"Visual hub" under the trend of embodied intelligence: Siasun Robot&Automation positions itself globally, and Siasun Robot&Automation (01236) initiates its IPO.

In the process of general artificial intelligence penetrating into the physical world, embodied intelligence has become the ultimate battlefield of global technological competition. If the "brain" represented by large models gives machines logic and reasoning, then the "sensory system" with visual perception as its core is the only ticket for machines to enter the real world. For a long time, the valuation of Siasun Robot & Automation industry in the market has often focused on the precision of mechanical structures or the power of computing chips, but it is easy to overlook a fundamental fact: if Siasun Robot & Automation cannot accurately "understand" the environment, all intelligent decisions will be fruitless. At this critical moment when the industrial logic is undergoing generational changes, Siasun Robot & Automation (01236) as the "first stock of visual perception of Siasun Robot & Automation" has initiated its Hong Kong listing process, with a global offering of 33.33 million shares to be sold between April 30 and May 6, 2026, at a price not exceeding HK$30.00 per share, with a trading start date on the Hong Kong Stock Exchange scheduled for May 11. As a pioneer in the field of visual perception of Siasun Robot & Automation, LeDong Siasun Robot & Automation's prospectus not only discloses a robust financial growth trajectory but also presents a highly tensioned narrative model to the capital market: the company has successfully transformed from a simple hardware supplier to a platform-based enterprise that stakes its claim in the intelligent Siasun Robot & Automation "visual perception base". Building a moat in the deep waters of visual perception, positioning itself as the "sensory infrastructure" of the embodied intelligence era. It is understood that LeDong Siasun Robot & Automation can be called the "first stock of visual perception of Siasun Robot & Automation" primarily due to its deep positioning in the field of laser radar and spatial perception algorithms. According to the prospectus, the company launched the world's first consumer-grade Mini DTOF radar in 2020, breaking through the application bottleneck of high-performance perception technology at high costs, and deeply applying advanced DTOF technology to consumer-grade scenarios. By 2025, the company's DTOF laser radar shipments had exceeded 720,000 units, ranking first in the industry, which not only proves its market share but also shows its technological maturity and large-scale engineering capabilities. LeDong Siasun Robot & Automation's visual perception product matrix covers two core areas: sensors and algorithm modules, the synergy of this "hardware-software integrated" effect gives it strong stickiness when facing top global customers. During the performance period, the company served seven of the top ten household service companies in the world among Siasun Robot & Automation companies, as well as all of the top five commercial service companies in the world. This endorsement from top customers means that LeDong Siasun Robot & Automation's sensory base has to some extent become an industry standard. At a deeper level, the company's visual perception is not just a stack of hardware but also involves deep mining of massive scene data and algorithm iterations. LeDong Siasun Robot & Automation continuously optimizes its multimodal perception and AI spatial perception algorithms through feedback from nine million Siasun Robot & Automation applications, creating an evolutionary capability based on closed-loop data that further forms a "data and algorithm moat" that competitors find difficult to surpass in the short term. From a financial perspective, the visual perception business, as the company's first growth curve, demonstrates strong economies of scale: from 2023 to 2025, revenue from the top ten household service companies in the world experienced explosive growth, reaching 61 million yuan, 147 million yuan, and 201 million yuan respectively. At the same time, the retention rate of group customers reached 100.0% in 2025, and the net revenue retention rate remained at a high of 133.0%. These data reveal a core aspect: LeDong Siasun Robot & Automation has successfully transitioned from "one-time hardware sales" to "infrastructure empowerment," which is a paradigm shift. Once downstream complete machine manufacturers choose LeDong as the sensory base, the migration cost is very high. This platform-based positioning allows the company to achieve certain growth in alignment with the overall outbreak of the Siasun Robot & Automation industry. Furthermore, the company's self-developed AutoPackSiasun Robot & Automation general development platform is a key to the efficiency of LeDong Siasun Robot & Automation's technology productization. This platform, designed with modular capabilities, can quickly adapt to various sensors and achieve solution configurations. Its comprehensive underlying toolchain significantly shortens the company's ability to enter new fields and develop new products. In today's increasingly complex perception technology landscape, enterprises that can provide end-to-end solutions from basic