（原标题：望圆科技递表港交所，冲刺中国泳池机器人第一股） 21世纪经济报道记者 吴立洋 高江虹 泳池机器人赛道正被资本市场所重视。 9月28日，天津望圆智能科技股份有限公司正式向港交所主板递交上市申请书，中信建投国际担任独家保荐人。这家以泳池清洁机器人为核心业务 的企业，正冲刺"中国泳池机器人第一股"。 据灼识咨询报告，按2024年自制产品出货量计算，公司不仅是中国排名第一的泳池清洁机器人供应商，更是全球最大的无缆泳池清洁机器人供应 商，位居全球前三。 近期相关企业也越来越活跃。9月23日，泳池清洁机器人品牌星迈创新Beatbot宣布完成新一轮10亿元人民币的融资；出海大卖的菲亚兰德集团旗 下的iGarden品牌也在试水国内市场。The Business Research数据显示，2024年全球泳池机器人市场规模已达9.8亿美元，预计至2029年将攀升至19.4 亿美元，年复合增长率达14.7%。 综合来看，泳池机器人在国内正从小众市场步入消费级市场。 转战港股 值得注意的是，此前望圆科技曾计划登陆深市主板，但在被中信建投一实习生在社交平台分享其实习经历，泄露包括望圆科技等3家公司的IPO材 料后，其于202 ...

Core Viewpoint - The global smart home cleaning robot market is experiencing significant growth, with a projected shipment of 32.1 million units by 2025, reflecting a year-on-year increase of 28.2% and a five-year compound annual growth rate (CAGR) of 26% by 2028 [1][4]. Market Overview - In the first half of 2025, global shipments of smart home cleaning robots reached 15.352 million units, marking a 33% year-on-year increase [1]. - The market is defined to include autonomous movement, obstacle avoidance, and remote operation capabilities, covering categories such as vacuum robots, pool robots, lawn mowers, window cleaning robots, and air purification robots [3]. Competitive Landscape - The top five manufacturers accounted for 64.8% of the market share in the first half of 2025, an increase of 4.8 percentage points from the previous year, with vacuum robots making up 73.4% of total shipments [6]. - Chinese manufacturers, including Roborock, Ecovacs, and Xiaomi, have made significant strides in the global market, securing positions among the top five [6]. Segment Analysis - **Lawn Mowers**: Shipments reached 2.343 million units in the first half of 2025, a staggering increase of 327.2% year-on-year, driven by high demand in overseas markets, particularly in Europe and the U.S. [9]. - **Pool Robots**: Shipments totaled 933,000 units, reflecting an 18.7% increase. The market has substantial growth potential due to low penetration rates despite nearly 30 million pools globally [10]. - **Window Cleaning Robots**: Shipments reached 809,000 units, with a 52.1% year-on-year growth. The market is highly concentrated, with Ecovacs holding over 50% market share [11]. - **Air Purification Robots**: This segment saw a decline, with only 4,002 units shipped, a drop of 45.4% year-on-year, primarily due to a lack of advanced models that meet consumer needs [13]. Future Outlook - The growth trend for smart home cleaning robots is expected to continue in the second half of 2025, particularly for lawn mowers and pool robots, driven by seasonal demand [14]. - Chinese manufacturers are transitioning from product competition to a comprehensive strategy that includes high-end R&D, manufacturing capabilities, and global channel development, which will be crucial for market positioning [14].

