2025年10月08日 证券研究报告 | 割草机器人&泳池机器人行业专题 技术升级推动需求爆发，国内企业群雄逐鹿 行业研究 · 行业专题 家用电器 投资评级：优于大市（维持） 证券分析师：陈伟奇 0755-81982606 chenweiqi@guosen.com.cn S0980520110004 证券分析师：王兆康 0755-81983063 wangzk@guosen.com.cn S0980520120004 证券分析师：邹会阳 0755-81981518 zouhuiyang@guosen.com.cn S0980523020001 联系人：李晶 lijing29@guosen.com.cn 摘要 海外割草需求旺盛，全球割草机百亿美元规模 请务必阅读正文之后的免责声明及其项下所有内容 ➢ 欧美草坪文化盛行，私人花园存量达1.8亿个，草坪修剪成为高频刚需，由此催生出规模庞大的割草机等户外动力工具市场。根据欧睿及公司 公告数据测算，预计2024年全球割草机规模在100亿美元，2013-2023年复合增长2%。虽然行业发展较为成熟，但品类结构的变迁悄然来临。割 草机主要三大品类中，手持式/骑乘式销额占比超 ...

36氪国庆特别策划 文末有抽奖！ 策划 ｜ 迟雨 封面来源 ｜ pexels 风浪越大，鱼越贵，这是中国品牌的"出海圣经"。 对于当下的中国公司而言，出海，似乎正从一个"可选项"变成"必选项"。 一方面，国内市场见顶，增长红利消退。另一方面，中国拥有全球最完整、最高效的工业体系和最完善的供应链网络。 当国内需求无法完全消化这些产能，将成熟的产品、技术和供应链能力输出到海外，便成了盘活资产、实现价值最大化的自然选择。 事实上，在全球化的演变中，已有不少中国企业站立潮头： 有的不再满足做代工，选择自己做品牌 ——中山东菱威力，一家43年的家电老字号，疫情期间 推出了自己的出海品牌，上架不到一年时间，名为Kumio的制冰机的销售额已超过400万美元。 《全球化中的"影子世界"》 ，请点击图片阅读： 也有细分领域的头部玩家 ，Lofree（洛斐），靠复古打字机外型的圆点蓝牙机械键盘在市场开辟了一条路径。当国内机械键盘厂商还在价格战中厮杀时，它 已经将矮轴键盘，在海外卖到了200美元的高价。 更不必提像大疆、影石、安克、正浩……这样一批如雷贯耳的名字 ，正持续不断地刷新全球市场和消费者对中国品牌的认知。他们厌倦了靠模仿 ...

Investment Highlights - "Xingmai Innovation" completed a new round of financing of 1 billion yuan, led exclusively by Meituan Longzhu, with participation from existing investors including Hillhouse Capital and Shunwei Capital [7] - "YOOUSI" raised several tens of millions in angel round financing, focusing on AI animation technology and content creation [8] - "Robopoet" secured several tens of millions in angel+ round financing, developing AI electronic pets with interactive capabilities [9] - "Second Life" announced a multi-million equity financing round, offering 3D printing services for personalized products [10] - "Weikuai Bupuo" completed 50 million yuan in Series A financing, focusing on entrepreneurship and social networking platforms [11] - "Suzhou Jingxi Zhiyu" raised several tens of millions in its first round of financing, aiming to enhance smart home appliance technology [12] Market Developments - "Butong Group," known as the "Apple of the baby industry," went public in Hong Kong with a market capitalization of 9.42 billion HKD, focusing on high-end durable baby products [13] - "M Stand" acquired Shanghai restaurant brand "RAC BAR" and opened its first concept store in Shanghai, expanding its lifestyle brand ecosystem [14][15] - "Naixue's Tea" is set to open its first store in the U.S. on October 3, following successful pop-up events in New York [17] - "Bawang Tea Ji" opened the world's largest "super tea warehouse" in Hong Kong, enhancing its market presence [18] Consumer Trends - In August, 27 chain coffee brands opened 3,904 new stores, with only 6 brands showing growth, indicating a concentration of market expansion among leading brands [30] - The price range for outdoor jackets shows significant differentiation, with products priced between 400-499 yuan dominating the market [31]

