招股说明书显示，博铭维是一家管网特殊空间机器人提供商，提供涵盖机器人及AI平台、工程技术解 决方案及紫外光固化修复软管的综合解决方案予下游客户，并处于应用AI进行智能化协同的前沿。公 司致力于为特殊空间全场景提供全生命周期机器人和AI解决方案，提供闭环、全生命周期的管网特殊 空间运维解决方案。公司的解决方案涵盖排水管道、中水管道、供水管道、原水管道、海水管道、供热 管道及燃气管道等管网特殊空间以及水厂及泵站等管网关键节点特殊空间。 自成立以来，博铭维将研发工作聚焦于两大核心方向，即特殊空间机器人及AI智能算法，精准锚定特 殊空间领域，并快速实现商业化突破，推出多款行业标杆产品。 根据弗若斯特沙利文报告，博铭维已发展成为一家产品及解决方案涵盖检测、清疏、修复、电机、AI 及紫外光固化修复软管的公司，实现行业价值链的垂直整合。博铭维在海外市场拓展中实现了商业模式 的快速落地，稳步迈向特殊空间机器人及AI技术领域的国际领先地位。截至目前，博铭维的产品及解 决方案已广泛应用于15个国家和地区，服务超过4000家客户。 根据招股说明书，2022年、2023年、2024年以及2025年一季度，博铭维的营业收入分别为1.6 ...

华夏时报记者 胡梦然 深圳报道 但值得注意的是，管网特殊空间机器人的下游领域主要包括市政水务运营商、政府管道管理机构、综合 管廊运营商、水污染治理机构、能源或化工企业以及建筑或维护承包商。所以博铭维的业务在很大程度 上依赖于政府的政策支持及公共部门资金。报告期内，公司来自公营部门及国有企业客户的收入占比分 别为33.9%、43.5%、49.5%、36.7%。 博铭维也在招股书内坦言："在机器人及AI平台、工程技术解决方案及紫外光固化修复软管方面的政府 政策及就此产生的政府开支存在不确定性及变化，这些可能对我们的业务、经营业绩及财务状况造成不 利影响。" 截至各报告期末，博铭维的贸易应收款项及应收票据分别为8870万元、9670万元、1.64亿元及1.59亿 元，占营业收入的比重分别为54.75%、45.19%、65.86%、255%。公司的应收款项及应收票据周转天数 由2022年的196天增加至2025年1—3月的256天，应收账款的压力有所增大。 2025年港股IPO市场持续火热，年内多家机器人企业冲击港交所上市。继工业、服务机器人之后，特种 机器人企业也开始叩响港交所大门。 近日，深圳市博铭维技术股份有限 ...

Core Viewpoint - Several companies in the robotics industry chain are attempting IPOs, including Shenzhen Bomengwei Technology Co., Ltd., which focuses on special space robots for pipeline networks and has faced significant accounts receivable pressure despite revenue growth over recent years [1][16]. Company Overview - Bomengwei Technology was established in January 2014 and is headquartered in Longhua District, Shenzhen. The company completed its share reform in December 2021 [2]. - The main shareholders include Dai Yi, who controls 45.10% of the voting rights, along with several limited partnerships [2]. - The company specializes in providing robots and AI platforms, engineering technical solutions, and UV curing repair hoses for various pipeline networks [4]. Financial Performance - The company's revenue has shown growth, with figures of 162 million RMB in 2022, 214 million RMB in 2023, 249 million RMB in 2024, and 62.36 million RMB in the first quarter of 2025. Net profits for the same periods were 22.39 million RMB, 30.64 million RMB, 40.15 million RMB, and 10.05 million RMB respectively [6][7]. - The gross profit margins have been relatively stable, with rates of 46.4%, 48.1%, 49.5%, and 48.1% during the same periods [6][7]. Revenue Composition - The revenue structure indicates a decline in the proportion of income from robots and AI platforms from 73.8% in 2022 to 58.4% in 2024, while income from engineering technical solutions increased from 23.2% to 29.6% [8][9]. - The company has a diverse client base, serving over 4,000 clients across 15 countries and regions, with significant reliance on public sector clients [9]. Market Position and Industry Dynamics - The global market for special space robots is projected to grow from 3 billion USD in 2024 to 8.4 billion USD by 2030, with a compound annual growth rate (CAGR) of approximately 19.0% [11]. - In China, the market for special space robots is expected to expand from 700 million USD in 2024 to 2.1 billion USD by 2030, with a CAGR of 21.5% [12]. - Bomengwei Technology ranks first among Chinese companies in the special space robot sector, with a global market share of approximately 1.4% and revenue of 2.03 million USD in 2024 [15][16].

