A robotics company is poised to go public, but its offerings stand apart from conventional perceptions.

On August 28, Shenzhen Bomway Technology Co., Ltd. (hereinafter referred to as Bomway Technology) submitted an application for listing on the main board of the Hong Kong Stock Exchange.

Founded in 2014, Bomway Technology specializes in pipeline special space robots, dedicated to resolving the pressing issues of urban underground space operation, maintenance, and safety stemming from rapid urbanization.

Dai Yi, the founder of Bomway Technology, hails from Fuxin, Liaoning, and is a member of the "80s" generation. He moved to Shenzhen with his parents in the 1990s. Dai Yi holds a bachelor's and master's degree from the University of Electronic Science and Technology of China and later obtained a Master's degree in Financial Engineering from Florida State University in the United States.

According to a report by the local Shenzhen media outlet "Longhua Tongxinyuan," in 2012, Dai Yi returned to China with aspirations to create technological products.

Dai Yi and his team developed a specialized robot to monitor the operational status of cables in cable trenches. This sparked a thought: if specialized robots can be used for cables, why not develop exclusive robots for urban underground pipelines for mapping, inspection, cleaning, and repair?

In the past, the construction and maintenance of urban underground pipeline networks were relatively neglected, leading to a significant number of pipelines at risk of leakage, cracks, clogging, and collapse. In most places, pipeline maintenance and inspection still rely on traditional manual entry, which is inefficient and exposes workers to extremely harsh working environments with inherent dangers.

In early 2014, Dai Yi founded Bomway Technology. Initially, the company targeted various types of special robots. However, after securing an order for a pipeline inspection robot, Bomway Technology shifted its focus entirely to the development of underground pipeline robots, gradually evolving into a holistic solution encompassing "urban pipeline data informatization + special robots + professional services".

In January 2015, Bomway Technology received angel funding from Zhengxuan Investment. In June 2018, it secured a Series A funding of RMB 50 million led by Aurora Ventures, with follow-on investments from Zhengxuan Investment and MDVC. At the time, this was the largest funding round in China's special robot industry. In October 2019, it received a Series B funding of RMB 50 million led by CSSC Investment, with follow-on investment from Aurora Ventures.

Addressing the challenging working environment of pipelines, Bomway Technology has introduced a full lifecycle service solution for pipeline networks. It is not merely a supplier of pipeline robots but also provides a comprehensive medical service system for pipeline networks worldwide, encompassing mapping, inspection, cleaning, and repair.

Bomway Technology has established a "Joint Laboratory for Urban Pipeline Big Data and Artificial Intelligence" with the Chinese Academy of Sciences' Advanced Institute of Materials Science and Engineering to build a cloud computing processing platform for pipeline data. Additionally, it has set up joint testing bases with The Hong Kong Polytechnic University and The Hong Kong University of Science and Technology, utilizing image, acoustic, and electromagnetic algorithms to analyze various pipeline defects. Its business spans three core areas: robots and AI platforms, engineering technology solutions, and ultraviolet curable repair hoses, offering a comprehensive ecosystem solution for urban pipeline networks.

According to a Frost & Sullivan report, in 2024, Bomway Technology ranks first among market participants in China in terms of global revenue from pipeline special space robots. Furthermore, Bomway Technology has emerged as the only company in the global pipeline special space robot industry with products and solutions covering inspection, cleaning, repair, motors, AI, and ultraviolet curable repair hoses.

For the fiscal years 2022-2024 and the three months ended March 31, 2025, Bomway Technology's revenue was approximately RMB 162 million, RMB 214 million, RMB 249 million, and RMB 62.364 million, respectively. For the corresponding periods, the annual/period profits were RMB 22.394 million, RMB 30.643 million, RMB 40.153 million, and RMB 10.046 million, respectively.

At the 2025 Central Urban Work Conference, "building safe and reliable resilient cities" was listed as one of the seven key tasks, explicitly proposing "advancing the construction of urban infrastructure lifeline safety projects and accelerating the renovation and upgrading of old pipelines." During the 15th Five-Year Plan period, urban renewal is expected to reach a total investment of at least RMB 4 trillion, with key support for projects such as the renovation of underground pipeline networks and old urban residential areas. The industry is embracing a wave of new opportunities.

Currently, underground pipeline networks in major cities worldwide have been in operation for decades and are severely aged. For instance, many European cities' drainage systems were built in the 19th century and are difficult to maintain. Both Europe, the United States, and Japan have mandatory pipeline inspection requirements, and China has also been promoting the "Urban Lifeline Project" and "Smart Pipeline Network" in recent years.

The global municipal pipeline inspection and maintenance market already exceeds USD 10 billion, with a robot penetration rate of less than 10%. Authoritative institutions predict that this submarket will maintain a compound annual growth rate of 10-15% over the next 5-10 years. Currently, most robots focus on inspection, but in the future, they will evolve to inspect and repair simultaneously (such as inner wall spraying and crack sealing).

This article does not constitute any investment advice.