Atonomous Robotics Targets Profitability in Hong Kong IPO with Micron-Level Precision

Atom Robotics is set to launch an IPO in Hong Kong, aiming to find profitability amid “micron-level” precision. In the wave of domestic industrial robot substitution, players focusing on the “high-speed” niche are experiencing a significant rise. Recently, Tianjin Atom Robotics Co., Ltd. (hereinafter referred to as “Atom Robotics”) officially submitted its prospectus to the Hong Kong Stock Exchange, intending to list on the main board under Chapter 18C for specialized technology companies. As a leading enterprise in the domestic parallel robot (Delta robot) sector, Atom Robotics has maintained the top market share among domestic independent brands for five consecutive years and has reported a turnaround to profitability in 2025.

However, amidst the blue ocean of embodied intelligence and intense industry reshuffling, the question remains: can this “high-speed expert” establish a sufficiently wide moat through the capital market?

From “Follower” to “Market Leader”

The prospectus reveals that Atom Robotics’ core competitive advantages lie in four key areas: parallel robots, high-speed SCARA robots, heavy-duty collaborative robots, and embodied intelligence robots. Its financial performance and market position show significant growth:

• Market Position: According to a report by Frost & Sullivan, Atom Robotics has ranked first in domestic market share for independent brands in parallel robots since 2020. More notably, since 2023, the company has surpassed foreign brands and has ranked first in overall domestic market share for parallel robots for two consecutive years. In 2024, its shipment volume in the Chinese market reached a 12.3% share.
• Revenue Growth: The company’s revenue increased from RMB 93.49 million in 2023 to RMB 135 million in 2024. By 2025, the growth accelerated further, with revenue reaching RMB 157 million in the first nine months, reflecting a year-on-year increase of 72.2%. The core revenue drivers were the stable output from parallel robots (approximately 52% share) and the rapid increase in heavy-duty collaborative robots (growing from 1.5% to 10.2%).
• Profitability Turning Point: Historically, R&D-driven tech companies often face losses, but Atom Robotics has showcased a clear path to profitability. The company reported net losses of RMB 39.25 million and RMB 47.07 million for 2023 and 2024, respectively; however, in the first nine months of 2025, it achieved a net profit of RMB 938,000, marking its official turnaround to profitability. After adjusting for share-based payment expenses, the adjusted net profit reached RMB 3.6 million.
• Significant Gross Margin Improvement: As scale effects became evident and the proportion of self-developed components increased, the company’s gross margin rose from 22.8% for the entirety of 2024 to 28.9% in the first nine months of 2025.

In-Depth Layout: Embodied Intelligence and Self-developed “Stem Cells”

The explosive growth of Atom Robotics is not coincidental, as its prospectus reveals a profound technological strategy. The company emphasizes “native innovation” and has established a fully self-developed ecosystem, covering everything from design theory and foundational algorithms to core components, ensuring 100% control over key technologies. Its AtomMotion real-time control platform, combined with self-developed high-power-density motors, has reduced hardware size by 80% and power consumption by 20%.

New Visions for Embodied Intelligence: 2025 marks the beginning of embodied intelligence for Atom Robotics. Leveraging its unique parallel waist structure technology, the company has introduced two generations of embodied intelligence robot prototypes and completed the first delivery in November 2025. This signifies the company’s transition from being solely an industrial robot expert to entering the realm of intelligent and versatile robots.

Challenges Behind Rapid Growth

Despite the impressive data, Atom Robotics, as a specialized tech company in the early stages of commercialization, faces significant challenges:

• Sustainability of Profitability: Although the company achieved slight profits in the first three quarters of 2025, it acknowledges that ongoing investments in R&D and market expansion could lead to further net losses in the short term. Additionally, the company’s operating cash flow has consistently been negative, with a net outflow of RMB 18.66 million in the first nine months of 2025.
• Customer Concentration and Payment Risks: The company’s trade receivables surged from RMB 13.4 million at the end of 2024 to RMB 34.3 million by the end of September 2025. With the expansion of its business scale, any cyclical fluctuations in major industries (such as food, new energy, and 3C) that delay customer payments could pressure the company’s liquidity.
• Intensifying Market Competition: The industrial robot sector is highly competitive, facing not only technological pressure from international giants but also price wars from domestic competitors. If the company cannot continue to maintain its leading edge in “millisecond-level timing” through technological iteration, its profit margins and market share may be eroded.
• Uncertainties in New Fields: While embodied intelligence is a promising trend, it requires significant investment and the commercial viability of its applications remains to be validated. The prospectus indicates that if plans related to embodied intelligence do not progress as scheduled, it could adversely affect the company’s financial status and reputation.

Conclusion: In summary, Atom Robotics stands at the threshold of transitioning from being the “leader in parallel robots” to an “expert in embodied intelligence.” The turnaround to profitability in 2025 boosts its confidence for the Hong Kong IPO, but challenges such as negative cash flow, increasing receivables, and high costs of technological iteration mean that it must demonstrate stronger resilience with the support of capital. In the fierce “millisecond” competition of high-speed robots, the market awaits to see if Atom Robotics can maintain its leading pace.