Group 1: Economic Policy and Market Trends - The Ministry of Finance and the Central Bank held a meeting to discuss financial market operations and government bond issuance, aiming to enhance policy coordination amid a weakening domestic economy[2] - The international gold price reached new highs, with spot gold exceeding $3561/oz and COMEX futures surpassing $3627/oz, both up over 30% since the beginning of the year[2] - The Federal Reserve's Beige Book indicated little change in economic activity across most regions, with inflation described as "moderate or slight," increasing expectations for interest rate cuts[3] Group 2: Automotive and Technology Sectors - In August, China's retail sales of new energy vehicles reached 1.079 million units, a year-on-year increase of 5% and a cumulative retail of 7.535 million units for the year, up 25%[4] - Stone Technology led the global market for cleaning robots with a 15.2% share in cleaning robots and 20.7% in sweeping robots, indicating strong competitive positioning[4] - Apple is set to launch the iPhone 17 series on September 9, with expectations for strong sales performance[4] Group 3: Financial Market Overview - The total market capitalization of A-shares is 102.23 trillion yuan, with a year-to-date increase of 16.37 trillion yuan[15] - The average daily trading volume in the A-share market is 15.66 billion yuan, reflecting a month-on-month increase of 3.06 billion yuan[15] - The financing balance in the market is currently 2.2724 trillion yuan, as of September 2, 2025[18]

Group 1 - 361 Degrees has terminated its partnership with marathon runner Zhang Shuihua due to adjustments in both parties' development paths, emphasizing a long-term collaboration philosophy [3] - Anthropic has raised $13 billion in a new funding round, bringing its valuation to $183 billion, nearly tripling since the beginning of the year [5] - Gu Ming, an analyst, predicts that Apple's first foldable iPhone will sell between 8 to 10 million units in 2026, with potential growth to 25 million units in 2027 [14] Group 2 - Zero Run Auto has completed a domestic stock issuance, raising a total of 2.6 billion yuan [12] - Starbucks plans to launch an AI inventory management system in over 11,000 stores in North America by the end of September [12] - SAP intends to invest over 20 billion euros in a "sovereign cloud" to support AI development in Europe over the next decade [12] Group 3 - Tesla's sales in major European electric vehicle markets have continued to decline, with an August registration drop of 39% and a year-to-date decrease of 56% [12] - The global smart home cleaning robot market saw a 33% year-on-year increase in shipments in the first half of the year, totaling 15.35 million units [20] - The Chinese passenger car new energy market retail sales reached 1.079 million units in August, a 5% year-on-year increase [21]

Group 1 - The Ministry of Finance and the People's Bank of China held a second meeting to enhance coordination between fiscal and monetary policies [2][4] - The China Securities Index Co., Ltd. will officially launch the CSI A500 Growth Index and CSI A500 Value Index on September 10, 2025, with each index comprising 100 sample stocks [2][4] - The Shanghai Stock Exchange hosted a salon themed "Brain-Computer Interface: Exploring the Digital Intelligence Era," with participation from multiple listed companies and financial institutions [10] Group 2 - The International Data Corporation (IDC) reported that the global smart home cleaning robot market shipped 15.352 million units in the first half of the year, a year-on-year increase of 33%, indicating strong market demand [6] - The shipment of lawn mowers reached 2.343 million units, up 327.2% year-on-year, while window cleaning robots saw shipments of 809,000 units, a 52.1% increase [6] - IDC forecasts that the global smart home cleaning robot market will ship 32.1 million units by 2025, representing a year-on-year growth of 28.2% [6] Group 3 - The Zhejiang Provincial Development and Reform Commission is seeking public opinion on the implementation plan for market-oriented pricing of renewable energy, with a fixed price of 0.4153 yuan per kilowatt-hour for existing projects [8][9] - The plan aims to ensure that all renewable energy projects enter the electricity market, emphasizing the importance of forecasting and optimization capabilities for market participants [9] Group 4 - Shanghai Stock Exchange's salon on brain-computer interfaces highlighted the technology's potential market space exceeding $100 billion, with applications in healthcare, education, and smart driving [10] - Companies like Xiangyu Medical and Yuke Technology are actively developing brain-computer interface products, with Xiangyu establishing a brain science laboratory for research collaboration [10] Group 5 - Iron Flow Co. announced a framework agreement with the Yangtze River Delta Hart Robot Industry Technology Research Institute to collaborate on key components and design for robots [12] - Hason Co. plans to establish a joint venture for robot parts procurement and sales, with a registered capital of 100 million yuan [12] Group 6 - Haikou Science and Technology Co. received approval for clinical trials of its self-developed drug HSK47388 for autoimmune diseases, providing new treatment options [13] - Robotech's subsidiary signed a significant contract worth approximately 78.67 million yuan for an automated silicon photonic packaging line, expected to have a positive impact on the company [14] Group 7 - Gansu Energy plans to invest 4.089 billion yuan in a 1 million kilowatt wind-solar integrated project, with 20% of the funding sourced from equity [15] Group 8 - Three institutional seats purchased a total of 72.55 million yuan in Airo Energy, indicating a recovery in the company's distributed energy storage business [17] - Recent data shows that hundreds of billions of yuan have flowed into sector-specific ETFs, with significant net subscriptions for various industry theme ETFs [19] Group 9 - Huqin Technology reported a 113% year-on-year increase in revenue for the first half of 2025, with data services becoming a core supplier for major CSPs [21] - Longi Green Energy capitalized on domestic market opportunities, with a steady increase in the shipment of its high-efficiency HPBC2.0 components [21]

