OneRobotics powers ahead on top line, but falls just short of profits

The robotic company’s maiden post-listing financial report includes high revenue growth and an improving gross margin, but stable profits are still some distance away

Key Takeaways:

• OneRobotics reported its revenue reached 900 million yuan last year, up 47.7% year-on-year, as its gross margin rose from 51.7% to 54%
• The robotics company’s sales and distribution expenses surged 81.3% to 312 million yuan, contributing to a net loss of 27.26 million yuan for the year

By Lee Shih Ta

Hardware has emerged as an indispensable vehicle as AI marches ahead from the virtual to the everyday world. As application scenarios expand, smart device makers are quickly integrating AI functionalities into their systems, gradually converging with a parallel narrative for a new generation of more mobile robots. That convergence not only makes such products more attractive, but is also drawing big interest from investors.

One company searching for a place in that saga is OneRobotics (Shenzhen) Co. Ltd. (6600.HK), which listed in Hong Kong at the end of last year and last week released an upbeat maiden post-IPO earnings report. The results showed its revenue rose 47.7% last year to 900 million yuan ($130 million), accelerating from 30% growth in 2024.

But that strong growth came on the back of even heavier sales and distribution spending, which rose 81.3% to 312 million yuan, easily outpacing revenue growth. The company stated such expenses primarily owed to its market expansion, brand promotion and channel development, as it placed its focus mostly on overseas markets.

Nearly all of the company’s revenue comes from foreign markets, with Japan, Europe, and North America accounting for over 95% of sales. Higher labor costs in those markets create stronger demand for automated equipment that can replace humans, and consumers are also more willing to pay for such convenience.

That said, building a presence for emerging products in new markets requires elevated spending on commissions for sales via online marketplaces, advertising and promotional costs, and logistical expenses. And sales volumes are likely to stay limited while products remain in a market education phase, meaning rising sales expenses are likely to outpace any revenue growth in the short term.

Despite rising sales expenses, OneRobotics’ gross margin still improved from 51.7% to 54% last year, benefiting from product portfolio upgrades, which saw higher-margin premium products account for a greater percentage of sales. Concurrently, appreciation of the Japanese yen and euro provided additional support by translating to more money per sale in Chinese yuan, which is the company’s reporting currency.

Unlike companies that began by launching pricey robots, OneRobotics’ path has been more indirect, starting by addressing simpler needs first before progressively extending into more complex systems. Compared to firms emphasizing robotic form and movement capabilities, OneRobotics focused on building a stable operation and practical functional implementation for its products within home settings before extending from there.

From individual devices to systems

The company began its robot journey with SwitchBot, a small device attachable to traditional switches, enabling remote control of conventional household appliances. Later it introduced its AI Hub as a centralized control unit integrating devices, then extended further into products with sensing and motion capabilities, progressively building a complete system. Concurrently, the company expanded its capabilities into additional scenarios, including Acemate, an AI tennis robot, and the onero, a humanoid chore robot.

The company summarizes its approach as “One brain, multiple embodiments,” meaning it centers on unified control and model capabilities extended across diverse scenarios. Its products have been deployed in fields ranging from domestic services to sports interaction and emotional companionship, selling to over 90 countries and regions globally.

Such a strategy lays a foundation for growth that isn’t reliant on a single hit product but stems instead from portfolio expansion as new scenarios and devices are added. Approximately 89.6% of revenue derives from the company’s home embodied AI robotic system products, indicating that OneRobotics has established a stable product ecosystem. As device connectivity increases, the company incrementally accumulates data from existing domestic scenarios covered by its products, laying the groundwork for subsequent improvements and new developments.

The company recorded a net loss of 27.26 million yuan in 2025, affected by one-off expenses related to its listing. Excluding those, it registered a non-GAAP adjusted net profit of 12.7 million yuan last year, up from 1.1 million yuan in 2024. While its operations are basically profitable, the rapid rise in sales expenses shows the company is investing heavily to boost its market penetration, which could hold back its ability to quickly become more profitable.

OneRobotics’ stock surged up to 7% the day after its maiden results announcement, but then shifted gears and ultimately closed down 1.65% at HK$113.50. Still, that price is 53.7% above the IPO price, testifying to the popularity of new robotic listings in Hong Kong’s hot IPO market. OneRobotics currently trades at a price-to-sales (P/S) ratio of about 30.9 times, higher than Ubtech’s (9880.HK) 26 times, and comparable to Dobot’s (2432.HK) 31.5 times. All of those are significantly above the 1.7 times for Xiaomi (1810.HK), which is best known for its smartphones and other smart devices. The valuation premiums for those robotics companies over traditional consumer electronics makers, despite their profitability limits, indicates the market is quite bullish on any sort of pure robotics play.

OneRobotics comes by its high-tech credentials honestly. Its founding team emerged from an entrepreneurial ecosystem established by Li Zexiang, co-founder of DJI, the world’s largest drone maker. That background has helped to position the company as possessing potential for long-term technological scalability in the eyes of many investors, rather than merely being limited as a smart device brand.

OneRobotics’ path looks relatively clear, staring with relatively simple products and stable revenue in overseas markets, then gradually expanding application scenarios through new products connected to its system. Such a model allows the company to avoid intense early-stage competition while leaving room to advance into higher-tier products. But its profitability is still in a nascent stage, and could vary as it spends heavily to build up its sales network.

Key factors to watch are whether it can sustain its growth momentum, and whether its expense structure can improve with scale. The company could establish a firm profit base if it can keep growing at a steady clip while lowering its sales and marketing costs as a percent of revenue. Whether it can do that remains to be seen.

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