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]