Physix Frontier · News Briefing Card (TMTPost · Oct 11, 2026)

Benmo Tech Lists in Hong Kong at HK$11.5B, Embodied Business Just 5% of Revenue

KEY FACTS

Benmo Tech listed on the Hong Kong Stock Exchange on September 29, with a market cap of about HK$11.531 billion as of October 10.
The company's 2025 revenue was RMB 282 million, with direct-drive power modules contributing over 95%.
Its share of the consumer robot direct-drive module market reached 61.1% in 2025, but that overall market is only 2.4%.
Embodied joint modules and complete-machine business combined brought in RMB 14.1 million, or 5% of total revenue.
Its adjusted net loss was RMB 43.25 million in 2025 and RMB 27.5 million in the first half of 2026.

KEY DATA

HK$11.531 billionMarket Cap

RMB 282 million2025 Revenue

61.1%Direct-Drive Module Market Share

5%Embodied Business Revenue Share

PHYSIX OBSERVATION

Benmo Tech's listing has drawn strong capital interest, but its revenue is highly dependent on robot vacuum motors, and its embodied intelligence business remains small. Its direct-drive approach has advantages in scenarios such as wheeled-legged robots, but humanoid joints still rely mainly on reducers, and competition in the joint segment is intensifying. Whether its high market cap can hold depends on whether the embodied business can truly scale.

Source: TMTPost report