Core Viewpoint - On December 30, 2025, Woan Robotics officially listed on the Hong Kong Stock Exchange, marking a significant milestone as a leading AI embodiment home robot system provider, with strong revenue growth momentum and a transition to profitability expected in 2025, indicating a new phase of scale expansion and profit release for the company [1] Group 1: Company Overview - Woan Robotics is a leading provider of AI embodiment home robot systems, having launched several innovative products such as finger robots, door lock robots, and curtain robots, achieving large-scale commercial deployment [1] - The company has developed a complete product matrix, including finger robots, curtain robots, door lock robots, and enhanced mobile robots, with a clear product iteration rhythm [1] - As of December 2025, Woan Robotics holds a total of 311 patents globally, including 56 invention patents, with approximately 43.4% of its workforce dedicated to R&D, supporting continuous technological iteration and new product launches [1] Group 2: Commercialization and User Ecosystem - The company has established a sales network covering over 90 countries and regions, with products available in over 2,000 offline retail stores, and has built a user-centric smart home ecosystem through its proprietary app [2] - As of December 2025, the SwitchBot app has over 3.5 million registered users and connects more than 10.8 million devices, with approximately 55.9% of users connecting two or more products, indicating high user stickiness and ecosystem penetration [2] Group 3: Revenue Growth and Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 275 million to 610 million, with a compound annual growth rate of 49.0% [2] - In the first half of 2025, the company achieved revenue of 396 million, a year-on-year increase of approximately 44%, with gross margin further improving to 54.2% [2] - The core growth driver remains the home robot system products, particularly high-value products like enhanced execution robots and enhanced mobile robots, which are driving overall average selling price (ASP) and gross margin levels upward [2] Group 4: Profitability and Cost Structure - In the first half of 2025, the company achieved a net profit of approximately 28 million, with a net profit margin of about 7%, marking a turnaround to profitability [3] - Key factors for profitability include the high-margin robot system products and new product launches driving revenue structure upgrades, along with scale effects reducing unit manufacturing and fulfillment costs [3] - The sales and management expense ratio is gradually diluted with revenue expansion, optimizing the overall expense structure while maintaining strong R&D investment [3] Group 5: Product Diversification and Global Expansion - The company continues to advance its AI embodiment robot system layout around home life scenarios, achieving dual-driven growth through multi-category collaboration, deep integration of software and hardware, and global channel development [4] - In 2025, the company maintained a growth trend across products, regions, and channels, with traditional flexible robots showing steady growth and high-ticket new products like enhanced mobile robots seeing significant volume increases [4] - The company continues to focus on the Japanese market while steadily increasing penetration in Europe and North America, with demand from mature overseas markets becoming a major source of incremental growth [4]

Core Viewpoint - The article emphasizes the significant growth potential of the robotics industry, predicting that global hardware sales will rise dramatically from $100 billion in 2025 to $25 trillion by 2050, positioning robotics as a trillion-dollar market opportunity [3][38]. Group 1: Company Overview - Woan Robotics has successfully launched on the Hong Kong market, becoming the first publicly traded company focused on AI-driven household robots [5]. - Unlike many robotics companies that have yet to achieve commercialization, Woan Robotics has established a clear global business path and innovative technology, resulting in substantial revenue [6]. - In 2024, Woan Robotics is projected to generate revenue of 610 million yuan and an adjusted EBITDA of 26.1 million yuan, attracting significant investment from major institutional investors [7]. Group 2: Market Position and Growth - Woan Robotics has experienced a remarkable revenue growth rate, with a compound annual growth rate of 48.9%, increasing from 275 million yuan in 2022 to 610 million yuan in 2024 [15]. - The company has strategically focused on the Japanese market, which has become a key revenue contributor, with income rising from 168 million yuan in 2022 to 352 million yuan in 2024 [17]. - The acceptance and reliance on household robots in Japan are increasing due to the aging population and labor shortages, creating a favorable market environment [19]. Group 3: Competitive Advantages - Woan Robotics differentiates itself from other listed robotics companies by integrating advanced technologies such as AI visual control and distributed neural networks into its household robot systems [20][22]. - The company has established a strong global presence, with products available in over 90 countries and regions, and has built a robust ecosystem connecting innovative products with users [28][29]. - Woan Robotics has a significant patent portfolio, with 311 patents, including 56 core technology patents, which strengthens its competitive position in the market [35][36]. Group 4: Future Growth Potential - The article outlines Woan Robotics' plans to expand into new markets and product lines, including AI sports robots and humanoid household robots, which are expected to drive future revenue growth [41][46]. - The company aims to introduce a subscription model for its AI coaching service, enhancing user engagement and creating new revenue streams [42][43]. - The global market for companion robots is projected to grow significantly, providing Woan Robotics with opportunities to capture a larger share of this expanding market [44][45].

OneRobotics (Shenzhen) Co., Ltd. 臥安機器人（深圳）股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 股份代號： 6600 全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 （按英文字母順序） （深圳）股份有限公司 OneRobotics (Shenzhen) Co., Ltd. 臥安機器人（深圳）股份有限公司 重 要 提 示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 OneRobotics (Shenzhen) Co., Ltd. 臥安機器人 OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下的發售股份數目 | ： | 22,222,300股H股（視乎超額配股權行使與否 | | --- | --- | --- | | | | 而定） | | 香港發售股份數目 | ： | 2,222,300股H股（可予重新分配） | | 國際發售股份數目 | ： | 20,000,000股H股（可 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 (the ''Company'') ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本 公司招股章程作出投資決定，該文件的副本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件 中的資料作出任何投資決定 ...

