深耕细分市场持续盈利 近日，特种机器人企业深圳市博铭维技术股份有限公司（以下简称"博铭维机器人"）首次向港交所递交 了IPO申请，计划在港股主板上市。根据招股书披露，博铭维机器人此前已经完成数轮融资，股东包括 紫荆科创、正轩投资、深哈基金等。 今年5月，深圳乐动机器人股份有限公司向港交所递交上市申请书。招股书显示，乐动机器人成立于 2017年，总部位于深圳，是一家专注于智能机器人视觉感知技术及产品研发设计的全栈式智能机器人公 司。根据灼识咨询的资料，以2024年营业收入计算，乐动机器人是全球最大的以视觉感知技术为核心的 智能机器人公司。 招股书显示，业绩方面，2022年、2023年及2024年，乐动机器人营业收入分别为2.34亿元、2.77亿元和 4.67亿元，2022年至2024年的年复合增长率约为41.4%。虽然收入高速增长，乐动机器人过去三年却持 续亏损，2022年、2023年及2024年公司净亏损分别为7313.2万元、6849.1万元、5648.3万元，分别占相 关年度收入的31.3%、24.8%及12.1%。 6月，卧安机器人（深圳）股份有限公司向港交所提交上市申请书。卧安机器人成立于2018年， ...

Core Viewpoint - The company, Switchbot (Shenzhen) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for R&D, sales expansion, debt repayment, and general operational needs [1]. Company Overview - Switchbot is a leading global provider of AI-enabled home robot systems, holding an 11.9% market share in 2024, making it the largest in this sector [2]. - The company focuses on developing a comprehensive ecosystem centered around smart home robot products, leveraging its integrated R&D, production, and sales capabilities [2]. Financial Performance - Revenue projections for 2022-2024 are approximately RMB 275 million, RMB 457 million, and RMB 610 million, respectively, with losses decreasing from RMB 86.98 million in 2022 to RMB 3.07 million in 2024 [3][5]. - High R&D and sales expenses are significantly impacting profit margins, with R&D costs growing at a CAGR of 29.9% and sales expenses at 34.7% from 2022 to 2024 [5]. Market Dependency - The company heavily relies on the Japanese market, which accounted for 61.4% to 57.7% of total revenue from 2022 to 2024, while overall international sales constituted 95% of revenue [6][7]. - The reliance on overseas markets exposes the company to geopolitical risks and currency fluctuations, with foreign exchange losses reaching RMB 6.49 million in 2024, a 301.11% increase year-on-year [8]. Sales Channel Risks - The company is significantly dependent on Amazon for sales, with revenue from Amazon platforms making up 81.9% to 64.2% of total income from 2022 to 2024 [9][10]. - This reliance poses risks, as any changes in Amazon's policies or negative events could adversely affect the company's revenue and brand image [10].