Market Announcement | Frost & Sullivan Supports Benmu Power (Beijing) Technology Co., Ltd. in Successfully Listing in Hong Kong (6731.HK)
Market Announcement | Frost & Sullivan Supports Benmu Power (Beijing) Technology Co., Ltd. in Successfully Listing in Hong Kong (6731.HK)
Frost & Sullivan
Benmu Power (Beijing) Technology Co., Ltd. (Stock Code: 6731.HK) successfully listed on the main board of the Hong Kong Exchanges and Clearing Limited on September 29, 2026 (in accordance with Rule 18C of the Listing Rules). The company is a robotics technology firm centered on direct drive technology. Compared with the traditional "motor + reducer" solution, the company integrates the motor, encoder, and driver into a single unit, eliminating intermediate transmission such as reducers, allowing the motor to directly output torque to drive the load. Its business mainly focuses on selling robot power modules, with wheeled robots serving as a secondary product. According to Frost & Sullivan data, in 2025, the company ranked first in the revenue of direct drive power modules for consumer robots in China, with a market share of 61.1%. The company is committed to making robots more efficient, agile, and intelligent. Frost & Sullivan provided exclusive industry consulting services for Benmu Power (Beijing) Technology Co., Ltd.'s listing. We hereby extend our warm congratulations on its successful listing.
Benmu Power (Beijing) Technology Co., Ltd. (hereafter referred to as Benmu Technology) successfully went public on September 29, 2026. During this global offering, 50 million H shares were issued (before the exercise of the over-allotment option), including 2.5 million shares issued publicly in Hong Kong and 47.5 million shares issued internationally, accounting for 5.0% and 95.0% respectively. The issue price per share was HK$21.60, with a total fundraising amount of approximately HK$1.08 billion. If the over-allotment option was not exercised, the net proceeds would be approximately HK$982.5 million.
During the process of going public 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 important 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, assisting 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.
01
Investment Highlights
• The company is a robotics technology firm with direct drive technology as its core capability. It has developed two product lines: robot power modules and wheeled robots. The module technology supports the development of complete machines, and the experience of complete machines is used to refine module design.
• The company is the world's first and only enterprise that has shipped more than 5 million sets of direct drive power modules for consumer robots. As of June 30, 2026, it had established cooperation with four of the top ten global consumer robot manufacturers based on 2025 revenue.
• The company continuously launches innovative products: Diablo is the world's first commercialized direct drive dual-wheeled robot, TITA is the world's first commercialized eight-degree-of-freedom dual-wheeled robot, TITATIT is the world's first commercialized reconfigurable wheeled robot, and D1 is the world's first commercialized fully modular dual-wheeled robot.
• The company's embodied joint modules cover the mainstream size range of 20mm to 120mm, with a peak torque of up to 120 Nm. It has supplied one of the top five domestic embodied intelligent robot manufacturers based on the total orders in 2025.
• From its establishment to June 30, 2026, the company's robotics technology has enabled more than 7.5 million robots, covering consumer, industrial, and embodied intelligent application scenarios.
According to Frost & Sullivan's report, based on 2025 revenue, the company:
• Ranked first in the Chinese consumer robot direct drive power module industry, with a market share of 61.1%;
• Ranked eighth in the Chinese consumer robot power module industry, with a market share of 2.4%;
• Ranked second in the Chinese dual-wheeled robot industry, with a market share of 18.6%; and fourth in the Chinese wheeled robot industry, with a market share of 4.7%.
02
Overview of the Robot Power Module Industry
A robot power module is a functional unit integrated by a motor, drive system, and control components, providing precise power output and motion control for robot joints or motion structures. As a key core component of robots, the power module directly determines the motion performance and accuracy of the robot, significantly affecting its load capacity, energy efficiency, and response speed.
By technical path, robot power modules can be divided into direct drive path and traditional path. Direct drive technology eliminates intermediate transmission components such as reducers, allowing the motor to be directly coupled with the load, thus eliminating efficiency losses caused by mechanical transmission. It features higher precision, lower noise, and fewer wear and maintenance requirements, making it particularly suitable for applications requiring strict silence, such as household cleaning robots. The traditional path relies on reducers to amplify the motor torque, enabling stronger driving force in high-load, high-impact conditions, and is suitable for industrial robots and heavy-duty robots.
03
Global and Chinese Robot Power Module Market Size
According to Frost & Sullivan's report, based on revenue, the global robot power module market size reached RMB 110 billion in 2025, with a compound annual growth rate of 7.0% from 2021 to 2025. It is expected to grow to RMB 206.3 billion in 2030, with a compound annual growth rate of 13.9% from 2026 to 2030. By technical path, the global traditional power module market size in 2025 was RMB 107.9 billion, and the direct drive power module market size was RMB 2 billion. With its advantages of high response, high precision, low noise, and compact structure, the direct drive power module market size is expected to grow to RMB 17.9 billion in 2030.
