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].