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 has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.8 billion with an IPO price of HKD 73.8, marking it as the first stock in the "AI-embodied home robot" sector [2][3] Financial Performance - The company has demonstrated a robust growth trajectory with a compound annual growth rate (CAGR) of 49.0% in revenue from 2022 to 2024, expecting to exceed RMB 600 million in revenue by 2024 [3][5] - For the first half of 2025, revenue reached RMB 396.3 million, reflecting a year-on-year growth of 44.1% [3][5] - Gross margin improved significantly from 34.3% in 2022 to 54.2% in the first half of 2025, indicating enhanced profitability [3][5] Market Position - Woan Robotics focuses on mid-to-low-end household smart hardware, with products like finger robots, curtain robots, and door lock robots priced at RMB 126, RMB 279, and RMB 338 respectively, targeting overseas market demands [5][6] - The company generates 100% of its revenue from international markets, covering over 90 countries and regions, with Japan being the largest market, contributing RMB 268.4 million, or 67.7% of total revenue as of June 30, 2025 [6][7] Sales Channels - Woan Robotics has established a comprehensive online and offline sales strategy, leveraging platforms like Amazon and its own direct-to-consumer (DTC) website [6][8] - Amazon is the largest e-commerce sales platform for the company, contributing over RMB 90 million in revenue, accounting for 22.8% of total sales [8][9] User Ecosystem - The company has developed a strong user ecosystem, with over 3.15 million registered users of the SwitchBot App and 9.37 million connected devices as of June 30, 2025, indicating high user engagement [10][11] Technological Investment - Continuous investment in technology is a core support for the company's growth, with approximately 50% of its workforce dedicated to research and development (R&D) [12] - The company has maintained R&D expenses at around 20% of revenue from 2022 to 2024, holding 311 registered patents, including 56 invention patents [12][14] Industry Outlook - The global market for AI-embodied home robots is projected to grow from USD 18.7 billion in 2024 to over USD 90 billion by 2030, with a CAGR of 29.3%, driven by factors such as aging populations and increasing single-person households [14][20] - The successful listing of Woan Robotics is expected to enhance its capital position, allowing it to expand further in the global market [14][20]

Core Viewpoint - AI-enabled home robotics company Woan Robotics (6600.HK) officially listed on the Hong Kong Stock Exchange on December 30, raising HKD 1.64 billion with a subscription rate of 254.5 times for public offerings and 8.9 times for international offerings [1] Group 1: Company Overview - Woan Robotics was founded in 2018 and is headquartered in Shenzhen, with founders Li Zhichen and Pan Yang being graduates of Harbin Institute of Technology [1] - The company has received investments from notable institutions such as Source Code Capital and Hillhouse Capital, with shareholders including organizations linked to "DJI Father" Li Zexiang [1][2] Group 2: Product and Market Focus - Woan Robotics specializes in AI-enabled home robotics systems, offering products that enhance everyday furniture with smart functionalities, such as facial recognition and voice unlocking [2] - The company primarily targets overseas markets, with Japan contributing 67.7% of its revenue, followed by Europe at 17.2% and North America at 11.7% [2] Group 3: Financial Performance - The company has experienced rapid growth, with revenue increasing from CNY 275 million in 2022 to CNY 610 million in 2024, and achieving a profit of CNY 27.9 million in the first half of 2025, representing a 44% year-on-year growth [3] - The net proceeds from the IPO, amounting to HKD 15.44 billion after deducting issuance costs, will be used for repaying bank loans, enhancing R&D capabilities, expanding sales channels, and increasing global brand awareness [3]

