Robotics Component Maker Benmo Dynamics Eyes Hong Kong IPO

A burgeoning player in the robotics component sector, Benmo Dynamics, is advancing towards a Main Board listing on the Hong Kong Stock Exchange under the Chapter 18C regime for specialized tech companies. The company, which focuses on integrated direct-drive power modules for robotic joints, has achieved significant revenue growth in recent years, driven by the increasing adoption of these components in consumer robotics. CITIC Securities (Hong Kong) is serving as the exclusive sponsor for this initial public offering.

Benmo Dynamics has positioned itself as a key supplier of direct-drive modules, a critical component that eliminates the need for external gearboxes. The company reports being the first and only global supplier to have shipped over 5 million direct-drive power modules for consumer robots. In China's consumer robot direct-drive module market, Benmo Dynamics claims a leading 61.1% share in 2025. However, within the broader Chinese consumer robot power module market, which includes traditional geared systems, its share is a more modest 2.4%, ranking eighth overall. This highlights the niche but rapidly growing nature of the direct-drive segment.

Financially, Benmo Dynamics has demonstrated impressive top-line expansion. Revenue surged from approximately RMB 17.54 million in 2023 to RMB 282 million in 2025, reflecting a compound annual growth rate of 300.8%. This rapid ascent is largely attributable to its direct-drive modules for consumer robots, which saw revenue climb from RMB 3.2 million in 2023 to RMB 248 million in 2025. Despite this revenue surge, the company has reported adjusted net losses, though the loss rate has narrowed significantly from 349.1% in 2023 to 15.4% in 2025. The company's operational cash flow has remained negative over the past three years.

The company's business model is primarily that of a component supplier, with power modules accounting for 97.4% of its 2025 revenue. The gross profit margin for modules stood at 21.5% in 2025, an improvement from 13.5% in 2023, but still relatively thin for a hardware component business. The average selling price for its direct-drive modules was approximately RMB 29 per unit in 2025, underscoring a strategy reliant on scale and cost efficiency. This business model faces risks if growth or scale efficiencies decelerate, as the current profit margins may not withstand significant pressures.

Benmo Dynamics faces notable concentration risks. In 2025, its top five customers accounted for 85.7% of its revenue, with the largest single customer contributing 42.8%. Geographically, 99.4% of its revenue in the same year was generated from mainland China. On the supply side, its top five suppliers represent 40.1% of its procurement value, with key raw materials including enameled copper wire, magnets, and iron cores, which are subject to commodity price fluctuations.

The company has a robust funding history, having completed 12 financing rounds between April 2020 and December 2025, raising approximately RMB 648 million. Early investors have seen substantial paper gains. Notably, Professor Li Zexiang, through entities like the Songshan Lake Robot Research Institute, was an early investor from the seed round, with an adjusted cost per share of approximately RMB 0.05. By the Series C round in December 2025, the cost per share had risen to RMB 9.97, representing a roughly 200-fold increase. Other significant investors include various funds from the Lenovo ecosystem (Lenovo Capital, Lenovo Star, Legend Capital), Rockets Capital (affiliated with XPeng), Beijing Chengkun (under SenseTime), and Nanjing Chuangyi (linked to Horizon Robotics). Beijing State-owned Assets, through entities like Shunxi, Advanced Manufacturing, and Jingguoguan, collectively holds approximately 21% of the company, making them the second-largest shareholder group after the founders.

Zhang Di, the 31-year-old founder, Chairman, and CEO, holds a strong academic background in robotics from Beijing Institute of Technology and the Hong Kong University of Science and Technology (HKUST), where he was mentored by Professor Li Zexiang, a prominent figure in robotics research and a key figure behind DJI and XbotPark. Professor Li Zexiang previously served on Benmo Dynamics' board. The company's operational base is within the XbotPark hardware incubation ecosystem in Dongguan. Zhang Di, through his control of entities like Woreng Hezhong, Woreng Chuangchuang, and Guyuan Investment, holds a combined 41.30% voting power. The executive team also includes President Dr. Liu Xuyang, a specialist in electrical and electronic engineering, and CFO Zhang Hongbo, who joined in May 2025 to manage the IPO process.