深圳90后，创出AI具身家庭机器人第一股，毛利率达54%，上市3天市值超200亿港元

Core Viewpoint - Wan'an Robotics (6600.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first stock in the "AI Embodied Home Robot" sector, with an IPO price of HKD 73.8 and a fundraising scale of approximately HKD 1.8 billion. The stock price rose over 24% within three days of listing, reaching a market capitalization of over HKD 20 billion [1][2]. Company Background - Founded in 2015 by alumni from Harbin Institute of Technology, Wan'an Robotics focuses on developing embodied home robot products based on specific household scenarios. The company has attracted significant investment from notable institutions, including Hillhouse Capital and Source Code Capital, with key support from "DJI's Godfather" Li Zexiang during its Pre-A round [3][6][7]. Product Development and Market Strategy - Wan'an Robotics has established a product lineup that covers smart control, household chores, smart housekeeping, elderly care, safety protection, and energy management. The company is also expanding into sports and companionship robots, with plans to launch its first humanoid home robot in January 2026 [9][10]. Financial Performance - The company achieved a compound annual growth rate (CAGR) of 49% in revenue over the past three years, with revenue increasing from CNY 270 million in 2022 to CNY 610 million in 2024. In the first half of 2025, revenue reached CNY 396 million, a 44% increase year-on-year [10]. The gross margin has also improved, reaching 54.2% in the first half of 2025, positioning the company favorably within its sector [10]. Future Prospects - Approximately 66.5% of the funds raised from the IPO will be allocated to enhancing research and development capabilities, focusing on key technologies and products related to its AI embodied home robot system, as well as building a high-standard robot data collection factory [10].