Frost & Sullivan
Udi Robots (Stock Code: 3231.HK) successfully listed on the main board of the Hong Kong capital market on September 9, 2026. Udi Robots is a technology-driven company that commercializes in the field of robots and automation through commercial service robot products, robot modules, Robot as a Service (RaaS), and leasing arrangements. It also commercializes in the field of next-generation information technology by using AI vision model solutions for industry applications. Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provided exclusive industry consulting services for Udi Robots' listing. We hereby extend our warm congratulations on its successful listing.
Udi Robots successfully listed on September 9, 2026, with plans to offer 45 million H shares globally. The highest offering price was HK$19.55, raising approximately HK$880 million.
During this listing process in Hong Kong, Frost & Sullivan performed the following key tasks: helping the issuer accurately and objectively understand its position in the target market, using objective market data to identify, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing relevant sections of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, etc.), helping the issuer communicate with the Stock Exchange and investors, aiding investors in quickly understanding the market ecosystem and competition landscape, and assisting the issuer in responding to various questions regarding the industry from the Stock Exchange.
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Investment Highlights
According to Frost & Sullivan's report, based on 2025 revenue:
Udi Robots is the third-largest provider of commercial service robot products and solutions in China;
Udi Robots is the third-largest provider of commercial delivery robot products and solutions in China;
Udi Robots is the fourth-largest provider of commercial cleaning robot products and solutions in China.
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Overview of the Chinese Commercial Service Robot Products and Solutions Market
Commercial service robots refer to robots designed for use in commercial scenarios to replicate, assist, or replace human actions. Based on their different tasks, they can be further divided into delivery robots, cleaning robots, and other types of robots.
The market size of commercial service robot products and solutions in China increased from RMB 1.3 billion in 2021 to RMB 2.2 billion in 2025, with a compound annual growth rate of 14.8%. Additionally, it is expected that the market size will grow at a faster pace to RMB 7.1 billion in 2030 over the next five years, with a compound annual growth rate of 25.9%. The market size of commercial delivery robot products and solutions increased from RMB 1 billion in 2021 to RMB 1.3 billion in 2025, with a compound annual growth rate of 7.1%. It is expected to continue growing to RMB 2.7 billion in 2030, with a compound annual growth rate of 16.3%. Similar to the global market, the market size of commercial cleaning robot products and solutions in China also grew rapidly, from RMB 200 million in 2021 to RMB 600 million in 2025, with a compound annual growth rate of 39.1%. Over the next five years, the market size will grow at a faster pace, reaching RMB 3.4 billion in 2030, with a compound annual growth rate of 41.0%.
*Source: Frost & Sullivan Report
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Value Chain of the Chinese Commercial Service Robot Products and Solutions Market
The upstream industry includes core component and software suppliers, as well as assembly manufacturers. The midstream industry consists of commercial service robot products and solutions providers, offering commercial service robots, hardware components, system solutions, and other services. The downstream industry focuses on applying these robots in diverse scenarios to meet the needs of different users.
*Source: Frost & Sullivan Report
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Main Drivers of the Chinese Commercial Service Robot Products and Solutions Market
The demographic dividend is disappearing. According to a report by the Development Research Center of the State Council, in 2011, the working-age population aged 15 to 59 in China reached a peak of 9.405 million, accounting for 68.6% of the total population at that time. Since then, this number has started to decline and fell below 9.00 million, reaching 8.822 million in 2021, accounting for 62.5% of the total population. By the end of 2025, the working-age population aged 15 to 59 in China had decreased to 8.514 million, accounting for 60.6% of the national population. However, on the contrary, the average annual salary of Chinese employees increased from RMB 19,629 in 2021 to RMB 24,555 in 2025, with a compound annual growth rate of 5.8%, indicating that labor costs are increasing due to the decline in the working-age population. These demographic and economic changes highlight the growing demand for commercial service robot products and solutions across various industries to effectively address labor shortages and mitigate rising labor costs.
