Shares of MECH-MIND ROBOT (09615) fell more than 9%, hitting a new low. Despite attracting 3,835 times oversubscription and having cornerstone investors take up over 60% of the offering, the stock failed to avoid breaking its issue price. Since its listing on September 1, the stock has fallen for three consecutive sessions, and touched a low of HK$88.3 this morning.

As of the time of writing, the stock dropped 9.47% to HK$88.95, with a turnover of HK$34.91 million.

MECH-MIND ROBOT is a supplier of intelligent robotic components. According to data from CIC Consulting, based on 2025 revenue, the company ranks first in the global market for AI + 3D vision-guided general intelligent robot components, holding approximately 22.1% market share, and also leads the industry in shipment volume.

In terms of performance, the company's revenue grew from 181 million yuan in 2023 to 389 million yuan in 2025. However, it remains in a loss-making state, with cumulative attributable net losses exceeding 1 billion yuan from 2023 to 2025.

Guotou Securities International believes the company, as a leading supplier of intelligent robotic components, has extensive scale, broad applications, and sustained growth. At the same time, it reminds investors that the company is in a phase of business and operational expansion, with continuously increasing R&D investment and current net losses. Customer concentration is relatively high — if demand from key partners declines or cooperative relationships change, it could pressure operational stability. Additionally, technological adaptation and market acceptance during global expansion require time to verify.