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 ...

Core Viewpoint - Woan Robotics (06600) has successfully listed its shares at a price of HKD 73.8 per share, raising approximately HKD 1.544 billion in net proceeds from the issuance of 22.2223 million shares [1] Company Overview - Woan Robotics is a global provider of home robotic systems, with key markets in Japan, Europe, and North America, focusing on building an ecosystem centered around smart home robotic products [1] - According to a report by Frost & Sullivan, Woan Robotics ranks first globally among home robotic system providers with a market share of 11.9% based on retail sales in 2024 [1] Product Offering - The company has consistently focused on developing home robotic systems to meet diverse user needs across various family scenarios [1] - The comprehensive product portfolio mainly consists of enhanced execution robots and perception and decision-making systems [1] - Enhanced execution robots include flexible skill robots that can simulate human finger and wrist movements for physical interaction, such as door lock robots, curtain robots, and finger robots [1] - Enhanced mobile robots can mimic human "foot" movements and, through modular product combinations, achieve functions like cleaning, air purification, mobile delivery, dynamic monitoring, and even participation in certain sports activities [1]

Core Viewpoint - Woan Robotics (06600) has successfully listed its shares at a price of HKD 73.8, raising approximately HKD 1.544 billion through the issuance of 22.2223 million shares, with no price fluctuation reported at the time of writing [1] Group 1: Company Overview - Woan Robotics is a global provider of home robotic systems, primarily targeting markets in Japan, Europe, and North America [1] - The company aims to build an ecosystem centered around smart home robotic products [1] Group 2: Market Position - According to a report by Frost & Sullivan, Woan Robotics ranks first globally among home robotic system providers with a market share of 11.9% based on retail sales projected for 2024 [1] - The company is recognized as a leading provider of home robotic systems, offering a wide range of robotic products designed for various home living scenarios [1] Group 3: Product Portfolio - Woan Robotics focuses on developing home robotic systems to meet diverse user needs across different family scenarios [1] - The comprehensive product portfolio includes enhanced execution robots and perception and decision-making systems [1] - Enhanced execution robots consist of flexible skill robots that can simulate human finger and wrist movements for physical interaction, including door lock robots, curtain robots, and finger robots [1] - Enhanced mobile robots can mimic human foot movements and, through modular product combinations, achieve functions such as cleaning, air purification, mobile delivery, dynamic monitoring, and even participation in certain sports activities [1]

Core Viewpoint - Woan Robotics (Shenzhen) Co., Ltd. has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, marking a significant step in its listing process after a previous application lapsed in June 2025 [2][3] Company Overview - Established in 2015, Woan Robotics is a global supplier of AI-enabled home robot systems, focusing on creating an ecosystem centered around smart home robot products [3] - The product range includes seven categories under the SwitchBot brand, featuring the world's first finger robot, curtain robot, fingerprint door lock robot, and commercial enhanced mobile robot [3] Financial Performance - Revenue for Woan Robotics during the reporting period (2022-2025) was as follows: 275 million yuan, 457 million yuan, 610 million yuan, and 396 million yuan for the respective years [6] - The company reported losses in the initial years, with net profits of -86.98 million yuan, -16.38 million yuan, -3.07 million yuan, and a profit of 27.90 million yuan in the first half of 2025 [6][7] Funding and Valuation - Woan Robotics has completed 14 rounds of financing since its inception, with the latest round in May 2025 raising 70 million yuan, leading to a valuation increase from 20 million yuan to approximately 4.047 billion yuan [4] - Notable investors include prominent figures in the venture capital space, such as Li Zeshang, who joined the company as a non-executive director in April 2025 [4][5] Customer Base and Revenue Sources - Over 60% of Woan Robotics' revenue comes from the Amazon platform, with significant reliance on five major clients, whose contributions to total revenue were 59.6%, 50.2%, 47.4%, and 53.5% during the reporting period [8][9] - The company primarily sells its products through Amazon's self-operated and partnered retail channels [8][9] IPO Fund Utilization - The funds raised from the IPO are intended for continued R&D investment, expanding sales channels and global market reach, repaying part of the bank loans within 12 months post-IPO, and supplementing general working capital [9]