Benmo Dynamics passes HKEX hearing, focuses on robot power modules
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According to a disclosure by the Hong Kong Stock Exchange on June 29, Benmo Power (Beijing) Technology Co., Ltd. ("Benmo Power") has officially passed its Main Board listing hearing, with CITIC Securities serving as the sole sponsor.
Founded in March 2020, Benmo Power has an academic research background. The company's founder and CEO, Zhang Di, studied under renowned robotics scholar Professor Li Zexiang and has deep expertise in motor design and control algorithms. In 2022, Dr. Liu Xuyang from the University of Hong Kong joined the company with his technical team as President. Currently, Professor Li Zexiang also serves as the company's advisor.
According to the prospectus, Benmo Power's core business is divided into two major segments: robotics power modules and complete robotics machines. At this stage, its absolute revenue engine comes from the sales of direct-drive power modules for consumer robots. In 2025, the consumer-grade direct-drive module business contributed 247 million yuan in revenue, accounting for as much as 88.0% of total revenue.
From an industry perspective, Benmo Power ranks eighth in the Chinese consumer robotics power module industry, with a market share of 2.4%; however, in the more vertical segment of China's consumer robotics direct-drive power module market, the company ranks first, with a market share of 61.1%.
On the whole-robot business side, the company mainly focuses on wheel-legged robots and has successively launched models such as Xingtian, TITA, TITATIT, and D1. In 2025, its ranking in the national dual-wheel-legged robot segment market is second, with a market share of 18.6%. However, objectively speaking, this niche segment currently accounts for less than 1.0% of the entire Chinese robotics market. Financially, the complete robot business contributed only 7.31 million yuan in revenue in 2025, accounting for 2.6%.
Regarding the equity structure, the founding team has maintained control of the company. As of the last practicable date, Zhang Di controlled approximately 41.30% of the company's voting rights through holding platforms such as Worong Zhonghe, Worong Zhongchuang, and Guyuan Investment.
During various financing rounds, the company has attracted several industrial and financial investors. Among them, Shunxi Fund and Jingguoguan Investment under the Beijing Guoguan system, Lenovo Capital, Songhe Capital, and Junlian Capital have joined as "senior independent investors." In addition, Songshan Lake Robotics Research Institute and Yunhe Investment, ultimately controlled by Professor Li Zexiang, together hold 3.39%; Beijing Chengkun, a fund related to SenseTime Technology, holds 2.20%; Rockets Capital, a fund related to XPeng Motors, holds 1.11%. Other major investors include MiraclePlus, 5Y Capital, and others.
Over the past three years, driven by large-scale shipments of consumer direct-drive modules for applications such as robotic vacuum cleaners, Benmo Power has experienced rapid revenue expansion. From 2023 to 2025, the company achieved revenues of 17.538 million yuan, 79.802 million yuan, and 281 million yuan, with a compound annual growth rate of 300.8%. Over the same period, the shipment volume of its core product, direct-drive power modules for robots, soared from 185,000 sets to 8.497 million sets.
The scale economy effect from the surge in shipments has become initially evident, reducing unit material costs and driving the company's overall gross margin up steadily from 13.5% in 2023 to 19.3% in 2024, and further to 21.5% in 2025.
However, on the profit side, the company continued to record net accounting losses during the period, with losses of 75.585 million yuan, 93.735 million yuan, and 881 million yuan in 2023-2025, respectively. The sharp increase in losses in 2025 was mainly due to changes in the book value of redemption liabilities arising from special rights attached to pre-IPO investments.
Excluding such changes in financial liabilities at fair value, share-based compensation, listing fees, and other non-operating and non-cash items, the company’s adjusted net loss under non-IFRS measures actually narrowed from 61.223 million yuan in 2023 and 61.594 million yuan in 2024 to 43.247 million yuan in 2025. The adjusted net loss margin significantly declined from 349.1% to 15.4%, indicating a clearly improving path to core business self-sustainability.
Despite exponential revenue growth, as a hard-tech manufacturing company deeply embedded in the midstream industrial chain, Benmo Power’s supply chain structure and cash flow situation still face typical industry risks.
First is the risk of excessive customer concentration. From 2023 to 2025, the company’s top five customers accounted for 67.0%, 83.4%, and 85.7% of total revenue, respectively. Among them, the largest customer contributed 62.1% and 42.8% of revenue in 2024 and 2025, respectively. This means its short-term performance is highly dependent on the procurement cycles of a small number of leading downstream complete machine manufacturers such as robotic vacuum cleaner makers.
Second, the rapid expansion of the business has led to ongoing working capital consumption, such as increases in inventories and receivables.
During the reporting period, the company’s net cash flow from operating activities remained negative, with outflows of 52.96 million yuan, 66.687 million yuan, and 69.563 million yuan in 2023-2025, respectively. In addition, material costs are the largest component of its cost of sales, accounting for 68.0% of sales cost in 2025. Fluctuations in commodity prices will directly pressure the company’s gross profit margin.
As an 18C specialist technology company, fundamental R&D investment is the cornerstone for maintaining its direct-drive technology and modular assembly technology barriers. From 2023 to 2025, Benmo Power's R&D expenses were 39.04 million yuan, 42.924 million yuan, and 55.437 million yuan, respectively.
Facing competition from traditional established motor enterprises and new entrants, whether Benmo Power can successfully use raised funds after listing to expand highly automated flexible production lines, continue lowering unit costs, and successfully replicate its consumer-scale experience to the industrial, commercial, and embodied intelligent joint module markets will be the core benchmarks for the capital market to assess its long-term commercial value.
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