Each adjustment to the Hong Kong Stock Connect list represents an opportunity for value discovery and reassessment. High-quality companies newly added to the list receive what is akin to an "invitation" for capital inflows, leading to liquidity injection and a recalibration of their valuation framework. This is not merely a simple list update but a crucial window to gain insight and position for excess returns opportunities. According to official announcements from the Shenzhen and Shanghai Stock Exchanges, effective March 9, 2026, a total of 42 Hong Kong-listed companies have been newly included in the Stock Connect program, while 25 stocks have been removed. Among the newly added companies, a significant proportion are from the technology and pharmaceutical/biological sectors, reflecting market focus on emerging industries. Among these 42 companies, ONEROBOTICS (06600), dubbed the "first stock in AI embodied intelligent home robotics," is a core target deserving of investor attention.

As the embodied robotics manufacturer with the fastest commercial deployment, ONEROBOTICS has also been the best-performing robotics stock on the Hong Kong market this year. Since its listing on the main board on December 30, 2025, at an issue price of HK$73.8 per share, ONEROBOTICS' share price has surged by 167.21% over 32 trading days, with its market capitalization rapidly exceeding HK$40 billion. The industry views ONEROBOTICS as a rare entity with strong commercial capabilities and high-quality fundamentals in the embodied intelligent home robotics space. Since listing, the company's business progress has consistently exceeded expectations—the launch of a nanny robot, accelerated deployment of a tennis robot, formal sales of an AI companion robot, the establishment of an embodied intelligence subsidiary, and AI Hub's support for OpenClaw—all propelling its intrinsic value into a phase of accelerated expansion. Its inclusion in the Stock Connect is expected to further attract capital attention, speeding up the market's discovery and reassessment of its value. Against the backdrop of the current share price correction, this may present a favorable entry point for long-term investors.

A positive feedback loop is driving accelerated commercialization, bringing profitability closer to a harvest period. Since the prototype of Tesla's Optimus was released in the second half of 2022, the humanoid robotics sector has been a major theme in the capital markets for over three years. As related stock prices have experienced multiple rounds of increases and the industry approaches mass production milestones, the market's pricing logic has subtly undergone a profound shift: clear commercialization pathways and solid deployment capabilities have become the core basis for obtaining high valuation premiums and supporting share price performance. This shift in pricing logic precisely explains ONEROBOTICS' strong post-listing performance—a 167% cumulative increase over 32 trading days, making it the most outstanding robotics manufacturer stock in the Hong Kong market this year. The fundamental reason lies in ONEROBOTICS being the player with the fastest and most impressive progress in commercial deployment.

ONEROBOTICS' strong commercialization capability stems from a positive feedback loop built on four dimensions: "robust technological innovation × a diverse product portfolio × precise globalization strategy × a powerful ecosystem." Technologically, with a core management team hailing from Harbin Institute of Technology, ONEROBOTICS insists on R&D-driven growth. The compound annual growth rate of its R&D expenses from 2022 to 2024 reached 34.7%, with an average R&D expense ratio maintained at around 20%. Leveraging solid R&D accumulation, the company has fully mastered three core AI embodied technologies: AI machine vision control, robot localization and environmental mapping, and distributed neural control networks, laying a solid foundation for continuous product iteration and innovation.

On the product front, instead of chasing flashy technology, ONEROBOTICS starts by addressing real household needs. It validates demand through superior product-market fit (PMF) and then, based on deep technical expertise, extends into higher-value scenarios such as sports, companionship, and even complex household chores, ultimately building a robot ecosystem covering the entire home environment. To date, ONEROBOTICS has established a multi-dimensional product layout described as a "stable core business + dual growth curves," fully unlocking market potential across three robotics segments. Its home scenario product matrix, centered on enhanced execution robots and perception/decision-making systems, forms the stable core business, covering smart control, chores, companionship, and security, contributing steady cash flow. Building on this, ONEROBOTICS has successfully developed its second growth curve—sports robots and companion robots—further broadening its market boundaries.

