Dobot seeks $177m Shenzhen listing to fund humanoid robots
Shenzhen Dobot Corp Ltd. is applying for a Shenzhen listing to raise $177 million for humanoid robot development, amidst increasing competition and persistent net losses.
*this image is generated using AI for illustrative purposes only.
Shenzhen Dobot Corp Ltd. is seeking to raise 1.2 billion yuan ($177 million) through a listing on Shenzhen’s ChiNext market to fund its expansion into embodied intelligence and humanoid robots. The move makes Dobot the first Hong Kong-listed company to pursue a mainland listing under a new policy designed to enhance capital access for firms in the Greater Bay Area. Despite a cumulative revenue growth rate of 71.8% from 2023 to 2025, the company has yet to turn a profit, reporting an accumulated loss of 345 million yuan by the end of last year.
Capital Allocation Strategy
Dobot announced on June 22 that the Shenzhen Stock Exchange accepted its application under the initiative targeting technology and manufacturing firms. The proposed fundraising amount is approximately 2.4 times the company's 2025 revenue. Proceeds are earmarked for specific high-tech projects and operational support.
| Use of Proceeds | Amount (yuan) |
|---|---|
| Multi-legged robot project | 550 million |
| Humanoid robots | 250 million |
| Marketing capabilities | 100 million |
| Working capital | 300 million |
Two-thirds of the capital raised will be invested directly in next-generation robot products, focusing on the development of embodied intelligence.
Financial Performance and Metrics
Founded in 2015, Dobot has established itself as a global leader in collaborative robots, holding a 13.2% market share by sales volume in 2025. Revenue increased from 287 million yuan in 2023 to 493 million yuan in 2025. In the first quarter of this year, revenue doubled to 112 million yuan compared to the year-earlier period.
However, rising turnover has not resulted in profitability. The company posted annual net losses of 103 million yuan, 95 million yuan, and 84 million yuan between 2023 and 2025. Research and development expenses rose nearly 60% in 2025 to 115 million yuan, representing 23% of revenue. Cash flow from operating activities improved from a negative 158 million yuan in 2023 to a negative 42.59 million yuan in 2025.
Market Dynamics and Valuation
Intensifying competition in the robotics sector has pressured margins and pricing. Dobot’s overall gross margin declined from 48.47% in 2023 to 46.49% in 2025, while the average selling price of its robotic arms fell from 65,900 yuan in 2021 to 38,200 yuan in 2025. The company has surpassed Universal Robots to become the top-ranked supplier by volume, as the Danish firm's market share dropped from 17.2% to 8.2% over the same period.
Dobot currently trades at a market value of approximately HK$12 billion, implying a price-to-sales ratio of about 21 times. The company does not expect to break even before 2028. The listing comes as competitors like Tesla, Figure AI, Ubtech Robotics, and Unitree Robotics advance their own humanoid and AI-driven robotics programs.
How will Dobot's aggressive pricing strategy and falling gross margins impact its ability to achieve profitability by the projected 2028 target?
Can the substantial capital injection into embodied intelligence and humanoid robots effectively differentiate Dobot from well-funded competitors like Tesla and Figure AI?
Will Dobot's success under the new Greater Bay Area listing policy encourage other Hong Kong-listed tech firms to pursue dual listings on the mainland?
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