The Chinese robot power module market size increased from RMB 29.4 billion in 2021 to RMB 39.2 billion in 2025, with a compound annual growth rate of 7.5%. It is expected to reach RMB 72.9 billion in 2030, with a compound annual growth rate of 13.7% from 2026 to 2030. Among them, the traditional power module market had a compound annual growth rate of 6.3% from 2021 to 2025, and is expected to maintain a compound annual growth rate of 10.1% from 2026 to 2030, reaching RMB 60.1 billion in 2030. The direct drive power module market size increased rapidly from RMB 100 million in 2021 to RMB 1.9 billion in 2025, with a compound annual growth rate of 115.7%. It is expected to grow at a compound annual growth rate of 48.6% from 2026 to 2030, reaching RMB 12.9 billion in 2030.
Source: Frost & Sullivan Analysis
By application scenario, the Chinese industrial and commercial robot power module market size increased from RMB 25.3 billion in 2021 to RMB 28.9 billion in 2025, expected to reach RMB 46.8 billion in 2030. The consumer robot power module market grew faster, from RMB 4.1 billion in 2021 to RMB 10.3 billion in 2025, expected to reach RMB 26.1 billion in 2030. In the Chinese robot direct drive power module market, the industrial scenario currently accounts for the highest proportion, at 40.0%, while the commercial scenario accounts for 38.4% and the consumer scenario accounts for 21.5%. Looking ahead, the consumer scenario will be the fastest-growing segment, with a compound annual growth rate of 81.3% from 2026 to 2030, and the commercial and industrial scenarios are expected to have compound annual growth rates of 37.3% and 29.8% respectively.
Source: Frost & Sullivan Analysis
Embodied joint modules represent a growing but early-stage segment within the robot power module market. The Chinese embodied joint module market size increased from RMB 150 million in 2021 to RMB 1.18 billion in 2025, with a compound annual growth rate of 68.2%. It is expected to grow at a compound annual growth rate of 64.9% from 2026 to 2030, reaching RMB 14.03 billion in 2030. Its penetration rate in the robot power module market will increase from 0.5% in 2021 to 19.2% in 2030.
Source: Frost & Sullivan Analysis
04
Competitive Landscape of the Chinese Robot Power Module Industry
According to Frost & Sullivan's report, the main players in the Chinese robot power module market are traditional power module enterprises. Based on 2025 revenue, the top five enterprises together accounted for approximately 45% of the market share, and the top ten enterprises together accounted for 58.9% of the market share, with the remaining market being relatively fragmented. In the Chinese consumer robot power module market, the top ten enterprises together accounted for approximately 47.1% of the market share, and the company ranked eighth based on 2025 revenue, with a market share of 2.4%.
Source: Frost & Sullivan Analysis
In the Chinese consumer robot direct drive power module market, the top five enterprises combined had an approximate revenue of RMB 309 million in 2025, accounting for 76.7% of the market share. Based on 2025 revenue, the company is the largest supplier of direct drive power modules for consumer robots in China, with a market share of 61.1%.
Source: Frost & Sullivan Analysis
05
Drivers of the Robot Power Module Industry
The upgrading of multi-scenario demands drives the development of power modules towards smaller size, lower noise, and longer endurance.The rapid penetration of consumer products such as household cleaning robots has accelerated the market demand for smaller, quieter, and longer-endurance products. Direct drive power modules, with their compact structure and outstanding noise reduction capabilities, are particularly suitable for home environments. In commercial scenarios such as inspection and delivery, higher endurance and environmental adaptability requirements have promoted the use of integrated power solutions. Leading consumer robot brands continue to expand their procurement of direct drive modules, which is expected to create an industry demonstration effect.
Breakthroughs in new materials and artificial intelligence technology enhance product performance.With the application of new materials, domestic enterprises have made significant breakthroughs in torque density of direct drive motors, and the peak torque of some products has exceeded traditional technologies, breaking long-term technological monopolies overseas. At the same time, the integration of direct drive structure and artificial intelligence technology enables complex terrain adaptation and high-precision control through model-based control algorithms, and accelerates the simulation and iteration efficiency of motor design.
Localization and coordinated supply chain reduce costs and improve efficiency.Stable domestic supply of core materials such as rare earth permanent magnets provides the industry with cost advantages and supply chain resilience. Midstream enterprises form an efficient collaboration network due to industrial clusters, significantly shortening the research and development and production cycles. Downstream leading robot manufacturers have already adopted domestic power modules on a large scale.
06
Overview of the Global Robot Industry
Robots are physical systems equipped with robotic arms, wheeled chassis, and other movable carriers, capable of interacting with the physical world. They can receive sensory inputs such as vision and force feedback and generate execution commands, replacing or assisting humans in completing tasks in production, service, exploration, and entertainment scenarios. By application scenario, robots can be divided into consumer robots and industrial/commercial robots. With continuous progress in embodied intelligence technology, embodied intelligent robots are gradually entering consumer, industrial, and commercial scenarios.
