We are one of leading companies that specializes in the development, manufacturing and commercialization of collaborative robots, or commonly known as “cobots.” We are a top 2 player in the global cobot industry and the No.1 player among all Chinese cobot companies, with a global market share of 13.0% as measured by shipment volume in 2023, according to the CIC Report. The global cobot industry is at a nascent stage of development, whose market size accounted for less than 2% of the global robot industry in terms of revenue in 2023. Leveraging our proprietary full-stack cobot development technologies and in-house design and development of key components, we offer selections of cobots in payload capacity, axis model and use case, addressing our customers’ diverse needs across a wide array of use cases. We focus on industry innovation, particularly in cobot safety measures and AI capabilities, by introducing the flexible e-skin technology, SafeSkin, and launching AI-empowered cobots underpinned by our AI cobot empowering platform, X-Trainer. As of the Latest Practicable Date, we offered a total of 27 cobot models in four series, catering to numerous use cases in manufacturing, retail, healthcare, STEAM education, scientific research settings and many more.
Cobots are robots with operational robotic arms intended for direct human-robot interaction or collaboration within a shared space or where humans and robots are operating in proximity. Cobots offer a value proposition by enabling humans and machines to work together seamlessly and safely, increasing productivity, flexibility and quality across various industries. The cobot industry is currently in a stage of rapid growth. The global cobot market size has grown significantly from US$466.6 million in 2019 to US$1,039.5 million in 2023, at a CAGR of 22.2%, and is expected to reach US$4,950.0 million by 2028, at a CAGR of 36.6% from 2023 to 2028. The growth rate of the global cobot industry has significantly outpaced that of the traditional industrial robot industry. The proliferation of AI technologies is expected to further accelerate the adoption of cobots in more use cases. We believe we are well positioned to capture the substantial market opportunity.
Underpinned by our research and development capabilities, we stay at the forefront of the global cobot industry. Guided by a forward-looking strategy and long-termist mindset, we are committed to research and development efforts that drive sustainable growth and enduring impact. According to the CIC Report, we are one of few global players with proprietary full-stack technologies spanning the entire cobot development cycle, including cobot design and manufacturing, key components development, controller system development, key algorithm formulation and iteration, versatile cobot deployment for different tasks, and AI capabilities development. Our proprietary flexible e-skin technology, SafeSkin, enables our cobots to detect approaching objects 15 cm away while operating at a 1 m/s safety speed during the human-robot interaction, four times the 0.25 m/s industry standard (based on the comparison between six-axis cobot models with a payload of 5 kg), according to the CIC Report. Our AI-empowered cobot platform, X-Trainer, boasts high-quality data collection, low latency delivering an improvement in end-to-end response speed, and more efficient generalized learning system. Capitalizing on our technology capabilities, we have built cobots with our proprietary design that are safe, smart, nimble and robust.
As of the Latest Practicable Date, we had assembled a research and development team of 139 industry experts and senior engineers in the robotics industry, accounting for over 25% of our workforce.
Our research and development expenses increased from RMB46.9 million in 2021 to RMB70.5 million in 2023, at a CAGR of 22.6%. As of the Latest Practicable Date, we had obtained 213 invention patents, 302 utility model patents, and 131 design patents, some of which have garnered industry awards and acclaim.
For example, we received the 24th China Patent Excellence Award for our patented collision detection method, the 2023 Guangdong Patent Silver Award for our patented dynamics motion control method, and the 2021 Shenzhen Science and Technology Patent Award for our patented high-precision desktop robot structural design technology. Our human-robot interaction technology based on e-skin admittance control has been acclaimed by an expert group from the China Machinery Industry Federation (中國機械工業聯 合會) as internationally leading.
Translating this research and development prowess into products, we offer one of the most extensive product portfolios in the global cobot industry, according to the CIC Report, catering to numerous use cases in manufacturing, retail, healthcare, STEAM education, scientific research settings and many more.
The comprehensive product matrix allows us to meet specific customer needs by offering model combinations with varying axis configurations, payload capacities, and performance requirements, geared towards the specific production lines, processes, or use cases to ensure that cobots are optimally utilized for their intended tasks, which in turn translates into cost savings and operational efficiency. Our four-axis cobots, first launched in 2016, are built on proprietary patents that have enabled compact size, integrated controller, and simple structure while maintaining high-performance standards. Our cobots have been acclaimed domestically and internationally, receiving awards such as the China Red Star Design Award (中國設計紅星獎), the German iF Design Award (德國iF設計獎), the Red Dot Design Award (紅點設計獎), and the U.S. CES Innovation Award (美國CES創新獎), to name a few.
Our proactive endeavors in product commercialization and market expansion have contributed to our revenue growth during the Track Record Period. Our revenue increased at a CAGR of 28.3% from RMB174.3 million in 2021 to RMB286.7 million in 2023 and by 9.6% from RMB109.9 million in the six months ended June 30, 2023 to RMB120.5 million in the six months ended June 30, 2024. Our export volume of cobots has consistently ranked first in China for six consecutive years, according to the CIC Report. During the Track Record Period, we sold a total of over 53,000 cobots globally. Our sales network consists of direct sales and distributors with a global footprint in over 80 countries and regions, including major overseas markets such as the United States, the European Union, Japan and Southeast Asia. Our commercialization success is also validated by our clientele. With robust growth and proprietary full-stack technology, we are well-positioned to capitalize on the market opportunity in the global cobot industry.
Source: Shenzhen Dobot (02432) Prospectus (IPO Date : 2024/12/13) |