【卧安机器人首次覆盖报告】全球居家机器人系统行业龙头，持续释放智能单品到系统生态的增长潜力——天 风家电团队 公司是全球居家机器人系统行业的先行者，凭借执行增强型机器人及感知决策系统领域的深厚专利壁垒，已建 立覆盖全球90多个国家、连接超1，000万台设备的领先品牌认知，成长为全球龙头。 本次上市募资将用于强化研发投入、扩张全球全渠道网络及加强品牌推广，有望通过"智能单品→系统生态"的跨 越，持续释放全球化 【卧安机器人首次覆盖报告】全球居家机器人系统行业龙头，持续释放智能单品到系统生态的增长潜力——天 风家电团队 公司是全球居家机器人系统行业的先行者，凭借执行增强型机器人及感知决策系统领域的深厚专利壁垒，已建 立覆盖全球90多个国家、连接超1，000万台设备的领先品牌认知，成长为全球龙头。 本次上市募资将用于强化研发投入、扩张全球全渠道网络及加强品牌推广，有望通过"智能单品→系统生态"的跨 越，持续释放全球化增长潜力。 ☀我们预计25-27年公司收入分别达8.81/12.02/15.74亿元，同比+44.5/+36.5/+30.9%，归母净利润分别达 0.37/0.62/1.14亿元人民币，同比分别扭亏/+ ...

Core Viewpoint - Woan Robotics has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "AI Embodied Home Robot" sector, with a market capitalization exceeding HKD 16.4 billion, marking it as a significant player in the robotics market for 2025 [1] Group 1: Company Overview - Woan Robotics is recognized as the largest AI embodied home robot system provider globally, according to Frost & Sullivan, based on retail revenue projections for 2024 [1] - The company has a strong research foundation, with its core management team originating from Harbin Institute of Technology, showcasing a commitment to innovation in robotics since their university days [2][5] - The company has developed a complete system from technology research and development to product implementation, mastering three core AI technologies: machine vision control, robot positioning and environment construction, and distributed neural control networks [5] Group 2: Market Performance and Investor Confidence - The IPO was met with overwhelming demand, with a subscription rate of approximately 254.5 times for the public offering and about 8.9 times for the international offering, indicating strong market confidence in the potential of the home robotics sector [1] - Notable early investors include prominent figures such as Professor Li Zexiang and Professor Gao Bingqiang, along with a roster of top investment institutions like Hillhouse Capital and Source Code, reflecting strong market recognition of the company's founding team [7] - The IPO successfully attracted cornerstone investors who collectively subscribed over HKD 700 million, accounting for more than 42% of the total offering, further demonstrating confidence in the company's technology and business model [7] Group 3: Product and Growth Strategy - Woan Robotics has established a three-dimensional product layout, focusing on a stable core and dual growth curves, covering various family scenarios such as smart control, household chores, elderly care, and security [9] - The company has launched innovative products like the AI tennis robot Acemate and the AI companion robot Kata Friends, which have received significant market attention and accolades, including being listed among TIME magazine's "Best Inventions of 2025" [10][11] - The upcoming humanoid household robot H1 is set to launch in January 2026, targeting high-frequency household tasks, which is expected to fill a gap in practical applications for humanoid robots [11] Group 4: Financial Performance and Global Expansion - Woan Robotics has demonstrated strong commercial viability, with products sold in over 90 countries, achieving significant growth in key markets like Japan and Europe, where revenue growth rates exceed 68% [12] - The company has achieved a compound annual growth rate (CAGR) of 49% in revenue over the past three years, with a gross margin of 51.7% in 2024, indicating a robust financial position [12] - The company plans to allocate approximately 66.5% of the raised funds to enhance R&D capabilities and develop key technologies related to AI embodied home robots, aiming to solidify its industry leadership [14] Group 5: Market Potential and Future Outlook - The global market for tennis robots is projected to reach RMB 8.27 billion by 2029, with a CAGR of 293% from 2025 to 2029, indicating substantial growth potential [14] - The AI companion robot market is expected to reach USD 23.23 billion by 2031, with a CAGR of 86% from 2024 to 2031, highlighting the expanding opportunities in this sector [14] - The humanoid robot market is forecasted to see annual sales reach 6 million units by 2035, with a market size potentially exceeding USD 120 billion, positioning Woan Robotics to capitalize on significant growth in the coming years [14]

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]. Company Overview - Woan Robotics is a global provider of home robotics systems, primarily targeting markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [1]. - According to a report by Frost & Sullivan, Woan Robotics ranks first globally among home robotics system providers with a market share of 11.9% based on retail sales projected for 2024 [1]. Product Offerings - The company focuses on developing home robotics systems to meet diverse user needs across various 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 mimic human finger and wrist movements for physical interactions, including door lock robots, curtain robots, and finger robots [1]. - Enhanced mobile robots can simulate human foot movements and, through modular product combinations, achieve functions such as cleaning, air purification, delivery, dynamic monitoring, and even participation in certain sports activities [1].

