SIASUN(SZ:300024) Zheng Quan Ri Bao·2025-06-15 16:10Core Viewpoint - Woan Robotics is preparing for an IPO in Hong Kong, aiming to raise funds to enhance R&D capabilities and expand its global market presence [1] Group 1: Company Overview - Woan Robotics is a global provider of AI-enabled home robot systems, focusing on creating an ecosystem centered around smart home robot products [1] - The company's product brand is SwitchBot, which allows users to interact with products via the SwitchBot App [2] Group 2: Financial Performance - The company's revenue increased from 275 million yuan in 2022 to 610 million yuan in 2024, with a compound annual growth rate (CAGR) of 49% [2] - Gross profit margin improved from 34.3% in 2022 to 51.7% in 2024, with gross profit rising from 94 million yuan to 316 million yuan, reflecting a CAGR of 83% [2] - Sales and distribution expenses as a percentage of revenue decreased from 37.2% in 2022 to 28.2% in 2024, while administrative expenses fell from 7.6% to 5.3% [3] Group 3: Market Position and Expansion - Woan Robotics holds an 11.9% market share, making it the largest provider of AI-enabled home robot systems globally, according to retail sales projections for 2024 [2][5] - The company has expanded its sales network to over 90 countries, with significant revenue contributions from Japan (57.7%), Europe (21.4%), and North America (15.9%) [4] - Revenue from the European market grew from 46 million yuan in 2022 to 130 million yuan in 2024, with a CAGR of 68%, while North American revenue increased from 47 million yuan to 97 million yuan, with a CAGR of 43% [4]