Siasun Robot&Automation (01021) Launches IPO: How well can the Chinese collaboration Siasun Robot&Automation perform as a "overseas sales champion"?

Since 2026, the Hong Kong IPO market has remained active. As of March 19, there have been 28 new listings this year, with total fundraising reaching 97.166 billion Hong Kong dollars, nearly 10 times higher than the same period last year. Market analysis believes that the resurgence of the Hong Kong IPO market is the result of a resonant combination of institutional optimization and loose liquidity, with the new stock issuance pace of Hong Kong stocks in 2026 trending towards stability, and the heat is expected to continue throughout the year. However, in this round of capital inflow surge, the market logic is undergoing a profound restructuring: capital has abandoned blind speculative concepts and turned its focus to leading hard-tech companies with real blood-making capabilities, global competitive advantages, and clear profit paths. In this context, the leader in the field of cooperation with Siasun Robot&Automation in China, Hwayan Siasun Robot&Automation, has become particularly eye-catching. The company started its global offering on March 20 and will close its offering on March 25. In this global offering, the company will sell 80.785 million shares, with 4.0394 million shares being publicly offered in Hong Kong and 76.7456 million shares internationally. The offer price is set at 17.00 Hong Kong dollars per share, with an entrance fee of approximately 3434 Hong Kong dollars per board lot. The company plans to officially list on the main board of the Hong Kong Stock Exchange on March 30 with the stock code "1021". It is worth noting that in this offering, Hwayan Siasun Robot&Automation has attracted several heavyweight cornerstone investors, including HHLRA under Hillhouse, GF Fund, Morgan Stanley, and Xiangfeng Investment, with a total subscription of 45.2658 million shares and a total subscription of 98.4 million US dollars. As the "overseas sales champion" of Chinese cooperation Siasun Robot&Automation, how much is the real value of Hwayan Siasun Robot&Automation? Continuous growth space in the industry Cooperation Siasun Robot&Automation is undoubtedly one of the fastest-growing subsectors in the Siasun Robot&Automation industry. According to a report by Frost & Sullivan, the global cooperative Siasun Robot&Automation market size increased from 25 billion yuan (RMB) in 2020 to 75 billion yuan in 2024, with a compound annual growth rate of 32.0%. Looking ahead, with the explosion of technology maturity and application scenarios, it is expected that by 2029, this number will soar to 350 billion yuan, and the compound annual growth rate from 2025 to 2029 will further accelerate to 37.4%. In this blue ocean market, the growth rate of the Chinese market is even more impressive. From 2020 to 2024, the compound annual growth rate of the Chinese cooperative Siasun Robot&Automation market reached 38.8%, and it is expected to further increase to 43.5% in the next five years. However, in terms of penetration rate, the share of cooperative Siasun Robot&Automation in the global Siasun Robot&Automation market was only 1.7% in 2024, still in the early stage of development. With the deep empowerment of AI technology, the explosive growth of flexible manufacturing demand, and the continuous rise in global labor costs, cooperative Siasun Robot&Automation is expected to replace traditional manual labor and large-scale industrial Siasun Robot&Automation in more industrial and service scenarios. According to the prospectus, the company's revenue shows an astonishing acceleration trend: from 10.94 billion yuan in 2022, it rapidly increased to 17.54 billion yuan in 2023, and in 2024, it broke through the 3 billion yuan mark, reaching 30.84 billion yuan, with a compound annual growth rate of 68.4% in three years. More importantly, while maintaining rapid expansion, the company successfully crossed the breakeven point. In 2022, the company was still in a net loss state of 83.4 million yuan, but through efficient cost control and technological premium, it achieved a net profit of 179 million yuan in 2024. With mastery of core components such as frameless torque motors, servo drives, joint modules, etc., which account for the highest proportion of the overall machine cost, Hwayan Siasun Robot&Automation has not only overcome the constraints of the upstream supply chain but also gained strong pricing power and gross margin space. This proven profit-making ability is the most solid moat for Hwayan Siasun Robot&Automation to resist market fluctuations. Building barriers with core research and development In the cooperative Siasun Robot&Automation track, most companies follow the traditional path of "purchasing parts-assembly-selling". However, Hwayan Siasun Robot&Automation has chosen a more challenging but more valuable path - the dual-wheel drive mode of "exporting core components + branding whole machines overseas". As the only company among the leading Chinese cooperative Siasun Robot&Automation companies that has achieved large-scale export of core motion components, Hwayan Siasun Robot&Automation relies on the technical accumulation of the founding team in the field of motors and servo drives to overcome industry pain points such as high torque density and high precision control. Its independently developed frameless torque motor has a maximum torque of 72Nm, and with optimized gearbox design, its S series cooperative Siasun Robot&Automation can cover loads up to 60 kg, with performance indicators far surpassing international first-line brands. This technological barrier has been transformed into Hwayan Siasun Robot&Automation's unique business advantage: on the whole machine business end, its own brands E series and S series, with the outstanding performance of core components, have successfully established high customer stickiness in high-difficulty industrial scenarios such as precision machining and intelligent welding, achieving differentiation breakthroughs; At the same time, the components business has opened up a strong second growth curve, and its independently developed