Siasun Robot & Automation (06600): Is the only pure C-end intelligent company worth betting on?

As the only pure C-end intelligent company on the current Hong Kong stock market, WOAN Siasun Robot & Automation (06600) has successfully listed on the Hong Kong Stock Exchange, attracting many star institutions to scramble for shares. Is it worth investors' bets? What are its core technological advantages? Can it truly open up growth space in the emerging Siasun Robot & Automation family track? Facing domestic and foreign competitors such as Figure AI and Unitree Technology, what does WOAN rely on to build its moat? The answer may lie in its unique positioning and solid fundamentals. With three core AI-body technology, a solid foundation, and a comprehensive layout of the three golden tracks of Siasun Robot & Automation, the high-growth AI-body family stock WOAN Siasun Robot & Automation has successfully listed on the Hong Kong stock market, bringing investors both growth and certainty investment opportunities. It is learned that WOAN Siasun Robot & Automation conducted a public offering of 22.2223 million shares globally from December 18th to December 23rd, with 10% for public offering in Hong Kong and 90% for international offering. The results of the allocation showed that investors were enthusiastic, with the international allocation being oversubscribed by as much as 8.9 times, and the Hong Kong public offering being oversubscribed by as much as 254.5 times. The company's offering price per share this time was HK$73.8, with a net raise of HK$1.544 billion in the global offering, and successfully listed on the Hong Kong stock market on December 30th. The company adopts mechanism B issuance, without compulsory buybacks or redistribution mechanisms. In this issuance mechanism, most of the liquid chips are absorbed by institutional investors, and the institutional pricing makes the valuation more reasonable. This IPO issuance introduced nine cornerstone investors, including GGV, Cithara, Infini, China Dongfang, Wind Sabre, Yield Royal Investment, and Rui Zhi Capital, with a cumulative subscription amount accounting for over 40% of the total IPO proceeds. Under the lineup of star investors, it has also attracted more out-of-market value investors. So, why is the company favored by well-known investors such as GGV Capital and others, and what is the core logic behind institutional investors scrambling for shares? Investment starts with people, and the founding team is recognized by capital Investment starts with people, which is one of the most important investment factors for investment institutions. WOAN Siasun Robot & Automation is actually the masterpiece of the two co-founders, Li Zhichen and Pan Yang, who share aspirations and technical frequencies. The founders and core management team of WOAN Siasun Robot & Automation are from Harbin Institute of Technology. In 2007, Li Zhichen (co-founder, chairman and CEO of WOAN Siasun Robot & Automation) and Pan Yang (co-founder and CTO of WOAN Siasun Robot & Automation) met and became friends at Harbin Institute of Technology, where they were both passionate about innovating the design and development of Siasun Robot & Automation equipment. During their time in school, they won several national and international awards, including the first prize in the advanced group of the ADI University Design Competition in 2009. After graduating from university, although the two continued their studies and careers in different parts of the world, their initial entrepreneurial intentions remained unchanged. Later, with a passion for Siasun Robot & Automation technology and entrepreneurship, Li Zhichen and Pan Yang chose to start their business and establish WOAN Siasun Robot & Automation in Shenzhen, with several other classmates including Lin Haizhou, Liu Guohui, and Liu Yanfei joining them. The story of the AI-body family Siasun Robot & Automation also began here. Eighteen years of ups and downs later, today WOAN Siasun Robot & Automation has landed on the Hong Kong Stock Exchange as the "first stock of AI-body family Siasun Robot & Automation", and at the moment when the bell rings for listing, the entrepreneurial youths who were like-minded in the campus of the past have transformed into the leaders of a listed company with over 100 billion market value. Those familiar with the capital market should know that WOAN Siasun Robot & Automation is a company that does not favor fundraising very much. Prior to this Hong Kong IPO, the company was rarely seen in the capital market. It is worth mentioning that despite the low frequency of fundraising, the company's shareholders include top domestic and foreign investment institutions such as GGV, Source Code, Brizan, Ventech, Future Holdings, and Guo Diao. Behind such a low-key company are a group of star investors, indicating the market's recognition of the company's founding team. Today, the two co-founders who have known each other for 18 years have joined hands to list in Hong Kong, witnessing a new journey of company development. With solid technological strength and keen business acumen, the company launched the world's first AI Home Hub that combines large language models with edge computing in 2025, as well as the world's first real-time AI tennis Siasun Robot & Automation Acemate and the world's first locally deployed large