Group 1: Global Smart Home Cleaning Robot Market - The global smart home cleaning robot market shipped 15.352 million units in the first half of 2025, representing a year-on-year growth of 33% [1] - The lawn mower robot segment experienced explosive growth, with shipments reaching 2.343 million units, a staggering increase of 327.2% year-on-year [1] - The pool cleaning robot segment also showed strong growth potential, with shipments of 933,000 units, up 18.7% year-on-year, indicating a promising market outlook [1] Group 2: Technological Advancements and Market Dynamics - The surge in lawn mower robots is attributed to the successful application and reuse of home cleaning robot technologies, such as smart navigation and obstacle recognition [2] - Major players like Roborock, Ecovacs, and Dreame have leveraged their expertise in vacuum robots to dominate the lawn mower market [2] - The demand for laser radar technology in lawn mower robots has surged, with companies like Hesai Technology and Robosense reporting year-on-year increases in delivery volumes of 743.6% and 631.9%, respectively [2] Group 3: Pool Cleaning Robot Technology Breakthroughs - Traditional laser radar technology has faced challenges in underwater applications, limiting the advancement of pool cleaning robots [3] - The breakthrough in underwater laser radar technology marks a significant innovation point for pool robots, potentially enhancing their market penetration [3] Group 4: Launch of Advanced Underwater Laser Radar - Guangfeng Technology launched the Yuanmou D10 and T1 underwater blue laser radar products, targeting both consumer and professional markets [4] - The Yuanmou D10 is the first consumer-grade underwater blue laser radar, achieving effective measurement capabilities up to 10 meters, marking a new era in underwater measurement [4] Group 5: Technical Specifications and Market Impact - The Yuanmou D10 utilizes high-power 450nm blue laser technology, significantly outperforming traditional infrared lasers in underwater environments [7] - The product is compact, measuring 74x74x49mm, and can achieve measurement accuracy of 0.04 meters in water with low turbidity [7] - The introduction of the Yuanmou D10 is expected to accelerate the intelligent adoption of pool cleaning products, establishing a new benchmark for Chinese manufacturing in the global market [8]

Core Insights - The rapid growth of pool cleaning robots on AliExpress highlights the increasing demand for affordable and efficient cleaning solutions in Europe, with 70% of orders coming from this platform [2] - The launch of AliExpress's "Super Brand Going Global Plan" signifies a strategic move to attract well-known brands and compete directly with Amazon in the mid-to-high-end market [3][4] - AliExpress aims to reduce the cost of brand expansion by over 50% compared to Amazon, with lower commission rates and enhanced support for brands [5] Group 1: Market Trends - Pool cleaning robots have become a necessity for European middle-class households, with a market growth rate of 14.7% annually [2] - The demand for high-tech products that can command brand premiums is rising, as seen with the success of brands like LARESAR in Poland, which saw an 18-fold increase in market growth [2] Group 2: Strategic Initiatives - AliExpress is enhancing its infrastructure to support brands, including launching a "Brand+" channel and a "Brand Service Center" for better operational efficiency [5][6] - The platform is leveraging local marketing capabilities and has expanded its overseas management services to nearly 30 countries, improving logistics and customer experience [7][8] Group 3: Success Stories - Brands like Seauto and Comhoma are successfully utilizing AliExpress's overseas management services to achieve significant sales growth, with Seauto capturing 70% of its European orders through the platform [8][10] - The introduction of AI tools for brands has led to substantial sales increases, with some brands experiencing sales growth of up to 300% [6] Group 4: Future Outlook - The upcoming "Global Double 11" event by Taobao aims to further enhance international sales, with a budget of over 1 billion allocated for marketing and promotional activities [9] - The combination of overseas management and brand expansion strategies positions Chinese brands as leaders in the global consumer market, redefining the value of "Made in China" [10]

