卧安机器人(06600)盘中涨超6%，高见144.7港元，再创上市新高。截至发稿，涨5.14%，报143.1港元， 成交额4923.63万港元。 消息面上，近日，卧安机器人发布人形具身智能机器人onero，其为CES全球首发的家庭保姆机器人， 专为真实家庭场景打造。 此外，1月10日，全球首家机器人网球训练场——深圳宝安超网中心"云馆"试 运行，卧安机器人旗下AI网球机器人Acemate入驻，为运动爱好者提供陪练。 天风证券（601162）发布研报称，卧安机器人作为全球居家机器人系统行业的先行者，凭借在执行增强 型机器人及感知决策系统领域的深厚专利壁垒，已建立起覆盖全球90多个国家、连接超1,000万台设备 的领先品牌认知，成长为全球龙头。本次赴港上市募资将用于强化研发投入、扩张全球全渠道网络及加 强品牌推广，有望通过"智能单品→系统生态"的跨越，持续释放全球化增长潜力。该行指出，考虑到公 司仍处于快速成长期，当前估值有所低估。 ...

当地时间2026年1月6日，全球消费电子领域的顶级盛会 —— 国际消费电子展(CES 2026)在美国拉斯维 加斯盛大启幕，这场被誉为"全球科技春晚"的盛会以空前规模与深度创新，勾勒出科技产业的未来图 景。展会吸引了超过155个国家和地区的数千家企业参展，汇聚了来自全球的上万名顶尖专家、行业代 表。今年CES的核心主题是"以人为本"的AI实际应用，让人工智能技术真正融入消费者的日常生活，叙 事更加清晰聚焦——AI已从炫酷的"附加功能"，深度内化为产品定义、交互逻辑与生态构建的核心引 擎。 作为2025年12月30日登陆港交所主板的全球AI具身家庭机器人第一股(6600.HK)，卧安机器人 (OneRobotics)携家庭场景落地的人形具身机器人onero H1、全球首款AI网球机器人Acemate、AI陪伴机 器人Kata Friends等全矩阵重磅参展，凭借硬核实力斩获多项国际权威奖项。此次亮相不仅是公司香港 上市后的全球首秀，更以"自主决策 + 场景落地"的核心优势，打破行业"炫技式"发展惯性，向全球传递 中国创新的务实力量，重新定义AI具身家庭机器人的价值标准。 在展区，卧安机器人向全球首次发布了卧安o ...

Core Viewpoint - Wan'an Robotics (6600.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first stock in the "AI Embodied Home Robot" sector, with an IPO price of HKD 73.8 and a fundraising scale of approximately HKD 1.8 billion. The stock price rose over 24% within three days of listing, reaching a market capitalization of over HKD 20 billion [1][2]. Company Background - Founded in 2015 by alumni from Harbin Institute of Technology, Wan'an Robotics focuses on developing embodied home robot products based on specific household scenarios. The company has attracted significant investment from notable institutions, including Hillhouse Capital and Source Code Capital, with key support from "DJI's Godfather" Li Zexiang during its Pre-A round [3][6][7]. Product Development and Market Strategy - Wan'an Robotics has established a product lineup that covers smart control, household chores, smart housekeeping, elderly care, safety protection, and energy management. The company is also expanding into sports and companionship robots, with plans to launch its first humanoid home robot in January 2026 [9][10]. Financial Performance - The company achieved a compound annual growth rate (CAGR) of 49% in revenue over the past three years, with revenue increasing from CNY 270 million in 2022 to CNY 610 million in 2024. In the first half of 2025, revenue reached CNY 396 million, a 44% increase year-on-year [10]. The gross margin has also improved, reaching 54.2% in the first half of 2025, positioning the company favorably within its sector [10]. Future Prospects - Approximately 66.5% of the funds raised from the IPO will be allocated to enhancing research and development capabilities, focusing on key technologies and products related to its AI embodied home robot system, as well as building a high-standard robot data collection factory [10].