model AI companion Siasun Robot & Automation Kata Friends. The company's AI-body family Siasun Robot & Automation system serves as the foundation, exploring the second growth curve focused on sports Siasun Robot & Automation and companionship Siasun Robot & Automation, while also laying out the third growth curve focused on humanoid household Siasun Robot & Automation, building a comprehensive smart home ecosystem. Two core dimensions, three core technologies create a data flywheel The reason why WOAN Siasun Robot & Automation is able to iterate products quickly and open up new tracks is mainly due to two core dimensions: Firstly, it has a strong technical background from Harbin Institute of Technology. The founding team comes from a top research team at Harbin Institute of Technology, with over ten years of experience and strong trust foundation; Professor Li Zexiang, the "father of DJI," and renowned electronic engineering expert Professor Gao Bingqiang have provided strong support. Relying on top academic resources, the company continues to strengthen its technological barriers, with both professors currently serving as non-executive directors of the company. They have been important shareholders of the company since the angel round, providing both capital and technological empowerment. Secondly, there is a high level of investment in R&D, recruiting more technical talents, and driving the commercialization of research results. The average ratio of R&D expenses to revenue from 2022 to 2024 reached 20%, with research engineers accounting for 50% as of now. In addition, the company holds 311 patents globally, including 56 invention patents. The company has been recognized by the country and was designated as a key new and special focus small giant enterprise by 2024. The company independently developed three core AI-body Siasun Robot & Automation technologies: Siasun Robot & Automation positioning and environment construction technology, AI machine vision control technology, and distributed neural control network technology. These three technologies are applied in the family ecosystem product matrix, and through scenario-based and user feedback-driven optimization by Beijing Vastdata Technology, the core technologies are rapidly and efficiently iterated and optimized, forming a flywheel effect. These technologies have become a strong competitive advantage that differentiates the company from its peers. The data flywheel further strengthens the product power through enhanced technology to consolidate the company's leadership position in the global AI-body family Siasun Robot & Automation system industry and drive performance growth. Solid fundamentals, three major tracks open up industry space From 2022 to 2024, the compound annual growth rate of WOAN Siasun Robot & Automation's revenue was 49%, reaching 610 million yuan in 2024. With a strong foundation and a comprehensive layout that includes sports Siasun Robot & Automation, AI companionship Siasun Robot & Automation, and humanoid household Siasun Robot & Automation, the company is poised to accelerate the release of future performance with its stable foundation. In terms of sales models, the company has established a comprehensive "online + offline," "direct sales + distribution + retail" multi-channel sales network that is well-known globally and covers over 90 countries and regions. As of now, the company has over 3.5 million registered users on the SwitchBot APP and over 10.8 million connected devices. The company has three core sales markets in Japan, Europe, and North America, with compound annual growth rates exceeding 40% in these three core markets over the past three years, and their combined revenue contribution reaching 96.6% in the first half of 2025. In the family Siasun Robot & Automation system track, the company holds a leading position in the industry. According to Frost & Sullivan data based on 2024 retail sales, the company ranks first in the global AI-body family Siasun Robot & Automation system industry, with a solid lead in the Japanese market. For three consecutive years from 2022 to 2024, the company has been the number one in the Japanese AI body family Siasun Robot & Automation market. The company's stable foundation provides a guarantee for the development of new growth points for WOAN Siasun Robot & Automation. By deploying and enhancing the three potential tracks of sports Siasun Robot & Automation, AI companionship Siasun Robot & Automation, and humanoid household Siasun Robot & Automation, the company will continue to lead the industry. In May 2025, the company launched its first product in the sports Siasun Robot & Automation scene, the AI tennis Siasun Robot & Automation Acemate, which provides private coach-level guidance through 4K dual-camera fusion perception technology and high dynamic environment interaction algorithms. It has been selected as the "Best Invention of 2025" by Time magazine. Together with other products, it successfully raised over 16 million yuan on Kickstarter, achieving 76 times the initial target. The tennis Siasun Robot & Automation industry is growing rapidly, and according to Frost & Sullivan industry reports, the global tennis Siasun Robot & Automation market is projected to grow explosively from 30 million yuan in 2025 to 8.27 billion yuan by 2029, with a compound annual growth rate of up