2026年01月05日 脑机接口产业化提速， 创新,氢能向电网 " 未来产业周报第 4 期（2025/12/28-2026/1/3 ) 动. 全球务 =2 10 语 参考文 = 1 = 1 = 1 产业周报第 3 期 (2025/12/21- 2025/12/28 2025/12/27) 》 《硅基量子与脑机临床突破,氢基 能源发展可助. 关注开源世界模型 ——未来产业周报第 2 期 (2025/12/14-2025/12/20) 》 2025/12/21 证券分析师 王雪蓉 A0230523070003 wangxr@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 干璐 A0230516080007 wanglu@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 牟璋璋 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@s ...

2026 年 01 月 05 日 脑机接口产业化提速，机器人场景 创新，氢能向电网"调节者"转变 ——未来产业周报第 4 期（2025/12/28-2026/1/3） 相关研究 《国家创投引导基金启动，全球多 国加速布局竞逐未来产业——未来 产业周报第 3 期（2025/12/21- 2025/12/27）》 2025/12/28 《硅基量子与脑机临床突破，氢基 能源发展可期，关注开源世界模型 ——未来产业周报第 2 期 （2025/12/14-2025/12/20）》 2025/12/21 证券分析师 王雪蓉 A0230523070003 wangxr@swsresearch.com 陆灏川 A0230520080001 luhc@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 王璐 A0230516080007 wanglu@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511 ...

Core Viewpoint - Woan Robotics has officially listed on the Hong Kong Stock Exchange as the "first stock of AI embodied home robots," marking a significant milestone in the industry [2][3]. Company Overview - Woan Robotics issued a total of 22,222,300 H shares in its IPO, with a subscription rate of 254.5 times for the Hong Kong public offering and 8.9 times for international offerings, raising over 700 million HKD from top institutional investors [2]. - The company achieved a market capitalization exceeding 16.4 billion HKD on its first trading day, with shares closing at 73.85 HKD each [3]. Product and Market Position - Woan Robotics is recognized as the largest provider of AI embodied home robot systems globally, focusing on the application of embodied intelligence technology in home scenarios [6]. - The company has established a product matrix centered around enhanced execution robots and perception and decision-making systems, serving over 3.56 million registered users of the SwitchBot App and connecting over 11 million devices [6]. Growth Strategies - The company has successfully developed a second growth curve with sports and companion robots, exemplified by the Acemate AI tennis robot, which has been recognized as a top invention by TIME magazine [8]. - The upcoming H1 humanoid household robot, set to launch in January 2026, aims to address high-frequency household tasks, potentially revolutionizing home labor [10]. Technological Foundation - Woan Robotics has built a comprehensive system from technology research and development to product implementation, mastering key AI technologies such as machine vision control and distributed neural control networks [14]. - The company allocates approximately 20% of its revenue to R&D, with a compound annual growth rate of 34.7% in R&D spending from 2022 to 2024 [14]. Market Potential - The global market for tennis robots is projected to reach 8.27 billion USD by 2029, with a CAGR of 293% from 2025 to 2029, indicating significant growth potential [15]. - The companion robot market is expected to reach 23.23 billion USD by 2031, with a CAGR of 86% from 2024 to 2031, while humanoid robots are forecasted to achieve annual sales of 6 million units by 2035, with a market size exceeding 120 billion USD [16]. Investment and Support - Woan Robotics has received investments from notable firms such as Hillhouse Capital, Source Code Capital, and Ventech, with Hillhouse being the largest cornerstone investor in the IPO [18]. - The company is recognized for its innovative spirit and operational stability, positioning it well for future growth in the rapidly evolving market [19].