Core Viewpoint - The company, Woan Robotics, is set to launch its global IPO on December 30, 2023, with an offering price range of HKD 63-81 per share, aiming for a base issuance scale of HKD 14-18 billion, potentially increasing to HKD 16.1-20.7 billion if the greenshoe option is fully exercised [1][19]. Group 1: Investment and Market Recognition - Seven cornerstone investors have collectively subscribed nearly USD 9 million, representing 50% of the base issuance scale, highlighting strong capital recognition [2][20]. - Notable investors include Hillhouse Capital (USD 30 million), Dongfang Asset Management (USD 10 million), and a multi-strategy fund from the Middle East (USD 15 million), indicating professional investment confidence in the company's value [2][20]. - The participation of investors with low core business overlap with Woan Robotics suggests a focus on financial investment rather than traditional industrial synergy [2][20]. Group 2: Product Performance and Market Strategy - Woan Robotics has shown strong market performance, with core products including enhanced execution machines and perception and decision-making systems, expected to see price and sales growth in 2025 [4][23]. - The company’s revenue from Japan, Europe, and North America accounted for 95.5%, 95.6%, 95.0%, and 96.6% of total revenue from 2022 to the first half of 2025, with Japan being the largest market [6][25]. - The company relies heavily on Amazon for sales, with revenue from the platform comprising 81.9%, 65.2%, 64.2%, and 67.0% of total revenue during the same period [6][25]. Group 3: Financial Performance - Revenue figures for Woan Robotics from 2022 to 2024 are approximately CNY 270 million, CNY 460 million, and CNY 610 million, reflecting a compound annual growth rate of 49% [5][24]. - The company achieved a net profit of CNY 27.9 million in the first half of 2025 after narrowing losses in previous years [5][24]. Group 4: Product Differentiation and Market Positioning - The company’s products are positioned closer to smart home appliances rather than high-end intelligent robots, with significant overlap in functionality with existing products in the market [7][26]. - The multi-functional home robot, primarily a combination of vacuuming and carrying functions, represents a niche innovation but does not reach the complexity of high-end robotic products [10][28]. - Future high-end products, such as an AI tennis robot and a humanoid household robot, are still in pre-sale or planning stages, lacking market validation [11][29]. Group 5: Industry Challenges and Valuation - Despite short-term performance, the company is expected to incur losses in 2025 due to ongoing investments in core technology and IPO-related expenses [14][32]. - The claim of being the "number one" in global retail sales by revenue is limited by the specific metrics used, which do not account for non-retail channels [15][33]. - The IPO valuation of at least HKD 14 billion corresponds to a price-to-sales ratio of 23x for 2024, significantly higher than comparable companies in the A-share market, which average below 4.5x [17][35].

Investment Rating - The report suggests a cautious subscription for the IPO of the company, Wan'an Robotics, with a proposed price range of HKD 63 to HKD 81 per share [1][3]. Core Insights - The company is recognized as a leading global provider of home robotic systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [1]. - The global home robotics market is projected to grow from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024, with a compound annual growth rate (CAGR) of 9.9%, and is expected to reach approximately RMB 436.5 billion by 2029, with a CAGR of 11.1% from 2024 to 2029 [2]. - The company's revenue is forecasted to increase significantly, reaching RMB 274.6 million, RMB 457.3 million, and RMB 609.9 million for the years 2022, 2023, and 2024 respectively, reflecting a CAGR of 49.0% [2]. Summary by Sections IPO Details - The total fundraising amount is estimated at HKD 1.5049 billion based on a mid-price of HKD 73 per share, with a total of 22.2223 million shares available for subscription [1]. - The subscription period is from December 18 to December 23, 2025, with an entry fee of HKD 8,181.69 [1]. Market Potential - The home robotics market is currently in a rapid development phase, with an expected increase in product penetration to 29.9% by 2029 [2][3]. - The company has over 3.5 million registered users on its SwitchBotApp, with more than 10.8 million devices connected [1]. Financial Performance - The company has shown improvement in operational efficiency, with net losses decreasing from RMB -86.98 million in 2022 to RMB -3.07 million in 2024 [2].

