对赌协议高悬、突击分红6200万，泳池机器人“豪赌”港股

Core Viewpoint - The article discusses the transformation journey of Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology), which is attempting to shift from an Original Design Manufacturer (ODM) to a self-branded Original Brand Manufacturer (OBM) in the face of significant financial challenges and operational risks [1]. Group 1: Company Background and Transformation - Wangyuan Technology, established in 2005, initially thrived as an ODM for pool cleaning robots, with 90.9% of its revenue coming from ODM business in 2022, while self-branded revenue was only 6% [2][3]. - The company began its transition to self-branded products around 2023, aiming to break free from its dependency on a few international clients, but this shift has led to a significant decline in profit margins [3]. Group 2: Financial Performance - From 2022 to 2024, Wangyuan's revenue increased from 318 million RMB to 544 million RMB, but net profit fell from 98 million RMB to 71 million RMB, resulting in a net profit margin drop from 30.82% to 12.97% [3]. - In the first half of 2023, despite a 41.63% year-on-year revenue growth, the net profit margin decreased from 18.27% to 16.11% [4]. Group 3: Sales and Marketing Expenses - Sales expenses surged from 10.07 million RMB in 2022 to 174 million RMB in 2024, a 16-fold increase, with the first half of 2024 seeing a 71.34% rise compared to the same period in 2023 [5]. - The largest portion of sales expenses is attributed to advertising and promotional costs, raising concerns about the company's heavy reliance on marketing over research and development [5][6]. Group 4: Cash Flow and Inventory Issues - Operating cash flow plummeted from 126 million RMB in 2022 to just 650,000 RMB in 2024, with a negative cash flow of -1.54 million RMB in the first half of 2024 [7][8]. - Inventory levels increased from 98.4 million RMB at the end of 2022 to 266 million RMB in the first half of 2025, leading to longer turnover days and heightened risks of obsolescence [9]. Group 5: Governance and Controversies - Prior to its IPO application, Wangyuan declared a dividend of 62 million RMB despite negative cash flow, raising questions about the fairness of this decision to minority shareholders [10]. - The company is also under scrutiny due to a "buyback agreement" that could impose significant cash repayment obligations if the IPO fails, further complicating its financial situation [11].