Core Viewpoint - The article highlights the successful IPO of Woan Robotics, marking it as the first publicly listed company in the "AI embodied home robot" sector, with a fundraising scale of approximately 1.8 billion HKD and a current market valuation of around 14.8 billion RMB [2][4]. Company Overview - Woan Robotics was founded in 2015 by two Harbin Institute of Technology alumni, Li Zhichen and Pan Yang, focusing on developing smart home robot products tailored for specific household scenarios [4][6]. - The company has achieved significant growth, increasing its revenue from 275 million RMB to 610 million RMB within three years, and holds a 11.9% market share, ranking first globally in the sector [4][15]. Financing History - Prior to its IPO, Woan Robotics completed eight rounds of financing, raising approximately 391 million RMB, with its post-investment valuation soaring from 20 million RMB at the angel round to 4.0475 billion RMB after the C round, a growth of over 200 times [4][5]. Product Strategy - The company positions itself as a provider of "AI embodied home robot systems," with a product line that includes enhanced execution robots and perception and decision-making systems, covering seven categories and over 47 standardized product units [15][17]. - Woan Robotics focuses on low-cost, non-invasive solutions to address specific pain points in home life, with average prices for its products being significantly lower than traditional smart home solutions [17][18]. Market Performance - The company has established a strong presence in the Japanese market, contributing 67.7% of its revenue in the first half of 2025, and has replicated its success in European and North American markets [18][20]. - The global market for AI embodied home robots is projected to grow from 2.2 billion RMB in 2022 to 59 billion RMB by 2024, indicating a rapidly expanding sector [24]. Financial Growth - Woan Robotics has demonstrated high growth, with a compound annual growth rate of 49% in revenue from 2022 to 2024, and has achieved profitability in the first half of 2025 with a net profit of 27.9 million RMB [20][21]. Future Developments - The company plans to invest approximately 66.5% of its IPO proceeds into R&D, focusing on advanced technologies such as robot positioning, AI vision, and humanoid robot technology, aiming to transition from single-point automation to overall autonomy [30].

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]

Core Viewpoint - The price of humanoid robots has significantly decreased, making them more accessible to consumers, with some models now priced similarly to smartphones, indicating a revolution in "Chinese manufacturing" [3][5]. Group 1: Price Trends - Several new humanoid robots from Chinese companies are now priced at around 29,900 yuan (approximately 4,200 USD), with some models like "Little Bumi" priced as low as 9,998 yuan (approximately 1,400 USD) [3][5]. - The evolution of robot pricing has shifted from the cost of a house to that of a car, and now to that of a smartphone, reflecting a broader trend in affordability [3][5]. Group 2: Application Scenarios - Humanoid robots are currently being deployed in various settings, starting from industrial applications to commercial and eventually household scenarios, with initial implementations in nursing homes, scenic spots, and hotels [3][5]. - The current capabilities of domestic robots are limited to simpler tasks, with ongoing improvements needed in autonomous decision-making, environmental perception, and human-robot interaction [3][5]. Group 3: Future Prospects - The integration of humanoid robots into family settings is expected to occur in two phases: first focusing on companionship, followed by service functionalities [7]. - Companies are optimistic about the gradual introduction of household robots over the next 3 to 5 years, particularly in specific tasks like cleaning and laundry, emphasizing the need for cost reduction through mass production [7][11]. Group 4: Industry Innovations - Companies are exploring various paths in the household robot sector, with Haier developing laundry robots and Shenzhen Woan focusing on modular robots for specific tasks [11]. - The introduction of general-purpose robotic models is enhancing robots' learning capabilities, allowing them to adapt to new tasks and skills more efficiently [9]. Group 5: Cost Challenges - The high development costs of service robots, combined with limited production scales, have kept prices in the tens of thousands of yuan range, which restricts access for average households [13]. - However, the entry of new companies and improvements in product quality are leading to a significant reduction in costs, marking the beginning of a mass production era for service robots [13].

Core Insights - The Robot ETF (562500) has seen a rebound, rising by 0.34% as of 10:25 AM, with an intraday high of 1.13% [1] - The ETF's trading volume was robust, with a turnover rate of 2.06% and a total transaction amount of 323 million yuan [1] - IDC reports that global shipments of commercial service robots exceeded 100,000 units in 2024, with delivery and cleaning robots dominating the market [1] - Chinese manufacturers lead the market with an 84.7% share of shipments, indicating rapid market expansion [1] - Notable companies in the sector include Qianlang Intelligent, Pudu Robotics, Gaoxian Robotics, and Yunji Technology, which rank among the top in global shipments [1] - CITIC Securities highlights Woan Robotics as a leading provider of AI-driven home robot systems, with innovative products like finger robots and lock robots [1] - The home robotics industry is in a high growth phase, presenting significant development potential [1] - The Robot ETF is the only robot-themed ETF in the market with a scale exceeding 10 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots [1]