The sports robot is represented by Acemate, the world's first AI tennis robot, which is the only sports robot to be featured on TIME magazine's "Best Inventions of 2025" list. Concurrently, the company launched Kata Friends, the world's first AI companion robot with a locally deployed large language model, which won two innovation awards at the Berlin IFA exhibition. Notably, ONEROBOTICS' third growth curve—the humanoid household robot—made a strong debut earlier this year. At CES 2026, ONEROBOTICS targeted a trillion-dollar market space by launching the onero brand's H1 humanoid robot, designed to handle complex chores like laundry and meal preparation.

Globally, ONEROBOTICS has targeted international markets since its inception, with overseas revenue consistently exceeding 95% of its total. Using the Japanese market as a strategic foothold, it has ranked first in the local AI embodied home robotics system industry for three consecutive years (2022-2024) and is deepening its expansion into European and North American markets. To fully reach global consumers, the company has built an integrated online and offline channel network: online, centered on Amazon and its own DTC website; offline, it has entered over 2,000 retail stores worldwide, forming an extensive and multi-dimensional network covering more than 90 countries and regions.

Regarding its ecosystem, ONEROBOTICS uses the SwitchBot App and the world's first home-local AI Agent, "AI Hub," to connect all hardware devices into a协同working network, building a "hardware + software + services" ecosystem. This system enables intelligent联动between devices and natural language control, creating a synergistic experience greater than the sum of its parts, fostering strong repurchase incentives and competitive barriers, ultimately transforming individual products into an ongoing service-based organic whole for home intelligence. To date, ONEROBOTICS boasts over 3.5 million registered global users and connects over 11 million devices, with 55.9% of users connecting two or more products, forming a highly sticky home robotics ecosystem. According to a report by industry consultant Frost & Sullivan, based on 2024 retail sales, ONEROBOTICS is the world's largest provider of AI embodied home robotics systems and the only robotics company in this field to achieve comprehensive home scenario coverage.

The strong performance of ONEROBOTICS' share price is fundamentally driven by high growth and profit realization fueled by robust commercialization capabilities. The significant acceleration in its business expansion and strategic layout post-listing is a direct manifestation of this core capability being validated and beginning to multiply into broader growth space. This has not only strengthened market confidence in its profit path but also demonstrated its intrinsic momentum accelerating the evolution from a single product company towards an ecosystem platform, continuously injecting confidence and imagination into the market.

On January 10, 2026, Acemate, the world's first AI tennis robot developed by ONEROBOTICS, officially commenced operations at the "Cloud Hall" in Shenzhen's Bao'an Super Net Center, marking the birth of the world's first robotic tennis training facility. This project is not only an important post-listing strategic move for ONEROBOTICS domestically but also a landmark practice in the integration of "AI + sports." With over 100 million tennis players globally and tennis lesson costs in major Chinese cities typically ranging from RMB 400-800 per hour, often with high demand for coaches, Acemate serves not just as a practice partner but can provide targeted coaching advice. It gained rapid market recognition during its overseas crowdfunding phase, raising over RMB 16.5 million in just a few months and has been officially available in the domestic market since the beginning of this year. As a pioneer and commercial leader in this field, ONEROBOTICS, with its significant first-mover advantage, is poised to rapidly capture major global markets during the industry's growth phase, creating a powerful new growth curve for the company.

While the tennis robot is expected to ramp up sales quickly, the market also holds high expectations for the other pillar of ONEROBOTICS' second growth curve—the AI companion robot Kata Friends. With over 1 billion pets globally and approximately 50% of households owning at least one pet, the market size for pet robotics could reach hundreds of billions. Industry analysis points out that Kata Friends, with its local data processing capability, builds a differentiated technical barrier while ensuring user privacy and response speed. The product was first officially launched in the Japanese market. Japan, with its high acceptance of robots and significant "loneliness economy" characteristics, is an ideal launch market and a region where ONEROBOTICS has long-established advantages, enabling synergies in channels, branding, and user operations to accelerate product penetration. This strategy not only supports Kata Friends' local promotion but also accumulates crucial user base and operational experience for its subsequent global expansion.