0 1 从导入阶段进入快速放量阶段 对国内消费者来说，扫地机器人这个品类已经逐渐成为了刚需家电，国内厂商凭借出色的产品力在海外市场也击败老牌龙头iRobot，除此之外，专门针 对欧美市场，国内厂商的庭院机器人三大件也在逐步占领市场。 庭院机器人三大件即割草机器人、泳池机器人、除雪机器人，欧美私家庭院、泳池的保有量规模大，在 割草机器人能否复刻扫地机器人的路？ 中我们介 绍了割草机器人的情况，本文主要介绍泳池机器人，根据嘉程资本的统计，2021 年全球有 2888 万个泳池，美国1060万个，欧洲754.2万个，2026 年全 球泳池数量预计增至 3692 万个，CAGR5%，这其中大多数都是私人泳池，私人地上泳池的增长速度更快，CAGR达到7.57%，而泳池机器人主要面向的 也正式私人泳池。IDC统计全球泳池机器人销量有望从2025年不到300万台增至2029年400万台。 目前的泳池机器人全球龙头以色列Maytronics统计全球泳池机器人渗透率从2020年16%提升到2024年25%，头豹研究院预计2030年泳池机器人渗透率有 望达50%。国内厂商元鼎智能的创始人汪洋认为："泳池机器人将来有机会做到双70 ...

元鼎智能Aiper与全球领先的泳池设备及户外生活用品经销商POOLCORP达成战略合作协议，携手在智 能泳池与庭院领域展开深度合作。 此次合作是元鼎智能突破高壁垒专业泳池渠道的又一里程碑，双方将整合各自在技术创新与渠道方面的 优势资源，为专业泳池零售商提供更高效、智能的清洁解决方案，共同推动全球泳池行业的智能化升 级，实现双方优势互补、协同共赢。 POOLCORP供应链与运营副总裁 Jonathan Pechon 对合作表示期待： "泳池行业亟待创新突破。与Aiper的合作，旨在将其最受欢迎和最具创新力的产品引入更大的市场，共 同推动无线泳池机器人技术发展。这不仅为行业专业人士和零售商带来新的机会，也让全球更多用户体 验到领先的智能泳池清洁解决方案。" Aiper创始人兼CEO 汪洋表示： "我们非常高兴能与全球领先的泳池设备及户外生活用品经销商POOLCORP达成战略合作。这不仅是对 Aiper在技术创新、品牌影响力以及全球服务能力的高度认可，更标志着Aiper在全球市场发展进入了全 新阶段。通过整合POOLCORP强大的全球化分销网络，Aiper将加速智能无线清洁解决方案的市场渗 透，为更多消费者带来轻松 ...

新浪科技讯 9月23日下午消息，从阿里旗下跨境电商平台速卖通获悉，目前家具、家电等大件商品中， 超50%成交额来自"海外托管"。双11前，海外托管服务覆盖国家市场扩至30个，部分国家上线了官方物 流，强化"最后一公里"配送体验。 据介绍，速卖通"海外托管"模式下，商家负责将货品备入海外仓，平台承接后续的营销推广与用户运 营。物流履约由认证仓或第三方服务商完成，平台通过系统对接保障链路效率。目前，贴有"Local+"标 签的海外托管商品增长迅速，消费者可将其识别为"本地现货"，享受更快配送与更稳定购物体验。 今年双11前，越来越多品牌加速海外备货。智能骑行台品牌 THINKRIDER 已向海外仓发运10000台设 备，今年出海销售目标有望翻番，突破1亿元；泳池机器人品牌 Seauto 借助海外托管模式，快速打开德 国、法国、西班牙等市场，目前70%的欧洲订单来自速卖通。 "我们做大件重货的商家，如果不备货到本地，像沙发这样的商品，很难和本地现货竞争时效和服 务。"功能沙发品牌 Comhoma 出海负责人表示。 作为亚马逊中国区头部品牌，Comhoma 的400美元主力款电动沙发具备电动平躺、辅助站立、按摩加热 ...

