Leju Robot Files for IPO on Shenzhen's ChiNext Amid Rapid Growth and Challenges
Leju Robot has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise RMB 2.6 billion. With a valuation of RMB 4.327 billion and a projected market cap of at least RMB 3 billion, the company showcased significant growth in humanoid robot sales, positioning itself as a key player in the embodied intelligence sector.
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Leju Robot (Shenzhen) Co., Ltd. has filed for an IPO on ChiNext, targeting RMB 2.6 billion in capital. The company reported substantial growth in 2025, selling 577 units of its Kuavo humanoid robots, a 17-fold increase from 2024, ranking fourth globally in the sector.
Despite increased sales, the average price of Kuavo units dropped 25.56%, resulting in a decline in gross margins from 50.45% in 2023 to 40.78% in 2025. The company recorded net losses of RMB 69.78 million in 2025 and has reported negative cash flow for three consecutive years.
Leju Robot's future profitability is contingent on scaling production and reducing reliance on external suppliers for core components. Its growth trajectory raises questions about sustainable profitability in an industry characterized by high upfront investment.
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