机构：中信建投证券 研究员：黄文涛/马王杰/翟延杰 核心观点 2025 年12 月30 日，卧安机器人在港交所主板正式挂牌上市，卧安机器人是领先的AI 具身家庭机器人 系统提供商，推出手指、门锁、窗帘机器人等多个明星产品。营收增长动能强劲，2025 年业绩实质性 转正，标志公司开始进入规模扩张与利润释放并行的新阶段。中长期看，公司以"家庭AI 具身机器人系 统"作为底座，通过多品类矩阵+App 生态+全球渠道形成复购与规模效应，建议持续关注AI 时代下公司 创新+生态共振带来的成长空间。 事件 卧安机器人（6600.HK）于 2025 年12 月30 日成功在香港交易所主板上市。全球发售2222.23 万股，最 终发行价为73 .8 港元/股，共募资16.40 亿港元。截至1 月2 日收盘，卧安机器人收盘股价达到92 港元， 市值约为204 亿港元。 简评 一、家庭AI 机器人翘楚，领先的具身系统提供商卧安机器人系领先的AI 具身家庭机器人系统提供商， 公司开创多个首创产品并实现多款家庭机器人产品的规模化商业落地，并持续推动产品向高智能化、系 统化方向演进。公司已开发并形成涵盖手指机器人、窗帘机器人、门锁机器 ...

Group 1 - The company, Woan Robotics, officially launched its global public offering on December 18, with plans to list on the Hong Kong Stock Exchange on December 30, aiming to raise approximately HKD 1.8 billion by offering 22.22 million H shares at a price range of HKD 63 to HKD 81 per share [1][5] - The IPO has received support from several cornerstone investors, who collectively subscribed to approximately HKD 700 million of the offering shares, with notable contributions from Hillhouse's HACF at USD 30 million, Cithara at USD 20 million, and others [3] - Woan Robotics, founded in 2015 by alumni of Harbin Institute of Technology, positions itself as a global provider of AI-enabled home robotics systems, covering various household scenarios with a product matrix that includes smart control, housekeeping, elder care, and energy management [3][4] Group 2 - The company is recognized as the largest AI-enabled home robotics system provider globally, holding an 11.9% market share according to a report by Frost & Sullivan, and is the only company with a comprehensive range of home robot categories [3] - Financial projections indicate revenue growth from CNY 275 million in 2022 to CNY 610 million in 2024, with a compound annual growth rate of 49.0%, and a year-on-year revenue increase of over 44% to CNY 396 million in the first half of 2025 [4] - The net proceeds from the IPO are expected to be approximately HKD 1.505 billion, with plans to allocate about 66.5% for R&D enhancement, 19.8% for expanding sales channels and brand recognition, 3.8% for repaying bank loans, and the remaining 10% for general operational expenses [5]

Core Insights - The article discusses the IPO application of Woan Robotics, a company specializing in AI-powered embodied home robot systems, which has refiled after an initial submission failure earlier in the year [1][2]. Company Overview - Woan Robotics is positioned as the only global company with a comprehensive layout of AI embodied home robot systems, holding an 11.9% market share as of 2024 [2]. - The company’s main products include enhanced execution robots and perception and decision-making systems, with a total of 47 standardized product units (SPUs) [2]. - The founding team has a strong background from Harbin Institute of Technology, with notable figures such as Li Zhi-Chen and Pan Yang [1][10]. Financial Performance - The company reported revenues of 275 million RMB, 457 million RMB, 609.9 million RMB, and 396.3 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - After three years of losses, Woan Robotics turned a profit in the first half of 2025, achieving a net profit of 27.9 million RMB [6][8]. - The company’s revenue from Japan accounted for 61.4%, 62.3%, and 57.7% of total revenue from 2022 to 2024, with a further increase to 67.7% in the first half of 2025 [4][9]. Market Dependency - Woan Robotics heavily relies on the Japanese market and Amazon for sales, with over 95% of revenue coming from international markets during the reporting period [2][3]. - The company generated 81.9%, 65.2%, 64.2%, and 67% of its total revenue from Amazon channels in the respective years [8]. - The highest U.S. tariff rate applicable to its core products is approximately 63%, impacting sales from the U.S. market, which contributed 16.4%, 17.2%, 14.2%, and 10.3% to total revenue over the reporting years [9]. Investment and Valuation - Woan Robotics has attracted significant investment, with a valuation of approximately 4.048 billion RMB following its C-round financing in 2025, a substantial increase from 20 million RMB in 2017 [15]. - The company plans to use the funds raised from the IPO to enhance R&D capabilities, expand sales channels, and improve brand recognition globally [15].

Group 1 - The core viewpoint of the article is that Woan Robotics has submitted its Hong Kong IPO application, which has now expired after six months, with Guotai Junan International and Huatai International as joint sponsors [1] - Woan Robotics is identified as a provider of AI-enabled home robot systems, focusing on creating an ecosystem centered around smart home robot products [2] - The company's product brand is SwitchBot, which allows users to interact with the products via the SwitchBot App to meet various household needs [2] Group 2 - According to a report by Frost & Sullivan, Woan Robotics is the largest provider of AI-enabled home robot systems globally, with a market share of 11.9% based on retail sales projected for 2024 [2] - The company is noted as the only provider with a comprehensive layout of home robot categories in the home living scenario [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested additional documentation from Woan Robotics regarding its business model and the transparency of its major shareholders, particularly concerning potential conflicts of interest [1] - Woan Robotics has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Huatai International acting as joint sponsors [1] - The CSRC has also asked for clarification on the inconsistency in the identification of the controlling shareholder and the reasons behind it, as well as details about the company's employee incentive plan [1] Group 2 - Woan Robotics is identified as a leading provider of AI-enabled home robot systems, focusing on creating an ecosystem centered around its smart home robot products branded as SwitchBot [2] - According to a report by Frost & Sullivan, Woan Robotics holds an 11.9% market share in the global AI-enabled home robot system market as of 2024, making it the largest player in this sector [2] - As of June 3, 2025, Woan Robotics has over 3.1 million registered users on its SwitchBot App, with more than 9.1 million devices connected to the app, and its products are available in over 2,000 retail stores across more than 90 countries and regions [2]

