Code Moment | Congratulations to LDROBOT on Hong Kong Stock Exchange Listing, Becoming the First Listed Spatial Perception Robotics Company

On May 11, MaHui portfolio company and spatial perception robotics leader LDROBOT officially listed on the Hong Kong Stock Exchange's Main Board, with the stock code "01236.HK." The company offered approximately 33.33 million shares in its IPO at HK$26.36 per share, raising a total of HK$878.7 million; as of press time, its market capitalization exceeded HK$20 billion.

After years of R&D, LDROBOT has built its robot LiDAR and sensors into an industry-leading position — in 2025, the company shipped over 4 million DTOF LiDAR units, ranking first globally. As the "first spatial perception robotics stock" to go public, LDROBOT's debut on the Hong Kong Stock Exchange marks a significant milestone for China's robotics industry, signaling its evolution from perception infrastructure to embodied intelligence systems, and from core components to global markets.

Source Code Capital participated in LDROBOT's Series B round in 2021 and continued to increase its stake in subsequent rounds. Since its investment, Source Code Capital has provided long-term support to LDROBOT across multiple dimensions, including key talent recruitment, financing, and ecosystem resource connections.

Source Code has consistently believed in LDROBOT's young, R&D-driven product team — they built robot LiDAR and sensors into a number-one market position while maintaining a vision for creating excellent products, making numerous deep and meaningful attempts that ultimately earned market validation. What left the strongest impression on Source Code Capital Managing Director Di Wang was a detail that LDROBOT founder Wei Zhou once shared: when the company sent its robotic lawn mowers overseas for testing, some users proactively asked if they could keep using the product after the trial period ended because "the experience was so good" — a sign that the product definition had truly landed.

"LDROBOT has cultivated its robot infrastructure platform for many years, achieving industry-leading positions in visual perception technology and algorithm modules for home and service robots. The company's long-term, deep thinking, accumulation, and exploration of robotics scenario applications and new products have extended into full-system R&D and global expansion, carving out a distinct differentiation in home embodied intelligence scenarios such as lawn mowing and yard care, establishing a strong market position. The team has built solid foundations in core robotics technology stacks, with profound understanding and insight into home embodied intelligence and data iteration in the physical world. We believe the IPO is a new starting point, and we look forward to continuing our journey with LDROBOT, contributing to great Chinese robotics products and globalization," said Di Wang, Managing Director of Source Code Capital.

From left: Lei Xin, Investment Vice President at Source Code Capital; Wei Zhou, Founder and Chairman of LDROBOT; and Di Wang, Managing Director at Source Code Capital, at the listing ceremony

Robotics is a core sector in Source Code Capital's long-term investment strategy, with coverage spanning today's hottest areas including humanoid robots, consumer service robots, and industrial robots. Portfolio companies include Unitree, Galaxy Universal, Booster Robotics, Woan Robotics (06600.HK), HAI ROBOTICS, Mech-Mind, Standard Robots, Cloud Whale, Keenon, Starmax, and Xianglu Robotics, among others. LDROBOT's (01236.HK) successful listing on the Hong Kong Stock Exchange represents another key milestone in Source Code's robotics ecosystem map.

Founded in 2017, LDROBOT is a global leader in full-stack intelligent robotics built on perception intelligence. According to CIC data, by 2024 revenue, LDROBOT is the world's largest intelligent robotics company centered on visual perception technology; in 2025, over 9 million intelligent robots were equipped with its visual perception technology, and its DTOF LiDAR shipments exceeded 4 million units, ranking first globally.

On the financial front, the company's revenue for 2023–2025 was RMB 276 million, RMB 467 million, and RMB 748 million respectively, representing a two-year compound annual growth rate of 64.6%; overseas revenue share grew from 0.3% to 18.4%; in 2025, adjusted net loss narrowed by 42% year-over-year to RMB 26.09 million, while gross margin improved by approximately 32% year-over-year, with the profitability inflection point approaching faster.

The company has built a full-stack system of "multi-modal perception + AI algorithms + self-developed platform," with its proprietary AutoPack platform and end-to-end AI-VSLAM architecture serving as core tools for R&D efficiency. In terms of business, "perception infrastructure" serves as the first growth curve, empowering diverse scenarios including home, commercial, industrial, and embodied intelligence applications; "intelligent robot full systems" serves as the second growth curve, with the company already entering the hundred-billion-yuan robotic lawn mower market — full-system lawn mower products generated RMB 137 million in sales in 2025, up 488% year-over-year; in January 2026, the company launched the world's first third-generation product equipped with a fully self-developed 360° LiDAR.

From "selling shovels" to "mining for gold," LDROBOT is leveraging its dual-wheel drive model of "infrastructure + full-system brand" to unlock unlimited possibilities in the broader embodied intelligence industry.