On September 26, Hefei YOUIBOT Robotics Co., Ltd. (YOUIBOT) officially submitted its prospectus to the Hong Kong Stock Exchange, applying for a main board listing under Chapter 18C, with China International Capital Corporation serving as the sole sponsor.

This development indicates that the Hong Kong stock market may soon welcome its first "mobile manipulator robot stock."

As a pioneer and leader in the industrial embodied intelligence sector, YOUIBOT disclosed impressive high-growth revenue figures in its prospectus, achieving a compound annual growth rate of 80.9% from 2022 to 2024. However, the company's cumulative losses of nearly 700 million yuan over three years also reveal typical challenges faced by high-tech enterprises in their early commercialization phase.

**Global Leader in Industrial Mobile Manipulator Robots**

YOUIBOT positions itself as a "globally leading industrial embodied intelligence technology company," with its core business conceptualized as the "One Brain, Multiple Forms" industrial embodied intelligence system. The "One Brain" refers to the highly generalizable industrial embodied intelligence model MAIC, which endows robots with perception, decision-making, and interaction capabilities. "Multiple Forms" represents various embodied intelligent robots based on this model.

This technological architecture supports YOUIBOT's large-scale deployment across two major application scenarios: industrial logistics and inspection & maintenance. From a revenue composition perspective, industrial logistics scenarios contributed the majority of income, accounting for 61.3% in the first half of 2025, while inspection & maintenance scenarios represented 38.7%.

Currently, YOUIBOT's customers span multiple industries including semiconductors, energy & chemicals, lithium batteries, 3C manufacturing, and public utilities. Its client roster includes renowned enterprises such as leading global semiconductor foundries and major Chinese power grid and energy groups.

Notably, YOUIBOT's solutions have entered over 30 countries and regions worldwide, including manufacturing powerhouses like Japan, South Korea, and Germany.

According to a Frost & Sullivan report, YOUIBOT ranked fourth globally in the mobile manipulator robot industry in 2024 with a 2.8% market share. In the Chinese market, the company ranked first with a 7.1% market share.

Looking at more specific segments, in the industrial mobile manipulator robot field, YOUIBOT ranked first in both global and Chinese markets in 2024, with market shares of 6.1% and 12.0% respectively.

These figures demonstrate that YOUIBOT has established a certain market position in its specific track.

The thriving global robotics industry is expected to pave a high-growth pathway for track leaders like YOUIBOT.

The prospectus cites Frost & Sullivan predictions that the global embodied intelligence robot solutions market will grow from 82 billion yuan in 2024 to 367.5 billion yuan in 2030, representing a compound annual growth rate of 28.4%. The growth prospects for the Chinese market are even more optimistic, with an expected compound annual growth rate of 30.6% over the same period.

**Not Yet Profitable Despite Strong Shareholder Lineup**

YOUIBOT's prospectus displays a high-growth revenue trajectory.

From 2022 to 2024, company revenue increased from 77.9 million yuan to 108 million yuan, then surged to 255 million yuan. Revenue for the first half of 2025 reached 127 million yuan, exceeding the full-year 2023 level.

Gross margins also showed steady improvement, rising from 11.2% in 2022 to 38.1% in the first half of 2025.

YOUIBOT attributed this mainly to business scenario expansion, enhanced product competitiveness, and economies of scale.

However, behind the high revenue growth lie persistent losses. From 2022 to 2024, the company recorded net losses of 235 million yuan, 260 million yuan, and 200 million yuan respectively, totaling approximately 695 million yuan over three years.

In the first half of 2025, net losses further expanded to 140 million yuan, a 36% increase compared to the same period last year.

YOUIBOT attributes its losses to substantial investments in product innovation, technology enhancement, production expansion, and customer base development.

Meanwhile, the company's operating cash flow remained consistently negative. For the six months ended June 30, 2025, net cash used in operating activities was -106.3 million yuan. Debt levels also remained elevated, with net current liabilities of 1.562 billion yuan as of the same date, primarily due to increased bank loans and redemption liabilities.

Despite not yet achieving profitability, YOUIBOT's prominent industry position and broad business development prospects have still attracted numerous domestic and international investment institutions to "place their bets."

The financing history shows that YOUIBOT has completed eight funding rounds since its establishment in 2017.

From 2020, the company entered a rapid development phase, completing multiple funding rounds within two years with cumulative amounts exceeding 400 million yuan.

According to the prospectus, as of September 2025, the company's largest shareholder is Xi'an YOUAI Zhonghe Technology Partnership, holding 15.61% and serving as the company's employee shareholding platform.

Other important investors include Haina Hua (11.51%), Blue Focus Ventures (7.26%), and ZhenFund (4.33% through Zhenge Jingyuan). Additionally, SoftBank Asia and IDG Capital have also joined the company's shareholder roster. Among them, Blue Focus Ventures' affiliated company Blue Focus Entity had an investment portfolio value exceeding 5 billion Hong Kong dollars as of June 30, 2025. Besides YOUIBOT, Blue Focus Entity's investment companies also include Li Auto and QingCloud Technologies.

YOUIBOT founder Zhang Zhaohui directly holds 8.8% of shares and, together with parties acting in concert including Mei Xuesong and Bian Xu, collectively controls approximately 30.24% of the shares.

**Xi'an Jiaotong University Scholar Entrepreneurship with Strong R&D Capabilities**

YOUIBOT's technological DNA is deeply rooted in its founding team.

Company founder Zhang Zhaohui, now 33 years old, delved deep into robotics technology research during his studies at Xi'an Jiaotong University and led the development of multiple robot prototypes. In 2017, he led his classmates to establish YOUIBOT. In the early entrepreneurial phase, the team focused on technology, successfully creating the world's first commercial vehicle inspection robot (ARIS-V) and securing a million-yuan order from international renowned company Michelin, establishing the foundation for technology commercialization.

Currently, YOUIBOT's core founders all come from Xi'an Jiaotong University: Zhang Zhaohui is a PhD candidate in robotics who was selected for Forbes Asia's Under 30 list; co-founder, executive director and Chief Technology Officer Bian Xu, now 32, holds a PhD in mechanical engineering and specializes in robot system development and algorithm design; Chief Scientist Mei Xuesong is a Chang Jiang Scholar Distinguished Professor and director of Shaanxi Key Laboratory of Intelligent Robots, forming a golden combination of "academic experts + technical elites."

YOUIBOT's R&D investment can be described as substantial. From 2022 to the first half of 2025, the company's cumulative R&D investment exceeded 250 million yuan. As of June 30, 2025, the company employed 144 R&D personnel, accounting for 34.6% of total employees, with an average work experience of about 7.5 years, creating intensive technical talent advantages.

As of the latest practicable date (September 22, 2025), YOUIBOT owned 217 Chinese registered patents (including 30 invention patents and 134 utility model patents), 1 overseas patent, with approximately 130 additional domestic and international patent applications, forming technological barriers covering key areas such as "multimodal environmental perception" and "high-precision whole-body coordinated control."

In the prospectus, YOUIBOT plans to use the funds raised from this listing to strengthen embodied intelligence technology R&D, build multifunctional centers, enhance international brand influence, and seek strategic investments and M&A opportunities related to the industrial chain.

The wave of global industrial intelligentization continues to surge, and the industry is watching closely to see whether YOUIBOT can stage a "robot assembly" performance in the capital markets.