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 - Woan Robotics has officially listed on the Hong Kong Stock Exchange, becoming the first "AI embodied home robot" company, with a market capitalization exceeding HKD 16.4 billion as of midday trading [1]. Group 1: Company Overview - Woan Robotics is recognized as the largest provider of AI embodied home robot systems globally, according to Frost & Sullivan, based on retail revenue projections for 2024 [1]. - The company's core management team originates from Harbin Institute of Technology, with co-founders Li Zhichen and Pan Yang having a long-standing partnership since their university days [3]. - The company has attracted significant investment from top-tier institutions, with cornerstone investors contributing over HKD 700 million, accounting for more than 42% of the total offering [3]. Group 2: Financial Performance - Woan Robotics has achieved a compound annual growth rate (CAGR) of 49% in revenue over the past three years, significantly surpassing the industry average [4]. - The company is projected to generate revenue of HKD 610 million in 2024, with a gross margin of 51.7%, expected to rise to 54.2% in the first half of 2025 [4]. - The company has established a global sales network covering over 90 countries, with direct-to-consumer (DTC) channels accounting for nearly 50% of total revenue, growing at a CAGR of 73.3% [4]. Group 3: Technological Advancements - Woan Robotics has developed three core AI embodied technologies: AI machine vision control, robot positioning and environmental mapping, and distributed neural control networks [6]. - The company has invested heavily in R&D, with a CAGR of 34.7% from 2022 to 2024, and R&D expenditures representing approximately 20% of revenue [6]. - Woan Robotics holds 311 global registered patents, including 56 invention patents, and has been recognized as a national-level "specialized and innovative" enterprise [6]. Group 4: Product Development and Market Strategy - The company has created a diverse product portfolio, including enhanced execution robots and decision-making systems, covering various household scenarios [6][7]. - Woan Robotics is expanding into new market segments with innovative products like the AI tennis robot Acemate and the AI companion robot Kata Friends, which have received international recognition [7]. - The company plans to launch its first humanoid household robot, H1, in January 2026, targeting high-frequency household tasks [7]. Group 5: Future Growth and Funding Utilization - The funds raised from the IPO will primarily focus on enhancing R&D capabilities, with approximately 66.5% allocated to developing key technologies related to AI embodied home robots [9]. - Woan Robotics aims to deepen its dual-driven strategy of "technological innovation + scene cultivation," enhancing its product offerings and expanding its customer base [9].

Core Viewpoint - Woan Robotics has successfully listed on the Hong Kong Stock Exchange, becoming the first stock in the "AI Embodied Home Robot" sector, with a market capitalization exceeding HKD 16.4 billion, marking it as a significant player in the robotics market for 2025 [1] Group 1: Company Overview - Woan Robotics is recognized as the largest AI embodied home robot system provider globally, according to Frost & Sullivan, based on retail revenue projections for 2024 [1] - The company has a strong research foundation, with its core management team originating from Harbin Institute of Technology, showcasing a commitment to innovation in robotics since their university days [2][5] - The company has developed a complete system from technology research and development to product implementation, mastering three core AI technologies: machine vision control, robot positioning and environment construction, and distributed neural control networks [5] Group 2: Market Performance and Investor Confidence - The IPO was met with overwhelming demand, with a subscription rate of approximately 254.5 times for the public offering and about 8.9 times for the international offering, indicating strong market confidence in the potential of the home robotics sector [1] - Notable early investors include prominent figures such as Professor Li Zexiang and Professor Gao Bingqiang, along with a roster of top investment institutions like Hillhouse Capital and Source Code, reflecting strong market recognition of the company's founding team [7] - The IPO successfully attracted cornerstone investors who collectively subscribed over HKD 700 million, accounting for more than 42% of the total offering, further demonstrating confidence in the company's technology and business model [7] Group 3: Product and Growth Strategy - Woan Robotics has established a three-dimensional product layout, focusing on a stable core and dual growth curves, covering various family scenarios such as smart control, household chores, elderly care, and security [9] - The company has launched innovative products like the AI tennis robot Acemate and the AI companion robot Kata Friends, which have received significant market attention and accolades, including being listed among TIME magazine's "Best Inventions of 2025" [10][11] - The upcoming humanoid household robot H1 is set to launch in January 2026, targeting high-frequency household tasks, which is expected to fill a gap in practical applications for humanoid robots [11] Group 4: Financial Performance and Global Expansion - Woan Robotics has demonstrated strong commercial viability, with products sold in over 90 countries, achieving significant growth in key markets like Japan and Europe, where revenue growth rates exceed 68% [12] - The company has achieved a compound annual growth rate (CAGR) of 49% in revenue over the past three years, with a gross margin of 51.7% in 2024, indicating a robust financial position [12] - The company plans to allocate approximately 66.5% of the raised funds to enhance R&D capabilities and develop key technologies related to AI embodied home robots, aiming to solidify its industry leadership [14] Group 5: Market Potential and Future Outlook - The global market for tennis robots is projected to reach RMB 8.27 billion by 2029, with a CAGR of 293% from 2025 to 2029, indicating substantial growth potential [14] - The AI companion robot market is expected to reach USD 23.23 billion by 2031, with a CAGR of 86% from 2024 to 2031, highlighting the expanding opportunities in this sector [14] - The humanoid robot market is forecasted to see annual sales reach 6 million units by 2035, with a market size potentially exceeding USD 120 billion, positioning Woan Robotics to capitalize on significant growth in the coming years [14]

Core Insights - Wan'an Robotics (06600) has officially listed on the Hong Kong Stock Exchange, becoming the first "AI Embodied Home Robot" stock, with a market capitalization exceeding HKD 16.4 billion, making it the most notable new stock in the Hong Kong robotics sector for 2025 [1] - The company is recognized as the largest AI embodied home robot system provider globally, with a subscription rate of approximately 254.5 times for the public offering and about 8.9 times for the international offering, indicating strong market confidence in the potential of the home robotics sector [1] Company Background - The core management team of Wan'an Robotics originates from Harbin Institute of Technology, with co-founders Li Zhichen and Pan Yang having a long history of collaboration since their university days, leading to significant achievements in robotics innovation [2] - Over 18 years, the team has transitioned from academic exploration to commercial breakthroughs, overcoming technical barriers and establishing a global product ecosystem [2] Investment and Support - Notable early investors include Professor Li Zexiang, known as the "father of DJI," and Professor Gao Bingqiang, both of whom are involved in the company's development as non-executive directors [3] - The company has attracted top-tier investment institutions such as Hillhouse, Source Code, and Ventech, with cornerstone investors subscribing over HKD 700 million, accounting for more than 42% of the total offering [3] Technological Advancements - Wan'an Robotics is a technology-driven enterprise, mastering three core AI embodied technologies: AI machine vision control, robot positioning and environment construction, and distributed neural control network technology [4] - The company has a research and development (R&D) team comprising over 50% of its workforce (excluding assembly line workers), with a compound annual growth rate (CAGR) of 34.7% in R&D spending from 2022 to 2024 [4] Product Strategy - The company aims to relieve household chores through its robots, creating a multi-robot ecosystem that includes specialized robots for specific tasks, fitness robots, and emotional support robots [6] - Wan'an Robotics has established a stable product layout with a dual growth curve, focusing on enhanced execution robots and decision-making systems, serving over 3.56 million registered users of the SwitchBot App [6][7] Market Performance - Wan'an Robotics has achieved a compound revenue growth rate of 49% over the past three years, significantly outperforming industry averages, with a projected revenue of CNY 610 million in 2024 and a gross margin of 51.7% [9] - The company has built a global sales network covering over 90 countries, with direct-to-consumer (DTC) channels accounting for nearly 50% of total revenue, reflecting strong market adaptability [9] Future Growth Potential - The company plans to allocate approximately 66.5% of the funds raised from its IPO to enhance R&D capabilities, focusing on key technologies related to AI embodied home robots [10] - Predictions indicate substantial growth in the global markets for tennis robots and AI companion robots, with the tennis robot market expected to reach CNY 8.27 billion by 2029 and the AI companion robot market projected to reach USD 23.23 billion by 2031 [11]

