New stock news | Huanchuang Technology submits application to Hong Kong Stock Exchange again, becoming a global intelligent Siasun Robot&Automation space perception solution provider.

According to the disclosure by the Hong Kong Stock Exchange on April 8th, Shenzhen Huanchuang Technology Co., Ltd. (abbreviated as Huanchuang Technology) has submitted its listing application to the Hong Kong Stock Exchange. CICC and Guosen (Hong Kong) are the joint sponsors. The company had previously submitted its application to the Hong Kong Stock Exchange on September 29th, 2025. Company Overview The prospectus shows that according to data from Zoushi Consulting, Huanchuang Technology is a leading company in the global intelligent Siasun Robot & Automation spatial perception solution provider with a market share of 1.7% in terms of revenue. By revenue in 2024, the company is a leading company in the global sweeping Siasun Robot & Automation spatial perception solution field, with a market share of 17%. Especially in 2024, the company maintained a leading position in the sweeping Siasun Robot & Automation lidar product field in terms of revenue and shipments, with approximately 8 million units shipped, accounting for over 50% of the market share based on shipments. In 2024, by revenue, the company held a market share of approximately 1.0% in the global spatial perception solution market. Since its establishment, the cumulative total shipment volume has exceeded 33 million units. In 2025, the total shipment volume of lidar and linear lidar sensors exceeded 10 million units and 5 million units respectively. During the reporting period, the company generated most of its revenue from products and solutions applied to sweeping Siasun Robot & Automation. Over the years, the company has built one of the most comprehensive and commercially scaled spatial perception product matrices in the intelligent Siasun Robot & Automation field. After years of technological development and product iteration, the company provides a diversified product matrix covering traditional triangulation lidar, dTOF lidar, 3DTOF lidar, and linear lidar sensors, which can meet the differentiated needs of various fields such as intelligent Siasun Robot & Automation, XR, and industrial inspection. The company is one of the few enterprises in the intelligent Siasun Robot & Automation industry that simultaneously possesses self-developed sub-millimeter AI spatial data processing chip design and core spatial perception AI algorithm capabilities. Through its original consumer-grade CIS combined with self-developed ASIC chip technology solutions, the company has redefined the cost-efficiency boundary of Siasun Robot & Automation spatial perception technology, achieving lower cost advantages, higher positioning accuracy, and commercial scalability. The company's technical framework is deeply rooted in core spatial perception AI algorithms, empowering intelligent Siasun Robot & Automation to accurately perceive the surrounding environment and form comprehensive spatial understanding capabilities, thus achieving true embodiment. Despite inherent challenges from variations in lighting conditions, materials, textures, and object characteristics, the company's self-developed AI-enabled solutions can significantly enhance environmental adaptability, stability, and anti-interference capabilities. The company's advanced AI algorithms and self-developed chips support sub-millimeter-level high-precision measurement calculations. With automatic image signal processing and AI-enhanced ranging technology, the company has achieved outstanding stability and accuracy under various materials and lighting conditions, ensuring robust performance in any environment. Through a massive simulation environment that replicates physical world scenarios, the company continuously improves its solutions. Additionally, the company's wireless update feature allows for regular upgrades based on customer feedback and evolving market demands, enabling intelligent Siasun Robot & Automation to better understand and respond to the surrounding environment with increasing precision. The company's technical capabilities, comprehensive spatial perception solution matrix, and customer-oriented product development and manufacturing system have established the company as a leading player in the intelligent Siasun Robot & Automation industry, achieving sustained win-win partnerships with major customers. The company has established long-term relationships with major customers in the intelligent Siasun Robot & Automation field, providing services to the top five companies in the sweeping Siasun Robot & Automation industry and receiving outstanding supplier awards from these companies for multiple years. Through continuous technological iteration and rigorous market validation, the company has become a key participant in the intelligent Siasun Robot & Automation spatial perception technology market. Leveraging its technical capabilities, the company is also expanding into new areas such as lawnmowers Siasun Robot & Automation, pool cleaning Siasun Robot & Automation, and humanoid Siasun Robot & Automation. Financial Information Revenue: In the fiscal years 2023, 2024, and 2025, the company's operating revenue was approximately RMB 332 million, RMB 433 million, and RMB 614 million, respectively. The company's revenue has shown strong growth mainly due to (i) the vigorous development of the downstream intelligent Siasun Robot & Automation industry, driving market demand for the company's lidar products; and (ii) the company's continued investment in product development, expanding its customer base while enhancing product performance and features. Profit and Gross Margin: In the fiscal years 2023, 2024, and 2025, the company's annual profits were - RMB 883,000, - RMB 31.375 million, and RMB 2.201 million, respectively. The company's overall gross margin decreased from 21.5% in 2023 to 16.3% in 2024, and slightly increased to 16.5% in 2025. The decrease in 2024 was mainly due to the negative gross margin recorded by the company's newly launched dTOF lidar products and linear lidar sensor products, as these new products were still in the stage of capacity enhancement and had not yet reached optimal production efficiency. In 2025, the gross margin of the company's core products improved, reflecting a decrease in unit production costs due to the increase in shipment volume, expansion of production scale, and efficiency improvement. The gross margin of the company's triangulation lidar products increased from 17.9% in 2024 to 18.6% in 2025, while the gross margin of the company's dTOF lidar products improved from a