Shao Tianlan, the founder of Mech-Mind, took to his social media platform to shed light on how certain embodied artificial intelligence companies have been artificially inflating their revenues through related-party transactions. He specifically pointed out Galbot, casting doubt on its claims regarding its plans to go public. This revelation has sparked widespread concerns within the robotics industry about issues such as capital, local government support, regulatory oversight, and valuation practices. Mech-Mind, a company specializing in core components for industrial robots, made its debut on the Hong Kong Stock Exchange. Despite attracting high subscription rates, its stock price took a hit post-listing. Although the company has witnessed rapid revenue growth and maintains healthy gross margins, it has yet to turn a profit. Nevertheless, its growth trajectory is considered to be of higher quality than that of companies that rely heavily on conceptual financing, though it has not yet achieved a stable cash flow position.
Recently, regulatory authorities have intensified their scrutiny of IPO applications from robotics companies. They now require firms to demonstrate sustained revenue-generating capabilities or be on a clear path towards reducing losses and driving technological innovation. Following its listing, Unitree Robotics experienced significant fluctuations in its stock price, suggesting that the market has not yet fully recognized its true value. While local governments continue to support robotics companies through industrial policies, scenario-building, capital injection, and listing assistance, the ultimate endorsement for a company's public listing remains its ability to secure customer orders, maintain gross margins that cover R&D expenses, and generate positive cash flow. The robotics industry's IPO landscape has transitioned from a phase of 'storytelling' to one of 'critical evaluation'.