香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 該投資原因及裨益 本公告乃由臥安機器人（深圳）股份有限公司（「本公司」），連同其附屬公司統稱（「本 集團」）自願刊發，以知會本公司股東及潛在投資者有關本公司之最新業務計劃及發 展情況。 戰略性投資目標公司 本公司董事會（「董事會」）欣然宣佈，本集團已透過向慧靈科技（深圳）股份有限公司 （「目標公司」）原有股東購買股權及以注資的方式，以總代價人民幣240.56百萬元購 買目標公司經擴大後股本權益的21.00%股權（「投資事項」）。 目標公司為一間根據中國法律註冊成立之股份有限公司，成立於2015年，為國家級 專精特新「小巨人」高科技企業，是國內領先的具身智能機器手和物理智能體解決方 案提供商。目標公司構建了涵蓋機器手、機械臂等硬件產品，及末端精準感知、自 動化輔助算法、真機強化學習框架 ...

OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 臥安機器人（深圳）股份有限公司（「本公司」）擬於2026年4月22日（星期三）召開及舉 行2026年臨時股東會（「臨時股東會」）。 為確定出席臨時股東會並於會上投票的資格，本公司將於2026年4月17日（星期五） 至2026年4月22日（星期三）（包括首尾兩日）期間暫停辦理股份過戶登記手續，該期 間將不予辦理股份過戶登記。為符合資格出席臨時股東會，全部股份過戶文件連同 有關股票須於2026年4月16日（星期四）下午4時30分前交回本公司的香港股份過戶登 記分處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17 樓1712–1716號舖。出席臨時股東會並於會上投票的記錄日期為2026年4月22日。 有關臨時股東會的詳情（包括會議日期及地點）將載於本公司適時發出的通函 ...

证券研究报告 晨会 hyzqdatemark 2026 年 03 月 26 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年03月26日 华源晨会精粹 20260326 机器人 卧安机器人(06600.HK)点评："一脑多形"构建家庭通用具身智能底座 全 球化战略进入收获期：2025 年，公司实现收入 9.0 亿元，同比增长 48%；实现毛利 4.9 亿元，同比增长 54%，对应毛利率 54%，同比提升 2.3 个百分点；实现经调整 净利润 1276.6 万元，同比增长 1053%。全球化布局成效显著，核心市场收入高速 增长。其中，德国市场收入同比增长 108.9%。公司聚焦人力成本较高的全球市场， 构建可持续的商业化路径。分产品来看，公司不同产品线收入同步高增，增强型执 行机器人/感知与决策系统/其他智能家庭和新兴 AI 产品与解决方案分别实现 5.1/3.0/0.9 亿元收入，同比增长 47%/49%/48%，或验证核心品类增长具备持续性。 产品结构升级助推公司毛利率提升。以"一脑多形"为核心，打造面向家庭场景的 通用具身智能平台。技术路径上，公司将持续围绕通用机器人"大脑"升级、数据 体系 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2026 年 03 月 26 日 风险提示。海外市场与渠道依赖风险；全球消费需求与汇率波动风险；智能家居生 态平台竞争加剧的风险。 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | 2026E | 2027E | 2028E | | 营业收入（百万元） | 609.92 | 900.56 | 1504.30 | 2082.61 | 2790.06 | | 同比增长率（%） | 33.4% | 47.7% | 67.0% | 38.4% | 34.0% | | 归母净利润（百万元） | -3.07 | -24.68 | 7.61 | 123.38 | 228.72 | | 同比增长率（%） | 81.2% | -702.7% | 130.8% | 1520.8% | 85.4% | | 每股收益（元/股） | -0.03 | -0.14 | 0.03 | 0.55 | 1.01 | | ROE（%） | -1.6 ...

