Orbbec files for Hong Kong IPO, claims No.1 in global robot 3D vision market

Hong Kong Stock Exchange, September 24 – Orbbec Technology Group Co., Ltd. - W (Stock Code: 688322.SH) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International acting as joint sponsors.

Company Overview

According to the prospectus, Orbbec is a global leader and pioneer in 3D vision perception solutions. Leveraging years of proprietary patented technology and deep industry experience, the company is building a foundational perception gateway, data infrastructure, and delivery platform for the era of physical AI and robotic intelligence.

Orbbec has developed a full-stack product matrix integrating design, R&D, and manufacturing, covering 3D vision sensors and a diverse range of consumer-grade and industrial-grade application terminals. The company serves clients in robotics and other AIoT (Artificial Intelligence of Things) sectors. In 2025, by revenue, Orbbec ranked first globally in the robotics 3D vision perception market, holding a 29.0% market share.

The company focuses on key infrastructure capabilities required for physical AI to enter the real world, integrating spatial intelligence, embodied intelligence, and physical intelligence. Its core capability system connects the real physical world, virtual training environments, and intelligent terminal devices:

• Physical Perception: Spatial Intelligence Gateway. Through its full range of self-developed 3D sensors and multimodal perception solutions, Orbbec provides robots with real-time 3D perception capabilities, laying the spatial intelligence foundation for physical AI to perceive the physical world. Its 3D vision sensors serve as the primary interface for robots and intelligent terminals to acquire 3D perception, enabling robots to understand the 3D geometric structure of their surroundings, detect obstacles, identify objects, and navigate complex environments.

• Data & World Models: Real-World Data Infrastructure. Using 3D scanning, 3D reconstruction, and multimodal data acquisition hardware platforms, Orbbec addresses the critical challenge of obtaining high-quality multimodal 3D and tactile data required for physical AI model training. Its data acquisition hardware platform consists of standardized, ontology-free data acquisition kits, including the newly launched First-Person View Data Acquisition Module (EGO), Handheld Data Acquisition Module (UMI), and Wrist Near-Field Interaction Acquisition Module (WristCam), with support for third-party sensor integration. The company also provides full-stack tool support for 3D modeling, cross-modal data integration, calibration and alignment, and hardware-level synchronization.

• Embodied Intelligence: Engineering Delivery Capability. Leveraging its integrated product design, engineering, and mass production capabilities, Orbbec helps customers bridge the gap from algorithms to hardware, driving embodied intelligence from digital models to real-world scenarios. This capability enables the company to deliver not only standardized perception modules but also full-system integration solutions for robots and other AIoT applications, aiming to facilitate customer integration processes and shorten time-to-market.

Technology and Product Portfolio

Orbbec offers a comprehensive portfolio of 3D vision perception solutions covering hardware, software, and integrated systems, supported by its full-stack technology platform. The company has mastered all mainstream 3D perception technology pathways, positioning itself as a one-stop partner for robot manufacturers requiring multi-sensor fusion. It provides system-level optimization to deliver superior performance across diverse downstream applications. As of June 30, 2026, Orbbec had served over 7,000 customers globally, including more than 1,000 robotics companies, and had partnered with leading global AI computing infrastructure providers to participate in their AI ecosystems.

Financial Data

Revenue

• FY2023: Approximately RMB 360 million
• FY2024: Approximately RMB 564 million
• FY2025: Approximately RMB 941 million
• Six months ended June 30, 2026: Approximately RMB 438 million

Profit/Loss

• FY2023: Net loss of approximately RMB 276 million
• FY2024: Net loss of approximately RMB 62.9 million
• FY2025: Net profit of approximately RMB 128 million
• Six months ended June 30, 2026: Net profit of approximately RMB 40.8 million

Industry Overview

With the accelerated adoption of robotics and industrial automation equipment, physical AI continues to expand into manufacturing, logistics, commercial services, and other physical scenarios. The global physical AI market grew from approximately RMB 288.8 billion in 2021 to approximately RMB 628.3 billion in 2025, representing a CAGR of 21.4%. Looking ahead, as embodied intelligent robots accelerate commercialization and the application scope of commercial service robots, industrial robots, and other products continues to expand, demand for robot terminal equipment, 3D perception devices, and industrial automation equipment is expected to grow further. The global physical AI market is projected to reach approximately RMB 1,931.5 billion by 2030 (CAGR of 25.9% from 2026 to 2030) and approximately RMB 6,232.9 billion by 2035.

The Total Addressable Market (TAM) for physical AI, assuming 100% penetration of relevant equipment in all applicable scenarios, is estimated to exceed RMB 65 trillion globally, measured across four main scenarios: commercial services, industrial applications, embodied intelligence, and logistics.

Global Robotics 3D Vision Perception Market

The global robotics 3D vision perception market has grown rapidly, driven by expanding robot applications, increasingly diverse scenarios, and rising requirements for environmental perception and autonomous operation.

• Market Size: From RMB 200 million in 2021 to RMB 600 million in 2025 (CAGR: 33.9%)
• Forecast: Expected to reach RMB 11.7 billion by 2030 and RMB 152 billion by 2035, driven by large-scale deployment of embodied intelligent robots and expanding application scenarios.

By Segment (2025):

• Embodied Intelligent Robots: Approximately RMB 200 million in 2025, projected to reach RMB 9.9 billion by 2030 and RMB 146.6 billion by 2035, driven by commercialization, large-scale deployment, and rising demand for spatial understanding, environmental interaction, and precise manipulation.
• Commercial Service Robots: Approximately RMB 300 million in 2025, projected to reach RMB 1.3 billion by 2030 and RMB 4.2 billion by 2035, supported by continued applications in cleaning, delivery, and reception.
• Other Robots (logistics, special-purpose, lawn mowing): Approximately RMB 200 million in 2025, projected to reach RMB 400 million by 2030 and RMB 1.2 billion by 2035, as applications expand into more complex scenarios.

Board of Directors

The Board comprises 8 directors: 4 executive directors, 1 non-executive director, and 3 independent non-executive directors.

Shareholding Structure

Orbbec Xuguang, Orbbec Xiguang, Orbbec Zhuiguang, Orbbec Zhuguang, and Orbbec Xiguang (each a limited partner of Orbbec Zhongxin), as well as Orbbec Heguang, Orbbec Chenguang, Orbbec Yaoguang, and Orbbec Xingguang (each a limited partner of Orbbec Xiguang, a limited partner of Orbbec Zhongxin), are indirect shareholding platforms of the company, managed by Dr. Huang as the general partner of each. As of the latest practicable date (September 20, 2026), Dr. Huang and the aforementioned direct and indirect shareholding platforms are deemed a group of shareholders collectively entitled to exercise or control the exercise of 63.14% of the voting rights at shareholders' meetings (except for resolutions on special matters).

Intermediary Team

• Joint Sponsors: Goldman Sachs (Asia) L.L.C., Haitong International Capital Limited
• Legal Advisors to the Company: Kirkland & Ellis, King & Wood Mallesons, Sheppard, Mullin, Richter & Hampton LLP
• Legal Advisors to the Joint Sponsors: Sullivan & Cromwell (Hong Kong) LLP, Jingtian & Gongcheng
• Reporting Accountants and Auditors: Ernst & Young
• Industry Advisor: Frost & Sullivan (Beijing) Inc., Shanghai Branch
• Compliance Advisor: Mays Capital Limited