Core Insights - Wan'an Robotics (06600) officially listed on the Hong Kong Stock Exchange on December 30, 2025, becoming the first "AI Embodied Home Robot" stock, with a market capitalization exceeding HKD 16.4 billion, making it the most notable new stock in the Hong Kong robotics sector for 2025 [1][4] Group 1: Company Overview - Wan'an Robotics is recognized as the world's largest AI embodied home robot system provider, as certified by Frost & Sullivan based on retail revenue projections for 2024 [1] - The core management team, including co-founders Li Zhichen and Pan Yang, originated from Harbin Institute of Technology and has been dedicated to robotic innovation since their university days [2][4] - The company has successfully transitioned from a university project to a publicly listed entity, marking a significant evolution in its journey [4] Group 2: Market Reception and Investment - The IPO was met with overwhelming demand, with the Hong Kong public offering being oversubscribed by approximately 254.5 times and the international offering by about 8.9 times, indicating strong market confidence in the potential of the home robotics sector [1] - Notable early investors include prominent figures like Professor Li Zexiang and Professor Gao Bingqiang, along with a roster of top-tier investment institutions such as Hillhouse Capital and Source Code, reflecting strong market endorsement of the founding team [5][6] Group 3: Technological Edge - Wan'an Robotics possesses three core AI embodied technologies: AI machine vision control, robot positioning and environmental mapping, and distributed neural control networks, with over 50% of its workforce dedicated to R&D [7] - The company has achieved a compound annual growth rate (CAGR) of 34.7% in R&D spending from 2022 to 2024, with R&D investments accounting for approximately 20% of its revenue [7] Group 4: Product Strategy and Growth - The company has established a comprehensive product ecosystem, including specialized robots for various household tasks, fitness robots, and emotional support robots, catering to a diverse range of family needs [10] - Wan'an Robotics has successfully launched a second growth curve with sports and companion robots, including the AI tennis robot Acemate and the AI companion robot Kata Friends, which have received significant recognition [11] - A third growth curve is anticipated with the introduction of a humanoid housekeeping robot, set to launch in January 2026, targeting high-frequency household tasks [11] Group 5: Financial Performance - Wan'an Robotics has demonstrated impressive financial performance, with a three-year revenue CAGR of 49%, significantly surpassing industry averages, and a gross margin of 51.7% in 2024, increasing to 54.2% in the first half of 2025 [13] - The company has built a global sales network covering over 90 countries, with direct-to-consumer (DTC) channels accounting for nearly 50% of total revenue, reflecting strong market adaptability [13] Group 6: Future Outlook - Approximately 66.5% of the funds raised from the IPO will be allocated to enhancing R&D capabilities, focusing on key technologies related to AI embodied home robots [14] - The global market for tennis robots is projected to reach RMB 8.27 billion by 2029, with a CAGR of 293% from 2025 to 2029, while the AI companion robot market is expected to reach USD 23.23 billion by 2031, with a CAGR of 86% [15] - Wan'an Robotics aims to leverage its technological innovations to enhance family life and expand its presence in the global smart home ecosystem [15]

Core Viewpoint - Woan Robotics (06600) is the only pure C-end embodied intelligence company listed on the Hong Kong Stock Exchange, attracting significant institutional interest and investment, indicating strong growth potential in the emerging home robotics sector [1][2]. Company Overview - Woan Robotics successfully completed its IPO from December 18 to December 23, raising a net amount of HKD 1.544 billion with a share price of HKD 73.8, and saw an oversubscription of 8.9 times for international placements and 254.5 times for public offerings in Hong Kong [1][2]. - The company employs a mechanism B issuance, which allows for a more reasonable valuation as most liquidity is absorbed by institutional investors, with cornerstone investors including Hillhouse Capital and others accounting for over 40% of the total fundraising [2]. Founders and Team - The founders, Li Zhichen and Pan Yang, are alumni of Harbin Institute of Technology, sharing a strong passion for robotics and innovation, which has been recognized by capital markets [3][4]. - The company has a low financing frequency but has attracted top-tier investment institutions, indicating strong market confidence in the founding team [4]. Technological Edge - Woan