New Stock Preview | 97% Revenue Growth, Significant Increase in Gross Margin, LeDong Robotics Enters a New Era of High-Quality Growth

In the current wave of embodied intelligence and smart robotics sweeping the globe, Shenzhen Ledong Robot Co., Ltd. (hereinafter referred to as “Ledong Robot”) is taking a new step forward, transitioning from a perception infrastructure provider to a full-stack complete machine brand.

According to data from Zhuoshi Consulting, based on 2024 revenue, Ledong Robot is the world’s largest intelligent robot company centered on visual perception technology. Its technological influence has deeply penetrated various segments of the smart robot industry.

In 2024, the number of smart robots worldwide equipped with the company’s visual perception technology exceeded 6 million units. This large-scale empowerment not only established its industry leadership but also laid a solid technological foundation for its expansion into downstream complete machine markets.

By the first half of 2025, Ledong Robot successfully turned losses into profits after adjustments, marking a key turning point and officially entering a high-quality growth trajectory.

On March 6, the company completed the filing for Hong Kong stock listing with the China Securities Regulatory Commission, just one step away from an official listing in Hong Kong. Under the grand narrative of future embodied intelligence, how will Ledong Robot reshape perception infrastructure to anchor its long-term certainty as a “robotic foundation” in a diversified global market?

Core technology builds a “selling shovels” moat, defining industry standards through perception foundations

As is well known, perception ability is the physical basis for robots to understand a complex world and achieve autonomous movement, and is recognized as the most technically profound infrastructure. Ledong Robot’s core competitiveness stems from years of continuous investment and deep cultivation in the underlying visual perception technology of robots.

As a result, the company has successfully built the most comprehensive visual perception product matrix for intelligent robots in the industry, playing the role of “selling shovels” in the sector.

According to Zhihui Finance APP, to date, Ledong Robot’s perception product matrix covers DTOF laser radar, solid-state linear laser radar, point laser ranging sensors, triangulation laser radar, ultrasonic sensors, four-eye matrix sensors, and supporting AI algorithm modules. Its DTOF laser radar ranked first in shipments in 2024, becoming a notable leader in this niche.

To build a solid technological moat, Ledong Robot has established a full-stack R&D system, achieving comprehensive breakthroughs from foundational technology to universal platforms.

In terms of algorithms, the company possesses advanced spatial perception algorithms and AI-VSLAM technology, and has developed efficient visual perception systems tailored for low-computing environments, enabling robots to accurately locate and map in complex physical worlds.

To further improve overall industry chain efficiency, the company’s self-developed AutoPack robot universal development platform achieves deep hardware-software integration. This modular platform can quickly adapt to various sensors, greatly enhancing R&D efficiency and significantly reducing downstream customer adaptation costs.

On the production and delivery side, Ledong has established a unique “1+N” supply chain delivery model, involving its own manufacturing plants and multiple third-party partner factories in a flexible mixed-production system. This model supports large-scale mass production of visual perception products and complete robots, ensuring stable and flexible product delivery, allowing the company to respond swiftly to seasonal fluctuations and sudden demands in global markets.

With this infrastructure-level perception capability, Ledong Robot has successfully penetrated seven of the top ten global household service robot companies and all of the top five commercial service robot companies worldwide.

In the first half of 2025, the company’s group customer retention rate reached 94%, and net dollar retention (NDR) soared to 169%. These figures reflect strong customer recognition of the company’s technology and products. This technological sovereignty, driven by the “selling shovels” logic, forms the core of the company’s business moat.

The second growth curve: breaking through complete machines, evolving from “selling shovels” to “profiting”

While consolidating the first growth curve, Ledong Robot is leveraging its years of deep expertise in visual perception to initiate a second growth curve—shifting from an upstream supplier to a downstream complete machine brand, evolving from “selling shovels” to “profiting.” Through a multimodal perception product matrix combined with leading AI algorithms, the company has built a powerful environmental perception capability, enabling a “dimensionality reduction” attack into the outdoor smart lawn mower market, a blue ocean worth hundreds of billions.