Company Overview - The high-end pool robot brand "Xingmai Innovation" recently completed a new round of financing amounting to 1 billion yuan, led exclusively by Meituan Longzhu, with additional investments from existing shareholders including Hillhouse Capital, Shunwei Capital, and others [1] - Founded in July 2022, Xingmai Innovation focuses on providing intelligent, reliable, and practical pool robot products through self-developed core technologies such as high-speed water pumps and SLAM navigation algorithms [1][4] Market Dynamics - The global pool market is nearing 30 million pools, with an annual increase of 500,000 to 700,000 pools, reflecting a growth rate of approximately 5% to 10% [3] - Pool cleaning has become a high-frequency necessity, with traditional cleaning methods being inefficient and costly, leading to a shift towards automated pool robots, which are experiencing a market penetration growth rate of 25% annually [3][4] Product Innovation - Xingmai Innovation has achieved a breakthrough in the high-end market with a unit price exceeding $2,000, capturing 85% of the online high-end market (priced at $1,400 and above) within the first year of commercialization [6] - The company launched the world's first AI-driven five-in-one pool cleaning robot, AquaSense 2 Ultra, which integrates advanced hardware and software for comprehensive intelligent cleaning capabilities [6][8] Technological Advancements - AquaSense 2 Ultra features 27 high-precision sensors for environmental perception and utilizes a self-developed AI visual fusion mapping system for intelligent path planning [8][10] - The product's design addresses user feedback regarding weight and ease of extraction, enhancing user experience with features like one-click recall and surface docking [10][11] Strategic Vision - The founder and CEO emphasizes the importance of user insight in product innovation, aiming to differentiate from competitors through addressing unfulfilled user needs [11] - Xingmai Innovation is expanding its business into the lawn mowing robot sector, leveraging its technological advantages in intelligent mobility and environmental perception [11]

Core Viewpoint - Company reported a significant increase in net profit and revenue for the first half of 2025, indicating a positive financial turnaround and growth in overseas markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 4.153 billion yuan, a year-on-year increase of 4.06% [1][2]. - The net profit attributable to the parent company was 57 million yuan, marking a year-on-year increase of 449.23% [1][2]. - The overall gross margin improved to 12.37%, up 1.05 percentage points from the same period last year, with Q2 gross margin at 14.09%, a 3.47 percentage point increase from Q1 [2]. Revenue Breakdown - The company’s revenue from overseas markets accounted for 70% of total revenue, with a year-on-year increase of 49.56% [2]. - The main product lines contributing to revenue included PON products (1.748 billion yuan, 44% of total revenue), followed by AP (1.156 billion yuan), data communication (461 million yuan), and others [2]. Product Line Performance - The company has seen significant growth in its data communication, networking, automotive electronics, and EMS product lines [3][4]. - In the networking product line, XGS-PON products gained market share in North America, and the company successfully registered new projects [3]. - The automotive electronics segment reported sales of nearly 80 million yuan, with a steady increase in key product shipments [3]. EMS Business Growth - The EMS product line experienced rapid growth, with revenue nearing 70 million yuan, driven by partnerships with leading clients in the robotic sector [4]. - The company is exploring new business opportunities in various consumer product categories [4]. Future Outlook - The data communication business is expected to maintain high growth due to increased demand for computing power, while automotive electronics and EMS product lines are also projected to expand [4]. - Revenue forecasts for 2025-2027 are 9.670 billion yuan, 11.341 billion yuan, and 13.076 billion yuan, with net profits of 117 million yuan, 234 million yuan, and 316 million yuan respectively [4].