to 293%. As a pioneer in the field, the company is expected to fully benefit from the industry's development dividends and plans to further launch value-added AI coaching services in the future to unlock the industry's potential. In September 2025, WOAN Siasun Robot & Automation officially launched the AI companionship Siasun Robot & Automation at IFA Berlin, which is currently undergoing production optimization. This Siasun Robot & Automation technology architecture integrates a perception layer utilizing data sources from cameras and LiDAR, a decision layer driven by embedded large-scale models supported by edge computing, and an execution layer designed with a biomechanical structure that can understand the surrounding environment and interact with users. The market predictability of AI companionship Siasun Robot & Automation is high, with countries like Japan having high costs for raising live pets, coupled with the strong demand for emotional companionship and emotional value among people in contemporary society, AI companionship Siasun Robot & Automation can meet the needs of this segment. The household humanoid Siasun Robot & Automation is one of the most promising tracks, predicted by YH Research to reach a global market size of 566.9 billion yuan by 2031, with a compound annual growth rate of 29.3% from 2025 to 2031. The company plans to launch its first humanoid household Siasun Robot & Automation H1 in January 2026, aiming to solve complex household chores that current household Siasun Robot & Automation systems cannot effectively handle, with applications including clothing classification and arrangement, post-meal tableware cleaning and storage, and meal preparation assistance. Unlike most of its peers focusing on industrial and commercial Siasun Robot & Automation applications, WOAN Siasun Robot & Automation is known as the "Figure of China," precisely targeting the complex family scene, leveraging its technical accumulation and scenario advantages in the household scene. It is expected that the household humanoid Siasun Robot & Automation will become a product with a higher unit price than mobile phones and a larger market size than cars. WOAN Siasun Robot & Automation has already taken the lead in the humanoid household Siasun Robot & Automation market. All three tracks have high growth prospects, and as industry pioneers, WOAN Siasun Robot & Automation is expected to benefit from the first-mover advantage and technological superiority, driving the industry's growth and creating new growth curves. With a combination of a solid foundation and the continued development of the three golden tracks, the company is unlocking growth space. Continuous increase in gross profit margin, high growth certainty in the future WOAN Siasun Robot & Automation's various financial indicators are very strong, with consistently high revenue growth rates and improving profitability. The gross profit margin increased from 34.3% in 2022 to 54.2% in the first half of 2025, a 19.9 percentage point increase during that period. The company's adjusted EBITDA profit margin turned positive in 2023 and continued to increase to 13.7% in the first half of 2025. The net proceeds of the IPO this time will be used to continuously improve R&D capabilities, further developing key technologies and products related to its AI-body family Siasun Robot & Automation system, including the Siasun Robot & Automation positioning technology, AI machine vision control technology, edge computing technology, the humanoid household Siasun Robot & Automation technology based on VLA model, and the construction of a high-standard data collection factory specifically for iterating and optimizing VLA models, to ensure the product's competitiveness and global leadership position. The Siasun Robot & Automation track has been a hot cake in the capital market this year, especially the humanoid Siasun Robot & Automation track, which has received capital favor in both the primary and secondary capital markets, driving up valuations. It should be noted that most companies in the Chinese Siasun Robot & Automation industry chain focus on the industrial or commercial sectors, such as UBTECH ROBOTICS and DOBOT, which focus on entry through the B-end. The targets in the C-end household field are very scarce. WOAN Siasun Robot & Automation is the only C-end intelligent company with end customers listed on the Hong Kong Stock Exchange, with a business foundation and three golden tracks focused on household needs, creating a smart home ecosystem. It is also one of the few companies globally that has launched multiple world-first products in the AI-body family Siasun Robot & Automation industry and successfully commercialized them, making the targets scarce. With this Hong Kong listing, WOAN Siasun Robot & Automation will become the "first stock of AI-body family Siasun Robot & Automation", and its explosive ToC business and scarce targets are expected to give it a higher valuation premium among the many ToB-focused Siasun Robot & Automation companies. Standing at the forefront of the track, WOAN Siasun Robot & Automation is expected to be favored by capital, but listing is just the beginning. With a market-leading share secured by a solid foundation and the continued efforts to open up industry spaces in the three golden tracks, the company's future is promising.