New Stock Preview | Robotechnik Intelligent Technology: Market Value of 100 Billion vs. Profits Plummeting by 171%, Can the "Silicon Light Leader" Withstand Hong Kong Stock Examination?

Standing at the dual nodes of industry cycle switching and the explosion of AI computing power industry, the "Silicon Light Dragon" Robotechnik Intelligent Technology (300757.SZ) once again sounded the horn for listing on the Hong Kong Stock Exchange. On May 13, Robotechnik Intelligent Technology (300757.SZ) once again submitted its application for listing on the Hong Kong Stock Exchange, with Huatai International, Citigroup, and Orient International as joint sponsors. This is the company's second attempt at listing after the failed submission in October 2025. Once successfully listed in Hong Kong, the company will officially embark on the path of "A+H" dual capital platform layout. The company started in the field of photovoltaic intelligent equipment and, with over ten years of cultivation, has accumulated profound technological expertise and customer base in the photovoltaic field. In recent years, facing the wave of industrial transformation, the company has strategically restructured its business, transitioning from a single photovoltaic equipment track to crossing over into the high-end intelligent manufacturing equipment field of silicon light, completing the transformation from a traditional photovoltaic equipment supplier to a high-end equipment service provider with a dual main focus on "photovoltaic + silicon light." With the dual business narrative of "photovoltaic stability foundation + silicon light growth driver," Robotechnik Intelligent Technology's performance in the capital market has been outstanding. The stock price has soared from a historical low of 28.24 yuan in 2024, closing at 589.98 yuan on May 15, 2026. In just over two years, it has achieved an astonishing increase of nearly 20 times, and the market value has risen to 98.885 billion yuan, making it a rare leader in the A-share market with a dual focus on "photovoltaic + silicon light." However, the stark contrast between the soaring stock price and the disappointing performance of the company in 2025 is evident. The company reported a 14% year-on-year decline in operating income to 948 million yuan, with a net loss of 44.96 million yuan for the year, a decrease of approximately 171% compared to a net profit of 63.20 million yuan in 2024. While the capital market has given the company a high valuation premium, the operational pain of declining revenue and turning profits into losses poses a significant challenge to the growth logic of Robotechnik Intelligent Technology. Therefore, this listing on the Hong Kong Stock Exchange is not only an opportunity for Robotechnik Intelligent Technology to enhance its global influence in the silicon light business through the international platform of the Hong Kong stock market and connect with international industrial resources but also a litmus test for international investors' recognition of its "photovoltaic + silicon light" transformation and the authenticity of its growth narrative. With short-term performance pressures, can structural optimization nurture a turning point in profitability? Established in 2011, Robotechnik Intelligent Technology is a global leading supplier of high-precision intelligent manufacturing equipment and systems, specializing in providing photovoltaic manufacturing solutions and high-precision assembly and testing equipment for silicon light devices. According to the data from Reliable Consulting, the company is the only one globally that can provide assembly and testing solutions covering the entire manufacturing process of silicon light devices. It is one of the suppliers of high-precision assembly and testing equipment for 800G and above silicon light or CPO optical modules. It is the only manufacturer of mass-produced ultra-high-precision silicon light assembly and testing equipment, with a linear motion accuracy of up to 5 nanometers. Taking into account the revenue of ficonTEC in 2024, Robotechnik Intelligent Technology ranks first in the global silicon light intelligent manufacturing equipment market, occupying approximately 25.5% of the market share globally. However, even as a leading company in the "photovoltaic + silicon light" dual-track industry, Robotechnik Intelligent Technology's performance in 2025 saw a significant "reversal." According to the prospectus, Robotechnik Intelligent Technology's revenue in 2023, 2024, and 2025 amounted to 1.57 billion, 1.1 billion, and 948 million yuan, respectively, with the latter two years experiencing year-on-year declines of 27% and 14%. During the same period, profits were 79.47 million, 63.18 million, and -44.96 million yuan, with year-on-year declines of 20%, and 171% for the last two years. For Robotechnik Intelligent Technology in 2025, it was a year of a cliff-like decline in the photovoltaic business and an emergence of the silicon light business. However, the intersection of these two curves has not yet resulted in a beautiful profit statement. In 2024, the photovoltaic business still accounted for 92.5% of the company's total revenue, with the silicon light business only at 4.54%. One year later, revenue from the photovoltaic business plummeted from 1.021 billion yuan to 433 million yuan, a year-on-year drop of 57.6%, while the silicon light assembly and testing equipment business saw a surge, with revenue increasing from 50.176 million yuan to 439 million yuan, almost an 8-fold growth, accounting for 46.3% of total revenue and surpassing photovoltaics for the first time to become the new pillar. Furthermore, the significant differentiation in gross profit margins is worth noting: the overall gross profit margin of the silicon light business reached 36.1%, significantly higher than the photovoltaic business's 28.4%. This structural change has raised the company's