Mechaman Robot's hearing: revenue CAGR of 46.6%, gross margin of 64.6%, global market share of 27%.

Meikamande today released the materials for its hearing, indicating that the company has passed the IPO hearing with the Hong Kong Stock Exchange. Meikamande is a supplier of intelligent robot components, with systems that utilize 3D vision technology to capture point cloud data and apply AI algorithms based on deep learning. The products have been deployed in equipment used in customers' production and operational processes, primarily serving end customers in the automotive, renewable energy, consumer electronics, logistics, education, and general manufacturing industries. The company's products are sold in nearly 50 countries and regions, including North America and Europe, with customers worldwide. It is one of the few technology companies globally that has realized scalable deployment of general intelligent robots across industries, scenarios, and regions through intelligent robotic technology. According to the prospectus, during the historical performance period, Meikamande achieved robust business and financial growth. From 2023 to 2025, the companys revenue is projected to be 180.8 million, 268.8 million, and 388.8 million yuan, with a compound annual growth rate of 46.6%; during the same period, the gross profit margin will record 39.1%, 51.1%, and 64.6%, respectively; gross profit will increase from 70.6 million yuan in 2023 to 251.1 million yuan in 2025, with a compound annual growth rate of 88.5%. Meanwhile, the company's adjusted net losses will rapidly narrow from 334 million yuan in 2023 to 109 million yuan in 2025, a reduction of nearly 70% over three years; in 2025, the operating loss will be lower than the R&D expenses during the same period, with the core business itself approaching break-even. Continuous revenue growth, significant improvement in gross profit margin, and rapid narrowing of losses will drive the overall profitability to continue to improve. Meikamande's overseas business is also growing rapidly. In terms of shipment volume, in 2025, the company will capture over 27% of the global market share, surpassing the total market share of its next four largest competitors. Additionally, the company holds the top market share in China, Japan, and North America, and ranks among the market leaders in Southeast Asia, Europe, and South Korea. From 2023 to 2025, the companys overseas business revenue is projected to be 58.6 million, 97.7 million, and 195.5 million yuan, with a compound annual growth rate of 82.7%; the proportion of overseas business revenue will also significantly increase, accounting for 32.4%, 36.4%, and 50.3%, respectively.