Two Chinese robotics companies are pursuing fresh capital on sharply different tracks, but both face the same underlying tension: rapid revenue growth and expanding global footprints have not yet translated into durable profitability. Hai Robotics' second attempt at a Hong Kong IPO and RobotPlusPlus's Series C round together illustrate an industrial-robotics sector where scale is running well ahead of margins.
Why it matters
Chinese robotics firms are competing globally across warehouses, shipyards, and oil facilities, and the capital markets are being asked to fund that expansion before the economics fully prove out. Hai Robotics recorded revenue of RMB 2.017 billion in 2025, a 48.3% year-on-year increase, and first-half 2026 revenue of RMB 1.118 billion, up 70.2% year-on-year2. Yet the company's IPO prospectus shows "persistent significant losses" alongside that growth. RobotPlusPlus, meanwhile, raised tens of millions of dollars in its Series C without disclosing the exact size of the financing1,3. ANALYSIS Both companies are asking investors to fund market-share dominance now, with profitability deferred; the Hai Robotics prospectus and RobotPlusPlus's undisclosed round size leave the timeline for that conversion unspecified.
The big picture
Hai Robotics refiled its listing application with the Hong Kong Stock Exchange on September 13, with Goldman Sachs and CITIC Securities as joint sponsors. The first application, filed on February 13, was automatically invalidated on August 13 after the hearing was not completed within six months. Data from CIC shows that Hai Robotics ranks first in the global Automated Case Retrieval market by 2025 revenue. Its gross margin rose from 16.0% in 2023 to 31.2% in 2025, and further climbed to 34.4% in the first half of 2026. ◆ The margin trajectory is steep, but the company's losses persist even as gross margins more than double over roughly two and a half years, suggesting operating costs are scaling alongside revenue.
RobotPlusPlus occupies a different niche: robots for hazardous working-at-height environments, including shipyards, oil and gas facilities, wind farms, and building facades. Its hull-derusting robots have been deployed at more than 100 shipyards and worked on more than 10,000 cargo vessels. The company claims more than 70% market share in its segment. Qianggang Capital Fund led the Series C, with participation from GIG Capital Group, Sealand Innovation, and Juntong Capital; existing investor Fosun RZ Capital increased its stake. Fosun RZ Capital first invested in RobotPlusPlus in 2022.
Between the lines
Both companies are leaning heavily on data and AI narratives to justify continued capital deployment. RobotPlusPlus said it has accumulated more than 2 million hours of robot operations, generating data it says is being used to develop AI models for complex industrial environments. More than 60% of its workforce is focused on research and development, with R&D spending exceeding 20% of revenue for three consecutive years. The company said its robots can improve efficiency by 5 to 6 times and reduce overall costs by 30% to 50% compared with manual methods.
Qianggang Capital said RobotPlusPlus has "moved from individual robots towards industrial-grade embodied intelligence and integrated system solutions" and has "the potential to build a broader platform for autonomous industrial operations". ANALYSIS That language frames the investment not as a bet on derusting alone but on a platform play, one that would need to extend into oil and gas, wind, and facade maintenance to justify the valuation implied by repeated fundraising rounds.
RobotPlusPlus operates in more than 18 countries and counts NOSCO Shipyard, Drydocks World, ST Engineering Marine, Saudi Aramco, and Vopak among its customers and partners. ◆ The presence in more than 18 countries positions both RobotPlusPlus and Hai Robotics as export stories rather than purely domestic ones, each building global customer bases while still absorbing losses.
What's next
Hai Robotics' refiled application will need to clear the HKEX hearing process that stalled the first attempt. The refiling came one month after the first application lapsed. RobotPlusPlus said it plans to use the Series C to expand globally and continue developing AI systems for robots operating in complex industrial settings. The company is expanding beyond ship-hull derusting into other industrial applications. Hai Robotics' first-half 2026 gross margin stood at 34.4%; whether that trajectory narrows the gap to net profitability is the number the HKEX hearing will scrutinize next.