尽管站在颇具前景的赛道上，卧安机器人的业务模式也呈现出一些鲜明的特点及与之伴随的挑战，这些 都可能成为投资者评估其长期价值时的考量因素。 其一，市场与渠道的集中性较为明显。公司的业务收入主要来源于海外市场，其中某个单一区域市场贡 献了相当大比例的营收。同时，线上销售在很大程度上依赖于国际主流电商平台。这种结构在帮助公司 快速触达全球消费者的同时，也使其业绩表现容易受到特定地区经济波动、贸易政策变化以及第三方平 台规则调整的影响。 一款能够自主发球、充当私人教练的AI网球机器人，将一家由哈工大精英创立、备受资本市场关注的 公司，推向了公开市场的舞台。 近日，卧安机器人正式启动公开招股程序，计划在香港交易所主板挂牌上市。这家定位为AI具身家庭 机器人系统提供商的公司，凭借其创新的产品理念和全球化的市场布局，有望成为该细分领域登陆资本 市场的先行者。其上市进程，也标志着家庭服务机器人赛道正从技术探索走向更广泛的商业化与公众审 视。 01 招股启动与赛道领跑 卧安机器人此次公开招股的启动，是其自通过港交所聆讯后的关键一步。公司计划通过此次发行募集资 金，用于强化研发能力、扩大全球市场份额以及补充运营资金等战略目的。 ...

在财务表现方面，卧安机器人业绩持续向好。2022年至2024年，公司营收从2.75亿元稳步增长至6.10亿元，复合年增长率 达49%；毛利率由34.3%提升至51.7%。2025年上半年，营收达3.96亿元，同比增长45%，2025年上半年毛利率达54.2%，实现净 利润2790万元，同比扭亏为盈。经调整EBITDA自2023年转正后快速提升，2025年上半年已达5414万元。 "家用机器人'叫好难叫座'原因在于研发投入重、迭代节奏快，消费者却期待'一台机器用到老'。卧安机器人能让账面盈 利，关键在于避开国内价格战，聚焦高毛利的海外家庭场景，把门锁、窗帘做成产品生态矩阵。这也为机器人行业提供借鉴之 路——机器人赚钱，不靠颠覆，靠把细分市场做深做透。"广州艾媒数聚信息咨询股份有限公司CEO张毅对《证券日报》表 示。 本报记者 袁传玺 12月16日晚，卧安机器人（深圳）股份有限公司（以下简称"卧安机器人"）通过港交所主板上市聆讯，国泰君安国际、华 泰国际为联席保荐人。带着"大疆教父"标签的李泽湘是卧安机器人重要股东。 成立于2018年的卧安机器人，是一家AI具身家庭机器人系统提供商。据弗若斯特沙利文报告，全球AI ...

Group 1: Humanoid Robots - The "Walker Taishan" humanoid robot was tested for the first time on June 18, capable of climbing stairs and walking on rugged terrain, developed by Shandong Youbaote Intelligent Robot Company [1] - The robot can run at a stable speed of 7.2 km/h and has over 50 core patents, with plans for applications in power grid inspection, smart agriculture, outdoor rescue, and industrial operations [1] - The second-generation model "Walker Taishan R2" is set to be upgraded by February 2025, incorporating the DeepSeek model for intelligent interaction [1] Group 2: Robotics in Education - At the graduation ceremony of Shanghai University of Technology on June 16, the "Walker No. 2" humanoid robot made a notable appearance, greeting graduates and showcasing its achievements in competitions [4][5] - The robot's performance in global competitions symbolizes the dedication and perseverance of the students involved in its development [4] Group 3: IPO and Funding Activities - Woan Robotics has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on AI embodied robots [7] - The funds raised from the IPO will be used to enhance R&D capabilities and develop key technologies related to AI household robots [9] Group 4: Financing and Market Expansion - Kusa Technology announced the completion of several million yuan in Pre-A round financing on June 18, aimed at upgrading existing cleaning robots and developing new sanitation robots [10] - The company has achieved rapid product development and commercialization, with its cleaning robots operating in over 20 regions across multiple provinces [12] Group 5: Surgical Robotics and AI Education - Medtronic announced a strategic partnership with North America IRCAD to establish a high-level surgical education and training center, integrating robotic-assisted surgery and AI training systems [13] - The new center is expected to open in September 2025, focusing on multi-platform technology integration and digital teaching capabilities [13]