Core Viewpoint - The rapid urbanization in China is driving the demand for special space robots, which are becoming standardized tools for routine operations due to their efficiency and low-risk non-excavation capabilities. The market for special space robots is projected to reach $700 million in 2024, growing by 16.67% year-on-year and accounting for 23% of the global market [1][4][6]. Market Policy - The Chinese government has issued several policies to support the development of the robotics industry, including special space robots, creating a favorable environment for industry growth [4][5]. Industry Chain - The industry chain for special space robots includes upstream components such as camera modules, servo motors, reducers, controllers, chips, sensors, and laser radars. The midstream involves research and manufacturing, while the downstream encompasses various applications in water supply, drainage, gas, electricity, and heating sectors [6][7]. Current Development - The expansion of urban infrastructure has led to an increased need for inspection, assessment, repair, and renovation of aging pipelines. Special space robots are transitioning from pilot projects to standard operational tools, with a notable increase in market penetration [1][6]. Competitive Landscape - The special space robot market, previously dominated by foreign companies, is seeing a rise in domestic firms such as Shenzhen Bomiv Technology Co., Ltd. and Wuhan Zhongyi IoT Technology Co., Ltd., which are increasing their market share through technological advancements [7][8]. Future Trends - The future of special space robots is expected to be shaped by advancements in artificial intelligence and deep learning, enhancing their environmental perception and autonomous decision-making capabilities. Collaboration among upstream, midstream, and downstream companies will be crucial for overcoming technical challenges and improving product quality [9][10].

Company Overview - Shenzhen Bomengwei Technology Co., Ltd. (Bomengwei Technology) submitted its prospectus to the Hong Kong Stock Exchange on August 28, aiming for a main board listing, with CITIC Securities as the sole sponsor [1] - Established in 2014, the company specializes in providing special space robots for pipeline operations, offering comprehensive solutions that include robots, AI platforms, engineering technology solutions, and UV-cured repair hoses [3] Fundraising Purpose - The IPO proceeds will be allocated to enhance R&D capabilities for special space robots over the next five years [1] - Funds will also be used for strategic construction of smart manufacturing bases in key target markets, strategic investments or acquisitions in technology and innovative materials, and to support global strategies through localized teams [1] Market Demand and Growth - The demand for robots is increasing due to upgrades in public services, advancements in smart manufacturing, and the expansion of specialized application scenarios [4] - The industrial robot market is projected to reach $19 billion in 2024 and $43.2 billion by 2030, while the service robot market is expected to grow from $29.5 billion in 2024 to $66.4 billion by 2030, with a CAGR of 14.4% [4] - The special robot market is anticipated to grow from $11.5 billion in 2024 to $29.2 billion by 2030, with a CAGR of 16.7% [4] Competitive Position - According to Frost & Sullivan, Bomengwei Technology ranks first among participants in the Chinese market for global pipeline special space robots by revenue in 2024 [4] - The company has achieved vertical integration in the industry value chain, being the only provider of a comprehensive range of products and solutions covering detection, clearing, repair, motors, AI, and UV-cured repair hoses [4] Business Segments - Bomengwei Technology's operations are divided into three core business segments: robots and AI platforms, engineering technology solutions, and UV-cured repair hoses [6] - The company reported stable revenue growth during the reporting period, with revenues of 162 million, 214 million, 249 million, and 62 million yuan, and net profits of 22.39 million, 30.64 million, 40.15 million, and 10.04 million yuan respectively [6][7] Financial Performance - The company's gross profit margins remained high at 46.4%, 48.1%, 49.5%, and 48.1% during the reporting period [7] - Cash flows from operating activities showed fluctuations, with net cash flows of 28.63 million, 21.42 million, -12.76 million, and 9.70 million yuan at the end of each year from 2022 to March 2025 [6] Shareholding Structure - The controlling shareholder, Dai Yi, directly holds 32.72% of the shares and, through various platforms, holds a total of 45.1% [8]