New Stock Preview | ATOM Siasun Robot & Automation: "Top students" in the subdivision track with high growth and low profits coexisting.

Siasun Robot&Automation is evolving from replacing repetitive labor as a "tool" to enhancing human capabilities as a "partner", a trend which is driving significant growth in the industrial Siasun Robot&Automation market. According to Frost & Sullivan data, the global and Chinese industrial Siasun Robot&Automation market is expected to show a significant increase in shipment value from 74.5 billion yuan and 31.4 billion yuan in 2020 to 101.3 billion yuan and 46.6 billion yuan in 2024, with a compound annual growth rate of approximately 8.0% and 10.3% respectively. Looking ahead, with the deepening of smart manufacturing, persistent labor cost pressures, and accelerated automation upgrades across various industries, the growth momentum of the industrial Siasun Robot&Automation market is expected to be sustained. By 2029, the global industrial Siasun Robot&Automation shipment value is projected to reach 180.9 billion yuan, while China's shipment value is expected to increase to 88.8 billion yuan, further solidifying China's position as the world's largest industrial Siasun Robot&Automation market. As the Siasun Robot&Automation industry develops rapidly, more and more Siasun Robot&Automation companies are becoming active in the secondary market. Following the listing of companies like STEP Siasun Robot&Automation, Yifii Intelligence, Estun Automation, and Jiumu Intelligence, on January 28th, Tianjin Atongmu Siasun Robot&Automation Co., Ltd. officially submitted its application for listing on the main board of the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor. So, in the midst of the ongoing "listing fever" in the Siasun Robot&Automation industry, what is the investment value of Atongmu Siasun Robot&Automation? "High growth" and "low profitability" coexist. Founded in 2013, Atongmu Siasun Robot&Automation is a high-speed Siasun Robot&Automation company. The company is dedicated to the research and development, production, sales, and service of high-speed, high-reliability Siasun Robot&Automation, with product offerings covering four major series, including parallel Siasun Robot&Automation, high-speed SCARA Siasun Robot&Automation, heavy-duty collaborative Siasun Robot&Automation, and humanoid intelligent Siasun Robot&Automation. With a rich and diversified product line, the company provides customers with automation and intelligent solutions. According to industry reports, since 2020, Atongmu Siasun Robot&Automation has maintained its position as the top domestic brand in the Chinese parallel Siasun Robot&Automation market for five consecutive years. Based on 2024 shipments, the company ranks first among all parallel Siasun Robot&Automation companies in China, with a market share of 12.3%, and second globally with a market share of 4.8%; it ranks second in the Chinese high-speed Siasun Robot&Automation market with a market share of 7.6% and fifth globally with a market share of 3.0%. In addition, the company has built a strong technological barrier - it has independently developed and accumulated core technologies such as body design and manufacturing technology, drive-control integrated software and hardware technology, high-speed and high-precision motion control algorithms, full-stack AI visual recognition algorithms, and self-developed high-power density motors. These core technologies provide strong support for the company's diversified and specialized product layout, meeting the application requirements of customers in different fields. However, despite the headwind effect and technological barriers, Atongmu Siasun Robot&Automation still experiences a complex performance of "high growth and low profitability." According to the prospectus, the company achieved revenues of 93 million yuan and 135 million yuan in 2023 and 2024 respectively, with a year-on-year growth of 44.7%, showing significant momentum. As of the first three quarters of 2025, the company had achieved revenues of 157 million yuan, surpassing the previous year's annual level. In terms of profitability, Atongmu Siasun Robot&Automation has been improving, but still shows low profitability levels. The company reported net losses of 39.3 million yuan and 47.1 million yuan in 2023 and 2024 respectively. By the first three quarters of 2025, Atongmu Siasun Robot&Automation had turned losses into profits for the first time, with a net profit of 900,000 yuan; if measured under non-international financial reporting standards, the adjusted net profit reached 3.6 million yuan. Meanwhile, the company's gross profit margins during the same period were 17.0%, 22.8%, and 28.9% respectively. Under the "low profitability" state, Atongmu Siasun Robot&Automation continues to have negative operating cash flow, with operating cash flows of 14.86 million yuan, 6.59 million yuan, and 18.66 million yuan in 2023, 