The first stock of "AI Embodied Home Robots" rings the bell at the Hong Kong Stock Exchange, with 95% of its revenue coming from overseas markets | T

On December 30th, OneRobotics (hereinafter referred to as "OneRobotics") officially listed on the Hong Kong Stock Exchange. This company, which has been established for 10 years, successfully entered the capital market and became the first stock in the field of AI embodied household robots. After the opening on the first day of listing, the stock price remained flat. As of press time, the stock price was HK$73.8, corresponding to a total market value of HK$16.4 billion.

OneRobotics focuses on the research and development of household robot system products, and its main revenue comes from products such as door lock robots, curtain robots, and sweeping robots. According to the Frost & Sullivan report, in terms of retail sales in 2024, OneRobotics ranks first globally among household robot system providers, with a market share of 11.9%.

The prospectus shows that about 95% of OneRobotics' revenue comes from overseas markets. In 2024, its overseas sales reached RMB 580 million, a year-on-year increase of 32.5%. In addition to its main "non-humanoid" robots, OneRobotics is also planning to develop humanoid robots. It plans to launch its first humanoid household robot H1 in January 2026. This robot can be used for clothing sorting and organizing, cleaning and storing tableware after meals, and assisting in meal preparation.

In June this year, OneRobotics attempted to list on the Hong Kong stock market for the first time. After six months, it submitted the prospectus again and passed the hearing within a week. This time, OneRobotics raised about HK$1.6 billion through its listing. According to the prospectus, the funds raised by the company through the listing will be mainly used for research and development. The company plans to establish a dual-base R & D center in Hong Kong and the Chinese mainland, focusing on the research of embodied robot control algorithms. At present, the site selection and leasing of the Hong Kong base and the cooperation base in the Chinese mainland have been completed.

01 Promote product strength improvement through high R & D investment

The prospectus shows that in the first half of 2025, the revenue from OneRobotics' robot products was about RMB 238 million, a year-on-year increase of 44.10%, accounting for nearly 60% of the total revenue. Currently, OneRobotics has three robot brands: Switch Bot, onero, and ACEMATE. Among them, the product series of the Switch Bot brand are the current revenue pillar. The onero and ACEMATE brands are new brand lines launched in 2025.

As the core brand, Switch Bot mainly focuses on "non-humanoid" household intelligent single products. Its products are mainly composed of two major modules: enhanced execution robots and perception and decision-making systems. Among them, enhanced execution robots can be further divided into two categories: one is flexible skill robots, which can simulate the movements of human fingers and wrists, such as door lock robots, curtain robots, and finger robots; the other is enhanced mobile robots, such as sweeping robots.

ACEMATE specializes in sports robot products. In 2025, it launched its first AI tennis robot, which attracted wide attention on YouTube for its realistic hitting experience.

onero focuses on the humanoid household robot track. Its first product, H1, is planned to be launched in January 2026. According to the video on OneRobotics' official website, this humanoid household robot is equipped with a mechanical arm and a mobile chassis independently developed by OneRobotics and can complete simple tasks such as cooking and serving meals.

In addition to robot products, OneRobotics specifically emphasized its "household robot system" in the prospectus. Specifically, single intelligent devices such as smart lights and smart TVs, and ordinary household robots such as sweeping robots are mainly controlled intelligently through manual, voice, remote control, etc. These devices are still isolated from each other. However, the household robot system is equipped with an intelligent central control system, which can drive the system to complete daily work and make the whole household environment operate autonomously and coherently. In the first half of 2025, the revenue from OneRobotics' perception and decision-making system was about RMB 111 million, accounting for about 28.04% of the total revenue.

According to the latest data in the prospectus, the number of registered users of the Switch Bot App has exceeded 3.5 million, and the cumulative number of connected devices has exceeded 10.8 million. Among all registered users, about 55.9% have connected two or more Switch Bot products.

From 2022 to 2024, OneRobotics' revenue increased from RMB 275 million to RMB 610 million, a growth rate of 122.12%. The company's net loss narrowed from about RMB 87 million in 2022 to about RMB 3 million in 2024.

Although it has not yet achieved profitability, OneRobotics' gross profit increased from RMB 94 million to RMB 316 million, and the gross profit margin also increased from 34.28% to 48.27%, reflecting the continuous improvement of the brand premium ability of its products. Taking the door lock robot with the highest sales volume as an example, the average selling price increased from RMB 226 in 2022 to RMB 434 in the first half of 2025, a growth of about 92.04%. During the same period, the revenue from door lock robots increased from RMB 59 million to RMB 113 million, a growth of about 92.38%.

Under the high gross profit, the losses mainly come from the continuous increase in R & D investment. From 2022 to 2024, OneRobotics' R & D investment was RMB 62 million, RMB 89 million, and RMB 112 million respectively, accounting for 20% of the revenue.

In the past production and R & D of "non-humanoid" products such as door lock robots, curtain robots, and sweeping robots, OneRobotics has accumulated replicable technical advantages in three aspects: scenario understanding, collaborative control, and autonomous movement, which can be applied to a certain extent in the production and R & D of humanoid robots in the household scenario.