Core Insights - The article discusses the IPO application of Woan Robotics, a company specializing in AI-powered embodied home robot systems, which has refiled after an initial submission failure earlier in the year [1][2]. Company Overview - Woan Robotics is positioned as the only global company with a comprehensive layout of AI embodied home robot systems, holding an 11.9% market share as of 2024 [2]. - The company’s main products include enhanced execution robots and perception and decision-making systems, with a total of 47 standardized product units (SPUs) [2]. - The founding team has a strong background from Harbin Institute of Technology, with notable figures such as Li Zhi-Chen and Pan Yang [1][10]. Financial Performance - The company reported revenues of 275 million RMB, 457 million RMB, 609.9 million RMB, and 396.3 million RMB for the years 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - After three years of losses, Woan Robotics turned a profit in the first half of 2025, achieving a net profit of 27.9 million RMB [6][8]. - The company’s revenue from Japan accounted for 61.4%, 62.3%, and 57.7% of total revenue from 2022 to 2024, with a further increase to 67.7% in the first half of 2025 [4][9]. Market Dependency - Woan Robotics heavily relies on the Japanese market and Amazon for sales, with over 95% of revenue coming from international markets during the reporting period [2][3]. - The company generated 81.9%, 65.2%, 64.2%, and 67% of its total revenue from Amazon channels in the respective years [8]. - The highest U.S. tariff rate applicable to its core products is approximately 63%, impacting sales from the U.S. market, which contributed 16.4%, 17.2%, 14.2%, and 10.3% to total revenue over the reporting years [9]. Investment and Valuation - Woan Robotics has attracted significant investment, with a valuation of approximately 4.048 billion RMB following its C-round financing in 2025, a substantial increase from 20 million RMB in 2017 [15]. - The company plans to use the funds raised from the IPO to enhance R&D capabilities, expand sales channels, and improve brand recognition globally [15].

Company Overview - Woan Robotics has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Securities and Huatai International as joint sponsors [1] - According to a Frost & Sullivan report, Woan Robotics is the largest AI-enabled home robot system provider globally, with a market share of 11.9% based on retail sales in 2024 [1] - The company focuses on AI-enabled home robot systems, integrating research and development, production, and sales across various household applications such as smart control, household chores, smart housekeeping, elderly care, security, and energy management [1] Product Innovation - Woan Robotics has launched several innovative products, including the SwitchBot Bot in 2017, SwitchBot Curtain in 2020, SwitchBot Lock in 2022, and the commercialized enhanced mobile robot SwitchBot S10 in 2023 [1] - As of November 30, 2025, the company holds 312 global patents, including 56 invention patents [1] User Engagement and Market Reach - The SwitchBot App has over 3.5 million registered users, with more than 10.7 million connected devices [1] - Woan Robotics products are sold in over 90 countries and regions, available in more than 2,000 offline retail stores, with approximately 55.9% of registered users connecting two or more products [1] Industry Growth - The global smart home market is projected to grow from 1,000.5 billion yuan in 2024 to 1,462.4 billion yuan by 2029 [2] - The global home robotics market is expected to expand from 257.7 billion yuan in 2024 to 436.5 billion yuan by 2029 [2]

Company Overview - Woan Robotics (Shenzhen) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Guotai Junan and Huatai International as joint sponsors [1] - The company is a global provider of AI-enabled embodied home robot systems, aiming to build an ecosystem centered around smart home robot products [3] - Woan Robotics is recognized as the largest provider in the AI-enabled embodied home robot system market, holding a market share of 11.9% based on retail sales in 2024 [3] Product and Innovation - The company has launched several innovative products, including the world's first finger robot SwitchBot Bot in 2017, the first curtain robot SwitchBot Curtain in 2020, and the first fingerprint door lock robot SwitchBot Lock in 2022 [4] - As of November 30, 2025, Woan Robotics holds 312 patents globally, including 56 invention patents, reflecting its strong focus on R&D and product innovation [4] User Engagement and Market Reach - The SwitchBot App has over 3.5 million registered users, with more than 10.7 million devices connected to the app, indicating strong consumer loyalty and brand positioning [5] - The company's products are sold in over 90 countries and regions, available in more than 2,000 offline retail stores worldwide [5] Financial Performance - The company reported revenues of RMB 275 million, RMB 457 million, RMB 610 million, and RMB 396 million for the fiscal years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6] - Gross profits for the same periods were RMB 94.14 million, RMB 231 million, RMB 316 million, and RMB 215 million [7] - The gross profit margins have improved from 34.3% in 2022 to 54.2% in the nine months ending September 30, 2025 [10] Industry Overview - The global adoption rate of AI has surpassed 70%, driving demand for smart home products and the home robotics industry [12] - The global smart home market is projected to reach RMB 1,000.5 billion by 2024, with the home robotics market expected to grow from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.9% [12] - The market for AI-enabled embodied home robot systems is anticipated to grow from RMB 2.2 billion in 2022 to RMB 5.9 billion in 2024, with a CAGR of 63.7% [14]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完 整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本 公司招股章程作出投資決定，該文件的副本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件 中的資料作出任何投資決定； (b) 在聯交 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of OneRobotics (Shenzhen) Co., Ltd. 臥 安 機 器 人（ 深 圳 ）股 份 有 限 公 司 (the ''Company'') (A joint stock company incorporated ...