Youibot clears a CSRC filing for a Hong Kong listing as revenue growth slows to 33%

The International Department of the China Securities Regulatory Commission issued a filing notice for Hefei Youibot Robotics on Oct 16, covering its Hong Kong listing and the full circulation of its domestic unlisted shares. The company, founded in 2017, plans to issue no more than 49,477,800 overseas-listed ordinary shares, and 37 shareholders plan to convert 243,804,260 domestic shares into Hong Kong-traded stock.

The filing puts a company growing much more slowly than a year earlier at the listing gate. Revenue rose about 137% in 2024 but about 33% in 2025, and the adjusted net loss widened again, to RMB106.0 million. About two-thirds of the RMB384.3 million headline loss is a non-cash charge tied to redemption liabilities, a charge that ends at listing.

Revenue growth fell from about 137% to about 33%

Revenue was RMB107.7 million in 2023, RMB254.9 million in 2024 and RMB339.7 million in 2025; gross margin rose from 26.1% to 36.5%. Industrial intralogistics supplied RMB201.7 million of 2025 revenue, 59.4%, and inspection and maintenance RMB138.0 million. Youibot says its solutions had reached more than 400 enterprises by Dec 31, 2025, mainly in semiconductors and energy and chemicals. It makes mobile manipulation robots, including humanoids, for industrial customers, and it filed as a Specialist Technology Company under Chapter 18C of the HKEX rules, with CICC as sole sponsor and an updated prospectus dated Mar 31, 2026.

The 2025 loss is mostly an accounting charge

The IFRS loss for 2025 was RMB384.3 million, up from RMB200.2 million in 2024. The main adjustment is the non-cash change in the carrying amount of redemption liabilities, RMB249.4 million in 2025, whose rights terminate at listing. The adjusted net loss was RMB81.2 million in 2024 and RMB106.0 million in 2025, with its margin roughly flat, from 31.9% to 31.2%. Youibot attributes the wider loss to higher R&D spending and a bigger R&D team, and to higher selling and marketing costs.

Gross margin kept rising, to 36.5%, and the adjusted loss grew at about the pace of revenue rather than faster. Frost & Sullivan puts its share of the whole embodied AI robotic solution market at 0.3% globally and 0.9% in China, even as it ranks first in China in mobile manipulation solutions.

At listing, the investors' redemption rights terminate, so the RMB249.4 million redemption line drops out of the loss. The adjusted loss of RMB106.0 million, reported for 2025, becomes the number the next filings will be judged on.