en.Wedoany.com Reported - Xiamen Recon Technology Co., Ltd. (Recon Technology) was listed on the Main Board of the Hong Kong Stock Exchange on July 8, becoming the "first stock of visual embodied intelligence" in Hong Kong. The company globally offered 28.087 million H-shares, with a final offer price of HK$21.66 per share, raising net proceeds of approximately HK$529 million from the global offering. The Hong Kong public offering was oversubscribed by 3,646.06 times, while the international offering was oversubscribed by 3.08 times.

Recon Technology is an AI company providing visual intelligence technologies and products to enterprise clients. Leveraging its self-developed visual large models, deep learning, multispectral imaging, and hardware-software co-design capabilities, the company offers products for visual perception, cognition, and reasoning, applied in scenarios such as civil aviation, commercial spaces, and safe driving. According to Frost & Sullivan data, based on 2025 revenue, Recon Technology ranks first in China's civil aviation enterprise visual intelligence product market with an 8.7% market share, covering two-thirds of the country's ten-million-level hub airports; it ranks fourth in China's commercial space enterprise visual intelligence product market with a 1.7% market share; and it provides smart safe driving products for over 500,000 freight vehicles.

According to the prospectus, from 2023 to 2025, the company's revenue was RMB 242 million, RMB 395 million, and RMB 443 million respectively, with a three-year compound annual growth rate of 35.2%. Gross profit was RMB 98.82 million, RMB 157 million, and RMB 167 million respectively, with gross margin declining from 40.8% to 39.8% and then to 37.7%. Net profit was RMB -32.577 million, RMB 8.288 million, and RMB -68.149 million respectively. The brief profitability in 2024 included government subsidies of RMB 8.574 million; excluding these, the core business remained loss-making. R&D expenses continued to rise, reaching RMB 46.636 million, RMB 53.136 million, and RMB 71.898 million over the three years. As of December 31, 2025, the company held 188 registered patents and 128 software copyrights, and led or participated in the formulation of over 20 artificial intelligence national standards.

In terms of revenue structure, the company's income comes from three segments: smart civil aviation, smart commercial spaces, and smart safe driving. Smart civil aviation is the core business, with revenues of RMB 129 million, RMB 229 million, and RMB 172 million from 2023 to 2025, accounting for 53.2%, 57.9%, and 38.9% of total revenue respectively. In 2025, this segment's revenue declined by 24.7% year-on-year, mainly due to the slowdown in bidding and procurement cycles for domestic airport renovation and expansion projects. The smart commercial spaces segment grew the fastest, with revenues of RMB 81.181 million, RMB 96.982 million, and RMB 154 million, accounting for 33.5%, 24.5%, and 34.9% of total revenue respectively, with a 59.3% year-on-year increase in 2025. Its Xinghan commercial system has been deployed in over 60 large shopping malls across China. The smart safe driving segment generated revenues of RMB 30.373 million, RMB 68.978 million, and RMB 116 million, accounting for 12.5%, 17.5%, and 26.2% of total revenue respectively, with large-scale deployments in Henan, Hebei, and other regions relying on government special projects.

In the field of embodied intelligence, Recon Technology extends its core technologies to visual reasoning and execution. In 2025, the "Xiaoyi" robot was first deployed in airport luggage transfer scenarios. Based on collaborative robotics technology, it integrates multimodal perception, high-precision mobile ground rails, adaptive end-effectors, and computer vision, motion planning, unordered palletizing, and active safety algorithms to achieve full automation of luggage processes. It has been trialed at three Chinese airports with annual passenger throughput exceeding 10 million. In April 2026, the company released the VTFLA end-to-end embodied large model, integrating tactile and force feedback into the traditional VLA framework, and initiated the development of wheeled-legged humanoid robots. According to Frost & Sullivan data, the total addressable market for embodied intelligence products in airport scenarios is expected to reach RMB 30 billion by 2030.

The net proceeds from this IPO amount to approximately HK$529 million, of which 55.8% will be used for R&D and product supply, 26.3% for establishing production bases, 10.4% for enhancing marketing and expanding overseas channels, and 7.5% for general corporate purposes.