Core Viewpoint - Woan Robotics is set to become the first publicly listed company focused on AI embodied home robots, with its IPO scheduled to raise up to approximately HKD 1.8 billion and a market valuation between HKD 14 billion and HKD 18 billion [2][3]. Company Overview - Woan Robotics plans to issue 22,222,300 H-shares, with 2,222,300 shares available for public offering in Hong Kong and 20,000,000 shares for international placement [3]. - The company has attracted seven cornerstone investors, securing around USD 90 million (over HKD 700 million) in subscriptions, with Hillhouse Capital being the largest investor at USD 30 million [3][4]. Product and Technology - Woan Robotics is recognized as the only company globally to comprehensively develop AI embodied home robot systems, holding an 11.9% market share in 2024 retail sales [5]. - The company has launched innovative products such as the Acemate, the world's first AI tennis robot, and Kata Friends, the first locally deployed large model AI companion robot, both of which have received significant market attention and accolades [8][10]. Financial Performance - Revenue figures for Woan Robotics from 2022 to 2024 are projected at CNY 275 million, CNY 457 million, and CNY 610 million, reflecting a compound annual growth rate (CAGR) of 49.0%. The revenue for the first half of this year has increased by over 44% to CNY 396 million [10]. - The gross margin has shown a consistent upward trend, with figures of 34.3%, 50.4%, 51.7%, and 54.2% from 2022 to 2024, respectively [10]. - The company achieved positive adjusted EBITDA in 2023, with a year-on-year increase of 348.6% expected in 2024, reaching CNY 54.14 million, which is more than double the projected adjusted EBITDA for the entire year [11]. Market Outlook - The global market for AI embodied home robot systems is expected to grow from CNY 2.2 billion in 2022 to CNY 5.9 billion in 2024, with a projected CAGR of 64.2%, reaching CNY 70.7 billion by 2029 [11]. - Market penetration is anticipated to rise from 1.0% in 2022 to 2.3% in 2024, and significantly increase to 16.2% by 2029 [11].

Group 1 - The core offering of the company is as a major provider of home robotic systems, focusing on creating an ecosystem centered around smart home robotic products [1] - The company plans to globally offer 22.2223 million shares, with 10% allocated for Hong Kong and 90% for international sales, and a 15% over-allotment option [1] - The expected price range for the shares is between HKD 63 and HKD 81, with a trading unit of 100 shares [1] Group 2 - The company has established agreements with cornerstone investors such as HACF, LP and Cithara, who have committed to subscribe for shares totaling approximately HKD 700 million [1] - Assuming a share price of HKD 72.0 and no exercise of the over-allotment option, the estimated net proceeds from the global offering will be around HKD 1.505 billion [1] - The company's product offerings include enhanced execution robots, perception and decision-making systems, and other smart home products and services, applicable in various household scenarios such as smart control, housekeeping, elderly care, security, and energy management [1]

Group 1 - The company, Woan Robotics (06600), plans to conduct a global offering of 22.2223 million shares from December 18 to December 23, 2025, with a share price range of HKD 63-81 [1] - The company is a global provider of home robotic systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robotic products [2] - The product offerings include enhanced execution robots, perception and decision systems, and other smart home products and services, emphasizing technological research and product innovation [2] Group 2 - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe to shares totaling approximately HKD 700 million [3] - The estimated net proceeds from the global offering are approximately HKD 1.505 billion, assuming a share price of HKD 72.0 and no exercise of the over-allotment option [3] - The intended use of the net proceeds includes approximately 66.5% for enhancing R&D capabilities, 19.8% for expanding sales channels and brand awareness, 3.8% for loan repayment, and 10.0% for general working capital [3]

Group 1 - The company, Woan Robotics (06600.HK), plans to globally offer 22.2223 million H-shares, with 2.2223 million shares available in Hong Kong and 20 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The expected pricing range for the shares is between HKD 63.00 and HKD 81.00, with the subscription period set from December 18 to December 23, 2025, and the anticipated trading start date on December 30, 2025 [1] Group 2 - The company is a global provider of home robot systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robot products [2] - The product offerings include enhanced execution robots, perception and decision-making systems, and other smart home products and services, emphasizing technological research and product innovation [2] - The company leverages its integrated supply chain advantages in research, production, and sales to enhance the application of home robot technology across various household scenarios [2] Group 3 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling approximately HKD 700 million, equating to 9.7217 million H-shares at an indicative price of HKD 72.0 per share [3] - Assuming the share price is set at HKD 72.0 and the over-allotment option is not exercised, the estimated net proceeds from the global offering will be approximately HKD 1.5049 billion [3] - The intended use of the net proceeds includes approximately 66.5% for enhancing research and development capabilities, 19.8% for expanding sales channels and brand recognition, 3.8% for repaying part of the bank loans, and 10.0% for general working capital [3]

Group 1 - The company, Woan Robotics, plans to conduct a global offering of 22.2223 million shares from December 18 to December 23, 2025, with a share price range of HKD 63-81, and expects trading to commence on December 30, 2025 [1] - Woan Robotics is a global provider of home robot systems, focusing on markets in Japan, Europe, and North America, and aims to build an ecosystem centered around smart home robot products [2] - The company offers a wide range of home robot categories designed for various household scenarios, including enhanced execution robots, perception and decision systems, and other smart home products and services [2] Group 2 - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe to shares totaling approximately HKD 700 million, with net proceeds from the global offering estimated at around HKD 1.505 billion [3] - Approximately 66.5% of the net proceeds will be used to enhance the company's R&D capabilities for developing key technologies and products related to home robot systems [3] - About 19.8% of the proceeds will be allocated to expanding sales channels and regional coverage, while 3.8% will be used for loan repayment, and 10.0% for general working capital and corporate purposes [3]