Direct Drive Tech Limited

本末科技

📊 Valuation Analysis

💰 Financial Summary (FY2025)

Financial figures are in RMB (some companies report in another currency per the prospectus; see the notes below).

📝 Key Notes

Chapter 18C specialist technology company (commercialised). Robot direct-drive power modules and wheel-legged robots. FY2025 revenue RMB281.7m (+253.0%, a 300.8% CAGR over 2023-2025), gross margin 21.5% and a net loss of RMB881m (including a RMB770m change in the carrying value of redeemable liabilities; adjusted net loss RMB43.25m, an adjusted net loss ratio of 15.4%). It ranks first in China's consumer robot direct-drive power module market by revenue with a 61.1% share. Offer period 9/21-9/24, global offering of 50m H shares, board lot 100 shares, entry cost HK$2,181.78, gross proceeds about HK$1.08bn. The top five customers accounted for 85.7% of revenue, indicating high customer concentration.

🏢 Company Profile

Direct Drive Tech Limited (本末動力（北京）科技股份有限公司) is a Chapter 18C specialist technology company (commercialised) focused on robot direct-drive power modules and wheel-legged robots. Its products fall into two groups: (1) robot power modules, comprising direct-drive power modules for consumer, industrial and embodied-intelligence robots, plus embodied joint modules; and (2) robots, including wheel-legged models (Xingtian, TITA, TITAT) and the two-wheel-legged D1. The company develops its own core technologies spanning direct-drive motor design, thermal management, integrated drive-control, high modularity and long endurance, and held 352 patents in China as at the latest practicable date, including 46 invention patents. By 2025 revenue it ranks eighth in China's consumer robot power module market (2.4% share) and first in China's consumer robot direct-drive power module market (61.1% share); in wheel-legged robots it ranks sixth globally and fourth in China. Customers are concentrated among leading consumer and industrial robot makers.