If the second growth curve is expected to quickly contribute new performance increments, the落地of the third growth curve will truly unlock ONEROBOTICS' long-term valuation space, becoming a key catalyst defining the company's future value. In January 2026, ONEROBOTICS made its global post-listing debut at the Consumer Electronics Show (CES 2026), officially launching the humanoid nanny robot, onero. Positioned as an "all-around family nanny," the product is equipped with dual seven-degree-of-freedom robotic arms and aims to solve complex household chores like laundry and meal preparation, marking the company's extension into higher-value scenarios.

For ONEROBOTICS, the launch of the onero nanny robot signifies far more than a single product release; it represents a profound strategic leap. In the future, nanny robots could become single items with higher average selling prices than smartphones and greater penetration rates than cars. However, enabling a nanny robot to enter every home and perform tasks autonomously involves far greater technical complexity than commercial or industrial scenarios. Technically, onero has chosen the most challenging path: relying on its own autonomous "brain" for full decision-making. Its integrated VLA model is designed to become the universal intelligent hub for the home. This not only reflects the company's technical confidence but also holds the potential to create a growth flywheel where "model iteration - data accumulation - commercial deployment" mutually reinforce each other, forming a long-term technical barrier.

Strategically, ONEROBOTICS has completed the final piece of its product puzzle: progressing from sports robots to companion robots, and finally entering the core battlefield of home services with onero, targeting a trillion-dollar household chores market. As the first major product post-listing, onero not only strongly validates the company's solid technical engineering and cutting-edge commercialization capabilities but also, with its humanoid form and clear focus on home services, vastly expands the imagination for the company's future growth.

The establishment of the embodied intelligence subsidiary is a key step in ONEROBOTICS' strategic elevation towards becoming an "ecosystem builder." ONEROBOTICS fully established its subsidiary "Woan (Shenzhen) Embodied Intelligent Industry Development Co., Ltd." on February 4, 2026. This move aims to accelerate the commercialization of core products like onero and Acemate through an independent organizational structure, and to integrate the dual drivers of "technology + capital" to build an industrial ecosystem centered around itself. This not only strengthens ONEROBOTICS' competitive moat in the home scenario but also opens up vast space for technology licensing and platform-based development, representing a key layout driving the transition towards becoming a platform-based ecosystem company for long-term value growth.

Regarding the currently trending OpenClaw, ONEROBOTICS has had plans in place. In February of this year, ONEROBOTICS announced that its AI Hub would be the first to support OpenClaw globally, becoming the first AI Agent to integrate it into the home local environment. Through deep integration, ONEROBOTICS has constructed a dual-engine architecture of "OpenClaw general reasoning engine + AI Hub precise execution engine." This achieves a closed loop from complex instruction understanding to deterministic physical execution and, crucially, addresses three core long-standing pain points in home scenarios—data privacy, response latency, and dynamic environmental understanding—through local processing. Consequently, AI Hub has evolved from a connectivity hub into a "local embodied brain" with understanding and decision-making capabilities, providing a key vehicle for the deployment of open-source agents in home settings. This promotes a paradigm shift in smart homes from "remote control" to "active perception and execution," and establishes ONEROBOTICS' defining position in the field of home embodied intelligence, truly initiating a new paradigm of trustworthy, evolvable home AI companions.

In summary, as a benchmark in China's embodied intelligent home scene, ONEROBOTICS is often referred to as the "Chinese version of Figure." Although the two differ somewhat in their deployment paths and business models, their strategic vision and technical architecture are highly convergent. This label acknowledges ONEROBOTICS' leading position in the home embodied intelligence track and reflects market expectations for its future growth into a platform giant. In the long term, ONEROBOTICS' valuation has the potential to align with Figure's. Figure reached a valuation of approximately $39 billion after its Series C funding round in September 2025, while ONEROBOTICS' current market capitalization is around HK$26 billion, indicating significant room for improvement. With the company's formal inclusion in the Hong Kong Stock Connect on March 9, its value reassessment process is expected to accelerate, driven by southbound capital inflows.