Core Insights - The article highlights the rapid acceleration of listings for enterprises in Bao'an, with two companies, Hengtong and Woan Robotics, successfully going public within two days, showcasing the strength of Bao'an's capital market [4][22]. Company Overview - Hengtong, established in 2011, is a technology-driven enterprise focusing on the research, manufacturing, and sales of passive optical devices in the optical communication field [6]. - The company has developed a robust technical system with three core categories and ten subcategories, achieving high precision manufacturing capabilities [8]. Financial Performance - Hengtong's revenue surged from 475 million yuan in 2022 to 1.314 billion yuan in 2024, with year-on-year growth rates of 19.74%, 29.03%, and 114.40% respectively [16]. - Net profit increased from 55 million yuan to 148 million yuan during the same period, with growth rates of 347.21%, 17.61%, and 127.79% [16]. - For the first half of 2025, the company reported revenue of 1.021 billion yuan, a year-on-year increase of 105.84%, and a net profit of 143 million yuan, up 170.72% [16]. Market Position and Strategy - Hengtong has established long-term partnerships with major domestic and international companies, including clients like AT&T, Verizon, Google, and Amazon, positioning itself within the global AI computing demand [14]. - The company plans to use funds raised from its IPO to enhance its optical research and development center and expand its production base in Vietnam, aiming to strengthen its market position in high-density, high-speed passive optical devices [18]. Industry Context - The article notes that Bao'an has successfully nurtured a diverse range of innovative enterprises, with five new companies listed in 2025, leading the city in new listings [25]. - The region's supportive ecosystem for enterprise development includes training programs and services for over 4,000 companies, contributing to a robust pipeline of potential IPO candidates [25].

Core Viewpoint - The announcement highlights the upcoming IPO of the company's associate, Woan Robotics, which is expected to significantly impact the company's net profit in 2025. Group 1: Company Announcement - On January 4, the company announced that its associate, Woan Robotics, will be listed on the Hong Kong Stock Exchange on December 30, 2025, with an expected impact of approximately 52 million yuan on the company's net profit for 2025 [1] - Woan Robotics, recognized as the largest AI embodied home robot system provider globally, will issue 22.22 million shares at a price of 73.8 HKD per share, resulting in a market capitalization exceeding 16 billion HKD on the listing day [3] Group 2: Financial Impact - The shares held by the company in Woan Robotics are classified as "financial assets measured at fair value with changes recognized in profit or loss," expected to contribute approximately 54.20% to the company's audited net profit for 2024 [3] - The shares held through other funds are classified as "other equity instrument investments," which are not expected to have a significant impact on the company's 2025 operating performance but may positively influence future performance [3] Group 3: Broader Market Context - In 2025, the company achieved multiple listings of its investee companies across various stock exchanges, demonstrating its strategic vision and resilience in capital management [4] - The company’s subsidiary, Dacheng Caizhi, was ranked seventh in the 2025 China Venture Capital Institution list by Qianhai Capital Group, managing nearly 66 billion yuan across over 800 companies [4]

Core Insights - The capital market is witnessing a significant acceleration in Bao'an, with two companies, He Dongguang Communication Technology and Woan Robotics, successfully listing on stock exchanges within two days, highlighting the region's robust industrial development and innovation capabilities [1][7]. Company Overview - He Dongguang, established in 2011, specializes in passive optical devices, with over 80% of its revenue derived from data centers, including AI data centers. The company has a clear business structure with its main revenue sources being fiber optic connectors (60.31%), passive internal connection devices (22.11%), and supporting businesses (7.56%) [4][5]. - The company has developed a strong technological moat, with proprietary technologies achieving precision packaging and measurement capabilities of up to 0.1μm. It holds 111 domestic patents and 1 international patent, showcasing its industry-leading technical strength [4][5]. Financial Performance - He Dongguang has experienced substantial growth in recent years, with revenue increasing from 475 million yuan in 2022 to 1.314 billion yuan in 2024, and net profit rising from 55 million yuan to 148 million yuan. In the first half of 2025, revenue reached 1.021 billion yuan, reflecting a year-on-year growth of over 105% [5][6]. - The company has successfully entered international supply chains, with significant sales to major tech firms like Google, Amazon, and Nvidia, and has adopted a "big client strategy" to enhance its overseas revenue, which reached 1.152 billion yuan in 2024 [6]. Market Position and Future Prospects - The successful listings of He Dongguang and Woan Robotics underscore Bao'an's diverse industrial layout and forward-looking approach, with both companies excelling in emerging sectors of optical communication and AI robotics [7]. - The Bao'an district has established a comprehensive enterprise cultivation system, supporting over 84 listed companies and preparing more than 800 potential listing candidates, indicating a strong and sustainable listing ecosystem [7].