Core Viewpoint - Woan Robotics has officially listed on the Hong Kong Stock Exchange, becoming the first "AI-embodied home robot" stock, with a strong market response during its IPO [1][2]. Group 1: IPO Details - The IPO price was set at HKD 73.8, raising approximately HKD 1.8 billion, with a market capitalization exceeding HKD 16.4 billion at the time of reporting [2]. - The public offering was oversubscribed by approximately 254.5 times, while the international offering saw about 8.9 times subscription [2]. - Notable cornerstone investors included Hillhouse Capital, Cithara, Infini, and others, collectively investing over HKD 700 million, accounting for more than 42% of the total offering [2]. Group 2: Company Background - Founded in 2015 by alumni from Harbin Institute of Technology, Woan Robotics focuses on developing embodied home robot products [2][3]. - The company gained significant traction with its innovative approach to smart home upgrades, allowing for non-invasive retrofitting of existing appliances [3]. - The success of the SwitchBot Bot, a small device that simulates human hand movements, validated market demand and led to further product development [3]. Group 3: Financial Performance - Woan Robotics achieved profitability in the first half of 2025, reporting a profit of HKD 27.9 million [8]. - The company has experienced a compound annual growth rate (CAGR) of 49% in revenue over the past three years, with revenue increasing from HKD 270 million in 2022 to HKD 610 million in 2024 [7]. - Gross margin reached 51.7% in 2024 and increased to 54.2% in the first half of 2025, positioning the company as a leader in its sector [7]. Group 4: Product and Market Strategy - Woan Robotics has established a diverse product lineup, including smart control, household labor, and elder care solutions, with products like the SwitchBot Curtain and K10+ robot vacuum [5][6]. - The company is expanding into new growth areas with the introduction of sports and companion robots, including the Acemate tennis robot and Kata Friends AI companion robot [6]. - The company aims to launch its first humanoid home robot in January 2026, targeting key applications such as laundry sorting and meal preparation [6]. Group 5: Market Presence - Woan Robotics targets global markets, with Japan being its largest market, consistently accounting for around 60% of revenue over the past three years [7]. - The company has also seen strong performance in Europe and North America, with revenue contributions of 17.2% and 11.7% respectively in the first half of 2025 [7].

Group 1: Market Overview - The tennis market in China is projected to reach a scale of 36.75 billion yuan in 2024, with the number of tennis courts accounting for 7.2% of the global total and participants making up 19.8%, both ranking second globally after the United States [1] - The number of tennis players in China has grown to 25.188 million in 2024, representing a 28% increase compared to 2021, indicating a rapidly expanding market demand [6] - Despite being a niche sport, tennis has a strong demand due to high equipment costs and the need for professional coaching, leading enthusiasts to invest significantly in improving their skills [4][6] Group 2: Product Innovation - Three smart tennis ball machines are currently crowdfunding on Kickstarter, showcasing the potential for AI-driven products in the tennis equipment market [2] - These smart machines incorporate features like intelligent control, visual recognition, and AI training, with prices ranging from 4,000 to 10,000 yuan, indicating a competitive market landscape [2][14] - The PACE smart tennis ball machine, for example, offers advanced AI functionalities that allow for dynamic training adjustments based on user performance, positioning it as a near-replacement for traditional coaching [8][14] Group 3: Competitive Landscape - The market for smart tennis ball machines is characterized by a mix of established brands and new entrants, with companies like Acemate, Tenniix, and Tinto vying for market share [2][10] - The demand for smart machines is driven by the need for enhanced training efficiency and the desire for a more interactive experience, as seen in products that can simulate real match conditions [10][14] - The presence of numerous brands, including both traditional and emerging players, highlights the competitive nature of the market, with prices for smart machines ranging from 1,000 to 10,000 yuan [17][18]

Core Viewpoint - Woan Robotics is preparing for an IPO, focusing on smart home robotics and claiming to be the largest AI-driven home robotics system provider globally, with a market share of 11.9% as of 2024 [1][2]. Financial Performance - Revenue projections for Woan Robotics from 2022 to 2024 are 275 million RMB, 457 million RMB, and 610 million RMB, respectively, indicating a compound annual growth rate (CAGR) of 49.0% [2]. - Gross profit for the same period is projected to be 94 million RMB, 231 million RMB, and 316 million RMB, with a CAGR of 83.1% [2]. - Gross margins are expected to improve from 34.3% in 2022 to 51.7% in 2024 [2]. - The company is nearing breakeven, with an adjusted net loss rate of 0.5% in 2024 and positive adjusted EBITDA of 5.81 million RMB in 2023 and 26.08 million RMB in 2024 [2]. Research and Development - R&D expenditures from 2022 to 2024 are projected at 62 million RMB, 89 million RMB, and 112 million RMB, with a CAGR of 34.7% [2]. - As of June 3, 2025, the R&D team consists of 219 members, accounting for 50.7% of total employees, and the company holds over 269 patents, including 43 core innovation patents [2]. Market Presence - Woan Robotics primarily targets overseas markets, with revenue distribution in 2024 expected to be 57.7% from Japan, 21.4% from Europe, and 15.9% from North America [3][4]. - The company faces risks related to its reliance on foreign markets, including currency fluctuations and tariff pressures, with a projected exchange loss of 6.5 million RMB in 2024 due to yen depreciation [4][5]. Sales Channels - In 2024, 64.2% of Woan Robotics' revenue is expected to come from Amazon channels, with 35.8% from Amazon VC wholesale and 28.4% from Amazon SC third-party seller channels, indicating a high dependency on Amazon [5][6]. Supply Chain Challenges - Despite its market presence, Woan Robotics sources 90% of its raw materials from China, leading to concerns about supply chain resilience amid increasing competition from tech giants like Google and Amazon in the home robotics sector [7].