SIASUN(SZ:300024) Zhong Guo Zheng Quan Bao·2025-12-09 15:13Core Viewpoint - Woan Robotics (Shenzhen) Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange for the second time, aiming to establish itself as a leading provider of AI-enabled home robot systems, primarily generating revenue through sales on Amazon [1][6]. Company Overview - Woan Robotics is recognized as the largest global provider of AI-enabled home robot systems, holding a market share of 11.9% as of 2024 [3]. - The company focuses on creating an ecosystem centered around smart home robot products, with a diverse range of robots designed for various home scenarios [3]. Financial Performance - The company reported revenues of approximately RMB 275 million, RMB 457 million, RMB 609 million, and RMB 396 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. - Net profits (losses) for the same periods were approximately -RMB 86.9 million, -RMB 16.4 million, -RMB 3.1 million, and RMB 27.9 million [4]. Revenue Sources - A significant portion of the company's revenue is derived from sales through Amazon, with revenues from Amazon SC and VC programs contributing 29.1%, 26.3%, 28.4%, and 22.8% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [6]. - The company has established a multi-channel sales and distribution network, including direct-to-consumer (DTC), retail, and distribution channels [5]. Supplier and Customer Dynamics - The company’s procurement from its top five suppliers accounted for 41.4%, 25.7%, 24.0%, and 33.1% of total sales costs from 2022 to the first half of 2025 [8]. - The top five customers generated revenues of approximately RMB 1.64 billion, RMB 2.29 billion, RMB 2.89 billion, and RMB 2.12 billion, representing 59.6%, 50.2%, 47.4%, and 53.5% of total revenue during the same periods [8]. Future Plans - The company plans to use the funds raised from the IPO to enhance R&D capabilities, develop key technologies related to AI-enabled home robot systems, expand sales channels, repay part of its bank loans, and for general working capital [9].