Group 1 - The core viewpoint of the news is that the China Securities Regulatory Commission (CSRC) has requested additional documentation from Woan Robotics regarding its overseas listing application, focusing on business operations, major shareholders, and compliance with foreign investment regulations [1] - Woan Robotics has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Huatai International acting as joint sponsors [1] - The CSRC has specifically asked for clarifications on the identification of controlling shareholders and the reasons for inconsistencies in the recognition results [1] Group 2 - Woan Robotics is identified as a leading provider of AI-enabled home robot systems, aiming to create an ecosystem centered around smart home robot products under the brand name SwitchBot [2] - According to a report by Frost & Sullivan, Woan Robotics holds an 11.9% market share, making it the largest AI-enabled home robot system provider globally as of 2024 [2] - As of June 3, 2025, the SwitchBot App has over 3.1 million registered users and more than 9.1 million devices connected, with products sold in over 90 countries and available in more than 2,000 physical retail stores worldwide [2]

Core Viewpoint - Woan Robotics is preparing for an IPO, focusing on smart home robotics and claiming to be the largest AI-driven home robotics system provider globally, with a market share of 11.9% as of 2024 [1][2]. Financial Performance - Revenue projections for Woan Robotics from 2022 to 2024 are 275 million RMB, 457 million RMB, and 610 million RMB, respectively, indicating a compound annual growth rate (CAGR) of 49.0% [2]. - Gross profit for the same period is projected to be 94 million RMB, 231 million RMB, and 316 million RMB, with a CAGR of 83.1% [2]. - Gross margins are expected to improve from 34.3% in 2022 to 51.7% in 2024 [2]. - The company is nearing breakeven, with an adjusted net loss rate of 0.5% in 2024 and positive adjusted EBITDA of 5.81 million RMB in 2023 and 26.08 million RMB in 2024 [2]. Research and Development - R&D expenditures from 2022 to 2024 are projected at 62 million RMB, 89 million RMB, and 112 million RMB, with a CAGR of 34.7% [2]. - As of June 3, 2025, the R&D team consists of 219 members, accounting for 50.7% of total employees, and the company holds over 269 patents, including 43 core innovation patents [2]. Market Presence - Woan Robotics primarily targets overseas markets, with revenue distribution in 2024 expected to be 57.7% from Japan, 21.4% from Europe, and 15.9% from North America [3][4]. - The company faces risks related to its reliance on foreign markets, including currency fluctuations and tariff pressures, with a projected exchange loss of 6.5 million RMB in 2024 due to yen depreciation [4][5]. Sales Channels - In 2024, 64.2% of Woan Robotics' revenue is expected to come from Amazon channels, with 35.8% from Amazon VC wholesale and 28.4% from Amazon SC third-party seller channels, indicating a high dependency on Amazon [5][6]. Supply Chain Challenges - Despite its market presence, Woan Robotics sources 90% of its raw materials from China, leading to concerns about supply chain resilience amid increasing competition from tech giants like Google and Amazon in the home robotics sector [7].

Core Viewpoint - Woan Robotics, established in 2015, is set to list on the Hong Kong Stock Exchange, focusing on AI-enabled home robotics and has developed a comprehensive product ecosystem [2][4]. Group 1: Company Overview - Woan Robotics is a leading provider of AI-enabled home robotics systems, with a product matrix covering seven categories and 42 models, aimed at various applications including smart control and elderly care [4]. - The company has launched several pioneering products, including the world's first finger robot and curtain robot, and plans to release an average of 10 new or upgraded products annually from 2022 to 2024 [4]. Group 2: Market Presence - Over 95% of Woan Robotics' revenue comes from Japan, Europe, and North America, with respective compound annual growth rates (CAGR) of 44.7%, 68.1%, and 42.5% from 2022 to 2024 [5][6]. - The SwitchBot brand has become a well-known name in the global smart home industry, leading in retail sales in Japan since 2022 [5]. Group 3: Financial Performance - Revenue figures for Woan Robotics from 2022 to 2024 are projected at RMB 274.6 million, RMB 457.3 million, and RMB 609.9 million, with a CAGR of 49.0% [10]. - Gross profit is expected to grow from RMB 94 million in 2022 to RMB 316 million in 2024, with a gross margin increasing from 34.3% to 51.7% [10]. Group 4: Sales Channels - Direct-to-consumer (DTC) channels are a key growth driver, with revenue from DTC channels growing at a CAGR of 73.3% from 2022 to 2024, increasing its share of total revenue from 36.9% to 49.8% [9]. - Amazon channels contributed 64.2% of total revenue in 2024, highlighting the importance of e-commerce in Woan Robotics' sales strategy [10]. Group 5: Research and Development - The company has invested significantly in R&D, with expenditures rising from RMB 62 million in 2022 to RMB 112 million in 2024, representing a CAGR of 34.7% [11]. - As of June 2025, Woan Robotics holds over 269 patents, including 43 core innovation patents, indicating a strong focus on technological advancement [11]. Group 6: IPO Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, expand sales channels, and improve global brand recognition [13].