Investment Rating - The report suggests a cautious subscription for the IPO of the company, Wan'an Robotics, with a proposed price range of HKD 63 to HKD 81 per share [1][3]. Core Insights - The company is recognized as a leading global provider of home robotic systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [1]. - The global home robotics market is projected to grow from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.9%, and is expected to reach approximately RMB 436.5 billion by 2029, with a CAGR of 11.1% from 2024 to 2029 [2]. - The company's revenue is forecasted to increase significantly, reaching RMB 274.6 million, RMB 457.3 million, and RMB 609.9 million for the years 2022, 2023, and 2024 respectively, reflecting a CAGR of 49.0% [2]. Summary by Sections IPO Details - The total fundraising amount is estimated at HKD 1.5049 billion based on a mid-price of HKD 73 per share, with a total of 22.2223 million shares available for subscription [1]. - The subscription period is from December 18 to December 23, 2025, with an entry fee of HKD 8,181.69 [1]. Market Potential - The home robotics market is currently in a rapid development phase, with an expected increase in product penetration to 29.9% by 2029 [2][3]. - The company has over 3.5 million registered users on its SwitchBotApp, with more than 10.8 million devices connected [1]. Financial Performance - The company has shown improvement in operational efficiency, with net losses decreasing from RMB -86.98 million in 2022 to RMB -3.07 million in 2024 [2].

Core Viewpoint - OneRobotics (Shenzhen) Co., Ltd. is launching its global IPO with a strong cornerstone investor lineup, aiming for a listing on the Hong Kong Stock Exchange on December 30, 2023, which highlights the company's robust market position and growth potential [1] Group 1: Company Overview - OneRobotics is recognized as the largest AI embodiment home robot system provider globally, driven by its deep technological foundation and proprietary advancements in robot positioning, AI machine vision control, and distributed neural control network technologies [2] - The company has a strong academic lineage from Harbin Institute of Technology, with significant involvement from renowned professors and continuous backing from prominent investors [2] - As of the latest date, OneRobotics holds 311 registered patents, with 56 being invention patents, and has a high R&D personnel ratio of 43.4%, ensuring a solid technological barrier in the field of embodied intelligence [2] Group 2: Product Innovations - OneRobotics has developed groundbreaking products such as Acemate, the world's first AI tennis robot, which has been recognized as one of the best inventions by TIME magazine for 2025 [3] - The company also introduced Kata Friends, the first locally deployed large model AI companion robot, which has won multiple innovation awards for redefining emotional interaction in households [3] - A humanoid housekeeping robot is in development, expected to be launched in January 2026, showcasing the company's commitment to innovation and product evolution [3] Group 3: Financial Performance - OneRobotics has demonstrated strong growth, with projected revenues exceeding 600 million RMB in 2024 and a compound annual growth rate (CAGR) of 49.0% from 2022 to 2024 [4] - The company achieved profitability in the first half of 2025, with a net profit of approximately 27.9 million RMB, indicating a successful business model [4] - The gross margin reached 54.2% in the first half of 2025, reflecting strong product value and cost control capabilities [4] Group 4: Market Potential - The global home robot market is expected to reach approximately 436.5 billion RMB by 2029, with a CAGR of 11.1% from 2024 to 2029, driven by an aging population and increasing demand for home robots [6] - OneRobotics is well-positioned to capitalize on this growth due to its technological advantages, proven product capabilities, and healthy financials, allowing it to withstand market fluctuations and benefit from industry expansion [6] Group 5: Future Growth Strategy - The IPO proceeds will primarily be allocated to enhancing R&D capabilities, focusing on key technologies related to AI embodiment home robot systems [7] - Additional funds will be used to expand sales channels, increase brand awareness, and support general operational needs [7] - The IPO marks a significant milestone for OneRobotics, showcasing a clear development path driven by technology, product innovation, and sustainable profitability [7]