core modules have been highly recognized by many traditional industrial Siasun Robot&Automation giants and leading humanoid Siasun Robot&Automation companies, deeply embedding into their standard supply chain. This means that even without directly selling whole machines, Hwayan Siasun Robot&Automation can still share the dividends of the entire Siasun Robot&Automation industry growth extensively by supplying core technologies to peers. This unique model of supplying core components to peers while independently developing whole machines for market competition not only builds an irreplicable competitive moat for Hwayan Siasun Robot&Automation but also significantly enhances its valuation premium in the capital market. The endorsement of multiple star institutions is a high recognition of this unique business logic. Leading positioning on the global map In the current complex geopolitics, the status of Hwayan Siasun Robot&Automation as the "number one in overseas sales of Chinese cooperative Siasun Robot&Automation" has become another bright label for the company. With a forward-looking globalization layout, the footprint of Hwayan Siasun Robot&Automation has spread across major economies including Europe, North America, and Asia. In markets such as Germany and the United States, where precision and safety requirements for industrial equipment are most stringent, Hwayan Siasun Robot&Automation has quickly won the trust of local system integrators with its open system interfaces and strong secondary development capabilities. More importantly, relying on the company's profound technical accumulation, Hwayan Siasun Robot&Automation has successfully established deep integration with the global high-end industrial chain. The company has not only won high recognition from leading equipment manufacturers in sub-industries such as machine tools, welding, testing, and medical devices at home and abroad but also established strategic partnerships with them, pushing cooperative Siasun Robot&Automation to become part of their standard equipment portfolio, reaching global markets through partners' product networks. At the same time, with excellent performance and reliability, Hwayan Siasun Robot&Automation has also become a core supplier for many traditional industrial Siasun Robot&Automation leading companies, providing multiple joint module models. This "embedded" globalization model not only effectively avoids the high costs of building channels but also leverages the brand endorsement of top partners, achieving rapid brand ascent. Hwayan Siasun Robot&Automation has successfully opened up vast incremental markets, and its growth logic is no longer restricted by fluctuations in China's macroeconomic cycles but resonates in sync with the global trend of manufacturing industry upgrades. Diversified layout to create a resilient ecosystem If cooperative Siasun Robot&Automation is the basic foundation of Hwayan Siasun Robot&Automation today, then humanoid Siasun Robot&Automation is its future breakthrough point. With the breakthrough of artificial intelligence and large-scale models, humanoid Siasun Robot&Automation is moving from the laboratory to the eve of industrialization. The core bottleneck restricting the mass production of humanoid Siasun Robot&Automation is high-precision, high torque density, and high reliability of joint modules. According to Frost & Sullivan's forecast, the compound annual growth rate of the global market for humanoid Siasun Robot&Automation parts from 2024 to 2029 will reach 59.5%. Hwayan Siasun Robot&Automation has a natural advantage in this field. Its accumulated technology in the field of cooperative Siasun Robot&Automation is highly consistent with the technology of humanoid Siasun Robot&Automation's joint modules. Currently, the company's joint modules have been recognized by many leading companies in the humanoid Siasun Robot&Automation industry. With this positioning, Hwayan Siasun Robot&Automation is expected to occupy a key ecological position in the trillion-dollar lane of humanoid Siasun Robot&Automation. The final pattern of the humanoid Siasun Robot&Automation track is not yet clear, but the strategic positioning of Hwayan Siasun Robot&Automation is becoming increasingly clear. Regardless of which whole machine manufacturer ultimately wins, as long as their products require high-precision joint modules, Hwayan Siasun Robot&Automation will be an indispensable key node in the supply chain. This dual-path of "being able to attack and defend" - both independently developing whole machines and focusing on core component supply - has built an extremely resilient business structure for the company, significantly enhancing the upper limit of its long-term investment value. In summary, Hwayan Siasun Robot&Automation is building a solid value base in the cooperative Siasun Robot&Automation track with a clear and scarce business logic. In terms of profitability, the company has already crossed the breakeven point, achieving a robust foundation of self-blood generation; in terms of competitive barriers, its dual-wheel drive model of "exporting core components + branding whole machines overseas" has not only cleared the path for realizing upstream technology but also formed an irreplicable moat; in terms of growth space, relying on the forward-looking positioning in key areas such as humanoid Siasun Robot&Automation joint modules, the company is poised to continue to share industry bonuses in the next round of Siasun Robot&Automation industry explosion, opening up the long-term ceiling of valuation. In the current Hong Kong IPO recovery and the re-establishment of pricing power for quality assets, Hwayan Siasun Robot&Automation is not only a leading company at the forefront of commercialization in the cooperative Siasun Robot&Automation track but also a long-term investment target with rarity, certainty, and growth potential. With the support of the capital market, the company's globalization layout and technological advantages are expected to further magnify, and its investment value will continue to be manifested in industry upgrades and performance realization, deserving long-term attention.