SIASUN(SZ:300024) Nan Fang Du Shi Bao·2025-10-15 03:55Core Viewpoint - Tianjin Wangyuan Intelligent Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, potentially becoming the first listed company in China's pool robot industry, which could serve as a reference for industry development [2][5]. Company Overview - Wangyuan Technology is the leading supplier of pool cleaning robots in China and ranks among the top three in the global cordless pool cleaning robot market, being the largest supplier globally [5]. - The company has generated 1.6 billion RMB in revenue over the past three and a half years, with overseas income dominating its revenue streams [5]. - In the first half of this year, Wangyuan Technology reported a profit of 61.08 million RMB [5]. Financial Performance - Revenue increased from 318 million RMB in 2022 to 544 million RMB in 2024, with a further rise to 379 million RMB in the first half of 2025, reflecting a year-on-year growth rate of 42% [9]. - The gross profit margin improved from 53.4% in 2022 to 65.2% in the first half of 2025, while the net profit margin decreased from 30.8% in 2022 to 13.0% in 2024 and 16.1% in the first half of 2025 [10][11]. Market Dynamics - The global pool cleaning market is experiencing significant growth, with expenditures expected to reach 12.9 billion USD in 2024 and the retail scale of the pool robot industry projected at 2.48 billion USD, growing at a compound annual growth rate of 15.7% from 2019 to 2024 [14]. - The competitive landscape is intensifying, with new entrants and increased capital activity in the pool cleaning robot sector, indicating a recognition of the market's potential [14][15]. Company History and Development - Founded in 2005 by a highly educated family, Wangyuan Technology has made significant technological advancements, launching its first fully automatic pool cleaning machine in 2006 and achieving substantial sales growth over the years [7][8]. - The company previously attempted to list on the A-share market but withdrew its application due to regulatory concerns regarding shareholding stability [8][9]. Future Prospects - If the IPO is successful, it could enhance the brand's visibility in international markets, but the company will also face increased scrutiny regarding performance stability and risk management from capital markets [15].