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中国泳池机器人第一股要来了,年入5个亿,毛利率超65%

Core Viewpoint - The pool cleaning robot sector is gaining significant attention from the capital market, with Tianjin Wangyuan Intelligent Technology Co., Ltd. applying for a listing on the Hong Kong Stock Exchange, aiming to become the first publicly listed company in China focused on pool cleaning robots [1][3]. Industry Overview - The global pool robot market is projected to grow from USD 980 million in 2024 to USD 1.94 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% [1]. - The market in China is transitioning from a niche to a consumer-grade market, indicating increasing demand and potential for growth [1]. Company Performance - Wangyuan Technology is the largest supplier of pool cleaning robots in China and ranks among the top three globally for cordless pool cleaning robots [1]. - The company's revenue increased from RMB 317.694 million in 2022 to RMB 543.535 million in 2024, with a 42% year-on-year growth in the first half of 2025 [7][9]. - Gross profit margin improved from 53.4% in 2022 to 65.2% in the first half of 2025, while net profit margin decreased from 30.8% in 2022 to 16.1% in the first half of 2025 [7][8]. Business Strategy - The company is shifting from OEM production to its own brand products, which has contributed to the increase in gross profit margin but has also led to a decline in net profit margin [8]. - In 2024, sales from branded products accounted for 72.4% of total revenue, up from 6.0% in 2022 [8][9]. Market Dynamics - The pool cleaning robot market is seeing increased activity from various companies, with significant investments being made, such as Beatbot's recent RMB 1 billion financing round [11]. - The market is characterized by a strong export focus, with over 97% of Wangyuan's products sold internationally across 60 countries [9]. Future Outlook - The increasing number of private pools globally, estimated at over 28 million, is driving demand for pool cleaning robots, particularly in developed markets like the U.S. [12]. - Companies are beginning to explore domestic market opportunities in China, with brands like iGarden planning to expand their presence [12].