SIASUN(SZ:300024) Zhi Tong Cai Jing·2025-09-28 23:02Core Viewpoint - Tianjin Wangyuan Environmental Technology Co., Ltd. (Wangyuan Technology) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1]. Company Overview - Wangyuan Technology is a rapidly growing global leader in the research, design, production, and marketing of pool cleaning robots, holding a strong brand value [4]. - According to a report by Zhaoshang Consulting, the company ranks among the top three globally and first in China in terms of self-manufactured product shipment volume for pool cleaning robots as of 2024 [4]. - The company is recognized as the pioneer and largest supplier of cordless pool cleaning robots globally [4]. Product Offering - Wangyuan Technology offers a comprehensive range of pool cleaning robots, including cordless, corded, and handheld models, designed for cleaning pool floors, walls, and surfaces [4]. - As of September 22, 2025, the company has 48 major models in its product lineup, featuring advanced technologies such as underwater acoustic positioning, AI vision, 3D modeling, autonomous navigation, and automatic debris collection [4]. Market Reach - The company's pool cleaning robots have been shipped to 60 countries and regions worldwide as of September 22, 2025 [5]. - The cordless pool cleaning robots are categorized into entry-level, high-end, flagship, and pioneer levels, represented by models WYBOT A1, WYBOT C2, WYBOT S2, and WYBOT S3, suitable for various pool types from residential to commercial settings [5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, Wangyuan Technology reported revenues of approximately RMB 318 million, RMB 378 million, RMB 544 million, and RMB 379 million, respectively [5]. - The net profit for the same periods was approximately RMB 97.9 million, RMB 60.8 million, RMB 70.5 million, and RMB 61.1 million, respectively [5]. - The gross profit margin has shown an upward trend, increasing from 53.4% in 2022 to 65.2% in 2025 [6].