Core Viewpoint - OneRobotics (Shenzhen) Co., Ltd. is set to launch its global IPO on December 30, 2023, on the Hong Kong Stock Exchange, with a strong cornerstone investor lineup securing over HKD 700 million in subscriptions, representing 50% of the offering [1] Group 1: Company Overview - OneRobotics is recognized as the world's largest provider of AI embodiment home robot systems, driven by its robust technological foundation and deep research background from Harbin Institute of Technology [4] - The company has developed three major AI embodiment technology systems, including robot positioning and environment construction, AI machine vision control, and distributed neural control network technology, applicable across various product scenarios [2] Group 2: Product Innovations - The company has launched groundbreaking products such as Acemate, the world's first AI tennis robot, which has been recognized as one of the best inventions by TIME magazine for 2025 [4] - Another notable product is Kata Friends, the first locally deployed large model AI companion robot, which has won multiple innovation awards [5] - OneRobotics is also developing a humanoid household robot aimed at performing complex household tasks, with the first product expected to launch in January 2026 [7] Group 3: Financial Performance - OneRobotics has achieved significant revenue growth, with projected revenues exceeding RMB 600 million in 2024 and a compound annual growth rate (CAGR) of 49% from 2022 to 2024 [8] - The company turned profitable in the first half of 2025, reporting a profit of approximately RMB 27.9 million, indicating a successful business model [8] - The gross margin reached 54.2% in the first half of 2025, reflecting strong product value and cost control [8] Group 4: Market Potential - The global household robot market is expected to reach approximately RMB 436.5 billion by 2029, with a CAGR of 11.1% from 2024 to 2029, driven by an aging population and increasing demand for home robots [9] - OneRobotics is well-positioned to benefit from this market expansion due to its technological advantages and proven product capabilities [9] Group 5: Future Growth Strategy - The company plans to allocate 66.5% of the IPO proceeds to enhance R&D capabilities, focusing on key technologies related to its AI embodiment home robot systems [10] - Other funds will be used to expand sales channels, increase brand awareness, and support general operational needs [10] - The IPO marks a significant milestone in the company's journey, showcasing a clear path driven by technology, product innovation, and sustainable profitability [10]

Group 1: IPO Information - The IPO for 英矽智能 (03696.HK) is open for subscription from December 18 to December 23, with a global offering of 94,690,500 shares, where 10% is for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 24.05 per share, with a minimum investment of HKD 12,146.27 for 500 shares [2][4] - The IPO for 五一视界 (06651.HK) is also open for subscription from December 18 to December 23, with a global offering of 23,975,200 shares, where 5% is for public offering in Hong Kong and 95% for international offering. The offer price is set at HKD 30.50 per share, with a minimum investment of HKD 6,161.51 for 200 shares [8][10] - 迅策 (03317.HK) is offering 22,500,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 48.00 to HKD 55.00 per share, with a minimum investment of HKD 5,555.47 for 100 shares [13][15] - 美联股份 (02671.HK) is offering 24,600,000 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 7.10 to HKD 9.16 per share, with a minimum investment of HKD 2,775.71 for 300 shares [19][21] - 卧安机器人 (06600.HK) is offering 22,222,300 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The price range is HKD 63.00 to HKD 81.00 per share, with a minimum investment of HKD 8,181.69 for 100 shares [25][27] - 林清轩 (02657.HK) is offering 13,966,500 shares from December 18 to December 23, with 10% for public offering in Hong Kong and 90% for international offering. The offer price is set at HKD 77.77 per share, with a minimum investment of HKD 3,927.72 for 50 shares [30][32] Group 2: Financial Performance - 英矽智能 reported revenues of USD 30.15 million, USD 51.18 million, USD 85.83 million, USD 59.69 million, and USD 27.46 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net losses for the same periods were USD 221.83 million, USD 211.64 million, USD 17.10 million, USD 8.03 million, and USD 19.22 million [7] - 五一视界's revenue grew from RMB 169.98 million in 2022 to RMB 256.30 million in 2023, and further to RMB 287.36 million in 2024. The revenue for the six months ending June 30, 2025, was RMB 53.82 million, showing a 62.0% increase from the same period in 2024. The net losses for the same periods were RMB 189.79 million, RMB 87.08 million, RMB 78.97 million, RMB 65.07 million, and RMB 94.05 million [12][12] - 迅策's revenue for the years 2022, 2023, and 2024 was RMB 288 million, RMB 530 million, and RMB 632 million, respectively, with net losses of RMB 97 million, RMB 63 million, and RMB 98 million for the same years [18] - 美联股份 reported revenues of RMB 1,902.84 million, RMB 1,453.18 million, RMB 1,523.03 million, RMB 509.51 million, and RMB 1,424.11 million for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. The net profits for the same periods were RMB 87.71 million, RMB 62.13 million, RMB 70.78 million, RMB 13.61 million, and RMB 62.63 million [23] - 卧安机器人的 revenue for the years 2022, 2023, and 2024 was RMB 274.60 million, RMB 457.26 million, and RMB 609.92 million, respectively, with net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million. The company reported a net profit of RMB 27.90 million for the six months ending June 30, 2025 [29][29] - 林清轩's total revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was RMB 691.15 million, RMB 805.00 million, RMB 1,209.64 million, RMB 530.45 million, and RMB 1,051.77 million, respectively. The company transitioned from a net loss of RMB 5.93 million in 2022 to a net profit of RMB 84.52 million in 2023 and further increased to RMB 186.83 million in 2024 [34]

