受益于全球城市化加快，以及住宅建筑、酒店、学校及其他商业场所数量增加所带动，近年来全球泳池 数量持续增长。数据显示，截至去年底全球泳池总数约为3290万个，预计到2029年将增加至3930万个， 对应年复合增长率为3.6%。泳池文化持续渗透进普罗大众日常生活中，这也使得相应的泳池清洁支出 水涨船高。2024年，全球泳池清洁支出约为129亿美元，预计至2029年将进一步增加至167亿美元，对应 期间复合年增长率为5.3%。 值市场蓬勃发展之际，泳池清洁机器人作为同时呼应市场不断增长的需求，以及家庭物联网设备普及和 人工智能技术兴起的产品，受到了消费者的青睐。2019年-2024年，全球泳池清洁机器人市场规模由12 亿美元增加至24.82亿美元，对应复合年增长率高达15.7%，预计至2029年将继续扩容至42.11亿美元。 搭上行业发展的"快车"，日前，主营业务为泳池清洁机器人的天津望圆智能科技股份有限公司(以下简 称"望圆科技")向港交所递交了上市申请。招股书显示，按2024年自制产品的出货量计算，望圆科技是 全球排名第三、国内排名第一的泳池清洁机器人供应商，拥有配备最先进泳池清洁技术的最全面的产品 组合。 泳 ...

Core Insights - The global pool market is experiencing growth due to urbanization and increased demand for residential and commercial pools, with the total number of pools expected to rise from approximately 32.9 million in 2022 to 39.3 million by 2029, representing a compound annual growth rate (CAGR) of 3.6% [1] - The global pool cleaning expenditure is projected to increase from $12.9 billion in 2024 to $16.7 billion by 2029, with a CAGR of 5.3% [1] - The pool cleaning robot market is expanding rapidly, with its size expected to grow from $1.2 billion in 2019 to $2.482 billion in 2024, reflecting a CAGR of 15.7%, and further to $4.211 billion by 2029 [3] Company Overview - Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology) is the third-largest global supplier and the largest domestic supplier of pool cleaning robots, with a comprehensive product lineup featuring advanced cleaning technology [3] - Wangyuan Technology has a history of innovation, having developed its first pool cleaning robot in 2005 and introducing various product advancements over the years, including lightweight, cable-free, and AI-driven models [4] Financial Performance - Wangyuan Technology's revenue has shown consistent growth, with figures of RMB 318 million in 2022, RMB 378 million in 2023, and projected RMB 544 million in 2024, indicating an acceleration in growth [4] - The company's revenue from brand product sales has become a significant contributor, rising from RMB 19.1 million in 2022 to RMB 393.3 million in 2024, with a share of 72.4% of total revenue [5] - The gross profit margin has improved from 53.4% in 2022 to 65.2% in the first half of 2025, while net profit peaked in 2022 at RMB 97.9 million [6] Market Dynamics - The global pool cleaning robot market is highly concentrated, with the US and Europe accounting for approximately 80% of the market share in 2024, despite representing only 10% of the global population [7] - Emerging markets, particularly China, are expected to see significant growth, with a projected CAGR of 22.3% from 2019 to 2024, outpacing global growth rates [10] - Wangyuan Technology's market share is 9.2%, placing it third among the top five manufacturers, which collectively hold a 74.9% market share [8] Future Outlook - The entry of Wangyuan Technology into the Hong Kong stock market may enhance its market visibility and open new sales channels, potentially increasing its influence in the global market [12]