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. aiming to become the first publicly listed company in China focused on this niche [1]. Market Overview - Wangyuan Technology is the largest supplier of pool cleaning robots in China and the world's largest supplier of cordless pool cleaning robots, ranking among the top three globally [1]. - 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]. Company Financials - Wangyuan Technology's revenue increased from RMB 317.694 million in 2022 to RMB 543.535 million in 2024, with a further rise to RMB 379.167 million in the first half of 2025, reflecting a year-on-year growth 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 16.1% in the first half of 2025 [9][11]. Business Model Shift - The company is transitioning from OEM (Original Equipment Manufacturer) to its own brand products, with brand product sales increasing from 6.0% of total revenue in 2022 to 86.4% in the first half of 2025 [11]. - Sales costs rose from RMB 148 million in 2022 to RMB 228 million in 2024, indicating a significant increase in operational costs [11]. Market Expansion - Wangyuan Technology primarily exports over 97% of its products to more than 60 countries and regions [12]. - The domestic market for pool cleaning robots is expanding, with companies like iGarden entering the market and targeting Chinese consumers [15][16]. Investment Activity - Recent financing activities in the sector include a RMB 1 billion round for the pool cleaning robot brand Beatbot, indicating strong investor interest [14][15]. - The increasing number of private pools globally, estimated at over 28 million, is driving demand for pool cleaning solutions [15].