Core Viewpoint - Woan Robotics (6600.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first "AI-embodied home robot" stock, 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]. Company Overview - Woan Robotics was founded in 2015 by alumni from Harbin Institute of Technology, led by Li Zhichen and Pan Yang, focusing on developing embodied home robot products from specific household scenarios [3][4]. - The company has attracted significant investment from notable institutions, including Hillhouse Capital and Source Code Capital, with the involvement of "DJI's godfather" Li Zexiang accelerating its development [3][6]. Financial Performance - In the first half of 2025, Woan Robotics achieved profitability, recording a profit of CNY 27.9 million [9]. - The company reported a compound annual growth rate 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 from CNY 275 million in the same period last year [8]. Product Development and Market Strategy - Woan Robotics has established a product layout that includes smart control, household labor, smart housekeeping, elderly care, safety protection, and energy management, with products like the SwitchBot Curtain and K10+ [7]. - The company plans to launch its first humanoid home robot in January 2026, targeting applications such as clothing sorting, dish cleaning, and meal preparation assistance, which will represent a new growth curve [7]. Market Presence - The company has a global market focus, with significant sales in North America, Japan, and Europe. Japan has been the largest market, contributing around 60% of revenue over the past three years [8]. - In the first half of 2025, revenue from Europe and North America accounted for 17.2% and 11.7%, respectively [8]. Investment and Future Outlook - Approximately 66.5% of the funds raised from the IPO will be used to enhance R&D capabilities and develop key technologies related to AI-embodied home robot systems [10]. - Analysts note that Woan Robotics possesses high growth and high gross margin advantages, which, combined with the scarcity premium in the sector, may further elevate the company's valuation ceiling [10].

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 - The company, Woan Robotics, has passed the main board listing hearing at the Hong Kong Stock Exchange, with joint sponsors being Guotai Junan and Huatai International [1] - Woan Robotics is a global provider of home robot systems, focusing on markets in Japan, Europe, and North America, aiming to build an ecosystem centered around smart home robot products [1] - The product range includes enhanced execution robots (such as door locks, curtains, finger robots, and multifunctional home robots), perception and decision-making systems (like smart hubs, sensors, and cameras), and other smart home products and services [1] Group 2 - As of December 11, 2025, the company holds 311 patents globally, including 56 invention patents, with a research and development team constituting 43.4% of the total workforce [2] - From 2022 to 2024, approximately 20% of the company's revenue is allocated to research and development expenses [2] - The company has a significant global presence, with products sold in over 90 countries and regions, more than 3.5 million registered users of the SwitchBot App, and over 10.8 million connected devices, with about 55.9% of users connecting two or more products [2] - The home robot system integrates artificial intelligence, robotics, and IoT technology to achieve autonomous learning and intelligent decision-making, providing real-time environmental perception, multifunctional device collaboration, and edge intelligence processing, outperforming traditional standalone smart home devices and ordinary home robots [2] - The company offers a wide range of products across seven categories, covering 47 SPUs, and has established a comprehensive omnichannel sales network through e-commerce platforms, direct-to-consumer websites, retailers (including Amazon), and distribution channels [2]

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'') ...

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Core Viewpoint - The article highlights the increasing trend of robotics companies, including Woan Robotics, seeking to go public in the Hong Kong stock market, indicating a growing interest and investment in the robotics sector. Company Overview - Woan Robotics is a global provider of AI-enabled home robotics systems, focusing on creating an ecosystem centered around smart home robot products, with a market share of 11.9% as of 2024 [1][2]. - The company has launched several innovative products, including the world's first finger robot, curtain robot, fingerprint door lock robot, and enhanced mobile robot, showcasing a strong growth trajectory in sales [2]. Financial Performance - Woan Robotics reported revenues of RMB 275 million, RMB 457 million, and RMB 609 million for the years 2022, 2023, and 2024, respectively, with net profits improving from losses of RMB 86.93 million in 2022 to a projected loss of RMB 3.07 million in 2024 [3][4]. - The adjusted EBITDA turned positive for the first time in 2023, reaching RMB 5.81 million, and is expected to grow to RMB 26.08 million in 2024 [2]. Product and Market Focus - The majority of Woan Robotics' revenue comes from enhanced execution robots, with projected revenue of approximately RMB 348 million from this category in 2024, accounting for nearly 60% of total revenue [3]. - The company primarily targets overseas markets, with Japan, Europe, and North America contributing 95% of its revenue, and Japan alone accounting for 57.7% [4]. Funding and Valuation - Woan Robotics has undergone 14 rounds of financing since its establishment in 2015, with the latest C round raising RMB 70 million in May 2025, increasing the company's valuation from RMB 160 million in 2017 to RMB 4.05 billion [5][7]. - The company is backed by notable investors, including Brizan Ventures V and various robotics research institutions, with key shareholders holding approximately 44.53% of the company [7][8].

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]

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 ...

Core Viewpoint - Woan Robotics (Shenzhen) Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the "first AI embodied robot stock" [2][12]. Company Overview - Founded in 2015 by graduates from Harbin Institute of Technology, Woan Robotics focuses on AI embodied home robot systems and has developed a product ecosystem with 42 SPUs across seven categories [2][3]. - The company has gained significant traction in overseas markets, particularly in Japan and Europe, where it has a larger market share than domestic competitor Xiaomi [2][12]. Financial Performance - Woan Robotics reported revenues of RMB 2.75 billion, RMB 4.57 billion, and RMB 6.10 billion for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 49.0% [12]. - Gross profits for the same years were RMB 0.94 billion, RMB 2.31 billion, and RMB 2.94 billion, achieving a CAGR of 83.1% [12]. - Despite revenue growth, the company has incurred net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million for the respective years, primarily due to increased sales, distribution, and R&D expenses [12][13]. Market Position - Woan Robotics is recognized as the largest global supplier of AI embodied home robot systems, holding a market share of 11.9% as of 2024 [13][14]. - The company has established a strong presence in various segments, ranking first in finger robots and curtain robots, and fourth in door lock robots by retail sales [13]. Sales Channels - The majority of Woan Robotics' sales (over 95%) are generated from international markets, with Japan being the largest contributor [14][16]. - The company has developed a comprehensive sales and distribution network, leveraging platforms like Amazon to reach over 90 countries [14][16]. Funding and Valuation - Woan Robotics has undergone multiple funding rounds, increasing its valuation from RMB 20 million at the angel round to RMB 4.048 billion after the C round [7][12]. - The latest funding round before the IPO saw an investment of RMB 70 million from Brizan Ventures [6][12]. Use of IPO Proceeds - The funds raised from the IPO will be primarily allocated to enhancing R&D capabilities, expanding sales channels, increasing brand awareness, and general operational purposes [18].