negative gross margin of 32.8% in 2024 to a gross margin of 7.0% in 2025, and the gross margin of the company's linear lidar sensor products improved from a negative gross margin of 6.1% in 2024 to a gross margin of 13.6% in 2025. Industry Overview The global intelligent Siasun Robot & Automation market is showing strong growth momentum, with global shipments of intelligent Siasun Robot & Automation increasing from 182 million units in 2020 to 273 million units in 2024, with a compound annual growth rate of 10.6%, and is expected to continue growing at a compound annual growth rate of 18.2% to reach 747 million units by 2030. China is a key market for global Siasun Robot & Automation applications. The depth and breadth of the Chinese market continue to provide crucial driving forces for the development of the intelligent Siasun Robot & Automation industry, becoming an important force for promoting technological progress and industrial upgrading in the global intelligent Siasun Robot & Automation industry. The shipment volume of intelligent Siasun Robot & Automation in China increased from 50 million units in 2020 to 74 million units in 2024, with a compound annual growth rate of 10.5%. From 2024 to 2030, it is expected to grow rapidly at a compound annual growth rate of 21.4%, with an expected shipment volume of 237 million units by 2030. The global market for intelligent Siasun Robot & Automation spatial perception solutions continues to expand, driven by the continuous enhancement of spatial perception capabilities, increasing the value per unit and the continuous improvement of spatial perception functionality in intelligent Siasun Robot & Automation, evolving from "optional function" to "standard configuration" in various application scenarios. In the distribution of household Siasun Robot & Automation, application scenarios have expanded from indoor cleaning to lawn mowing, underwater cleaning, and other fields. In mature markets for sweeping Siasun Robot & Automation, there is a strong demand for high-precision, reliable autonomous navigation, while emerging markets such as lawn mowing Siasun Robot & Automation, pool cleaning Siasun Robot & Automation, and humanoid Siasun Robot & Automation continue to expand their installed base as channel and category penetration increases, presenting a trend of "sales growth + structural optimization." The global market size of intelligent Siasun Robot & Automation spatial perception solutions increased from RMB 11.8 billion in 2020 to RMB 26 billion in 2024, with a compound annual growth rate of 21.7%. From 2024 to 2030, the market size is expected to grow rapidly at a compound annual growth rate of 20.2%, reaching RMB 78.6 billion by 2030. China, as one of the main markets for global intelligent Siasun Robot & Automation, has shown strong momentum in the field of intelligent Siasun Robot & Automation spatial perception solutions. On the supply side, benefiting from a well-established localized supply chain, scaled manufacturing, and standardized module systems, Chinese manufacturers are continuously optimizing delivery cycles, cost control, and product iteration speed to meet strong downstream demand. Meanwhile, the synergy between online and offline sales channels, improved structural price positioning, and the gradual expansion of multi-scene applications are jointly driving the installation and configuration upgrades of intelligent Siasun Robot & Automation, further expanding the market size of intelligent Siasun Robot & Automation spatial perception solutions. The market size of intelligent Siasun Robot & Automation spatial perception solutions in China increased from RMB 4.7 billion in 2020 to RMB 10.8 billion in 2024, with a compound annual growth rate of 22.8%. From 2024 to 2030, the market size is expected to grow rapidly at a compound annual growth rate of 22.0%, reaching RMB 35.7 billion by 2030. Sweeping Siasun Robot & Automation is one of the most widely applied categories of intelligent Siasun Robot & Automation, with lidar solutions becoming the mainstream choice for spatial perception due to their outstanding accuracy and adaptability. The global market size of sweeping Siasun Robot & Automation lidar increased from RMB 800 million in 2020 to RMB 1.3 billion in 2024, with a compound annual growth rate of 11.1%. From 2024 to 2030, the market size is expected to grow rapidly at a compound annual growth rate of 25.5%, reaching RMB 5 billion by 2030. The global shipment volume of intelligent devices increased from approximately 204 million units in 2020 to about 238 million units in 2024, with a compound annual growth rate of 4.0%, expected to reach around 340 million units by 2030, with a compound annual growth rate of 6.1% from 2024 to 2030. The market for spatial perception solutions for global intelligent devices increased from RMB 10.1 billion in 2020 to RMB 16.1 billion in 2024, with a compound annual growth rate of 12.3%. From 2024 to 2030, the market is expected to grow rapidly at a compound annual growth rate of 17.7%, reaching RMB 42.7 billion by 2030. The global market size of spatial perception solutions increased from RMB 21.9 billion in 2020 to RMB 42.1 billion in 2024, with a compound annual growth rate of 17.7%. The market is expected to maintain a positive growth trajectory, with a forecasted compound annual growth rate of 19.3% from 2024 to 2030, and is expected to reach RMB 121.3 billion by 2030. In 2024, based on revenue, the company held approximately 1.0% of the market share in the global spatial perception solution market. Board of Directors Information The board of directors is composed of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. According to the articles of association, directors are elected and appointed by shareholders at the general meeting of shareholders, with a term of 3 years, renewable and reappointable consecutively. Shareholding Structure Mr. Wang holds a 12.52% stake in the company, Huanchuang Investment holds a 3.10% stake, Xinye Management holds a 1.48% stake. Mr. Zhou holds a 10.31% stake, Huanchuang era holds a 1.92% stake. Mr. Liu holds a 1.86% stake. Intermediary Team Joint Sponsors: China International Finance Hong Kong Securities Limited, Guosen (Hong Kong) Financing Limited Company Legal Advisor: Regarding Hong Kong and US law: Kirkland & Ellis LLP; Regarding Chinese law: Jin Cheng (Shenzhen) Law Firm Legal Advisor of Joint Sponsors: Regarding Hong Kong law: King & Wood Mallesons; Regarding Chinese law: King & Wood Mallesons Reporting Accountants and Independent Auditors: Ernst & Young Certified Public Accountants Office Industry Consultant: Zoushi Enterprise Management Consulting (Shanghai) Co., Ltd.