ONEROBOTICS, a leading global provider of AI-powered home robotics systems, officially launched its global offering on December 18 and is set to debut on the Hong Kong stock market on December 30, becoming one of the final IPOs of the year. The IPO price range is set at HK$63–81 per share, with a base offering size of HK$1.4–1.8 billion. If the greenshoe option is fully exercised, the total offering could expand to HK$1.61–2.07 billion.
**Strong Backing from Seven Cornerstone Investors** The company secured cornerstone investments totaling $89.98 million from seven investors, accounting for 50% of the base offering—a notable proportion among Hong Kong IPOs this year. Key participants include Hillhouse Capital ($30 million), Orient Asset Management ($10 million), and Middle East sovereign-backed multi-strategy fund Wuji Capital ($15 million). These investments reflect professional confidence in ONEROBOTICS’ value.
Other investors include Xinting Fund ($20 million, linked to Bosideng) and Wind Sabre ($5 million, linked to Chow Tai Fook). Notably, these investments appear financially motivated rather than driven by industrial synergy, given the lack of overlap with their core businesses.
Sage Partners and Sage Sunshine collectively invested $5 million, marking Sage Partners’ first foray outside the healthcare sector, signaling optimism about ONEROBOTICS’ potential. Yield Royal contributed $4.98 million.
**Overseas Focus and Growth Momentum** ONEROBOTICS’ product portfolio spans seven categories, including enhanced execution machines and perception-decision systems, covering 47 SPUs. In H1 2025, average selling prices for most products rose steadily compared to 2024, while sales volumes surpassed 50% of 2024’s full-year figures.
Financially, the company has shown robust growth: revenue surged from RMB270 million in 2022 to RMB610 million in 2024, with a 49% CAGR. H1 2025 revenue hit RMB400 million, up 44% YoY. After narrowing losses from 2022–2024, ONEROBOTICS turned a profit of RMB27.9 million in H1 2025.
The company’s revenue is heavily concentrated overseas, with Japan, Europe, and North America contributing 95–96% of total revenue. Japan alone accounted for 61–68% of sales. However, reliance on Amazon remains high, with 64–82% of revenue tied to the platform, accompanied by steep commission and marketing costs.
**Product Innovation: Smart Appliances Over Robots** Market comparisons with high-profile robotics firms like Ubtech may be misplaced. ONEROBOTICS’ core products—such as flexible skill robots (smart locks, curtain companions) and perception-decision systems—align more with smart home appliances than advanced robotics. While these lack differentiation in China, their overseas success suggests strong market fit.
The multifunctional home robot, combining sweeping and carrying, innovates within the smart appliance niche but falls short of autonomous, high-end robotics. High-potential products like an AI tennis robot (pre-sale, delivery in Q1 2026) and a humanoid household robot (planned for 2026) remain unproven.
Wind classifies ONEROBOTICS under household appliances, unlike peers like Geek+ and Ubtech in IT, underscoring its divergence from cutting-edge robotics.
**Challenges: Continued Losses and Valuation Concerns** Despite H1 profitability, ONEROBOTICS expects a net loss for 2025, citing IPO expenses and R&D costs. Its "No. 1 global retail sales" claim (2024) is based on a narrow metric excluding non-retail channels, where rivals like Xiaomi, Philips, and Ezviz dominate.
At an IPO valuation of at least HK$14 billion, ONEROBOTICS trades at 23x 2024 P/S, far above A-listed peers (sub-4.5x P/S) with stable profits.
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