Core Viewpoint - Several companies in the robotics industry chain, including Baomingwei Technology, are pushing for IPOs, indicating a growing interest and investment in the sector [1]. Company Overview - Baomingwei Technology, established in January 2014, focuses on special space robots for pipeline networks and has a significant portion of its revenue from public sector and state-owned enterprise clients [3][14]. - The company is headquartered in Longhua District, Shenzhen, and has undergone a share reform in December 2021 [3]. Financial Performance - The company's revenue has shown growth over the years, with figures of 162.31 million RMB in 2022, 214.14 million RMB in 2023, and an estimated 249.08 million RMB in 2024 [9][10]. - Net profits for the same years were 22.39 million RMB, 30.64 million RMB, and an estimated 40.15 million RMB, with gross margins of 46.4%, 48.1%, and 49.5% respectively [9][10]. - The company faces increasing pressure from accounts receivable, with amounts rising from 88.70 million RMB in 2022 to 159 million RMB in early 2025, indicating a growing trend in receivables turnover days from 196 to 256 days [15]. Revenue Composition - The revenue structure shows a decline in the proportion of income from robot and AI platform sales from 73.8% in 2022 to 58.4% in 2024, while income from engineering technical solutions increased from 23.2% to 29.6% during the same period [12][11]. Market Position - Baomingwei Technology ranks first among Chinese companies in the pipeline special space robot sector, with a global market share of approximately 1.4% and revenue of 20.3 million USD in 2024 [21][22]. - 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 of about 19% [17][19]. Industry Dynamics - The special space robot market is rapidly growing, driven by urban infrastructure upgrades and public safety governance in China, with the domestic market expected to reach 700 million USD by 2024 [18][19]. - The company operates in a competitive landscape dominated by Western firms, but it has made significant technological advancements [20].

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].