As the only pure C-end embodied AI company currently on the Hong Kong stock market, ONEROBOTICS (06600) successfully listed on the Hong Kong Stock Exchange, attracting a rush of investment from numerous star institutions. But is it truly worth investors betting on? Where does its core technological advantage lie? On this emerging track of home robotics, can it genuinely unlock growth potential? Facing domestic and international competitors like Figure AI and Unitree Robotics, what will ONEROBOTICS rely on to build its moat?
The answers may lie in its unique positioning and solid fundamentals. Possessing three core AI embodiment technologies, a stable foundational business, and a comprehensive layout across three golden robotics sectors, ONEROBOTICS has successfully listed in Hong Kong as the first high-growth AI embodied home robotics stock, offering investors an opportunity combining both growth potential and certainty.
ONEROBOTICS conducted its IPO from December 18 to December 23, offering 22.2223 million shares globally, with the Hong Kong public offering comprising 10% and the international offering 90%. The allotment results showed enthusiastic investor demand, with the international placement heavily oversubscribed by 8.9 times and the Hong Kong public offering massively oversubscribed by 254.5 times. The company set the final offer price at HK$73.8 per share, raising net proceeds of approximately HK$1.544 billion from the global offering, and successfully debuted on the Hong Kong market on December 30.
The company adopted a Mechanism B issuance, which did not require a clawback or reallocation mechanism. Under this structure, the majority of liquid shares were absorbed by institutional investors, whose pricing contributed to a more reasonable valuation. The IPO attracted nine cornerstone investors, including Hillhouse Capital, Cithara, Infini, China Orient, Wind Sabre, Yield Royal Investment, and Acuity Capital, collectively subscribing for over 40% of the total IPO proceeds. Backed by this star investor lineup, the offering also drew a swarm of additional off-market value investors.
So, why was the company viewed favorably and invested in by renowned investors like Hillhouse Capital? What is the core logic behind the institutional investor rush? Investment starts with the people, and the founding team has gained capital recognition. Investment starts with the people; this is one of the most critical investment criteria for institutions. ONEROBOTICS is essentially the masterpiece of shared vision and technical synergy between its two co-founders, Li Zhichen and Pan Yang.
The founders and core management team of ONEROBOTICS hail from Harbin Institute of Technology (HIT). In 2007, Li Zhichen (Co-founder, Chairman, and CEO of ONEROBOTICS) and Pan Yang (Co-founder and CTO of ONEROBOTICS) met and became close friends as classmates at HIT. Both were passionate about innovating and developing robotic devices, winning several domestic and international university-level robotics innovation design competition awards during their studies, including the national first prize in the senior group of the 2009 ADI University Design Competition.
After graduation, although the two pursued further studies and careers in different parts of the world, their original entrepreneurial aspiration never faded. Later, driven by their love for robotics technology and entrepreneurial enthusiasm, Li Zhichen and Pan Yang chose to start their business in Shenzhen, founding ONEROBOTICS. They were soon joined by several university classmates, including Lin Haizhou, Liu Guohui, and Liu Yanfei, marking the beginning of the story of AI embodied home robotics.
After eighteen years of weathering challenges together, ONEROBOTICS now lists on the HKEX as the "first AI embodied home robotics stock." The moment the listing bell rang, the like-minded entrepreneurial youths from their university days had transformed into leaders steering an industry benchmark and a listed company with a market capitalization exceeding ten billion Hong Kong dollars.
Those familiar with capital markets will note that ONEROBOTICS is a company that has seldom engaged in fundraising. Prior to this Hong Kong IPO, the company was rarely seen in capital markets. Notably, despite its low fundraising frequency, ONEROBOTICS's shareholder base includes top-tier domestic and international investment institutions such as Hillhouse Capital, Source Code Capital, Brizan, Ventech, Dachen, and Guotiao. The backing of such star investors for such a low-profile company underscores the market's recognition of its founding team.
