026, revenue grew 73.1% year over year, and gross profit increased 79.7%. The company stated that losses were mainly due to the early stage of commercialization, substantial research and development investment, and upfront spending on sales network expansion, but revenue continued to grow, gross margins improved steadily, and net losses narrowed significantly.

In terms of sales model, Mech-Mind primarily relies on system integrators for sales, with direct sales accounting for less than 10% of revenue. From 2023 to 2025, the company's selling expenses were RMB 186 million, RMB 162 million, and RMB 168 million, representing 103%, 60%, and 65% of total revenue, respectively; in the first quarter of 2025 and the first quarter of 2026, selling expenses were RMB 36 million and RMB 45 million, accounting for 59% and 42% of revenue. The company said it typically works directly with end customers to explore commercialization opportunities in new application scenarios, develops standard applications after initial deployment, and then shifts to collaborating with system integrators for promotion. Revenue contribution from existing customers rose from 61% in 2023 to 74% in 2024 and 78% in 2025, reaching 86% in the first quarter of 2026. Measured by intelligent robot guidance products, average purchase volume per customer increased from 7.2 units to 13.2 units; in 2025, the number of ordering customers grew 3.3%, and sales volume of intelligent robot guidance products increased 41.3%.

According to the prospectus, approximately 31.8% of the net proceeds will be used to strengthen research and development investment and layout of frontier technologies, about 29.4% for expanding global influence and accelerating commercialization, approximately 25.2% for enriching product portfolio and broadening application scenarios, about 5% for expanding production capacity and improving operational efficiency, and approximately 8.6% for working capital and general corporate purposes. The company stated that to achieve long-term breakeven and sustained profit growth, it plans to expand revenue scale, improve gross margins, and strengthen economies of scale through enhanced operational efficiency.