Robotics has three core AI embodied robotics technologies: robot positioning and environment construction, AI machine vision control, and distributed neural control network technology, which are applied across its product matrix [7]. - The company has a robust R&D investment strategy, with R&D expenses averaging 20% of revenue from 2022 to 2024, and holds 311 patents, including 56 invention patents [6][7]. Market Position and Growth Potential - The company has a solid revenue growth forecast, with a compound annual growth rate (CAGR) of 49% from 2022 to 2024, projecting revenue of CNY 610 million in 2024 [9]. - Woan Robotics has established a comprehensive sales network covering over 90 countries, with significant market shares in Japan, Europe, and North America, where revenue growth has exceeded 40% over the past three years [11][12]. Product Development and Future Plans - The company plans to launch several innovative products, including the world's first AI Hub integrating large language models and edge computing, and the AI tennis robot Acemate, which is expected to enhance user engagement through subscription services [5][13]. - The company is set to introduce its first humanoid household robot, H1, in January 2026, targeting complex household tasks, which positions it uniquely in the market compared to competitors focused on industrial applications [14]. Financial Performance - The company's gross margin has improved significantly, rising from 34.3% in 2022 to 54.2% in the first half of 2025, indicating strong profitability potential [15][16]. - The adjusted EBITDA margin turned positive in 2023 and is expected to continue improving, reflecting the company's operational efficiency [15]. Investment Appeal - Woan Robotics is positioned as a leader in the AI embodied home robotics sector, with a unique focus on C-end consumers, which is rare in the current market landscape dominated by B-end robotics companies [17][18]. - The company's strong fundamentals and innovative product pipeline are expected to drive future growth and attract further capital investment [18].

Core Viewpoint - Woan Robotics (06600) is the only pure C-end embodied intelligence company listed on the Hong Kong Stock Exchange, attracting significant institutional interest and presenting a compelling investment opportunity due to its unique positioning and solid fundamentals [1][18]. Company Overview - Woan Robotics successfully launched its IPO from December 18 to December 23, with a global offering of 22.22 million shares, raising a net amount of HKD 1.544 billion at a price of HKD 73.8 per share [1]. - The company experienced high demand, with international placements oversubscribed by 8.9 times and Hong Kong public offerings by 254.5 times [1]. Founding Team and Recognition - The founding team, consisting of Li Zhichen and Pan Yang, has a strong background from Harbin Institute of Technology, which has contributed to the company's innovative capabilities [3][5]. - The company has attracted notable cornerstone investors, including Hillhouse Capital and Cithara, indicating strong market confidence in its leadership [3][7]. Technological Edge - Woan Robotics possesses three core AI embodied technology areas: robot positioning and environmental construction, AI machine vision control, and distributed neural control network technology, which are crucial for its product matrix [8]. - The company has invested heavily in R&D, with an average of 20% of revenue allocated to R&D from 2022 to 2024, and holds 311 patents, including 56 invention patents [8]. Market Position and Growth Potential - The company has a robust revenue growth forecast, with a compound annual growth rate (CAGR) of 49% expected from 2022 to 2024, projecting revenues of HKD 610 million in 2024 [10]. - Woan Robotics has established a comprehensive sales network covering over 90 countries, with significant market presence in Japan, Europe, and North America, where revenue growth has exceeded 40% in recent years [11][12]. Product Development and Future Plans - The company plans to launch several innovative products, including the world's first AI tennis robot and a humanoid household robot, which are expected to address complex household tasks [13][14]. - The global market for humanoid household robots is projected to reach HKD 566.9 billion by 2031, with a CAGR of 29.3% from 2025 to 2031, indicating significant growth potential for Woan Robotics [14]. Financial Performance - The company's gross margin has improved from 34.3% in 2022 to 54.2% in the first half of 2025, reflecting enhanced profitability [15]. - Adjusted EBITDA margin turned positive in 2023 and is expected to reach 13.7% by the first half of 2025 [15]. Investment Appeal - Woan Robotics stands out in the market as a C-end focused company in a sector predominantly occupied by B-end players, enhancing its investment attractiveness and potential for higher valuation premiums [18].