Core Viewpoint - The company, Woan Robotics, is focused on the AI embodiment home robot sector and aims to create a smart home ecosystem centered around intelligent home robot products, having submitted its listing application to the Hong Kong Stock Exchange [2][5]. Group 1: Company Overview - Woan Robotics was established in 2018, with its predecessor, Woan Technology, founded in January 2015 by Harbin Institute of Technology alumni Li Zhicheng and Pan Yang [3]. - The company has received investments from notable institutions such as Source Code Capital, Hillhouse Capital, and Guotai Junan Innovation, with significant backing from Li Zexiang, a prominent figure in robotics [3][4]. - Li Zexiang serves as a non-executive director, providing professional insights on product positioning and industry trends, raising expectations for Woan's potential to replicate DJI's success [4]. Group 2: Market Position and Products - According to a report by Frost & Sullivan, Woan Robotics is the largest AI embodiment home robot system provider globally, holding an 11.9% market share as of 2024 [5]. - The company offers a range of products that enhance ordinary household items with smart functionalities, including door lock robots and curtain robots [6]. - Major markets for Woan Robotics include Japan, Europe, and North America, with revenue contributions of 57.7%, 21.4%, and 15.9% respectively in 2024 [6]. Group 3: Financial Performance - Woan Robotics has experienced rapid growth, with revenue increasing from 275 million yuan in 2022 to 610 million yuan in 2024 [6]. - The company's gross margins improved significantly from 37.3% in 2022 to 53.5% in 2024, indicating a trend towards profitability [7]. - The adjusted net profit turned positive in 2024, reaching 1.107 million yuan, while losses decreased from 86.983 million yuan in 2022 to 3.074 million yuan in 2024 [7]. Group 4: Fundraising and Future Plans - The funds raised from the IPO will be allocated to enhance R&D capabilities, expand sales channels, and repay bank loans, among other operational needs [7].

Core Viewpoint - The company, Woan Robotics, is preparing for an IPO in Hong Kong, with projected revenues reaching 600 million RMB in 2024 and expanding into overseas markets like Japan [2][4]. Financial Performance - Woan Robotics has reported continuous losses for three consecutive years, with net losses of 86.98 million RMB, 16.38 million RMB, and 3.07 million RMB from 2022 to 2024, despite revenue growth of 66.52% and 33.39% in 2023 and 2024 respectively [5][8]. - The company's revenue for 2022, 2023, and 2024 is projected at 275 million RMB, 457 million RMB, and 610 million RMB, respectively [5]. - The gross margin for 2024 is reported at 51.74%, an increase of 1.32 percentage points year-on-year [7]. Product and Market Strategy - Woan Robotics focuses on AI-driven home robotics systems, with a significant portion of revenue (89.68%) coming from these products in 2024 [5][6]. - The company has seen substantial growth in its direct-to-consumer sales channel, which tripled from 101 million RMB in 2022 to 304 million RMB in 2024, accounting for 49.8% of total revenue [12][14]. - The company’s sales in Japan reached 352 million RMB in 2024, representing a year-on-year growth of 23.63% and making up 57.7% of total revenue [15]. Cost Structure and Expenses - Marketing expenses have been a significant burden, constituting 30% of total revenue, with sales and distribution expenses increasing from 102 million RMB in 2022 to 172 million RMB in 2024 [8][10]. - In 2024, 47.8% of sales expenses were allocated to advertising and promotion, while 18.3% went to platform commission fees [9]. Capital Structure and Cash Flow - The company has experienced a decline in liquidity ratios, with current ratios decreasing from 2.7 in 2022 to 1.8 in 2024, indicating potential liquidity issues [26][35]. - The cash flow from operating activities showed a net outflow of 31.28 million RMB in 2024, a 227.04% increase in outflow compared to the previous year [27]. - A portion of the funds raised from the IPO will be used to repay bank loans, including a 18 million RMB loan from Agricultural Bank of China and a 436 million JPY factoring financing from HSBC [29][30].