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].

超95%的收入来自日本、欧洲及北美市场。 截至目前，卧安机器人的AI具身家庭机器人系统产品矩阵已覆盖七种品类共42款SPU，可应用于智 能操控、家务劳动、智慧管家、养老护理、安全防护、能源管理等场景，实现了智能家庭全品类的无 缝覆盖。 2022年至2024年，卧安机器人平均每年发布10款新产品或升级现有产品。 根据弗若斯特沙利文报告，按2024年零售额计算，卧安机器人是全球最大的AI具身家庭机器人系统 提供商，市场份额为11.9%，亦为唯一一家在家庭生活场景全面布局家庭机器人品类的AI具身家庭 机器人系统提供商。 值 得 一 提 的 是 ， 通 过 全 渠 道 销 售 策 略 ， 卧 安 机 器 人 已 成 功 塑 造 了 全 球 智 慧 家 庭 行 业 知 名 品 牌 "SwitchBot" 。根据弗若斯特沙利文的报告，SwitchBot自2022年起在日本AI具身家庭机器人系统 零售额连续三年稳居第一。 从发展路径上来看，卧安机器人最初于2017年开始在日本市场销售SwitchBot，其后拓展至欧洲及 北美市场。根据弗若斯特沙利文的报告，2022年至2024年，卧安机器人在日本、欧洲和北美市场销 售所产生 ...