「一脑多形」战略加速落地。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，卧安机器人（06600.HK)于3月24日发布了截至2025年12月31日止年度的年度 业绩公告，这也是其自2025年12月30日登陆港交所以来发布的首份业绩公告。 财报显示， 2025年 卧安机器人全 年营收9.0亿元，同比增长47.7%；毛利为4.9亿元，同比增长 54.2%，毛利率进一步提高到54.0%；经调整后净利润增逾10倍，达到1277万元。 值得注意的是，2025年卧安机器人的全球化战略进入全面收获期，在多个海外核心高价值市场展现 出强劲的爆发力——其中， 在对技术与品质要求极高的德国市场，卧安机器人的业务取得了历史性 突破，营收同比激增108.9%，并以此为引擎，强势带动整个欧洲市场实现57.9%的同比高增长。 同时，在公司收入占比最高的日本市场，卧安机器人同样交出了同比增长54.9%的亮眼答卷。 这一 系列数字不仅验证了公司卓越的全球本土化运营能力，更标志着卧安机器人在全球核心市场的增长动 能依然强劲，国际商业版图正加速重构。 从产品侧来看，卧安机器人在家 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 (i)建議採納2026年H股激勵計劃；及(ii)建議授權董事會及╱或其授權人士處理2026 年H股激勵計劃相關的所有事宜須經股東於本公司應屆臨時股東會（「臨時股東會」） 上以特別決議案批准後，方可作實。 OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6600） 建議採納 2026年H股激勵計劃 臥安機器人（深圳）股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈， 於2026年3月24日，董事會已議決建議就本公司H股採納股份激勵計劃（「2026年H 股激勵計劃」）。 2026年H股激勵計劃旨在(i)吸引、激勵及留任核心人才，包括研發人員及營運管理 團隊，特別是獎勵及留聘對本公司持續發展及長遠增長貢獻良多的人員；(ii)促進實 現本公司長遠可持續發展及業績目標 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示不會就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 OneRobotics (Shenzhen) Co., Ltd. 臥安機器人（深圳）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6600） 截至2025年12月31日止年度的 年度業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至2025年 | 截至2024年 | | | | 12月31日 | 12月31日 | | | 項目 | 止年度 | 止年度 | 同比變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 900,560 | 609,924 | 47.7% | | 毛利 | 486,625 | 315,597 | 54.2% | | 年內虧損 | (27,263) | (3,074) | 786.9% | | 非國際財務報告準則計量： | | | | | 經調整淨溢利 | 12,766 | 1,107 | 1 ...

Group 1: Computer Industry - The core viewpoint is that China's AI model invocation volume has rapidly increased, surpassing the US for the first time, indicating a strong growth momentum driven by collective capabilities of domestic AI manufacturers [2][6][7] - In February, China's AI model invocation reached 41.2 trillion tokens, compared to the US's 29.4 trillion tokens, with a further increase to 51.6 trillion tokens in the following week, marking a 127% growth over three weeks [2][6] - The domestic computing power market is growing rapidly, with significant revenue increases reported by local computing power companies, indicating a trend towards value realization in the domestic computing power sector [7][9] Group 2: Food and Beverage Industry - Chongqing Beer (600132.SH) reported a stable performance in 2025, achieving revenue of 14.722 billion yuan, a year-on-year increase of 0.53%, and a net profit of 1.231 billion yuan, up 10.43% [10][11] - The beer business saw revenue of 14.298 billion yuan, with a slight increase in sales volume to 2.9952 million tons, reflecting a stable price and volume performance [12] - The company continues to upgrade its product structure, with high-end product sales increasing by 3.23%, now accounting for 50.2% of total sales [12][13] Group 3: Robotics Industry - The report highlights the company as the largest global provider of AI-enabled household robots, with over 95% of revenue coming from overseas markets, particularly in Japan, Europe, and North America [15][19] - The company has achieved a compound annual growth rate of 49% in revenue from 2022 to 2024, with a market share of 11.9% in the global household robot system products by 2024 [15][19] - New vertical applications in sports, companionship, and household robots are expected to drive future growth, with innovative products like the AI tennis robot and AI companion robot set to launch [18][19] Group 4: Transportation Industry - China Civil Aviation Information Network (00696.HK) is expected to see revenue of 8.823 billion yuan in 2024, a year-on-year increase of 26.3%, and a net profit of 2.074 billion yuan, up 48.3% [22][24] - The company is deeply integrated with the aviation industry, benefiting from a recovery in passenger volumes exceeding pre-pandemic levels, which is expected to release significant revenue potential [22][24] - The company holds a dominant position in the global GDS market, with a 95% market share in China, and is actively expanding into overseas markets [23][24] Group 5: Mining Industry - Tongli Co., Ltd. (920599.BJ) is projected to achieve a net profit of 857.99 million yuan in 2025, reflecting an 8% year-on-year increase, driven by stable growth in open-pit coal mining and high growth in non-ferrous metal mining [25][26] - The company is focusing on overseas market expansion and strengthening service capabilities, with a significant increase in demand for new energy products and autonomous vehicles [26][28] - The number of autonomous mining trucks in China is expected to double to 5,750 by 2025, indicating a growing trend towards automation in the mining sector [28]