According to Frost & Sullivan's report, the global robot shipments in 2025 were approximately 33.9 million units, with a compound annual growth rate of 18.7% from 2021 to 2025. Among them, consumer robots saw the most significant growth, with shipments increasing from 16.4 million units in 2021 to 32.7 million units in 2025, with a compound annual growth rate of 18.9%. It is expected to reach 78.9 million units in 2030, with a compound annual growth rate of 17.1% from 2026 to 2030.
07
Global and Chinese Wheeled Robot Market Size
Wheeled robots are hybrid mobile robots that combine the high dynamic obstacle-climbing ability of footed robots with the efficient and stable movement ability of wheeled robots. They usually come with actively controllable leg structures and wheels at the feet, allowing them to roll efficiently on flat surfaces and cross complex terrains such as steps and ditches by adjusting leg posture and gait. By structure, wheeled robots can be divided into dual-wheeled robots, quad-wheeled robots, and other configurations.
According to Frost & Sullivan's report, the global wheeled robot industry achieved initial commercialization from 2022 to 2025, with the market size increasing from RMB 4.2 million to RMB 220 million, with a compound annual growth rate of 274.2%. It is expected to grow at a compound annual growth rate of 106.5% from 2026 to 2030, reaching RMB 66.71 billion in 2030. The Chinese market started later but grew faster, with the market size increasing from RMB 2 million in 2022 to RMB 155 million in 2025, with a compound annual growth rate of 326.4%. In 2025, it accounted for approximately 70.5% of the global market. It is expected to reach RMB 31.36 billion in 2030, with a compound annual growth rate of 90.1% from 2026 to 2030.
Source: Frost & Sullivan Analysis
In terms of product structure, in 2025, dual-wheeled and quad-wheeled robots together accounted for approximately 98.2% of the global market. From 2026 to 2030, the global quad-wheeled robot market is expected to grow at a compound annual growth rate of 107.1% to RMB 4.540 billion, and the dual-wheeled robot market is expected to grow at a compound annual growth rate of 103.9% to RMB 19.01 billion. In the Chinese market, the compound annual growth rate of quad-wheeled robots from 2022 to 2025 was 379.6%, and it is expected to reach 91.4% from 2026 to 2030, reaching RMB 23.30 billion in 2030. The compound annual growth rate of dual-wheeled robots from 2022 to 2025 was 251.8%, and it is expected to reach 87.8% from 2026 to 2030, reaching RMB 7.46 billion in 2030.
Source: Frost & Sullivan Analysis
08
Competitive Landscape of the Wheeled Robot Industry
According to Frost & Sullivan's report, based on 2025 revenue, the global top eight wheeled robot enterprises together had an approximate revenue of RMB 181 million, accounting for 82.2% of the market share. The company ranked sixth globally. The global top five dual-wheeled robot enterprises together had an approximate revenue of RMB 39.8 million, and the company ranked third globally.
In the Chinese market, based on 2025 revenue, the top five wheeled robot enterprises together had an approximate revenue of RMB 125 million, accounting for 80.6% of the market share. The company ranked fourth, with a market share of 4.7%. The top five dual-wheeled robot enterprises together had an approximate revenue of RMB 28.8 million, accounting for 73.4% of the market share. The company ranked second, with a market share of 18.6%.
Source: Frost & Sullivan Analysis
09
Drivers of the Wheeled Robot Industry
Multi-scenario demands drive technological iteration and product innovation.To meet the consumer market's requirements for lightweight, flexible, and low-noise features, technological research has increasingly focused on multi-sensor fusion, real-time path planning, and low-power system design. In industrial/commercial scenarios, high-precision positioning, compact joint design, and model-based control algorithms have become key technologies to achieve stable handling and precise operation in narrow spaces.
Localization of core components and independent control.The performance of key components such as high-torque density motors, servo systems, and IMUs is continuously approaching or even surpassing imported products, significantly reducing system costs and enhancing supply chain stability. Research and development iteration has shifted from long-term reliance on overseas suppliers to independent control.
Evolution towards modular assembly architecture, adapting to diverse scenarios.Wheeled robots are evolving from traditional fixed structural designs to modular assembly architectures. Through standardized interfaces and system-level integration design, different forms can be freely combined and quickly switched, using standardized joints and chassis modules to achieve flexible multi-form assembly.
Integration of direct drive technology and embodied intelligence to enhance autonomous operation capabilities.On the hardware side, integrated direct drive joints eliminate reducers and integrate drive and sensing modules, achieving high torque density, low latency, and high energy efficiency. On the software side, multi-modal perception and self-supervised learning are combined to build a "perception—decision—execution" closed loop, enabling real-time terrain recognition and motion adjustment.
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