Core Viewpoint - Woan Robotics has officially listed on the Hong Kong Stock Exchange, becoming the first publicly traded company in the global "AI-embodied home robot" sector [1][2]. Company Overview - Woan Robotics was founded in 2015 by two alumni from Harbin Institute of Technology, Li Zhichen and Pan Yang, and specializes in AI-embodied home robot systems [2]. - The company has achieved a market share of 11.9%, making it the largest provider of AI-embodied home robot systems globally, according to a report by Frost & Sullivan [2]. Financial Performance - Revenue projections for Woan Robotics are as follows: 2022 revenue of 275 million yuan, 2023 revenue of 457 million yuan, and 2024 revenue of 610 million yuan. The company is expected to turn profitable in the first half of 2025 with a revenue of 396 million yuan and a profit of 27.9 million yuan [2]. - The company reported losses of 86.98 million yuan in 2022, 16.38 million yuan in 2023, and 3.07 million yuan in 2024 [2]. Investment and Shareholding - Woan Robotics attracted significant investment from notable institutions, including Hillhouse Capital, Source Code Capital, and Dachen Financial, prior to its IPO [1][3]. - Li Zexiang, known as the "Godfather of DJI," controls 11.67% of Woan Robotics through various entities, with a current shareholding value of 2.091 billion HKD [4][5]. - The company secured 89.98 million USD (approximately 700 million HKD) from nine cornerstone investors, with Hillhouse Capital being the largest, contributing 30 million USD [2]. Notable Figures - Li Zexiang is a prominent figure in the venture capital space, known for his contributions to the robotics industry and his role in supporting the founding of DJI [5][6]. - He has a history of successful ventures, including the establishment of several investment funds focused on technology and robotics [6][8].

作者丨吴佳楠 六个IPO的集体亮相，不仅代表着热闹纷繁的港股2025年IPO正式收官，从硬科技到新消 费，从行业龙头到细分赛道王者，六家公司涵盖AI制药、数字孪生、家庭机器人、高端国 货护肤等多元赛道，也折射出香港资本市场的强劲韧性。 （图为港交所现场，摄/21世纪经济报道记者林典驰） "六锣齐鸣" 编辑丨孙超逸 12月30日的港交所大厅，注定是2025年度最热闹的一幕。 当天，英矽智能（3696.HK）、林清轩（2657.HK）、迅策（3317.HK）、卧安机器人 （6600.HK）、美联股份（2671.HK）、五一视界（6651.HK）等6家公司同日鸣锣挂牌， 呈现"六锣齐鸣"的盛况。 截至收盘，六家公司的股价都出现不同程度的涨幅，均无破发。 英矽智能、林清轩、迅策、卧安机器人、美联股份、五一视界（51WORLD）的公司市值分 别超167亿港元、118亿港元、156亿港元、164亿港元、9亿港元、161亿港元。 此次同日上市的6家企业，赛道分布多元且踩中市场风口，既有硬核科技的前沿探索，也有 新消费的国货崛起，其中科技类企业占据半壁江山。 卧安机器人，号称"AI具身家庭机器人第一股"。 位于深圳、由哈工大 ...

（原标题：港交所今日6锣同响，港股2025年IPO收官！） 12月30日，随着6锣同响，英矽智能、卧安机器人、林清轩、美联股份、迅策、五一视界这6家公司同日登陆港股市场，也代表着热闹纷繁的港股 2025年IPO正式收官。 值得注意的是，这一次6家公司同台，既是为2025年港股IPO划上圆满句号，也是5年来首次有6家公司同日上市。 有不少市场人士都戏称："港交所的锣又要不够用了"。据悉，港股市场上一次出现6家和7家公司同日上市，还是在2020年的7月15日和7月10日， 而港交所的巅峰是在2018年7月12日，当时有8家公司同日上市。 交易大堂都快挤不下了 12月30日一早，香港中环的天气格外好，证券时报记者在8时50分抵达港交所交易大堂时发现，现场早已是人潮汹涌，主要都是6家公司的员工以 及相关的中介机构、投资人等，面积巨大的交易大堂内更是快挤不下人了。 证券时报记者在现场看到，6面大锣依次摆放在大厅舞台之上，相比前1天只有1家公司上市时的"从容"，6家公司的集体上市令上市仪式的安排也 分外紧凑。6家公司负责人以及公司邀请嘉宾依次上台，并与港交所行政总裁?陈翊庭一同合影留念，而每家公司负责人的致辞时间也仅有数 ...