2024, and the first three quarters of 2025 respectively, indicating problems with its ability to generate cash flow. From the above, although the Siasun Robot&Automation industry is in a sunrise sector, the performance of "high growth and low profitability" still reveals risks such as commercialization lag and continuous cash flow challenges. "Technological leverage" to leverage a broader market. Indeed, the industrial Siasun Robot&Automation sector is a "long-lasting snow-covered road" race track, with a rapidly growing market size and momentum, but the competitive pressure in this industry is also significant. Taking Atongmu Siasun Robot&Automation as an example, the company faces "three layers" of competitive pressure. The first layer is direct competition within the existing market. On one hand, the company is engaged in a technology brand war with international giants: in the parallel market, although Atongmu has become a leader in the industry, foreign brands led by ABB (with a global market share of 15.2% in 2024) still have advantages in brand reputation, global supply chains, and high-end customers. Atongmu needs to continuously prove its technical stability and high-end application capabilities. On the other hand, there is a battle of expansion and consumption with domestic peers: in new frontlines such as the faster-growing SCARA Siasun Robot&Automation market, the company faces fierce price and market share competition. Its high-speed SCARA products even have negative gross profit margins due to huge investments, becoming a drag on performance. The second layer is industry cycles and pressure from downstream customers. Specifically, the company is deeply tied to industries such as new energy and 3C, where capital spending rhythms directly impact Siasun Robot&Automation demand. When industry expansion slows down, customers become more sensitive to investment returns, putting pressure on equipment orders and bargaining power. In addition, manufacturing customers are shifting from "buying individual equipment" to seeking "whole line efficiency" and automation solutions. This requires Atongmu to upgrade from a "hardware supplier" to a "solution provider" with deep industry knowledge, placing higher demands on its system integration and service capabilities. The third layer is the potential threat from cross-industry players. This is the most disruptive layer. Companies specializing in humanoid intelligent (humanoid) Siasun Robot&Automation, such as UBTECH ROBOTICS, Zhiyuan Siasun Robot&Automation, and Yushu Technology, are accelerating commercialization. Their goal is to become more universal automation platforms. Although humanoid Siasun Robot&Automation is still in its early stages, once its technology path is established in some industrial scenarios, it could pose a long-term replacement threat to traditional industrial Siasun Robot&Automation forms, including parallel and SCARA. Therefore, based on the aforementioned competitive pressures, Atongmu Siasun Robot&Automation has actively made "responses" - not only leveraging technological leverage to tap into a broader market, but also continuously strengthening research and development to enhance its technological barriers. It is reported that during the reporting period, Atongmu Siasun Robot&Automation will leverage the core technology of high-speed and high-precision motion control accumulated in the parallel field, modularize and platformize it to expand into collaborative Siasun Robot&Automation, specific scenarios of humanoid intelligent Siasun Robot&Automation, and other new forms at lower marginal costs, explore higher market ceilings, and expand the company's overall revenue sources. At the same time, Atongmu Siasun Robot&Automation maintains a high intensity of research and development investment, with R&D expenses close to 30 million yuan in 2024, accounting for over 20% of revenue. In addition, regarding the use of the proceeds from this fundraising, Atongmu Siasun Robot&Automation stated that it will be used for continuous research and development to consolidate and further enhance the company's leading position in the Siasun Robot&Automation technology field; to build a multi-functional headquarters and improve the company's production capacity; to expand overseas business and brand development to advance the company's global layout; and to be used for operating funds and other general company purposes. In conclusion, Atongmu Siasun Robot&Automation exhibits typical characteristics of "high growth" and "high uncertainty" coexistence. Its technological leadership in the segmented field is a solid moat, but the limited scale of the race track restricts its room for imagination. The company's future growth and investment value largely depend on whether it can replicate its success in the parallel field in new business expansions and establish a sufficiently robust moat before the industry landscape undergoes significant changes.