overall gross profit margin from 28.7% in 2024 to 34.5% in 2025, against the trend. Although the silicon light business has quickly risen to become Robotechnik Intelligent Technology's largest source of revenue, the company still faces some transitional pressures in the short term as the scale effects of the new business have yet to be fully realized. In 2025, the company experienced a phase of net profit turning from profit to loss due to factors such as integration costs from cross-border mergers, increased research and development investment in the high-end track, and team expansion, all of which are reasonable costs during the company's strategic upgrade process. According to the prospectus, in 2025, Robotechnik Intelligent Technology's sales and marketing expenses, administrative expenses, and research and development expenses amounted to 94 million, 122 million, and 106 million yuan, respectively, representing year-on-year increases of approximately 72%, 128%, and 26%. The substantial increase in operating expenses has clearly eroded the company's profits. Additionally, it is worth mentioning that the company acquired ficonTEC in May 2025, incurring goodwill of 1.661 billion yuan, accounting for 38.7% of total assets, a Sword of Damocles hanging over its head. If the company fails to meet its performance commitments in the future, the impact of impairment cannot be underestimated. Overall, Robotechnik Intelligent Technology is currently experiencing short-term performance pressures with a sharp decline in the photovoltaic business, a net profit turning negative, and the risks of high goodwill and expenses. However, the explosive growth of the silicon light business, with its high gross margin structure optimization, has laid a solid foundation for long-term growth. The pain points hide opportunities, and the ability to digest short-term pressures and realize a turning point in profitability will depend on the progress of unleashing the scale effects of the silicon light business and resolving risks. The interweaving of the photovoltaic and silicon light tracks presents half opportunities and half challenges for Robotechnik Intelligent Technology. Looking at the industry situation, the two-stage industry cycle in which Robotechnik Intelligent Technology finds itself is like a tale of ice and fire. On the one hand, the photovoltaic equipment market is currently in a period of intense competition, with downstream manufacturers increasing production cautiously due to oversupply, leading to a new stage of competition and survival in the industry. According to the prospectus, the global market for photovoltaic intelligent manufacturing equipment has grown from 32.8 billion yuan in 2020 to 141.1 billion yuan in 2024, with a compound annual growth rate of 44.1%. The rapid growth of the photovoltaic equipment industry has been mainly driven by increased investment in the industry around 2020. However, this aggressive capacity expansion has led to a serious imbalance between supply and demand in the industry. The industry then entered a period of capacity adjustment. It is expected that the global market for photovoltaic intelligent manufacturing equipment will temporarily decline in 2025, but will gradually recover as supply and demand dynamics rebalance and the long-term structural demand from energy transformation resumes. The compound annual growth rate is projected to be 0.3% from 2024 to 2029, with the market size reaching 143.3 billion yuan in 2029. On the other hand, in the silicon light field, with the wave of construction of AI large models, supercomputing centers, and high-speed data centers sweeping the globe, the upgrade of computing power is driving the iteration of optical communication technology, with silicon light and CPO becoming the core underlying carriers of computing power infrastructure, directly driving explosive growth in demand for silicon light packaging, testing, and intelligent manufacturing equipment. According to industry data, the market size of silicon light intelligent manufacturing equipment has expanded from 400 million yuan in 2020 to 2 billion yuan in 2024, with a compound annual growth rate of 46.9%. By 2029, the overall market is expected to reach 23.3 billion yuan, with a compound annual growth rate of 63.8%. The market size is still relatively small as a larger technological change is in its early stages. CPO and OCS technologies are expected to enter mass applications by 2027 to 2028, which will drive the accelerated growth of the corresponding equipment market. It is worth mentioning that between the "ice cellar" of photovoltaics and the "fiery furnace" of AI, Robotechnik Intelligent Technology has completed a leap in valuation logic through its dual focus on photovoltaic + silicon light. Additionally, by leveraging leading technological barriers, high-quality customer resources, and precise strategic transformation, the company has the strength to navigate the pressures of industry development brought by the interweaving of ice and fire. In conclusion, the deep logic of Robotechnik Intelligent Technology's value judgment can be summarized as follows: in the short term, it depends on whether the signals of a bottoming out in photovoltaics can be sustained; in the medium term, it depends on whether the risks of ficonTEC goodwill can be gradually resolved; and in the long term, it depends on whether the demand for silicon light equipment driven by AI can be realized as stable, scalable revenue and profits. Once the expected AI computing power demand turns into orders, bringing about scalable revenue and profits, the golden track of silicon light equipment will eventually realize its rightful value. Therefore, for Robotechnik Intelligent Technology, the Hong Kong IPO is not the end but a new beginning. For investors, it is both a careful assessment of risks and a bold venture to capitalize on future trends.