New Stock Preview | Welding Siasun Robot&Automation as a leader, canop sprint Hong Kong stocks: self-developed full stack to build the bottom, profit turning point clear

One side is the dazzling cutting-edge technology of Hanover, while the other side is the capital process of listing on the Hong Kong stock exchange - "Welding Siasun Robot & Automation Leader" Canop is knocking on the door of the Hong Kong stock market with its hardcore strength, opening up a dual-wheel acceleration of capital and globalization. At the end of May, Canop Siasun Robot & Automation Technology Co., Ltd. (referred to as "Canop") in Chengdu submitted its application to the Hong Kong Stock Exchange once again, continuing to sprint for the main board of the Hong Kong stock market, with Guotai Junan Finance being its exclusive sponsor. Prior to this, the company had also received good news in the cutting-edge technology sector. On April 20th, at the Hannover Messe Industrial Fair in Germany, Canop's second-generation wheeled humanoid Siasun Robot & Automation RHM-T1W, which made its global debut, became the focus of the exhibition hall and has established partnerships with more than 80 overseas localization professional integrators. It can be seen that from the global debut in Hanover to the crucial leap to listing on the Hong Kong stock market, Canop is breaking through with the humanoid Siasun Robot & Automation and global network, redefining the boundaries of "Welding Siasun Robot & Automation Leader". However, what truly supports its progress is not just the focus on the exhibition stand or the numbers in the prospectus: when the production line's hardcore strength, new capital engine, and global layout come together, its investment value logic will become clear. Technological moat + market barriers solidify the "hardcore foundation" As an advanced domestic industrial Siasun Robot & Automation enterprise, with a leading position in smart Siasun Robot & Automation, Canop's "hardcore foundation" is not just a concept. Founded in 2012, Canop has successfully built a matrix of three categories of independently developed products, including industrial Siasun Robot & Automation, collaborative Siasun Robot & Automation, and intelligent Siasun Robot & Automation, relying on full-stack independent core technology and multi-scenario intelligent application capabilities. The product portfolio covers over 70 models and is widely used in various fields such as metal and machinery processing, automotive and parts, electronics, new energy, consumer goods, and healthcare, covering the vast majority of industrial application scenarios. Measured by market share, Canop has clearly taken a leading position in its sector: based on revenue projections for 2024 and 2025, the company has ranked first among all Chinese welding Siasun Robot & Automation manufacturers for two consecutive years. During the past record period, the company's products have been sold to customers in 40 countries or regions outside of China. Supporting this market position is the company's fully controllable technological moat. From underlying hardware to operating systems, industrial applications, and cloud software, Canop has built a rare full-chain self-developed system in the industry. This self-research ability is not only the foundation of the company but also a barrier with a "snowball effect": the controller determines the core performance of Siasun Robot & Automation, and the self-developed system allows Canop to have higher flexibility and lower marginal costs in product iteration. For example, Canop's adaptive accuracy compensation algorithm has made Siasun Robot & Automation reach an internationally leading level in key accuracy indicators, with a repeat positioning accuracy as low as 0.02 millimeters, positioning accuracy as low as 0.2 millimeters, and path repeatability as low as 0.1 millimeters. In addition, Canop has also integrated high-threshold process technology directly into customers' production processes and production lines, making its Siasun Robot & Automation a key operating component, thus building its embedded technology barriers. Currently, the global industrial Siasun Robot & Automation market is expanding rapidly - according to Frost & Sullivan data, the market is expected to reach 207.3 billion yuan by 2030, with a compound annual growth rate of 12.7%, driven by the continuous expansion of downstream application scenarios and market demand. In this high-growth sector, Canop not only accurately seizes the window of domestic substitution but also relies on the deep accumulation of welding technology and self-developed algorithm barriers to complete the value leap from "substituting labor" to "upgrading process capabilities". Product structure optimization + scale effect release, clear profit turning point When evaluating a prospectus about to be listed on the Hong Kong stock exchange 18C channel, it is necessary to go beyond the traditional framework of short-term financial evaluation and focus on the long-term value drive of the company. According to the prospectus data, Canop achieved revenues of 222 million yuan, 234 million yuan, and 324 million yuan in 2023 to 2025, with year-on-year growth, including a significant increase of 38.5% in 2025. From the revenue structure perspective, mainly due to the continuous optimization of the product structure and a significant increase in the proportion of high value-added products, the revenue of Canop's collaborative Siasun Robot & Automation in 2025 has nearly quadrupled, and the revenue of intelligent Siasun Robot & Automation has also more than doubled. With the gradual increase in the proportion of high value-added products, the momentum of revenue growth continues to expand, forming a positive cycle of "structural optimization - value enhancement - high revenue growth". Furthermore, the company's gross profit and gross profit margin have also increased in sync: from 60 million yuan in 2023 to 107 million yuan in 2025, and the gross profit margin from 27.1% to 33%. This profit improvement is driven by two core factors: the continuous optimization of the product structure, with flagship models with high gross margins and an increasing proportion of intelligent Siasun Robot & Automation, highlighting the value of the product matrix; and the expansion of production capacity driving the release of scale effects, with the capacity utilization rate increasing from 77.8% in 2023 to 84.3% in 2025, enhancing production efficiency and cost control. The increase in revenue combined with operational efficiency improvement has significantly boosted profitability. However, as the company is still in the strategic investment phase, Canop recorded a net loss of 16.146 million yuan in 2025. In fact, Canop's current losses are an active choice under its "technology strategy" - the company's research and development expenses reached 48.917 million yuan, accounting for over 15% of revenue for three consecutive years, which is clearly a phase cost paid by the company to gain a technological advantage. This is not a weakness but a necessary strategic cost for Canop to establish a moat in the industrial Siasun Robot & Automation race. From a long-term perspective, with the continuous increase in revenue and gross profit margin, Canop's positive cycle of scale effects has been launched. With a 38.5% increase in full-year revenue to 324 million yuan in 2025, a gross profit margin of 33%, and positive cash flow of 28.275 million yuan in 2025, it is the concentrated realization of the dual logic of product structure optimization and scale effect release - the increase in the proportion of high value-added new products drives up the gross profit margin, while the scale of production and sales dilutes the unit cost, bringing about a core drive for improving profit quality. In conclusion, from the continuous optimization of the product structure to the orderly implementation of globalization, from the continuous increase in gross profit margin to the clear direction of profitability - the prospectus submitted to the Hong Kong Stock Exchange by Canop is not just a historical financial record, but also a ticket to long-term value growth.