SIASUN(SZ:300024) Jin Rong Jie·2025-12-09 09:30Core Viewpoint - The article highlights the increasing trend of robotics companies, including Woan Robotics, seeking to go public in the Hong Kong stock market, indicating a growing interest and investment in the robotics sector. Company Overview - Woan Robotics is a global provider of AI-enabled home robotics systems, focusing on creating an ecosystem centered around smart home robot products, with a market share of 11.9% as of 2024 [1][2]. - The company has launched several innovative products, including the world's first finger robot, curtain robot, fingerprint door lock robot, and enhanced mobile robot, showcasing a strong growth trajectory in sales [2]. Financial Performance - Woan Robotics reported revenues of RMB 275 million, RMB 457 million, and RMB 609 million for the years 2022, 2023, and 2024, respectively, with net profits improving from losses of RMB 86.93 million in 2022 to a projected loss of RMB 3.07 million in 2024 [3][4]. - The adjusted EBITDA turned positive for the first time in 2023, reaching RMB 5.81 million, and is expected to grow to RMB 26.08 million in 2024 [2]. Product and Market Focus - The majority of Woan Robotics' revenue comes from enhanced execution robots, with projected revenue of approximately RMB 348 million from this category in 2024, accounting for nearly 60% of total revenue [3]. - The company primarily targets overseas markets, with Japan, Europe, and North America contributing 95% of its revenue, and Japan alone accounting for 57.7% [4]. Funding and Valuation - Woan Robotics has undergone 14 rounds of financing since its establishment in 2015, with the latest C round raising RMB 70 million in May 2025, increasing the company's valuation from RMB 160 million in 2017 to RMB 4.05 billion [5][7]. - The company is backed by notable investors, including Brizan Ventures V and various robotics research institutions, with key shareholders holding approximately 44.53% of the company [7][8].