Recently, the website of the Securities and Futures Commission disclosed that the humanoid robot representative enterprise Shenzhen Youbi Technology Co., LTD. (hereinafter referred to as “Youbi”) has passed the hearing of the Hong Kong Stock Exchange and intends to be listed on the main board of the Hong Kong Stock Exchange, and Guotai Junan Securities serves as the exclusive sponsor.

According to public information, Youbi first submitted its application to the Hong Kong Stock Exchange in February this year, planning to issue 155.8 million shares, the first humanoid robot company aiming for a capitalization listing.

As a performance guest of many grand events such as Spring Festival Gala, Universiade and CIIE, Youbi humanoid robot has received attention from all parties many times in recent years. From the perspective of the industry, Youbi is still a domestic intelligent robot integrated business enterprise that started earlier and has higher technical content.

According to Frost & Sullivan Consulting report, the company is one of the first companies in the world to commercialize multi-joint service robots equipped with multiple servo drives in the consumer market, and is one of the few companies in the world to achieve the mass production and practical product application of multi-series servo drivers. It is also the first company in China to realize large-scale commercialization of small humanoid robots and the largest supplier of educational intelligent robot products and solutions in China.

It is worth noting that in the company’s updated information after the hearing, the company’s consumer-grade robots and related hardware revenue has increased from about 13% in 2022 to 32.6%, and this part of the robot is mainly sold to the home scene, which shows that the company’s C-end business has grown. However, at the same time, as a high-profile humanoid robot Walker related business, its proportion did not significantly improve in the first half of 2023.

The 21st Century Business Herald reporter hoped to further obtain the latest information about the relevant business from the best, but the other party told the reporter that it was a quiet period until the company was listed, and it was inconvenient to accept an interview.

Non-humanoid robot business accounts for a high proportion

According to the data, the company has been established for more than 10 years, during which it has obtained a total of 9 rounds of financing, including well-known industries such as iFlytek, Dinghui, and Tencent, and its post-investment valuation once reached $5 billion.

In 2019, Youbi sent out brokerage guidance information and planned to land in the capital market. However, in January 2021, the company was exposed to the suspension of counseling work with counseling institutions, and the domestic listing plan was temporarily halted.

During this period, the robot and automation industry appeared a more sharp commercial landing dilemma and price competition vortex. Due to the company’s focus on the future industry of humanoid robots, coupled with public health concerns, the company is in an awkward position until 2022.

Until the fire of artificial intelligence in 2022, the humanoid robot industry emerged in 2023, and the industry expectations faced by Youbi have greatly improved.

Financial data show that in the entire fiscal year from 2020 to 2022, and in the first half of 2022 and 2023, the company received 740 million yuan, 817 million yuan, 1,008 billion yuan, and 284 million and 261.1 million yuan of operating income, respectively.

For the year-on-year decline in business and the low absolute amount in the first half of the year, the company explained that because the company’s enterprise customers account for a relatively high proportion, the revenue showed strong seasonal fluctuations. From the current company’s unaudited business situation, the company’s revenue level in the first three quarters of 2023 May be higher than the same period in 2022.

From the perspective of business, the education and solution robot business in the early stage of the company’s development still accounts for half of the company’s total revenue, but the proportion of revenue shows a gradual decline, from 2020 to 2022, the income in the first half of 2023 accounted for 82.7%, 56.5%, 51.2% and 29.0% respectively; Logistics robots and solution-related businesses grew steadily with the development of the logistics robot industry, accounting for 1.7%, 23.3%, 26.1% and 29.4%, respectively, during the same period.