Pudu-style delivery robot maker Youdi passes HKEX IPO hearing: 114K units sold, $54M cumulative loss
量子位 · wechat · 2026-08-27
Youdi Robot, founded by former UTStarcom executives, has passed its HKEX main board listing hearing via the 18C specialist-tech route. By March 2026 it had sold over 114K robots (15K+ active daily, 360K daily delivery tasks), ranking #3 in China (8.9% share) and #5 globally in commercial service robots.
Losses are narrowing: revenue grew from ¥244M (2023) to ¥318M (2025) while pre-tax losses shrank from ¥251M to ¥111M (cumulative ¥544M). Gross margin is thin at 13.9% overall (8% on hardware). A 2023 volume spike came from ¥743-average vending robots (70% of cumulative units); since 2024 the company pivoted to pricier models. AI vision solutions now make up 37.5% of revenue and RaaS gross margin turned positive (+5.1%). Key risks: receivables days ballooned to 181, and 2025 gross profit (¥44M) doesn't cover R&D spend (¥73M).
Shareholders map its use cases: Alibaba's Ele.me 7.9%, Yunfeng 6.4%, SenseTime 5.9%, plus Legend, Huazhu, BTG, GreenTree and iFlyTek. Pre-IPO valuation ¥3.84B; the five UTStarcom-veteran co-founders control 33.4%.
Related event: UD Robot Clears HKEX IPO Hearing After 114,000 Robot Sales(2 posts)→
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