Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, focusing on providing specialized space robots and AI solutions for pipeline operations [1][2]. Group 1: Company Overview - Bomengwei specializes in providing robotic solutions and AI platforms for special space operations, including comprehensive solutions for various types of pipelines and key nodes in water treatment and pumping stations [2]. - The company has focused its R&D on two core areas: special space robots and AI algorithms, achieving rapid commercialization with several industry-leading products [2]. - Bomengwei has expanded its market presence internationally, with its products and solutions applied in 15 countries and regions, serving over 4,000 clients [2]. Group 2: Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first quarter of 2025 is projected to be 162 million, 214 million, 249 million, and 62 million respectively, with net profits of 22.39 million, 30.64 million, 40.15 million, and 10.046 million respectively [3]. Group 3: Customer Concentration Risk - Bomengwei faces customer concentration risk, with revenue from the top five customers accounting for 34.5%, 34.3%, 28.5%, and 33.9% of total revenue in 2022, 2023, 2024, and the first three months of 2025 respectively [4]. - Revenue from the largest customer represented 12.5%, 17.3%, 11%, and 12.1% of total revenue during the same periods [4]. Group 4: Market Demand and Competition - The future market demand for pipeline special space robots, engineering solutions, and UV curing repair hoses is uncertain, which may impact the company's business and financial performance [5]. - The industry is highly competitive, and failure to succeed in this environment could adversely affect the company's operations and financial status [5].

Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Bomengwei Technology is a leading provider of special space robots for pipeline networks in China, offering comprehensive solutions that include robots, AI platforms, engineering technology solutions, and UV-cured repair hoses [4]. - The company ranks first among participants in the Chinese market for special space robots by revenue in 2024, according to a Frost & Sullivan report [4]. - Bomengwei Technology aims to provide full lifecycle robot and AI solutions for special spaces, covering various types of pipeline networks and critical nodes such as water treatment plants and pump stations [4]. Business Focus - The company has focused its R&D on two core areas: special space robots and AI intelligent algorithms, achieving rapid commercialization and launching several industry benchmark products [5]. - Bomengwei Technology has developed a vertically integrated value chain in the global special space robot industry, offering products and solutions that encompass detection, cleaning, repair, motors, AI, and UV-cured repair hoses [5]. - The company has expanded its business to 15 countries and regions, serving over 4,000 clients as of August 19, 2025 [5]. Financial Performance - The company reported revenues of approximately RMB 162.31 million, RMB 214.65 million, RMB 249.08 million, and RMB 62.36 million for the years ending March 31, 2022, 2023, 2024, and 2025, respectively [8]. - The net profits for the same periods were RMB 22.39 million, RMB 30.64 million, RMB 40.15 million, and RMB 10.05 million [8].