招股书显示，卧安机器人的营业收入从2022年的2.7亿元快速增长至2024年的6.1亿元；2025年上半年收 入为3.96亿元，较去年同期的2.75亿元增长44%。此外，其毛利增长更为显著，从2022年的0.94亿元增 至2024年的3.16亿元，毛利率从2023年的50.4%进一步提高至2024年的51.7%，2025年上半年毛利达到 2.148亿元，毛利率达到54.2%。 卧安自主掌握AI机器视觉控制技术、机器人定位与环境构建技术、分布式神经控制网络技术三大AI具 身核心技术。公司研发人员占员工总数(剔除装配线工人)的比例超过50%，2022年至2024年研发开支复 合增长率达34.7%，研发投入占收入的比例约20%，累计拥有311项全球注册专利(含56项发明专利)，并 被评为国家级专精特新重点"小巨人"企业。 【深圳商报讯】(首席记者袁静娴)12月30日，卧安机器人正式登陆香港交易所主板，成为"AI具身家庭 机器人"第一股，股票代码为06600.HK，发行价73.8港元，香港公开发售获约254.5倍认购，国际发售亦 获约8.9倍认购。卧安机器人当日收盘价为每股73.850港元，总市值164.11亿港元。 ...

在当今的科技版图中，如果说 AI是大脑，那么机器人就是它的身体。 作为人工智能与物理世界交互的载体，机器人被视为下一个具备万亿级想象空间的超级赛道。 日前，摩根士丹利大胆预言全球机器人硬件销售额将从 2025年的1000亿美元攀升至2050年攀升至25万亿美元。 这份始于校园的默契，让他们在随后的创业征途中，构筑了坚不可摧的信任基石与纯正的硬科技基因。 在这片备受瞩目的蓝海即将爆发的前夜，资本市场正迎来新选手。 12月30日，卧安机器人正式登陆香港市场，跻身"AI具身家庭机器人第一股"。 与众多机器人公司尚未实现商业化相比，卧安机器人已经凭借清晰的全球化商业路径和创新技术，斩获规模化收入。 2024年，卧安机器人的收入、经调整EBITDA分别高达6.1亿元、2610万元。 这获得了不少机构投资者的认可，作为基石投资者的高瓴、 Cithara、Infini、中国东方、Wind Sabre、Yield Royal、Sage等合计认购份额超7亿港元， 占全球发售规模的比例 超过 40% 。 其中，高瓴作为最大基石投资人领衔入局，充分彰显了长线聪明钱对具身智能赛道及卧安机器人行业地位的坚定看好。 除了顶级资本的加持， ...

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]

两家公司，一条主线：AI在真实世界的"双重落地"。 这里需要指出的一点是，这两家企业看似分属两个行业，却共同指向同一个方向——AI真正进入复杂、真实的产业场 景，其落地能力开始被系统性验证。 换言之，对高瓴创投而言，这是过去多年围绕"AI+行业落地"持续投入与系统建设的一次阶段性呈现。 对于卧安机器人这个项目： 高瓴最早关注卧安机器人时，智能家居行业的主流叙事仍停留在单品硬件、前装方案与功能堆叠。但高瓴看到的，是 另一种可能性——不是重做一套家装，而是让已经存在的家庭设备"具身化"，成为可被AI调度的执行单元。 具体而言，从开关机器人、窗帘机器人，到今天定位为AI具身家庭机器人系统，卧安的演进路径，本质上是在回答一 个难度极高的问题：AI如何在非结构化的家庭环境中，稳定、低成本、可规模地完成动作？ 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，高瓴创投投资的卧安机器人与英矽智能于2025年12月30日同一天登陆港交所——前者是一家聚焦 具身智能与家庭服务机器人，后者深耕AI在生物制药领域的应用。 其中，高瓴创投早在2021年就投资了卧安机器人的A轮 ...