Investment Rating - The report initiates coverage with a "Buy" rating for Woan Robotics (6600.HK) [1][7]. Core Insights - Woan Robotics is positioned as a global leader in home robotics, leveraging an integrated product matrix that covers diverse household scenarios. The company has successfully turned profitable in the first half of 2025, driven by high-margin DTC channel growth and scale effects [2][10]. - The company is expected to achieve significant revenue growth, with projected revenues of RMB 1,016 million in 2025, RMB 1,501 million in 2026, and RMB 1,966 million in 2027, reflecting year-on-year growth rates of 67%, 48%, and 31% respectively [4][12]. - The report highlights the company's strong technological barriers, focusing on three core technologies: robot positioning and environment construction, AI machine vision control, and distributed neural control network technology [7][12]. Financial Summary - Revenue projections for Woan Robotics are as follows: - 2024: RMB 610 million - 2025: RMB 1,016 million - 2026: RMB 1,501 million - 2027: RMB 1,966 million - The company is expected to achieve a net profit of RMB 79 million in 2025, RMB 146 million in 2026, and RMB 212 million in 2027, with a remarkable growth rate of 2,661% in 2025 [4][12]. - The earnings per share (EPS) are projected to be -0.03 in 2024, 0.35 in 2025, 0.65 in 2026, and 0.94 in 2027 [4][12]. Market Position and Growth Drivers - Woan Robotics has established a global sales network covering over 90 countries, with a DTC channel that has seen a compound annual growth rate of 73.3% from 2022 to 2024, contributing nearly half of the company's revenue [7][10]. - The global home robotics market is expected to grow from RMB 5.9 billion in 2024 to RMB 70.7 billion in 2029, with a penetration rate increasing from 2.3% to 16.2%, indicating a high-growth, low-penetration market [7][10]. Valuation Analysis - Given the company's recent losses and significant capital expenditures, a price-to-sales (PS) valuation method is employed, resulting in a target market value of RMB 30.03 billion and a target price of HKD 147.01 per share for 2026 [12][13].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Woan Robotics (6600.HK) [1][7] Core Insights - Woan Robotics is a global leader in home robotics, leveraging an integrated product matrix that covers diverse household scenarios. The company has successfully turned profitable in the first half of 2025, driven by high-margin DTC channel growth and scale effects [2][10] - The company is positioned in a high-growth market with low penetration, with the global home robotics market expected to grow from 5.9 billion RMB in 2024 to 70.7 billion RMB by 2029, indicating a significant growth opportunity [7][10] Financial Summary - Revenue projections for Woan Robotics are as follows: - 2024: 610 million RMB - 2025: 1,016 million RMB - 2026: 1,501 million RMB - 2027: 1,966 million RMB - The revenue growth rates are 33%, 67%, 48%, and 31% respectively [4][11] - The net profit forecast shows a turnaround from a loss of 3 million RMB in 2024 to profits of 79 million RMB in 2025, 146 million RMB in 2026, and 212 million RMB in 2027, with growth rates of 81%, 2661%, 86%, and 45% respectively [4][11] - The company’s EPS is projected to improve from -0.03 in 2024 to 0.94 in 2027 [4][11] Business Model and Market Position - Woan Robotics has established a comprehensive sales network covering over 90 countries, utilizing a "China supply chain + global channel" model. The DTC channel has shown rapid growth, with a compound annual growth rate of 73.3% from 2022 to 2024, contributing nearly half of the revenue [7][10] - The company has a clear business structure and significant sales network advantages, which are expected to enhance profitability as the DTC channel continues to grow [12] Valuation Analysis - Given the company's recent losses and capital expenditures, a PS (Price-to-Sales) valuation method is employed. The report assigns a 20x PS valuation for 2026, resulting in a target market value of 30.03 billion RMB and a target price of 147.01 HKD [12][13]