On December 9, WoAn Robotics (Shenzhen) Co., Ltd. ("WoAn Robotics") officially updated its Hong Kong IPO prospectus. The same day, it received the "Overseas Listing and Domestic Unlisted Shares 'Full Circulation' Filing Notice" from the China Securities Regulatory Commission (CSRC).
Industry experts note that WoAn Robotics' product performance has reached mainstream industry standards. The company has achieved significant results in global expansion, with steadily increasing overseas market share and rapidly growing brand recognition. WoAn Robotics is steadily building differentiated advantages, making its future growth potential noteworthy.
Since its establishment, WoAn Robotics has focused on independent R&D, production, and sales of AI-embodied home robotics systems. According to Frost & Sullivan, by retail sales in 2024, WoAn Robotics has become the world's largest provider of AI-embodied home robotics systems. Its main products include enhanced execution robots and perception-decision systems, covering core home scenarios such as smart control, household chores, intelligent housekeeping, elderly care, security, and energy management. The company has also successfully expanded into areas like sports intelligence and emotional companionship.
Financially, WoAn Robotics reported revenues of RMB 275 million, RMB 457 million, and RMB 610 million from 2022 to 2024, achieving a three-year compound annual growth rate (CAGR) of 49.0%. In the first half of 2025, revenue reached RMB 396 million, up 44.1% year-on-year. Gross margin improved from 34.3% in 2022 to 51.7% in 2024, reaching 54.2% in H1 2025.
In R&D, WoAn Robotics currently has 271 team members, accounting for 43.2% of total employees, with 312 global patents, including 56 invention patents. From 2022 to 2024, R&D expenses consistently accounted for about 20% of revenue.
The prospectus highlights WoAn Robotics' Acemate, the world's first AI tennis robot, equipped with 4K ultra-HD dual cameras and AI vision recognition algorithms. It can track player positions, racket speed, and ball trajectory in real-time, accurately predicting ball placement and dynamically planning returns of varying speeds and strengths.
Additionally, at IFA Berlin 2025, WoAn Robotics launched an AI companion robot—the world's first locally deployed large-model AI pet robot. This mobile home companion features multimodal perception systems (vision, hearing, and touch sensors) and an edge-computing-driven embedded large model with an emotional interaction engine for deep user engagement.
WoAn Robotics' products are primarily sold overseas, covering over 90 countries and regions with more than 2,000 offline retail stores. In H1 2025, Japan, Europe, and North America contributed 96.6% of total revenue, with shares of 67.7%, 17.2%, and 11.7%, respectively.
The SwitchBot App has surpassed 3.5 million global registered users, connecting over 10.7 million devices. With 55.9% of users linking two or more products, WoAn Robotics has built a robust embodied intelligence ecosystem.
Analysts suggest that WoAn Robotics, with its strong technical foundation and diverse product lineup, has solidified its position in home robotics. Continued R&D breakthroughs and new ventures like humanoid housekeeping robots could expand its applications. If the company optimizes profitability and navigates competition effectively, it may emerge as a global leader in AI-embodied home robotics.
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