SIASUN(SZ:300024) Hua Xia Shi Bao·2025-06-11 06:36Core Viewpoint - The non-humanoid robot sector has achieved commercial breakthroughs while humanoid robots are still struggling with profitability. Woan Robotics has submitted an IPO application and is expected to turn profitable in 2024 after several years of losses, but it faces challenges due to its heavy reliance on overseas markets and geopolitical tensions [1][6]. Group 1: Company Overview - Woan Robotics was founded in Shenzhen in 2015 and has a diverse product range including fingerprint door lock robots and curtain robots, focusing on practical applications rather than humanoid designs [1][2]. - The company has reported revenues of 275 million yuan, 457 million yuan, and 610 million yuan from 2022 to 2024, indicating a steady growth trajectory [2][3]. Group 2: Market Position and Performance - Woan Robotics is the largest provider of AI-embodied home robot systems globally, holding an 11.9% market share as of 2024, with a focus on the aging population driving demand for smart products [6][7]. - The global home robot market is projected to grow from 213.3 billion yuan in 2022 to 257.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.9% [6]. Group 3: Revenue Sources and Challenges - The majority of Woan Robotics' revenue comes from overseas markets, particularly Japan, Europe, and North America, which accounted for 95.5%, 95.6%, and 95% of total revenue from 2022 to 2024 [7]. - The company faces risks related to geopolitical tensions and currency fluctuations, particularly due to its reliance on the U.S. market and the impact of U.S.-China trade relations [7][8].