Physix Frontier · News Briefing Card (TMTPost · Sep 23, 2026)

Benmo Dynamics Launches HK IPO, Embodied Business Just 5% of Revenue

KEY FACTS

Benmo Dynamics launched its Hong Kong Stock Exchange main board IPO on September 21, with listing expected on September 29.
In 2025, the company's revenue reached 282 million yuan, with direct-drive power modules contributing 97.4%.
In 2025, direct-drive module shipments totaled 8.498 million units, with average price falling from 77 yuan to 31 yuan.
In 2025, embodied joint modules and complete machines combined generated 14.1 million yuan, accounting for 5% of total revenue.
In 2025, the largest customer contributed 42.8% of revenue, with the top five customers together accounting for 85.7%.

KEY DATA

282 million yuan2025 Revenue

61.1%Direct-Drive Module Market Share

3.185 billion yuanPost-Series C Valuation

43.25 million yuan2025 Adjusted Net Loss

PHYSIX OBSERVATION

Benmo's IPO is essentially using the basic plate of robot vacuum motors to prop up its embodied intelligence valuation. Its 61% market share is only in a small niche, and heavy customer concentration and thin margins are hard flaws. Embodied business revenue accounts for just 5%; although the technology chain is coherent, commercialization is still early. The market is giving it 11 times price-to-sales, betting on a second curve, not current profits.

Source: TMTPost report