Now, the two co-founders, acquainted for 18 years, join hands for the Hong Kong listing, witnessing a new chapter in the company's development. Leveraging solid technical prowess and sharp business acumen, the company launched several world-first products in 2025: the AI Hub, the first smart home hub integrating large language models with edge computing; Acemate, the world's first AI tennis robot capable of real rallying; and Kata Friends, the first locally-deployed large model AI companion robot.
With its AI embodied home robotics system as the foundational business, the company is developing a second growth curve centered on sports robots and companion robots, while simultaneously laying out a third growth curve for humanoid household robots, aiming to build a comprehensive smart home ecosystem.
ONEROBOTICS's ability to rapidly iterate products and explore new sectors stems from two core dimensions. Firstly, it possesses a deep technical heritage from HIT; the founding team originates from HIT's top-tier research groups, bringing over a decade of technical experience and a strong foundation of trust. The company benefits from the full support of Professor Li Zexiang, the "Godfather of DJI," and Professor Johnny K. O. Sin, a renowned electronic engineering expert. Leveraging top academic resources continuously strengthens its technical barriers; both professors currently serve as non-executive directors, have invested since the angel round, and are now significant shareholders, providing dual empowerment through capital and technology.
Secondly, the company commits to high-intensity R&D investment, recruiting more technical talent, and driving the commercialization of R&D outcomes. From 2022 to 2024, R&D expenses averaged 20% of revenue, and currently, R&D engineers constitute 50% of its workforce. Furthermore, the company holds 311 patents globally, including 56 invention patents. It has gained national recognition, being designated as a National Level Specialized, Refined, Distinctive, and New "Little Giant" Enterprise in 2024.
The company has independently developed three core AI embodied robotics technologies: Robot Localization and Environmental Mapping Technology, AI Machine Vision Control Technology, and Distributed Neural Control Network Technology. These three technologies are applied across its home ecosystem product matrix. Massive data from scenario-based usage and user feedback drives rapid and efficient iteration and optimization of the core technologies, creating a flywheel effect. These technologies also constitute a powerful competitive advantage differentiating the company from its peers.
This data flywheel reinforces technology to further solidify product strength, thereby consolidating the company's leadership position in the global AI embodied home robotics system industry and driving performance growth.
From 2022 to 2024, ONEROBOTICS achieved a revenue compound annual growth rate (CAGR) of 49%, with 2024 revenue reaching 610 million RMB. Building on this strong foundation and its comprehensive layout across three high-potential sectors—sports robotics, AI companion robotics, and humanoid household robotics—the company is poised to accelerate future earnings growth.
In terms of sales model, the company has established a comprehensive "online + offline" and "direct sales + distribution + retail" omni-channel sales network. Its brand enjoys a global reputation, covering over 90 countries and regions. To date, its SwitchBot APP has over 3.5 million registered users, connecting more than 10.8 million devices.
The company has three core sales markets: Japan, Europe, and North America. These three core markets have all achieved revenue CAGRs exceeding 40% over the past three years, collectively contributing 96.6% of total revenue in the first half of 2025. In the home robotics system sector, the company holds an industry leadership position. According to Frost & Sullivan data, based on 2024 retail sales, the company ranked first globally in the AI embodied home robotics system industry, with a particularly stronghold in the Japanese market, where it was the number one player for three consecutive years from 2022 to 2024.
This stable foundational business provides a safety net for ONEROBOTICS to develop new growth points. With intensified deployment in the three high-potential sectors of sports robotics, AI companion robotics, and humanoid household robotics, the company is positioned to maintain its leadership by capitalizing on its first-mover advantage in these tracks.
In May 2025, the company launched its first product in the sports robotics segment, the AI tennis robot Acemate. Utilizing 4K binocular camera fusion perception technology and high-dynamic environmental interaction algorithms, it offers private coach-level guidance via a subscription service model, providing training assistance for tennis enthusiasts. It is reported that the product was selected for TIME Magazine's "Best Inventions of 2025" list, sharing the spotlight with Figure AI's household robot Figure 03 and Unitree Robotics' bipedal robot Unitree R1. Concurrently, during its Kickstarter crowdfunding phase, it raised over 16 million RMB, achieving 76 times its initial target.
