New Stock Preview | Aiming for a 40 billion space perception track, HuanChuang Technology rushes to Hong Kong Stock Exchange

The Hong Kong stock market is witnessing a wave of IPOs from robotics companies, with the entire industry chain, from core components to complete solutions, under the spotlight of capital. Recently, another leading company in the robotics industry chain has embarked on its journey to list in Hong Kong. According to the Zhitong Finance APP, Shenzhen Huanchuang Technology Co., Ltd. (referred to as "Huanchuang Technology"), a leading enterprise in robotic laser radar solutions, officially submitted its listing application to the Hong Kong Stock Exchange on September 29, with China International Capital Corporation and Guosen Securities (Hong Kong) as joint sponsors.

According to ZhiShi Consulting, based on revenue in 2024, Huanchuang Technology is a leader in the global space perception solutions for robotic vacuum cleaners, holding over 50% market share in the laser radar product sector, with a shipment volume of approximately 8 million units.

However, the scale advantage has not yet translated into stable profitability. Financial data shows that from 2022 to 2024 and the first half of 2025, the company's revenue steadily increased from 146 million yuan to 433 million yuan, achieving 292 million yuan in the first half of 2025; meanwhile, the losses during this period were 28.695 million yuan, 883,000 yuan, 31.375 million yuan, and 4.157 million yuan, with losses expanding amid fluctuations.

When the halo of being "number one in shipment volume" coexists with the reality of continuous losses, how should Huanchuang Technology tell its listing story?

Profitability Fluctuations

The prospectus shows that Huanchuang Technology is a company specializing in high-precision space perception solutions, leveraging AI technology to build an intelligent space perception system that provides high-precision algorithms and related hardware for intelligent robots. Since its establishment, the company has cumulatively shipped over 25 million units. In the first half of 2025, the total shipment volume of laser radar and line laser sensors exceeded 5 million units and 2 million units, respectively.

Zhitong Finance APP observed that the company has established a relatively complete product line in the field of intelligent robots, covering various technical directions such as traditional triangulation laser radar, dTOF laser radar, 3DTOF laser radar, and line laser sensors, with applications in intelligent robots, XR, industrial inspection, and other diverse scenarios.

In terms of technological research and development, the company possesses the capability to independently develop AI spatial algorithms and design sub-millimeter level AI spatial data processing chips. The "consumer-grade CIS + self-developed ASIC chip" technology solution it employs has formed certain characteristics in cost control and performance balance. The company's technological system is based on self-developed spatial perception AI algorithms, aiming to enhance the environmental perception and understanding capabilities of intelligent robots. In practical applications, its technological solutions need to cope with changes in environmental factors such as lighting, materials, and textures. Through automatic image signal processing and AI-enhanced ranging technology, the company has maintained corresponding performance stability under different environmental conditions. Additionally, the company continuously optimizes and iterates its technology through simulation environment testing and wireless upgrade functions.

Based on its existing product matrix and technological capabilities, the company has established long-term cooperative relationships with major clients in the field of intelligent robots. Data shows that the company has become a supplier for several mainstream robotic vacuum cleaner companies and continues to receive related orders. While consolidating its existing business, the company is expanding its technological capabilities into emerging application areas such as lawn mowing robots and pool cleaning robots From the perspective of revenue structure, the company primarily generates income through the sale of various lidar products and line laser sensor products. During the reporting period, over 90% of the company's revenue came from triangulation lidar. However, with the commercialization of dTOF lidar products in the second half of 2024 and the mass production of line laser sensor products in the first half of 2025, the revenue share from triangulation lidar has declined. In the first half of 2025, the revenue shares from triangulation lidar, dTOF lidar, and line laser sensors were 72.7%, 8.7%, and 18.1%, respectively.

It is worth noting that the company's profitability has shown some fluctuations in recent years. During the reporting period, its gross profit margins were 17.8%, 21.5%, 16.3%, and 13.2%, with a range fluctuation of nearly 5 percentage points. The reasons for the fluctuations are twofold: on one hand, the new products launched to expand the product portfolio, such as dTOF lidar and line laser sensors, faced high unit costs due to initial production capacity ramp-up and insufficient economies of scale, which temporarily dragged down the overall gross profit margin; on the other hand, to actively capture market share, the company adopted more competitive pricing strategies in sales and marketing, such as adjusting the prices of triangulation lidar products, which also compressed the profit margins of these products to some extent.

The expansion of the business scope is inseparable from the company's active investment in research and development innovation. During the reporting period, the company's R&D costs were 36.5 million yuan, 54.6 million yuan, 76.7 million yuan, and 30.2 million yuan, respectively. The company stated that to expand the product portfolio and ensure product innovation and market competitiveness, it needs to invest substantial resources in R&D to promote technological advancement.

Amid the continuously increasing R&D costs, the company's losses have also shown a trend of widening fluctuations, recording losses of 28.695 million yuan, 0.883 million yuan, 31.375 million yuan, and 4.157 million yuan during the reporting period, which may be one of the reasons for the company's active listing.

Industry Expansion Accelerates

From an industry perspective, thanks to the rapid development and continuous maturation of spatial perception technology, the market is showing a sustained growth momentum. This technology is extending from the robotics field, driving the emergence of new categories such as MR/AR/VR devices and smart pet robots, and promoting the intelligent upgrade of existing devices, thereby driving overall demand in related industries.

According to data from ZhiShi Consulting, the global market for spatial perception solutions for smart devices is expected to increase from 10.1 billion yuan in 2020 to 16.1 billion yuan in 2024, with a compound annual growth rate of 12.3%. It is projected that from 2024 to 2030, the market will grow rapidly at a compound annual growth rate of 17.7%, reaching 42.7 billion yuan by 2030

The market size of China's intelligent robot spatial perception solutions has grown from 4.7 billion yuan in 2020 to 10.8 billion yuan in 2024, with a compound annual growth rate of 22.8%. From 2024 to 2030, the market size is expected to grow rapidly at a compound annual growth rate of 22.0%, reaching 35.7 billion yuan by 2030.

It is worth noting that robotic vacuum cleaners are one of the most widely used categories of intelligent robots, among which laser radar solutions have become the mainstream choice for spatial perception due to their excellent accuracy and adaptability. The global market size for laser radar in robotic vacuum cleaners has grown from 800 million yuan in 2020 to 1.3 billion yuan in 2024, with a compound annual growth rate of 11.1%. It is expected that from 2024 to 2030, the market size will grow rapidly at a compound annual growth rate of 25.5%, reaching 5 billion yuan by 2030.

From a competitive landscape perspective, the global market for spatial perception solution providers is highly competitive and highly fragmented. Although the company ranks first in terms of revenue from intelligent robot spatial perception solutions, its market share is only 1.7%. Additionally, it is worth mentioning that in 2024, the company ranks first in revenue in the robotic vacuum cleaner spatial perception solutions market. Currently, about 70% of robotic vacuum cleaners use laser radar technology as their primary spatial perception solution.

In summary, HuanChuang Technology, with its market position in the laser radar field for robotic vacuum cleaners, continuously expanding product matrix, and rapidly growing market space, showcases a growth path of a technology-driven enterprise to the capital market. However, under the dual pressure of scale expansion and technological investment, the company still needs to prove the sustainability of its profit model to investors. In the future, how to balance scale and efficiency while maintaining technological leadership and market share will be a key question it needs to answer after going public.

As the global market for spatial perception solutions continues to expand, whether HuanChuang Technology can leverage the power of the capital market to break through profitability bottlenecks in the fierce industry competition is worth continuous attention