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]

星标 ★ IPO日报 精彩文章第一时间推送 8月28日，深圳市博铭维技术股份有限公司（下称"博铭维技术" ）向港交所递交招股书，拟主板上市， 中信证券为其独家保荐人。 IPO日报注意到，博铭维技术此次港股IPO，募资将用于公司在未来五年持续提升特殊空间机器人的研发能力；在未来五年分配用于在关键目标市场战略 性地建设智能制造基地；用于战略投资及或收购，主要关注特殊空间机器人、AI、管网内修复新型创新材料等领域的技术、团队、资产或公司；将在未 来五年分配用于深化公司中德双研发中心及三大区域市场枢纽的全球化策略，通过招募本地化团队建立营销及售后服务中心；将用于营运资金及其他一般 公司用途。 张力制图 博铭维技术成立于2014年，是一家管网特殊空间机器人提供商，提供涵盖机器人及AI平台、工程技术解决方案及紫外光固化修复软管的综合解决方案， 提供闭环、全生命周期的管网特殊空间运维解决方案，涵盖排水管道、中水管道、供水管道、原水管道、海水管道、供热管道及燃气管道等管网特殊空间 以及水厂及泵站等管网关键节点特殊空间。 在公共服务升级、智能化制造进步及专业化应用场景拓展的驱动下，对机器人的需求持续增加。 2024年，工业机器 ...

Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Bomengwei Technology is a leading provider of special space robots for pipeline networks in China, offering comprehensive solutions that include robots, AI platforms, engineering technology solutions, and UV-cured repair hoses [4]. - The company ranks first among participants in the Chinese market for special space robots by revenue in 2024, according to a Frost & Sullivan report [4]. - Bomengwei Technology aims to provide full lifecycle robot and AI solutions for special spaces, covering various types of pipeline networks and critical nodes such as water treatment plants and pump stations [4]. Business Focus - The company has focused its R&D on two core areas: special space robots and AI intelligent algorithms, achieving rapid commercialization and launching several industry benchmark products [5]. - Bomengwei Technology has developed a vertically integrated value chain in the global special space robot industry, offering products and solutions that encompass detection, cleaning, repair, motors, AI, and UV-cured repair hoses [5]. - The company has expanded its business to 15 countries and regions, serving over 4,000 clients as of August 19, 2025 [5]. Financial Performance - The company reported revenues of approximately RMB 162.31 million, RMB 214.65 million, RMB 249.08 million, and RMB 62.36 million for the years ending March 31, 2022, 2023, 2024, and 2025, respectively [8]. - The net profits for the same periods were RMB 22.39 million, RMB 30.64 million, RMB 40.15 million, and RMB 10.05 million [8].

Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1] Company Overview - Bomengwei Technology is a leading provider of special space robots for pipeline networks in China, offering comprehensive solutions that include robots, AI platforms, engineering technology solutions, and UV-cured repair hoses [3][4] - The company ranks first among market participants in China for revenue from special space robots in 2024, according to a Frost & Sullivan report [3] - Bomengwei Technology aims to provide full lifecycle robot and AI solutions for special space applications, covering various types of pipeline networks and key nodes such as water treatment plants and pump stations [3] Business Segments - The company focuses on two core areas: special space robots and AI intelligent algorithms, achieving rapid commercialization with several industry benchmark products [4] - The business is divided into three main segments: 1. Robots and AI Platform: Research, design, manufacturing, and commercialization of detection robots, clearing robots, non-excavation repair robots, and AI management platforms [4] 2. Engineering Technology Solutions: Integrated solutions for pipeline inspection and non-excavation repair, leveraging the advantages of robotic products and AI capabilities [5] 3. UV-Cured Repair Hoses: Production and sales of high polymer materials for non-excavation pipeline repairs [6] Financial Performance - The company reported revenues of approximately RMB 162.31 million, RMB 214.65 million, RMB 249.08 million, and RMB 62.36 million for the years ending March 31 in 2022, 2023, 2024, and 2025, respectively [7] - Corresponding profits for the same periods were RMB 22.39 million, RMB 30.64 million, RMB 40.15 million, and RMB 10.05 million [7][8]