HK IPO Subscription: Analysis and Subscription Plan for AI Home Leader Woan Robotics (06600.HK)!!

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Basic Information:

Subscription Period: December 18 - December 23, results announced on the 24th, grey market trading on the 29th, listing on the 30th;

Issue Price: 63-81

Minimum Subscription Fee: 8181.69

1 Lot: 100 shares

Global Offering: 22.2223 million shares

Cornerstone Investors: 9 investors for 43.74% of the offering

Greenshoe: Yes, with Guotai Junan as stabilizing manager

Sponsors: Guotai Junan and Huatai

Allocation Mechanism: Mechanism B, 10% clawback

WoAn Robotics is a globally leading provider of AI embodied home robot systems, offering a series of home robot products under the "SwitchBot" brand. Users can interact with the products via the SwitchBot App. The company currently has over 3.5 million registered users and more than 10.7 million connected devices. In the home robot sector, WoAn Robotics has deployed seven major product categories, including enhanced execution robots (door locks, curtains, finger robots), mobile robots, motion robots, smart hubs, sensors, and cameras for perception and decision-making, forming a complete product matrix of 47 SPUs. Its products are available in over 90 countries and regions worldwide, with more than 2,000 offline retail stores globally.

WoAn Robotics holds an 11.9% market share in the global AI embodied home robot system industry, ranking first; in the Japanese market, WoAn Robotics is even more prominent, with a market share of 20.7%, ranking first in retail sales for three consecutive years.

Its curtain robots, door lock robots, and finger robots also perform exceptionally well in the global market: curtain robots and finger robots have global market shares of 12.9% and 6.2%, respectively, both ranking first, while door lock robots rank fourth with a 9.4% market share.

Technologically, the company holds 312 patents, including 56 invention patents, with an R&D team of 278 people, accounting for 43.4% of the total workforce.

Financial Performance:

From 2022 to 2024 and the first half of 2025, revenue grew from RMB 275 million to RMB 396 million (half-year), with a CAGR of 49.0%;

The company's gross margin increased from 34.3% in 2022 to 51.7% in 2024 and further improved to 54.2% in the first half of 2025.

Net profit narrowed from a loss of RMB 86.983 million to a profit of RMB 27.903 million in the first half of 2025, a year-on-year increase of 304.55%.

Operating cash flow turned from a net outflow of RMB 107 million in 2022 to a net inflow of RMB 25 million in 2023. It saw another net outflow of RMB 31 million in 2024 but recovered to a net inflow of RMB 29 million in the first half of 2025.

In terms of market distribution, Japan is the absolute core market, contributing 67.7% of revenue in the first half of 2025, while Europe and North America accounted for only 17.2% and 11.7%, respectively. The company heavily relies on Amazon for distribution, with 67% of revenue coming from Amazon VC+SC channels, of which the single VC channel alone contributed 44.2% of revenue. The stability of partnerships directly impacts performance. Additionally, the U.S. market faces tariff pressures of up to 63%, which, although currently not a major revenue contributor, limits long-term expansion.

Use of Proceeds:

Approximately 66.5% for core technology R&D,

Approximately 19.8% for global sales and marketing network expansion,

Approximately 3.8% for bank loan repayment,

Approximately 10% for general working capital.

The IPO has attracted 9 cornerstone investors, collectively subscribing to about 44% of the offering.

WoAn Robotics adopts Mechanism B with a 10% clawback;Global offering of 22.2223 million shares, Hong Kong offering of 2.2223 million shares, with 1 lot being 100 shares, totaling 22,223 lots;Tail-end subscription requires HKD 490,000 capital, while head-end subscription requires HKD 570,000 capital; InSilico Intelligence,LinQingXuan, WoAn Robotics, WuYi Vision, XunCe, and MeiLian Holdings—all 6 new listings are conflicting;Guotai Junan and Huataias sponsors, with cornerstone investors and greenshoe.Guotai Junan-sponsored projects are generally decent, while Huatai is mediocre.

According to Frost & Sullivan, the global home robot market grew from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024 and is expected to reach RMB 436.5 billion by 2029, with a CAGR of 11.1% from 2024 to 2029. With global aging population (10% aged 65+ in 2024), home robot penetration is expected to rise to 29.9% by 2029, indicating vast growth potential. WoAn Robotics performs exceptionally well in global markets, particularly leading in Japan, Europe, and North America. However, its business is highly concentrated in these markets, especially Japan, which contributed 67.7% of revenue in the first half of 2025. WoAn Robotics has strong fundamentals, a turnaround in financials, a promising AI home sector, and broad industry prospects. However, risks include heavy reliance on Amazon channels, intensifying market competition, global liquidity impacts (e.g., tariff policies in North America), and limited overseas expansion. Overall, WoAn Robotics looks solid, with 22,223 lots, but the pricing range varies by 28%. I will subscribe.

InSilico Intelligence, LinQingXuan, WoAn Robotics, WuYi Vision, XunCe, and MeiLian Steel Structure—all 6 new listings are conflicting. Pick selectively,focus on WoAn Robotics, LinQingXuan, and InSilico Intelligence, with small bets on WuYi Vision and XunCe.