"笑笑马"既出无人问，"哭哭马"意外走红天下知。 近日，一对不太一样但又同根同源的马年公仔，持续引发公众关注："哭哭马"是"笑笑马"流水线上的一个意外事故——工人在缝制马年吉祥物时，误将上 扬的嘴角缝成了下撇，形成嘴角下垂、腮红鼻孔朝下的"委屈脸"，却意外戳到了广大网友们的心巴上。 记者查询各大购物平台发现，目前该玩偶已成为多家购物平台的"人气新品"，价格从十几元到几十元不等，在很多店铺，该玩偶处于"预售"状态，销量普 遍在几百件以上。 "家人们，谁懂啊！本来是冲着马年吉祥物买的开心马，结果被这只缝错的哭哭马狠狠拿捏了。耷拉着的嘴角、委屈巴巴的小模样，跟我上班的精神状态 一模一样。"来自广东的网友陈女士是个幸运儿，已经率先拿到了这只爆火的公仔。她在受访时感慨说："摆在家里看着它，瞬间觉得所有的emo都被治愈 了，马年拥有这只'哭哭马'，愿我们新的一年都能把委屈丢掉，只剩开心。我准备再多买几只送朋友。" 于消费端而言，情绪消费市场规模近年来持续扩大。有相关调查显示，近九成年轻人愿意为"治愈感、共鸣感"付费。"花小钱买即时情绪出口"成为当下消 费新趋势。 正是在同质化商品泛滥的当下，"不完美""有个性""有故事" ...

Core Insights - Wangyuan Technology has submitted its IPO application to the Hong Kong Stock Exchange, marking a new phase in its capital exploration journey after transitioning from the New Third Board to the Shenzhen Stock Exchange and now to Hong Kong [1] Group 1: Market Position and Financial Performance - Wangyuan Technology ranks third globally in the pool cleaning robot industry with a market share of 9.2% and holds the top position in the cordless pool robot segment with a market share of 19.7% as of 2024 [2] - The company's revenue is projected to grow from 318 million yuan in 2022 to 544 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 30.8%. In the first half of 2025, revenue reached 379 million yuan, a year-on-year increase of 42%, with a gross margin of 65.2% [2] Group 2: Brand Transformation and Challenges - Wangyuan Technology's growth reflects a typical path of Chinese manufacturing upgrading to branding, with its ODM business revenue share decreasing from 90.9% in 2022 to 13.6% in the first half of 2025 [3] - The company faces challenges in channel restructuring, with revenue distribution in 2024 being 78.7% from its own channels, 11.4% from other online platforms, and 9.8% from offline channels [3] - Wangyuan Technology successfully countered a patent infringement claim from Zodiac in 2022, leveraging its proprietary patents to force the withdrawal of three core allegations [3] Group 3: Capitalization and Future Plans - The funds raised from the IPO will be allocated to building a new production base and supporting warehouse facilities, aimed at enhancing production capacity and efficiency [4] - Upon completion of the new project, the annual production capacity of pool cleaning robots is expected to increase by over 600,000 units, exceeding a total capacity of 1.2 million units annually. Future plans include expanding production to achieve a total annual capacity of over 2 million units [4] Group 4: Industry Context and Outlook - The IPO of Wangyuan Technology symbolizes the transformation of Chinese manufacturing from "OEM" to a dual-driven model of "brand + technology" [5] - In the competitive pool cleaning market, the company is positioned to leverage technological advancements and capital support to write a new chapter in the global cleaning robot industry [5] - The ability of Wangyuan Technology to replicate the success of peers like Ecovacs and Roborock in the Hong Kong market is a point of interest for investors [5]