Appo(SH:688007) Xin Lang Cai Jing·2025-10-11 03:08Group 1 - The global pool market is experiencing steady growth, with the number of pools expected to reach approximately 32.9 million by 2024, reflecting a compound annual growth rate (CAGR) of 4.3% from 2019 to 2024, and a projected CAGR of 3.6% until 2029 [1] - The global spending on pool cleaning is anticipated to reach $12.9 billion in 2024, with the retail scale of the pool robot industry estimated at $2.48 billion [1] - The penetration rate of pool robots is expected to increase significantly from 17.8% in 2019 to 26.2% in 2024, with a projected retail growth rate of 11% over the next five years [1] Group 2 - The market for cordless pool robots is expected to see a shipment volume of 2 million units in 2024, with a remarkable CAGR of 80.9% from 2019 to 2024 [1] - The pool robot industry is concentrated, with the top five companies (CR5) accounting for 74.9% of the market share in 2024, and Maytronics holding a 34.8% market share [1] - In the cordless pool robot segment, domestic companies in China have a CR5 of 51.5%, with Wangyuan Technology leading at 19.7% market share [1] Group 3 - Wangyuan Technology has been a pioneer in the pool cleaning robot industry, launching various innovative products since its establishment in 2005, including the first cordless product in 2014 and AI-driven products in 2023 [2] - The company is projected to achieve revenue of 540 million yuan in 2024, with a CAGR of 30.8% from 2022 to 2024, and a revenue of 380 million yuan in the first half of 2025, reflecting a growth of 41.6% [2] - The gross margin for Wangyuan Technology is expected to rise to 58.0% in 2024, although the net profit margin is projected to decrease to 13.0% due to increased sales expenses [2] Group 4 - The introduction of underwater blue laser lidar technology by Guangfeng Technology is expected to enhance the development of the pool robot industry, addressing limitations of existing sonar and visual navigation systems [2][6] - The blue laser technology has a significantly lower absorption rate in water compared to red light, improving detection capabilities underwater [6]