机构：中信建投证券 研究员：黄文涛/马王杰/翟延杰 核心观点 2025 年12 月30 日，卧安机器人在港交所主板正式挂牌上市，卧安机器人是领先的AI 具身家庭机器人 系统提供商，推出手指、门锁、窗帘机器人等多个明星产品。营收增长动能强劲，2025 年业绩实质性 转正，标志公司开始进入规模扩张与利润释放并行的新阶段。中长期看，公司以"家庭AI 具身机器人系 统"作为底座，通过多品类矩阵+App 生态+全球渠道形成复购与规模效应，建议持续关注AI 时代下公司 创新+生态共振带来的成长空间。 事件 卧安机器人（6600.HK）于 2025 年12 月30 日成功在香港交易所主板上市。全球发售2222.23 万股，最 终发行价为73 .8 港元/股，共募资16.40 亿港元。截至1 月2 日收盘，卧安机器人收盘股价达到92 港元， 市值约为204 亿港元。 简评 一、家庭AI 机器人翘楚，领先的具身系统提供商卧安机器人系领先的AI 具身家庭机器人系统提供商， 公司开创多个首创产品并实现多款家庭机器人产品的规模化商业落地，并持续推动产品向高智能化、系 统化方向演进。公司已开发并形成涵盖手指机器人、窗帘机器人、门锁机器 ...

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， ...

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 ...