SIASUN(SZ:300024) Xin Lang Cai Jing·2025-10-13 10:47Core Viewpoint - Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology) has submitted its prospectus for an IPO on the Hong Kong main board, aiming to become the "first stock of Chinese pool robots" [1][4]. Company Overview - Wangyuan Technology is one of the earliest companies in China to focus on pool cleaning robots, founded in 2005 by Fu Guilan, who recognized the market potential [5][7]. - The company has developed a comprehensive product lineup, including 48 main models, and has achieved breakthroughs in key technologies such as underwater acoustic positioning and AI vision [9][11]. IPO Purpose - The funds raised from the IPO will be used to expand production capacity, enhance efficiency, increase global sales, improve R&D capabilities, and support working capital [3][12]. Market Potential - The global pool count is projected to grow from 32.9 million in 2024 to 39.3 million by 2029, with a compound annual growth rate (CAGR) of 3.6% [5]. - The global market for pool cleaning robots is expected to reach $4.2111 billion by 2029, with a current penetration rate of only 26.2% [16]. Financial Performance - Wangyuan Technology's revenue from 2022 to the first half of 2025 is reported as follows: 318 million CNY, 378 million CNY, 544 million CNY, and 379 million CNY, with net profits of approximately 97.9 million CNY, 60.8 million CNY, 70.5 million CNY, and 61.1 million CNY respectively [12][14]. Competitive Landscape - The company ranks among the top three global suppliers of pool cleaning robots, holding a market share of about 9.2% and is the leading player in the Chinese market [14]. - Major international brands like Dolphin, Polaris, BWT, and Hayward have historically dominated the market, but there is significant opportunity for Chinese companies to capture market share [7][15]. Technological Advancements - The company has innovated in the field of pool cleaning robots, transitioning from wired to wireless models and incorporating AI technology, which has enhanced user experience and operational efficiency [9][15]. Future Outlook - With the increasing number of luxury hotels, high-end apartments, and aquatic facilities in China, the market for pool cleaning robots is expected to experience explosive growth [16].