Industry forecasts suggest that the potential market size for global smart lawn mowers could exceed 300 billion RMB in the future, with current market penetration below 2%, leaving vast room for smart substitution.

According to Zhihui Finance APP, traditional lawn mower robots rely on buried wire path planning, which is complex to install and offers a fragmented experience. Ledong’s second-generation Genie series products, equipped with self-developed multimodal perception systems, completely eliminate the need for buried wires, achieving true “plug-and-play” functionality.

By integrating vision, RTK, and algorithms, these products can adapt to complex outdoor terrains and variable satellite signals, with operational efficiency approximately 300% higher than traditional products, solving the pain points of cumbersome installation and weak perception in traditional lawn mowers.

In 2025, Ledong’s global expansion has entered a fast lane, with overseas operations performing particularly well. By establishing localized operational centers in Germany, Singapore, Hong Kong, and other regions, and forming strategic partnerships with top global distributors, the revenue share of lawn mower robots increased from 5% in 2024 to 20% in the first half of 2025. Smart lawn mowers are rapidly becoming a new growth engine.

At the 2026 Consumer Electronics Show (CES), Ledong showcased its latest N-series and M-series smart lawn mower products. With its revolutionary “full-cycle lawn care” concept and technological breakthroughs, the products attracted high attention at the event and won over ten international awards, including the “TWICE CES Best Product Selection Award” and the “Reviewed 2026 CES Best Product Award,” becoming a highlight of this year’s CES in the smart garden and robotics fields.

Strategically, the company aims to create a “replicable model” for complete machine products, centered on “infrastructure accumulation + deep vertical scene cultivation.” This involves leveraging years of visual perception infrastructure and the self-developed AutoPack universal platform as technological foundations to quickly and cost-effectively penetrate high-potential vertical markets. Once this model is proven, it offers long-term growth potential. Ledong is evolving from a single supplier into a globally influential full-stack robot brand. As technological dividends translate into brand premiums, the company’s position in the industry chain is shifting from behind the scenes to the forefront.

Financial inflection point and cash profitability: ushering in a new era of high-quality growth

Financially, from 2022 to 2024, the company achieved a compound annual growth rate (CAGR) of 41.4% in revenue, with a remarkable surge in the first half of 2025—up 97.0% year-over-year. More importantly, Ledong officially crossed the financial inflection point in the first half of 2025, with an adjusted net profit of 2.178 million RMB, turning losses into profits.

This milestone signals that Ledong Robot has entered a stage of self-sustaining growth, no longer relying solely on external financing, but using cash flow to fuel expansion.

According to Zhihui Finance APP, in the first half of 2025, the company’s gross profit margin increased from 20.6% in the same period of 2024 to 25.4%. This shift reflects a deep optimization of profit structure:

On one hand, the core sensor business improved gross margins through product iteration; on the other hand, the smart lawn mower business, as the second growth driver, demonstrated strong profitability with a gross margin of 45.6%, with its revenue share rapidly increasing. As high-margin complete lawn mower products continue to grow, the company’s overall profitability is expected to accelerate, further expanding profit margins.

The capital structure also supports the company’s development. Shareholders include sources like Source Code Capital, Yuanjing Capital, Huaye Tiancheng, and CICC Capital. These strategic investors not only provide ample funding but also strengthen industry resource integration and strategic decision-making.

Looking ahead, the company’s fundraising will focus on AI algorithm upgrades, embodied robot R&D, and global brand building. This indicates Ledong is not resting on current achievements but is proactively preparing for the next stage of competition.

In the longer term, Ledong’s value extends beyond any single product or business line. Its positioning as a “robotic foundation”—perception as the starting point of embodied intelligence and the prerequisite for complex behaviors—means that with both infrastructure and complete machine brand capabilities, its industry chain position will be more solidified.

The evolution from “selling shovels” to “profiting” reflects a capability compound effect: infrastructure provides stable cash flow and technological accumulation, while the complete machine brand releases profits and brand premiums, creating a dual-driven growth model. As embodied intelligence applications expand, if Ledong continues to strengthen its technological capabilities and global channels, its role as a foundational enterprise in the smart robot era will become increasingly clear.