Technological evolution. In the past, the use of commercial robot products and solutions was limited by various challenges, such as high costs, low automation levels, and the lack of advanced technologies like AI chips. However, in recent years, rapid technological development has made these solutions more suitable for commercial scenarios. Innovations in 5G, the Internet of Things, AI chips, and sensors have improved the capabilities and accuracy of robots. The combination of machine vision, speech recognition, and NLP continuously enhances the multifunctionality and human-like interaction of robots, promoting more adoption of robots in various commercial fields.
Beneficial policies. In 2023, the Ministry of Industry and Information Technology of China issued the "Guiding Opinions on the Innovative Development of Humanoid Robots," setting development goals for 2025 and 2027. The "14th Five-Year Plan for the Development of the Robotics Industry" (2021) aims to achieve breakthroughs in core technologies and high-end products. The "Guiding Opinions on the Innovative Development of Humanoid Robots" proposes to promote the implementation of a humanoid robot innovation project, increasing investment in key tasks such as specialized software, core components, complete machines, and application demonstrations. The software, core components, and complete machines used in humanoid robots can also be applied to commercial service robots, so the development of humanoid robots will benefit commercial service robots. The national strategy "Made in China 2025" lists the robotics industry as a key development area and promotes it in conjunction with AI and automation technologies to improve the overall level of the manufacturing industry. In addition to central government measures, local governments are also increasing investment to encourage industrial development. The General Office of the Shenzhen Municipal Party Committee and the General Office of the Shenzhen Municipal Government issued the "Shenzhen Action Plan for Accelerating the High-Quality Development and High-Level Application of Artificial Intelligence (2023-2024)" in 2023. This plan focuses on several key areas, including enhancing the innovation capabilities of key core technologies and products, improving the level of industrial agglomeration, creating full-time and all-time scenario applications, and strengthening the supply of data and talent. The plan also includes providing computing power vouchers to enterprises that purchase intelligent computing power resources, with subsidies of up to 60% of the purchase amount, with a maximum of RMB 10 million. In 2024, the Chongqing Economic and Information Technology Commission issued the "Several Policy Measures to Support the Innovative Development of Embodied Intelligent Robot Industry" in Chongqing. This policy aims to promote the development of embodied intelligent robots through various measures, including providing up to RMB 10 million in funding for key technical projects.
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Main Trends of the Chinese Commercial Service Robot Products and Solutions Market
Robot intelligent services are increasingly dependent on cloud computing. Since robot products and solutions can use cloud platforms to complete tasks, such as autonomous navigation through cloud-based maps, learning AI advancements from collective data, and real-time monitoring and control of robot teams across fleets, cloud computing becomes increasingly important. This trend promotes the scalability, innovation, and cost-effectiveness of robot deployment. Companies that excel in combining cloud technology with AI and invest in cloud-based R&D have a competitive advantage over those that fail to grasp technological innovation. Mastery of cloud computing enables more complex AI algorithms, better data-driven decision-making, and higher operational efficiency. Additionally, it improves robots' ability to handle and adapt to changing environments and work conditions.
More applications in commercial and daily life. As robots are used more and more in various industries and scenarios, the demand for integrating robot intelligence with human-machine collaboration continues to increase. In commercial scenarios, the use of robots is increasingly integrated into normal human work processes to improve daily work efficiency and performance. For example, current delivery robot products and solutions can be connected to existing IT systems and managed by humans on a unified platform, performing one or more tasks throughout the delivery process. In daily life, household robots can perform more and more tasks according to human instructions in various scenarios such as household chores, entertainment, and elderly care.
Expand business models for various robot-related solutions. One of the key trends in the commercial service robot products and solutions market is shifting from simply providing independent robot products to offering a range of comprehensive related solutions. Such solutions include system solutions such as integrated AI vision model solutions to enhance the visual intelligence of robot products, as well as other system solutions that can enhance robot capabilities. By providing these integrated solutions, companies can improve the efficiency and functionality of commercial service robots, enabling them to perform higher-level operations, better data analysis, visual modeling, and decision-making capabilities.
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Competitive Landscape of the Chinese Commercial Service Robot Products and Solutions Market
Based on 2025 revenue, Udi Robots is the third-largest provider of commercial service robot products and solutions in China.
*Source: Frost & Sullivan Report