Group 1 - The company plans to globally offer 22.2223 million shares, with 2.2223 million shares available in Hong Kong and 20 million shares for international offering, along with an over-allotment option of 3.3333 million shares [1] - The subscription period for the shares is from December 18 to December 23, with a maximum offer price of HKD 81.00 per share and an entry fee of approximately HKD 8,181.69 for a board lot of 100 shares [1] - The total expected fundraising amount is HKD 1.6 billion, with a net amount of HKD 1.505 billion, which will be used to enhance R&D capabilities, expand sales channels and regional coverage, improve global brand recognition, and repay outstanding bank loans [1] Group 2 - The company is expected to be listed on the main board by December 30, 2025, with Guotai Junan Securities and Huatai Financial Holdings (Hong Kong) as joint sponsors [2] - The company is a global provider of home robotic systems, focusing particularly on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are expected to be -16.376 million, -3.074 million, and 27.903 million respectively, with year-on-year changes of 81.17%, 81.23%, and 304.55% [2]

Group 1 - The company, Woan Robotics (06600.HK), plans to globally offer 22.2223 million shares, with 2.2223 million shares available in Hong Kong and 20 million shares for international offering, along with an over-allotment option of 3.3333 million shares [1] - The subscription period for the shares is set from December 18 to December 23, with a maximum offer price of HKD 81.00 per share and an entry fee of approximately HKD 8,181.69 for a board lot of 100 shares [1] - The total expected fundraising amount is HKD 1.6 billion, with a net amount of HKD 1.505 billion, which will be used to enhance R&D capabilities, expand sales channels and regional coverage, improve global brand recognition, general working capital, and repay outstanding bank loans [1] Group 2 - Woan Robotics is expected to be listed on the main board by December 30, 2025, with Guotai Junan Securities and Huatai Financial Holdings (Hong Kong) as joint sponsors [2] - The company is a global provider of home robotic systems, focusing particularly on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are expected to be -16.376 million, -3.074 million, and 27.903 million respectively, with year-on-year changes of 81.17%, 81.23%, and 304.55% [2]

Group 1 - The company, Woan Robotics (06600), plans to conduct a global offering of 22.2223 million shares from December 18 to December 23, 2025, with a share price range of HKD 63-81 [1] - The company is a global provider of home robotic systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [2] - The product offerings include enhanced execution robots, perception and decision systems, and other smart home products and services, emphasizing technological research and product innovation [2] Group 2 - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe to shares totaling approximately HKD 700 million [3] - The estimated net proceeds from the global offering are approximately HKD 1.505 billion, assuming a share price of HKD 72.0 and no exercise of the over-allotment option [3] - The intended use of the net proceeds includes approximately 66.5% for enhancing R&D capabilities, 19.8% for expanding sales channels and brand awareness, 3.8% for loan repayment, and 10.0% for general working capital [3]

Group 1 - The company, Woan Robotics (06600.HK), plans to globally offer 22.2223 million H-shares, with 2.2223 million shares available in Hong Kong and 20 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The expected pricing range for the shares is between HKD 63.00 and HKD 81.00, with the subscription period set from December 18 to December 23, 2025, and the anticipated trading start date on December 30, 2025 [1] Group 2 - The company is a global provider of home robot systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robot products [2] - The product offerings include enhanced execution robots, perception and decision-making systems, and other smart home products and services, emphasizing technological research and product innovation [2] - The company leverages its integrated supply chain advantages in research, production, and sales to enhance the application of home robot technology across various household scenarios [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 700 million, equating to 9.7217 million H-shares at an indicative price of HKD 72.0 per share [3] - Assuming the share price is set at HKD 72.0 and the over-allotment option is not exercised, the estimated net proceeds from the global offering will be approximately HKD 1.5049 billion [3] - The intended use of the net proceeds includes approximately 66.5% for enhancing research and development capabilities, 19.8% for expanding sales channels and brand recognition, 3.8% for repaying part of the bank loans, and 10.0% for general working capital [3]

Group 1 - The company, Woan Robotics, plans to conduct a global offering of 22.2223 million shares from December 18 to December 23, 2025, with a share price range of HKD 63-81, and expects trading to commence on December 30, 2025 [1] - Woan Robotics is a global provider of home robot systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robot products [2] - The company offers a wide range of home robot categories designed for various household scenarios, including enhanced execution robots, perception and decision systems, and other smart home products and services [2] Group 2 - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe to shares totaling approximately HKD 700 million, with net proceeds from the global offering estimated at around HKD 1.505 billion [3] - Approximately 66.5% of the net proceeds will be used to enhance the company's R&D capabilities for developing key technologies and products related to home robot systems [3] - About 19.8% of the proceeds will be allocated to expanding sales channels and regional coverage, while 3.8% will be used for loan repayment, and 10.0% for general working capital and corporate purposes [3]

格隆汇12月18日丨卧安机器人(06600.HK)发布公告，公司拟全球发售2222.23万股H股，中国香港发售股 份222.23万股，国际发售股份2000万股(以上可予重新分配且视乎超额配股权行使与否而定)；2025年12 月18日至12月23日招股，预期定价日为12月24日；发售价将为每股发售股份63.00-81.00港元，H股的每 手买卖单位将为100股，国泰君安国际及华泰国际为联席保荐人；预期股份将于2025年12月30日开始在 联交所买卖。 ...