Core Insights - The global smart home cleaning robot market showed strong demand with shipments reaching 15.352 million units in the first half of 2025, a year-on-year increase of 33% [1] - The lawn robot segment experienced significant growth, with shipments of 2.343 million units, marking a staggering year-on-year increase of 327.2% [1] - The industry is expected to see a peak in new entrants starting in the second half of 2024, with Chinese manufacturers intensifying competition in mainstream markets in Europe and the US [1] Overall Market - IDC forecasts that global shipments of smart home cleaning robots will reach 32.1 million units by 2025, representing a year-on-year growth of 28.2%, with a five-year compound annual growth rate (CAGR) of 26% projected until 2028 [2] Market Segmentation - In the first half of 2025, robotic vacuum cleaners accounted for 73.4% of the overall smart home cleaning robot market, with leading manufacturers primarily focusing on this segment [4] - The lawn and pool robot segments are characterized by independent players, with many startups dominating these categories [4] - Major companies like Roborock (688169.SH), Ecovacs (603486.SH), and Dreame are expanding their product lines beyond robotic vacuums to include various smart home cleaning robots and traditional home appliances [4] Robotic Vacuum Market - The global robotic vacuum market maintained steady growth, with total shipments reaching 11.263 million units in the first half of 2025, a year-on-year increase of 16.5% [6] - The market concentration is increasing, with the top five manufacturers capturing 64.8% of the market share, up 4.8 percentage points from the previous year [6] - Domestic market growth was significantly driven by effective government subsidy policies, while Chinese manufacturers adopted aggressive channel expansion strategies in overseas markets [6] Lawn Robot Market - Shipments of lawn robots reached 2.343 million units in the first half of 2025, reflecting a year-on-year increase of 327.2%, driven by surging overseas demand [8] - The market share of boundary-less lawn robots rose sharply from approximately 35% in 2024 to around 65%, indicating rapid advancements in core technologies such as positioning accuracy and navigation capabilities [8] Pool Robot Market - Global shipments of pool robots totaled 933,000 units in the first half of 2025, marking an 18.7% year-on-year increase [9] - The peak purchasing season for pool robots occurs from May to August, driven by increased pool usage during summer [9] - The global pool market is nearing 30 million units, indicating significant growth potential for pool robots, especially as Chinese brands rise in the market [9] Window Cleaning Robot Market - Shipments of window cleaning robots reached 809,000 units in the first half of 2025, with a year-on-year growth of 52.1%, and Ecovacs holds over 50% market share [10] - The market is characterized by a limited number of players, with ongoing improvements in walking speed and cleaning modes [10] Air Purification Robot Market - Shipments of air purification robots were only 4,002 units in the first half of 2025, reflecting a significant year-on-year decline of 45.4% [11] - The lack of intelligent autonomous models and the predominance of basic purification products have led to negative market feedback and low consumer acceptance [11] - Chinese manufacturers are expanding the functionality and application boundaries of home cleaning robots, with a focus on online strategies to build brand presence and sales [11]