The tennis robot industry is experiencing rapid growth. According to a Frost & Sullivan industry report forecast, the global tennis robot market size is expected to explode from 3 million RMB in 2025 to 8.27 billion RMB in 2029, representing a staggering CAGR of 293%. As a pioneer in this sector, the company stands to fully benefit from the industry's growth红利. It also plans to further launch value-added AI coaching services in the future, leveraging subscription-based models to push the industry's ceiling higher.
In September 2025, ONEROBOTICS officially launched its AI companion robot at IFA Berlin, and it is currently undergoing production optimization. This robot's technical architecture integrates a perception layer using multi-source data from cameras and LiDAR, a decision layer driven by embedded large models supported by edge computing, and an execution layer designed with a biomechanical structure, enabling it to understand its surroundings and interact with users.
The market predictability for AI companion robots is high. In countries like Japan, the cost of keeping live pets is substantial. Coupled with the strong contemporary societal demand for emotional companionship and value, AI companion robots aptly cater to this need.
Household humanoid robots represent one of the most promising sectors. According to YH Research predictions, the global household humanoid robot market size will reach 56.69 billion RMB by 2031, with a CAGR of 29.3% from 2025 to 2031. The company plans to launch its first humanoid home robot, the H1, in January 2026. It is designed to tackle complex household chores that existing home robotics systems cannot handle effectively, with anticipated application scenarios including sorting and folding laundry, washing and storing dishes after meals, and assisting with meal preparation.
Unlike many peers focused on industrial or commercial robotics applications, ONEROBOTICS can be likened to "China's Figure," precisely targeting the complex home environment and fully leveraging its accumulated technical expertise and scenario advantages in this space. Household humanoid robots are expected to become products with higher average selling prices than smartphones and greater household penetration rates than cars. ONEROBOTICS has already gained a first-mover advantage in this blue ocean market.
All three sectors possess high growth prospects, and as an industry pioneer, ONEROBOTICS is well-positioned to benefit from industry growth through its first-mover and technological advantages, creating new growth curves. The strategy of "stabilizing the core business + exploring new sectors" allows the company to comprehensively cover core household needs, continuously push the industry ceiling higher, and unlock significant growth space.
ONEROBOTICS demonstrates strong financial metrics, with revenue sustaining high growth and profitability continuously improving. Its gross profit margin increased from 34.3% in 2022 to 54.2% in the first half of 2025, an increase of 19.9 percentage points. The company's adjusted EBITDA margin turned positive in 2023 and has continued to rise, reaching 13.7% in H1 2025.
The net proceeds from this listing will be allocated as follows: 66.5% will be used for continuously enhancing R&D capabilities to further develop key technologies and products related to its AI embodied home robotics system. The focus will be on robot localization technology, AI machine vision control technology, edge computing technology, VLA model-based humanoid household robot technology, etc., as well as building a high-standard robotics data collection factory specifically for iterating and optimizing VLA models, ensuring product strength and global leadership.
This year, the robotics sector has been a darling of capital markets, especially the humanoid robotics track, attracting capital追捧 in both primary and secondary markets, thereby driving valuation increases. It is noteworthy that most companies in China's robotics industry chain focus on industrial or commercial fields; for instance, companies like Ubtech and Dobot primarily target B-end demand. Robotics targets focused on the C-end home segment are extremely scarce.
ONEROBOTICS is the only listed embodied AI company on the Hong Kong stock market whose end customers are primarily C-end. Both its foundational business and the three golden sectors are centered on home demand, aiming to build a smart home ecosystem. It is also one of the very few companies globally to have launched multiple world-first products and successfully commercialized them in the AI embodied home robotics industry, making it a稀缺 asset. This Hong Kong listing establishes ONEROBOTICS as the "first AI embodied home robotics stock." The explosive potential of its ToC business combined with the scarcity of such a target is likely to grant it a higher valuation premium compared to the multitude of robot companies primarily focused on ToB.
ONEROBOTICS stands at the forefront of promising sectors and is likely to attract capital favor. However, the listing is just the beginning. With its leading market share in the core business stabilizing and the continuous development in the three golden sectors opening up new industry space, the company's future looks promising.
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