SIASUN Intelligence races to become the "first robotic brain stock" on the Hong Kong Stock Exchange

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According to Hong Kong Stock Exchange disclosures on June 7, Shanghai Xian Gong Intelligent Technology Co., Ltd. (“Xian Gong Intelligent”) has officially passed the main board listing hearing. CICC serves as the sole sponsor, and CMB International, among others, acts as overall coordinator. If listed smoothly, Xian Gong Intelligent will become the “first AI robot brain stock” on the Hong Kong market.

As a provider of fundamental technologies with intelligent robot control systems at its core, Xian Gong Intelligent’s business model avoids the cutthroat price wars of end-product hardware, instead positioning itself as a “platform-based” embodied intelligent robot company, entering the middle segment of the industrial chain.

Data from Frost & Sullivan shows that, based on 2025 sales of robot controllers, Xian Gong Intelligent ranks first both globally and in the Chinese market with market shares of 24.8% and 45.2% respectively.

From a financial fundamentals perspective, Xian Gong Intelligent is currently in a typical growth phase characterized by scaling with losses and high R&D-driven development, common among technology companies.

The prospectus shows that from 2023 to 2025, the company’s operating income will be around 249 million yuan, 339 million yuan, and 442 million yuan respectively, demonstrating steady scaling.

Looking at specific product performance, in 2025, the company’s robot controller sales reached 7,924 units, while intelligent robot sales were 3,168 units. Combined sales of these two core hardware products exceeded 11,000 units, achieving roughly 67% growth over the previous year.

However, the expansion of revenue has not yet turned the bottom line profitable.

Over the same period, the company recorded net losses of 47.704 million yuan, 42.308 million yuan, and 47.066 million yuan, with a cumulative loss of about 137 million yuan over three years.

This “rising income without rising profit” structure is mainly due to the high expenses caused by early-stage foundational technology R&D.

As a commercialized enterprise applying for listing under Chapter 18C of HKEx (specialized technology companies), Xian Gong Intelligent’s R&D expenses reached 79.168 million yuan in 2025, accounting for about 17.9% of income. Continuous investment in advanced technologies such as visual semantic maps, VLA (Vision-Language-Action) models, and end-to-end navigation are necessary costs for maintaining its technological barriers, but directly suppress short-term profitability.

The industrial and commercial robotics market has long featured a “long tail,” with downstream application scenarios extremely fragmented, spanning over 20 sub-industries including 3C, automotive, and semiconductors, resulting in persistently high non-standard customization costs.

Xian Gong Intelligent’s strategy revolves around software-hardware decoupling; through its self-developed SRC series controllers, it provides standardized “brains” for various physical forms of robots.

By the end of 2025, this series of controllers was compatible with over 400 mainstream core components, such as lidar, depth cameras, motor drivers, etc. This modular platform for foundational decoupling greatly lowers the threshold for secondary development for systems integrators and end customers. Currently, more than 2,000 robot SKUs have been deployed on this platform.

This means its business moat has shifted from early single-point algorithm superiority to the ecological stickiness formed by over 2,000 integrators and end customers. Data shows customer loyalty is gradually being released; in 2025, the contribution rate of existing customer orders reached 60.6%, and the proportion of old customers rose to 44.9%, with endogenous repeat-buying momentum within the ecosystem.

With the concept of embodied intelligence accelerating its implementation, the robotics industry is evolving from single-unit automation to universal intelligence. Xian Gong Intelligent has positioned itself in the high value-added controller segment, capturing nearly a quarter of the global market share, with its technology path having clear industry validation.

Objectively, listing on the Hong Kong Stock Exchange is only a milestone. For Xian Gong Intelligent, balancing high investment in frontier embodied intelligence technologies with corporate financial health amid rapid technology iteration cycles is the central challenge it must face post-listing.

As platform scale effects further manifest, whether the currently high repeat purchase rate among old customers can be sustained, and how fast the software-hardware decoupled ecosystem can expand, are basic indicators that will determine when it crosses the breakeven point and completes the business model loop.

Risk warning and disclaimerThe market has risks, investment requires caution. This article does not constitute personal investment advice and does not consider the individual investment goals, financial situation, or needs of specific users. Users should consider whether any opinions, views, or conclusions in this article are appropriate for their circumstances. Investing accordingly is at your own risk. ```