According to disclosures made by the Hong Kong Stock Exchange on September 24, Orbbec Technology Group Co., Ltd. (stock code: 688322.SH) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs and Haitong International serving as its joint sponsors.

Company Overview

According to the prospectus, the company is a leader and pioneer in global 3D vision sensing solutions. Leveraging patented technologies independently accumulated over many years and deep industry experience, the company is building a foundational perception gateway, data infrastructure, and delivery platform for the era of physical AI and robotic intelligence. The company has built a full-stack product matrix integrating design, research and development, and manufacturing, covering 3D vision sensors as well as diversified consumer-grade and industrial-grade application terminals, serving customers in robotics and other artificial intelligence of things (AIoT) sectors. In 2025, by revenue, the company ranked first in the global robotic 3D vision sensing market with a market share of 29.0%.

The company focuses on the critical infrastructure capabilities required for physical AI to enter the real world, connecting spatial intelligence, embodied intelligence, and physical intelligence, and has built a core capability system linking the real physical world, virtual training environments, and intelligent terminal devices:

Physical Perception: The Gateway to Spatial Intelligence

Relying on a full series of self-developed 3D sensors and multi-modal perception solutions, the company provides robots with real-time 3D perception capabilities, thereby laying the spatial intelligence foundation for physical AI to perceive the physical world. The company's 3D vision sensors serve as the primary interface for robots and intelligent terminals to acquire 3D perception capabilities, enabling robots to understand the three-dimensional geometric structure of their surroundings, detect obstacles, identify objects, and navigate in complex environments.

Data and World Models: The Real-World Data Foundation

The company leverages 3D scanning, 3D reconstruction, and multi-modal data collection 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 collection hardware platform consists of standardized body-free data collection kits, which include newly launched modules such as the first-person view data collection module (EGO), the handheld data collection module (UMI), and the wrist near-field interaction collection module (WristCam), and supports third-party sensor integration. In addition, the company provides full-stack tool support for 3D modeling, cross-modal data integration, calibration alignment, and hardware-level synchronization.

Embodied Intelligence: Engineering Delivery Capabilities

Relying on integrated product design, engineering, and mass production capabilities, the company helps customers bridge the gap from algorithms to hardware, driving embodied intelligence from digital models to real-world scenarios. This capability enables the company not only to deliver standardized perception modules but also to provide complete machine-level integration solutions for robots and other AIoT applications, aiming to facilitate customer integration processes and shorten their product time-to-market.

Leveraging its full-stack technology platform, the company provides a comprehensive portfolio of 3D vision sensing solutions covering hardware, software, and integrated systems. The company has mastered all mainstream 3D perception technology pathways, making it a one-stop partner for robot manufacturers requiring multi-sensor fusion, and enabling complete machine-level optimization to achieve outstanding performance across diverse downstream applications. As of June 30, 2026, the company has served over 7,000 customers globally, including more than 1,000 robotics companies, and collaborates with leading global AI computing infrastructure providers to participate in their AI ecosystems.

Financial Information

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

Profit: For 2023, 2024, 2025, and the six months ended June 30, 2026, the company's annual/period profit was approximately RMB -276 million, RMB -62.999 million, RMB 128 million, and RMB 40.786 million, respectively.

Industry Overview

As robots and industrial automation equipment accelerate their adoption, 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, representing a compound annual growth rate of 21.4% during the period. In the future, as embodied intelligent robots accelerate commercialization and the application scope of commercial service robots, industrial robots, and other products continues to expand, market demand for robotic terminal devices, 3D perception devices, and industrial automation equipment is expected to grow further. The global physical AI market is projected 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 grow to approximately RMB 6,232.9 billion by 2035.

The physical AI total addressable market (TAM) refers to the theoretical market ceiling assuming 100% penetration of relevant devices across all applicable scenarios. Based on calculations across four main scenarios—commercial services, industrial applications, embodied intelligence, and logistics—the global physical AI TAM is estimated to exceed RMB 65 trillion.

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

By segment, the global embodied intelligent robot 3D vision sensing market was approximately RMB 200 million in 2025, and is expected to reach RMB 9.9 billion by 2030 and RMB 146.6 billion by 2035, driven by the commercialization and large-scale deployment of embodied intelligent robots and rising demand for spatial understanding, environmental interaction, and precise manipulation. The global commercial service robot market was approximately RMB 300 million in 2025, and is expected to grow to RMB 1.3 billion by 2030 and RMB 4.2 billion by 2035, supported by continued application in cleaning, delivery, and reception scenarios. Other robots mainly include logistics robots, special robots, and lawn-mowing robots, with the global 3D vision sensing market approximately RMB 200 million in 2025, expected to reach RMB 400 million by 2030 and RMB 1.2 billion by 2035 as applications expand to more complex scenarios.

Board of Directors

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

Shareholding Structure

Aobi Xuguang, Aobi Xiguang, Aobi Zhuiguang, Aobi Zhuguang, and Aobi Xiguang (each a limited partner of Aobi Zhongxin), as well as Aobi Heguang, Aobi Chenguang, Aobi Yaoguang, and Aobi Xingguang (each a limited partner of Aobi Xiguang, which is a limited partner of Aobi Zhongxin), are all indirect shareholding platforms of the company, managed by Dr. Huang as the general partner of each. Therefore, as of the latest practicable date (September 20, 2026), Dr. Huang and the aforementioned direct and indirect shareholding platforms are deemed to be a group of shareholders, collectively entitled to exercise or control the exercise of 63.14% of voting rights at shareholder meetings (excluding resolutions on special matters).

Intermediary Team

Joint Sponsors: Goldman Sachs (Asia) L.L.C., Haitong International Capital Limited; Legal Advisors: Kirkland & Ellis, King & Wood Mallesons, Sheppard, Mullin, Richter & Hampton LLP; Legal Advisors to Joint Sponsors: Sullivan & Cromwell (Hong Kong) LLP, Jingtian & Gongcheng; Reporting Accountant and Auditor: Ernst & Young; Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Compliance Advisor: Maxa Capital Limited.