Currently, OneRobotics has more than 310 patents in related fields. Its independently developed robot AI machine vision control technology, positioning and environment construction technology, and distributed neural control network technology enable robots to achieve high-precision scenario perception, autonomous movement, and low-energy whole-house collaborative response.

02 Two alumni from Harbin Institute of Technology join hands with Li Zexiang for multiple rounds of support

The story of OneRobotics begins with the cooperation of two engineers.

The founder, Li Zhichen, graduated from Harbin Institute of Technology and later studied at Nanyang Technological University. He once worked as an electrical and electronic engineer at the global enterprise Astralink Technology Pte Ltd. The co-founder, Pan Yang, is Li Zhichen's classmate at Harbin Institute of Technology. According to the prospectus, the two were enthusiastic about the design and development of innovative robot devices in college. They participated in the university innovation design competition during their school years and won the first prize in the 2009 ADI "Future Innovators" University Design Competition.

In 2015, the two founded OneRobotics Technology, the predecessor of OneRobotics. In 2017, through a crowdfunding campaign, they launched the first finger robot of Switch Bot and sold it on Amazon. For the next eight years, the finger robot has been one of OneRobotics' star products.

In 2018, the founder, Li Zhichen, brought the project to the Songshan Lake Robotics Industry Base (XbotPark). Li Xiangze is the founder of this base and is known as the "Godfather of DJI" in the industry. He has nurtured and invested in many star technology companies.

The Songshan Lake Robotics Industry Base not only provides free R & D space and advanced equipment support, but Li Xiangze and his holding company have also continuously participated in multiple rounds of financing for OneRobotics, including the Pre - A round, A round, and B round.

In February 2021, OneRobotics completed the A + round of financing, led by Suzhou Yuanming Venture Capital and Nanjing Qingke Investment. In May of the same year, Suzhou Yuanming Venture Capital continued to increase its investment in OneRobotics. Yuanming Venture Capital is a wholly - owned subsidiary of the well - known institution Source Code Capital. Its controller, Cao Yi, and the Source Code Capital he leads have rich investment experience in the field of embodied intelligence and are also investors in Unitree Robotics and Galaxy General.

With the support of capital, OneRobotics continues to expand its product boundaries around the needs of the household scenario. In 2021, it launched the fingerprint door lock robot. In 2023, OneRobotics launched the SwitchBot K10 + household robot, which was the world's smallest laser - guided sweeping robot at that time. In the same year, its SwitchBot S10 won the first place in terms of total amount in the crowdfunding project for cleaning robots on the Kickstarter platform.

In May 2025, the company completed its last round of pre - listing financing (Series C). Brizan Ventures under the name of Gao Bingqiang, a long - term partner of Li Zexiang, increased its investment by about RMB 70 million. After the investment, the company's valuation reached about RMB 4.048 billion. In September of the same year, OneRobotics also launched an AI companion robot at IFA Berlin and won two IFA Innovation Awards, namely "Best in IFA Next" and "Best in Emerging Tech". In October, OneRobotics' sports robot Acemate was selected into Time magazine's list of the best inventions of 2025.

03 The acceleration of global aging puts household robots in the spotlight

As a technology company that "went global from the start", about 95% of OneRobotics' revenue comes from overseas markets. In 2024, its overseas sales reached RMB 580 million, a year - on - year increase of 32.5%. Among them, 47 product SPUs in 7 categories under the SwitchBot brand have covered more than 90 countries and regions around the world and entered more than 2,000 offline retail stores.

In 2019, OneRobotics joined the Amazon Vendor Central program, selling large - quantity goods to Amazon in wholesale form. Amazon uses its logistics, traffic, and reputation for retail sales, thus opening up overseas sales markets. To this day, the Amazon VC channel remains its most important sales channel.

However, the cost is the transfer of part of the pricing power and profits, as well as the channel risk brought by over - reliance on a single platform. From the prospectus, we can see that from 2022 to 2024, OneRobotics has been constantly striving to reduce its reliance on the Amazon VC channel and increase the revenue from the DTC (Direct - to - Consumer, that is, the brand directly targeting consumers) channel.

The DTC model means that the brand directly reaches users through self - operated channels (such as the brand's official website and Amazon SC), and can master complete user data, brand image, and pricing power. OneRobotics' revenue from Amazon VC has decreased from 52.8% of the total revenue to 35.8%, while the revenue generated from the DTC channel has increased from 36.9% to 49.8% of the total revenue.

In terms of market distribution, OneRobotics has achieved steady growth in the three core markets of East Asia, Europe, and North America. The European market has become another growth pole after the East Asian market. From 2022 to 2024, the revenue increased from RMB 46 million to RMB 130 million, a growth of about 182.43%.

According to the Frost & Sullivan report, the market size of the global household robot industry increased from RMB 213.3 billion in 2022 to RMB 257.7 billion in 2024, with a compound annual growth rate of 9.9%. In 2024, people aged 65 and above accounted for about 10% of the global population, and the global population aging trend is also expected to continue to drive the growing demand for household robots.

In this growing market, whether the successfully listed OneRobotics can effectively improve its channel structure and profitability is the key to whether it can achieve continuous growth and occupy a larger market share in the increasingly fierce competition.

This article is from the WeChat official account "Comprehensive Service Port for Zhejiang Enterprises Going Global", author: Zhejiang Enterprises Going Global.