IPO News | Obi Zhongguang (688322.SH) reports that the Hong Kong Stock Exchange ranks first in the global robotic 3D visual perception market

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on September 24, Orbi Zhongguang Technology Group Co., Ltd. - W (688322.SH for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International as co-sponsors.

Company profile

According to the prospectus, the company is a global leader and pioneer in 3D visual perception solutions. Relying on the company's many years of patented technology and deep industry experience, the company is building a basic perception portal, data base and delivery platform for the era of physical AI and robotic intelligence. The company has built a full-stack product matrix integrating design, R&D and manufacturing, covering 3D vision sensors and diverse consumer and industrial application terminals, and serving customers in the robotics and other artificial intelligence Internet of Things (AIoT) (1) fields. In 2025, the company ranked first in the global robotic 3D visual perception market in terms of revenue, with a market share of 29.0%.

The company focused on the key infrastructure capabilities required for physical AI to enter the real world, penetrating spatial intelligence, physical intelligence and physical intelligence, and built a core competency system connecting the real physical world, virtual training environments and smart terminal devices:

Physical Perception: Entrance to spatial intelligence perception. Relying on a full range of self-developed 3D sensors and multi-modal sensing solutions, the company provides robots with real-time 3D sensing capabilities, thus laying the foundation of spatial intelligence for physical AI to sense the physical world. The company's 3D vision sensors serve as the main interface between robots and smart terminals to obtain 3D sensing capabilities, enabling robots to understand the three-dimensional geometry of the surrounding environment, detect obstacles, identify objects, and navigate in complex environments.

Data and world models: the foundation for real-world data. The company relies on 3D scanning, 3D reconstruction, and multi-modal data acquisition hardware platforms to address the key challenge of high-quality multi-modal 3D and tactile data required for physical AI model training. The company's data acquisition hardware platform consists of a standardized unstructured data acquisition kit, which includes modules such as the newly launched first-view angle data acquisition module (EGO), handheld data acquisition module (UMI), and wrist near-field interactive acquisition module (WristCAM), and supports third-party sensor access. Additionally, the company provides full stack tool support for 3D modeling, cross-modal data integration, calibration alignment, and hardware-level synchronization.

Embodied intelligence: the ability to deliver projects. The company relies on integrated product design, engineering and mass production capabilities to help customers cross the gap from algorithms to hardware and drive embodied intelligence from digital models to real scenarios. This capability enables the company not only to deliver standardized sensing modules, but also to provide machine-level integration solutions for robotics and other AIoT applications, with the aim of facilitating customers' integration processes and shortening the time to market for their products.

The company relies on a full-stack technology platform to provide a comprehensive portfolio of 3D vision perception solutions covering hardware, software and integrated systems. The company has mastered all mainstream 3D sensing technology paths, making the company a one-stop partner for robot manufacturers requiring multi-sensor fusion, and can also provide machine-level optimization to achieve excellent performance for multiple downstream applications. As of June 30, 2026, the company has served more than 7,000 customers worldwide, including more than 1,000 robotics companies, and partnered with the world's leading AI computing power infrastructure providers to participate in its AI ecosystem.

Financial data

revenue

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's revenue was approximately RMB 360 million, RMB 564 million, RMB 941 million, and RMB 438 million, respectively.

profit

For the six months ended June 30 in 2023, 2024, 2025 and 2026, the company's annual/period profits were approximately -276 million yuan, -62.89,000 yuan, 128 million yuan, and 407.86 million yuan, respectively.

Industry Overview

As the application of robots and industrial automation equipment accelerates, physical AI continues to expand into manufacturing, logistics, commercial services and other physical scenarios. The global physical AI market grew from approximately RMB 288.8 billion in 2021 to approximately RMB 628.3 billion in 2025, with a compound annual growth rate of 21.4%. In the future, as commercialization of embedded intelligent robots accelerates and the scope of application of commercial service robots, industrial robots and other products continues to expand, the market demand for robot terminals, 3D sensing equipment, and industrial automation equipment is expected to grow further. The global physical AI market is expected to reach approximately RMB 1,931.5 billion by 2030, with a compound annual growth rate of 25.9% from 2026 to 2030, and further growing to approximately RMB 6232.9 billion by 2035.

The total accessible market volume (TAM) of physical AI refers to the corresponding theoretical market limit assuming 100% penetration of relevant devices in all application scenarios. According to the four main scenarios of commercial services, industrial applications, physical intelligence, and logistics, the global physical AITAM is estimated to exceed RMB 65 trillion.

As the scale of robot applications expands, application scenarios continue to be enriched, and requirements for environmental perception and autonomous operation continue to rise, the global robot 3D visual perception market is growing rapidly. The global robotic 3D visual perception market grew from RMB 200 million in 2021 to RMB 600 million in 2025, with a compound annual growth rate of 33.9%. Driven by large-scale deployment of embedded intelligent robots and the expansion of the scope of application scenarios, it is expected to reach RMB 11.7 billion by 2030 and RMB 152 billion by 2035.

According to market segments, the global 3D vision sensing market for embedded intelligent robots will be around RMB 200 million in 2025. Driven by commercialization and large-scale deployment of embodied intelligent robots, as well as rising demand for spatial understanding, environmental interaction, and precise operation, it is expected to reach RMB 9.9 billion by 2030 and RMB 146.6 billion by 2035. The global market for commercial service robots will be around RMB 300 million in 2025. With the support of continuous application in scenarios such as cleaning, delivery and reception, it is expected to grow to RMB 1.3 billion by 2030 and RMB 4.2 billion by 2035. Other robots mainly include logistics robots, special robots, and lawnmower robots. The global 3D vision sensing market is about RMB 200 million in 2025. As applications expand to more complex scenarios, it is expected to reach RMB 400 million by 2030 and RMB 1.2 billion by 2035.

Board Information

The board of directors consists of 8 directors, including 4 executive directors, 1 non-executive director and 3 independent non-executive directors.

Shareholding structure

Obi Xuguang, Obi Xiguang, Obi Xiguang, Obi Chuguang, and Obi Xiguang (each limited partners of Obi SMIC), and Obi Heguang, Obi Starlight (limited partners of Obi SMIC)) are all indirect shareholding platforms of the company, managed by Dr. Huang as their respective general partners. Therefore, as of the last practical date (September 20, 2026), Dr. Wong and the direct and indirect shareholding platforms mentioned above are regarded as a group of shareholders, who have the joint right to exercise or control the exercise of 63.14% of the voting rights of the shareholders' meeting (except for resolutions relating to special matters).

Intermediary team

Co-sponsors: Goldman Sachs (Asia) Co., Ltd., Haitong International Capital Co., Ltd.;

Legal Advisors: Kai & Co., King & Wood Mallesons, Sheppard, Mullin, Richter & HamptonLLP;

Co-sponsor's legal advisors: Sullivan Cromwell Law Firm (Hong Kong) Limited Liability Partnership, Jingtian Gongcheng Law Firm;

Reporting accountant and auditor: Ernst & Young;

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch;

Compliance Advisor: Maxi Capital Ltd.