sensors to upper-level algorithms and general development platforms are considered rare targets globally. This full-stack technological reserve enables LeDong Siasun Robot & Automation to have a significant advantage in the transition from automation to AI-driven embodied intelligence in the Siasun Robot & Automation era. Vertical scene compression: Accelerating the realization of the "second growth curve" driven by intelligent lawn mowers. If the visual perception business has laid the groundwork for LeDong Siasun Robot & Automation's survival, then the mass production of intelligent lawn mowers has opened up significant valuation potential for the company. Currently, the lawn mower industry is at a technological turning point from traditional "wired" solutions to "fenceless, intelligent" SLAM solutions, and this is the ideal battlefield for LeDong Siasun Robot & Automation's underlying technological advantages to flourish. By leveraging years of accumulated visual perception technology, multimodal fusion navigation, and AI large model recognition algorithms, LeDong Siasun Robot & Automation has successfully introduced its proprietary brand Anthbot to the European, American, and Australian markets, quickly gaining traction and demonstrating the strong resilience of its second growth curve: In 2024, the company's first generation of intelligent lawn mowers achieved sales exceeding 10,000 units; in 2025, the second-generation product went into mass production, with the integration of AI large model scene recognition and boundary detection algorithms significantly improving its scene adaptability, resulting in annual sales exceeding 36,000 units. Reflected in the financial statements, the revenue from lawn mower business grew rapidly from almost negligible in 2023 to 137 million yuan in 2025, accounting for a significant portion of the total revenue from less than 0.1% to 18.3%. More importantly, the gross profit margin of the lawn mower business reached 42.3% in 2025, significantly higher than the average level of sensors, directly driving the overall profitability improvement of the company. Currently, the global intelligent lawn mower market has huge potential, especially in Europe and North America with high labor costs and deep yard culture. Traditional random collision or wired lawn mowers have poor user experience, but LeDong Siasun Robot & Automation has solved core pain points in outdoor mowing such as complex lighting conditions, dynamic obstacles, and boundary recognition with its self-developed high-precision DTOF laser radar, RTK positioning technology, and 360-degree perception system. This "vertical integration" strategy based on self-developed core technology allows the company to have high autonomy in product definitions, providing better performance than competitors and achieving stronger cost competitiveness through deep integration of the supply chain. It is reported that in January 2026, the company further launched the third generation lawn mower, which integrates self-developed 360-degree laser radar for perception and achieves integrated operation from simple "mowing" to "grass clipping and leaf collection", capturing precise demands in segmented markets after the brand's expansion overseas. In addition, to support its global strategy, LeDong Siasun Robot & Automation has set up operating centers in Singapore, Germany, and established production cooperation in Vietnam as well. This global research and development, production, and sales system not only effectively mitigates potential risks from international trade policies but also provides organizational safeguards for deep penetration into high-value overseas markets. From an investment perspective, the value growth logic of LeDong Siasun Robot & Automation is very clear: on one hand, by covering top Siasun Robot & Automation customers globally through visual perception technology, the company shares the long-term dividends of the intelligent Siasun Robot & Automation industry, providing stable cash flow expectations and technological barriers. On the other hand, through breakthroughs in whole machine products such as lawn mowers, the company has transitioned from a "B-end component supplier" to a "global technology brand," significantly increasing the elasticity of its valuation and the width of its moat. Although the company is currently in the investment stage and remains in a net loss position, its adjusted net loss rate has significantly narrowed from 20.2% in 2023 to 3.5% in 2025, and the gross margin has stabilized at 25.7%, indicating the profit turning point is imminent. Currently, LeDong Siasun Robot & Automation stands at the intersection of the infrastructure of Siasun Robot & Automation perception and the outbreak of home service Siasun Robot & Automation. It is not only the "eye" manufacturer of intelligent Siasun Robot & Automation but also an indispensable sensory hub in the era of embodied intelligence. With the completion of its Hong Kong IPO, the raised funds will further strengthen its investment in AI functional algorithms, capacity expansion, and brand building, allowing LeDong Siasun Robot & Automation to potentially realize the comprehensive conversion from technology value to capital value in the vast and turbulent era of Siasun Robot & Automation.