Core Viewpoint - Woan Robotics, established in 2015, is set to list on the Hong Kong Stock Exchange, focusing on AI-enabled home robotics and has developed a comprehensive product ecosystem [2][4]. Group 1: Company Overview - Woan Robotics is a leading provider of AI-enabled home robotics systems, with a product matrix covering seven categories and 42 models, aimed at various applications including smart control and elderly care [4]. - The company has launched several pioneering products, including the world's first finger robot and curtain robot, and plans to release an average of 10 new or upgraded products annually from 2022 to 2024 [4]. Group 2: Market Presence - Over 95% of Woan Robotics' revenue comes from Japan, Europe, and North America, with respective compound annual growth rates (CAGR) of 44.7%, 68.1%, and 42.5% from 2022 to 2024 [5][6]. - The SwitchBot brand has become a well-known name in the global smart home industry, leading in retail sales in Japan since 2022 [5]. Group 3: Financial Performance - Revenue figures for Woan Robotics from 2022 to 2024 are projected at RMB 274.6 million, RMB 457.3 million, and RMB 609.9 million, with a CAGR of 49.0% [10]. - Gross profit is expected to grow from RMB 94 million in 2022 to RMB 316 million in 2024, with a gross margin increasing from 34.3% to 51.7% [10]. Group 4: Sales Channels - Direct-to-consumer (DTC) channels are a key growth driver, with revenue from DTC channels growing at a CAGR of 73.3% from 2022 to 2024, increasing its share of total revenue from 36.9% to 49.8% [9]. - Amazon channels contributed 64.2% of total revenue in 2024, highlighting the importance of e-commerce in Woan Robotics' sales strategy [10]. Group 5: Research and Development - The company has invested significantly in R&D, with expenditures rising from RMB 62 million in 2022 to RMB 112 million in 2024, representing a CAGR of 34.7% [11]. - As of June 2025, Woan Robotics holds over 269 patents, including 43 core innovation patents, indicating a strong focus on technological advancement [11]. Group 6: IPO Plans - The net proceeds from the IPO will primarily be used to enhance R&D capabilities, expand sales channels, and improve global brand recognition [13].

Core Viewpoint - Woan Robotics (Shenzhen) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with Guotai Junan International and Huatai International as joint sponsors [1]. Company Overview - Woan Robotics is an AI-driven home robotics system provider, focusing on creating an ecosystem centered around smart home robot products under the brand name SwitchBot. Users can interact with products via the SwitchBot App to meet various household needs [4]. - According to a report by Frost & Sullivan, Woan Robotics is the largest AI-driven home robotics system provider globally, with a market share of 11.9% based on retail sales in 2024. It is the only company with a comprehensive range of home robot categories in the household scenario [4]. Product Portfolio - The company offers a product range under the SwitchBot brand, which includes seven categories covering 42 Stock Keeping Units (SKUs). Notable products include the SwitchBot Bot (launched in 2017), SwitchBot Curtain (2020), SwitchBot Lock (2022), and SwitchBot S10 (2023) [5]. - As of June 3, 2025, the SwitchBot App has over 3.1 million registered users, with more than 9.1 million devices connected to the app. Approximately 55.2% of registered users have connected two or more SwitchBot products, indicating strong consumer loyalty and brand positioning [5]. Financial Performance - The company primarily sells products to end customers, retailers, and distributors. Revenue from the top five customers for the years ending December 31, 2022, 2023, and 2024 was RMB 164 million, RMB 229.3 million, and RMB 289.1 million, accounting for 59.6%, 50.2%, and 47.4% of total revenue, respectively [6]. - For the fiscal years 2022, 2023, and 2024, Woan Robotics reported revenues of approximately RMB 275 million, RMB 457 million, and RMB 610 million, with corresponding net losses of RMB 86.98 million, RMB 16.38 million, and RMB 3.07 million [6][7]. Summary of Financials - The summarized financial performance for the years ending December 31 is as follows: - Revenue: RMB 274.6 million (2022), RMB 457.3 million (2023), RMB 609.9 million (2024) - Gross Profit: RMB 94.1 million (2022), RMB 230.5 million (2023), RMB 315.6 million (2024) - Net Loss: RMB 86.98 million (2022), RMB 16.38 million (2023), RMB 3.07 million (2024) [7].