CRP Robot Technology, a Chengdu-registered robotics firm, filed an updated prospectus with the Hong Kong Stock Exchange on May 31 as it seeks a main board listing. Guotai Haitong Securities is the sole sponsor.
The filing keeps CRP on track in its bid to become China’s first listed company focused on deploying embodied intelligence in industrial settings.
From controllers to complete robots
Founded in 2012, CRP has built a self-developed product portfolio across three categories: industrial robots, collaborative robots, and embodied robots.
According to Frost & Sullivan data cited in CRP’s prospectus, the company ranked first among Chinese welding robot manufacturers by revenue in 2025. From 2023–2025, it sold products to customers in 40 countries and regions outside China, including Germany and Japan, and formed partnerships with more than 80 localized professional integrators overseas.
CRP focused on foundational robotics technology from its early years. Before 2018, it mainly supplied industrial robot controllers and complete electrical systems. In 2018, it expanded from key components into complete robot products, launching its first full robot that year. It launched its first embodied robot in 2022.
As of May 25, CRP’s industrial robot portfolio included more than 70 models across sectors such as metal and machinery processing, automotive and components, electronics, new energy, consumer goods, and healthcare. Its robots are used in major industrial scenarios, including welding, grinding, handling, cutting, and adhesive dispensing. Its embodied robot products address specific applications, including transmission tower welding, photovoltaic panel installation, grain sampling, wood panel handling, and airport baggage handling.
Industrial robots move closer to deployment
CRP released Lingshuo, an industrial wheeled humanoid robot, and Lingxun, a hybrid robot, in August 2025. The systems integrate environmental perception, autonomous decision-making, and precision execution, allowing them to interpret tasks, adapt to changing conditions, and work with existing industrial equipment. They are designed for advanced manufacturing environments.
In March this year, CRP publicly demonstrated RHM-T1W, its second-generation wheeled humanoid robot. The model combines a wheeled chassis with a humanoid upper body and supports autonomous obstacle avoidance, route planning, slope driving, and sub-millimeter motion control. It can bend, turn, grasp, and perform other complex movements, making it suited to demanding industrial scenarios such as inspection, handling, and assisted operations.
Its self-developed robot intelligence system uses a two-layer architecture. The lower layer is based on a 3D vision foundation model that helps the robot interpret complex industrial environments. The upper layer draws on knowledge bases covering more than 70 industries and over 2,000 process workflows. Combined with tactile feedback technology, it is designed to improve performance on specialized tasks.
Through a full-chain architecture spanning perception, decision-making, execution, and iteration, CRP aims to make robots more capable in industrial settings. Its expansion into embodied robotics builds on existing capabilities in motion control, robot bodies, multisensor fusion, industrial scene understanding, and software algorithms.
Industrial settings are widely viewed as one of the earliest markets where embodied robots can be commercialized. Compared with households, industrial environments usually have more standardized tasks, more accessible data, clearer commercial value, and stronger customer willingness to pay. CRP’s accumulated process data, scenario experience, and customer relationships in industrial robotics could therefore support the commercialization of its embodied robots.
CRP’s product portfolio reflects more than a decade of technical development. As of May 25, the company held 326 patents and 44 software copyrights, forming an intellectual property system across hardware, software, and algorithms.
This full-stack capability is important in industrial robotics because robots are not standalone hardware products. They are integrated systems comprising control systems, software algorithms, mechanical bodies, and industrial process know-how. Companies that control the underlying control layer have more flexibility in product iteration, cost optimization, and scenario expansion. In welding, where motion precision and process knowledge are critical, that control can be especially valuable.
Growth accelerates ahead of IPO
CRP recorded revenue of RMB 222 million (USD 32.7 million), RMB 234 million (USD 34.5 million), and RMB 324 million (USD 47.7 million) in 2023, 2024, and 2025, respectively. Revenue grew 38.5% year-on-year in 2025, accelerating from the previous year.
By revenue mix, CRP’s collaborative robot revenue grew nearly fourfold year-on-year in 2025, while revenue from embodied robots increased more than 2.4 times. The shift suggests the company is extending beyond traditional industrial robots into higher-value product categories.
CRP’s gross margin rose from 27.1% in 2023 to 33% in 2025. It also turned operating cash flow positive in 2025, reaching RMB 28.3 million (USD 4.2 million), indicating improvement in cash generation.
Since its establishment, CRP has completed several funding rounds. Its investors include Northern Light Venture Capital, Richen Capital, Shuanghuan Company, TTGG (Silicon Paradise), Eastern Bell Capital, Qixin Capital, Grand Yangtze Capital, HT Capital, and the Shanghai Electric Apparatus Research Institute (SEARI).
In its prospectus, CRP said the net proceeds from the IPO will mainly be used to strengthen R&D capabilities, deepen partnerships with existing customers, build its brand in China, expand overseas, enhance manufacturing capabilities, and provide general working capital and operational flexibility.
This article was adapted based on a feature originally written by and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.79 = USD 1 based on estimates as of June 4, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.