Orbbec, Leader in Robot 3D Vision, Files for Hong Kong Dual Listing
Orbbec, a robotics and AI vision company, has filed for a Hong Kong listing as it seeks an “A+H” dual listing. The company, which listed on Shanghai’s STAR Market in July 2022, has featured “embodied AI” and “physical AI” as high-frequency keywords in its latest Hong Kong application. According to Frost & Sullivan, Orbbec ranked first in the global robot 3D vision perception market by 2025 revenue, with a 29.0% share.
The prospectus cites industry views that AI is evolving from generative AI toward agentic AI and physical AI, with key bottlenecks shifting from computing power, models and simulation environments to multimodal real-world data collection and reliable deployment on robots and other terminals. 3D vision is positioned as the core perception entry point and data foundation connecting AI models to the physical world. Orbbec’s business is built on self-developed 3D vision sensors, with products spanning sensors and consumer- and industrial-grade application terminals, serving customers mainly in robotics and AIoT. The sector is technology-intensive, with depth algorithms, optical design and manufacturing yield forming key barriers; the top five players held a combined 71.7% share in 2025, with Orbbec leading the second-place company by about 1.1 percentage points.
Financially, Orbbec’s revenue rose from about 360 million yuan in 2023 to about 941 million yuan in 2025, with growth exceeding 50% in both years. In 2025, it posted a net profit of about 128 million yuan, its first annual profit after listing. In the first half of 2026, revenue was about 437 million yuan, up only 0.49% year on year, while net profit fell 30.82% to about 41.64 million yuan. Sensor revenue in the period rose 50.0% to about 207 million yuan. As of the end of June 2026, Orbbec had served more than 7,000 customers worldwide, including over 1,000 robotics companies.
