We are a global provider of home robotic systems, with a particular focus on the markets in Japan, Europe and North America, and are dedicated to building an ecosystem centered around smart home robotic products. According to the Frost & Sullivan Report, we are a leading global provider of home robotic systems offering a broad range of home robotic categories designed for a variety of home living scenarios. Our offerings primarily comprise: (i) execution-enhanced robots, including dexterous hand-mimic robots such as lock robots, curtain robots and finger robots, enhanced mobile robots such as multitasking household robots, and sports robots; (ii) perception and decision-making systems, including smart hubs, smart sensors and smart cameras; and (iii) other smart home products and services, such as light and power tools and smart home appliances. With technical R&D and product innovation as our core drivers, we leverage our advantages across the industry chain encompassing R&D, production, and sales to continuously enhance the application and development of home robotic technology in a wide array of home living scenarios, including home automation, domestic chores, AI butler, elderly care, security and energy management, while continuously expanding the depth of our scenario coverage and enhancing our products’ autonomous learning and decision-making capabilities to provide users with a complete and enriched smart home living ecosystem.
R&D Practitioner. As a R&D practitioner in the global home robotic system industry, we have launched multiple products while building strong intellectual property assets and maintaining significant R&D investments. We introduced and commercialized several innovative products in the home robotic system industry. We launched the SwitchBot Bot in 2017. In 2020, we introduced SwitchBot Curtain, followed by SwitchBot Lock in 2022, and SwitchBot S10, an enhanced mobile robot in 2023. As of the Latest Practicable Date, we owned 311 patents globally, including 56 invention patents that represent our key technological developments. We have assembled a highly capable R&D team, accounting for 43.4% of our total employees as of the Latest Practicable Date. Our commitment to innovation is further demonstrated by our significant R&D investment, with R&D expenses accounting for approximately 20% of our revenue from 2022 to 2024.
Global Operator. Our rise as a global operator is demonstrated by our extensive worldwide reach, high user engagement, and strong product adoption across diverse markets and demographics. Building upon our technological foundation, we have developed a comprehensive ecosystem that seamlessly connects our innovative products with users worldwide. As of the Latest Practicable Date, over 3.5 million users had registered with our SwitchBot App since its launch, and over 10.8 million devices had been connected to our SwitchBot App since its launch. Our products are sold to more than 90 countries and regions worldwide during the Track Record Period, with availability in over 2,000 offline retail stores globally as of the Latest Practicable Date. Approximately 55.9% of all users who had registered with our SwitchBot App had connected two or more of our SwitchBot products with the SwitchBot App as of the Latest Practicable Date, demonstrating strong adoption across our product ecosystem, underscoring our strong consumer loyalty and brand positioning.
Growth Driver. During the Track Record Period, we achieved strong financial performance, with steady growth in revenue and gross profit margin. For the years ended December 31, 2022, 2023 and 2024, our revenue amounted to RMB274.6 million, RMB457.3 million and RMB609.9 million, respectively, representing a CAGR of 49.0% over the period. Our revenue increased from RMB275.0 million for the six months ended June 30, 2024 to RMB396.3 million for the six months ended June 30, 2025. Our DTC channels experienced significant growth, with a CAGR of 73.3% from 2022 to 2024. For the years ended December 31, 2022, 2023 and 2024, and our gross profit was RMB94.1 million, RMB230.5 million and RMB315.6 million, respectively, representing a CAGR of 83.1% over the period. Our gross profit increased from RMB138.8 million for the six months ended June 30, 2024 to RMB214.8 million for the six months ended June 30, 2025. Our gross profit margin has reached 50.4% and 51.7% in 2023 and 2024, respectively. Our adjusted-EBITDA (non-IFRS measure) has also shown significant improvement, turning from negative RMB69.1 million for the year ended December 31, 2022 to RMB5.8 million and RMB26.1 million for the years ended December 31, 2023 and 2024, respectively, and increasing from RMB0.2 million for the six months ended June 30, 2024 to RMB54.1 million for the six months ended June 30, 2025, demonstrating our enhanced operational efficiency and progress toward sustainable profitability.
Our home robotic systems represent a fundamental advancement over both traditional single-unit smart home devices and general home robotics. While single-unit smart home devices offer only basic intelligent control without interconnectivity, and general home robotics operate on preset programs or simple commands, our home robotic systems integrate artificial intelligence, robotics and IoT technologies to achieve autonomous learning and intelligent decision-making. Our systems mimic human behavioral features, including hands, feet, eyes, skin, and brain, enabling real-time environmental perception, multifunctional device collaboration, and edge intelligence processing through our decision-making smart hubs.
We offer comprehensive product portfolio across seven categories with 47 SPUs. We have established an extensive omni-channel sales and distribution network covering DTC channels via e-commerce platforms and our self-operated website, retailer channels that include major international retailers such as Amazon, and distribution channels. Our widespread brand recognition is evidenced through our SwitchBot App, which has achieved a large and growing user base with millions of registered users and connected devices, demonstrating strong customer retention and brand positioning within our expanding smart home ecosystem.
Source: OneRobotics (06600) Prospectus (IPO Date : 2025/12/18) |