作者:马赫环 泳池清洁机器人，乍一听是个不太引人注意的机器人赛道。的确，华夏自有国情在此，作为与高端住宅、高档会所深度绑定的附属产物，泳池这一附属设施 在国内妥妥的属于奢侈品范畴。 别看泳池清洁场景不算大，但在已经商业化落地的机器人赛道中，还是属于目前比较"卷"的那条赛道。 而从ODM代工厂转型自有品牌的天津望圆智能科技（简称"望圆科技"），从某种程度上而言，则属于在这条赛道上"卷"出来的企业之一。 ODM转型 全栈能力打造市占率前三 随着全球城市化加快，2024年全球已经有超过3000万个私人和公共泳池，预计到2029年将进一步增加到近4000万个泳池。美国与欧洲为两个最大的泳池市 场，在2024年分别约占全球泳池总数的34.4%及28.2%。 泳池的分布受到文化、生活方式和经济因素等多重影响，欧美澳等地区每千人的泳池拥有率显著高于国内，国内则是以公共泳池为主。泳池清洁不是小事， 作为死水环境，夏天时泳池每周至少要清1次，要不然泥沙和藻类都容易聚集，极容易滋生细菌。但要请人清洁，以欧美地区的人工费用，必然是一笔不小 的开支。因此，对聚集大量私人泳池的欧美地区而言，对泳池清洁机器人的需求比较旺盛。 在这种区域 ...

（文章来源：证券日报） 证券日报网讯朗特智能11月17日在互动平台回答投资者提问时表示，公司目前主要为优必选生产泳池清 洁机器人，公司尚未有正式确定的人形机器人控制器订单或项目。 ...

每经AI快讯，有投资者在投资者互动平台提问：董秘，您好！今天我看到优必选一次性出货数百台人 形机器人新闻时想到贵司在数月前的公开信息中提到已经就给优必选人形机器人提供相关控制器服务方 面进入前期商务洽谈，请问现在的进程具体到哪一步了？ 朗特智能（300916.SZ）11月17日在投资者互动平台表示，公司目前主要为优必选生产泳池清洁机器 人，公司尚未有正式确定的人形机器人控制器订单或项目。 （文章来源：每日经济新闻） ...

Core Insights - Longte Intelligent (300916) is currently focused on producing pool cleaning robots for UBTECH and has not yet secured any formal orders or projects for humanoid robot controllers [1] Company Summary - Longte Intelligent is primarily engaged in the production of pool cleaning robots for UBTECH [1] - The company has not confirmed any humanoid robot controller orders or projects as of now [1]

智通财经APP获悉，11月14日，中国证监会公布《境外发行上市备案补充材料要求((2025年11月10日— 2025年11月14日)》。中国证监会国际司公示10家企业补充材料要求，其中，公示提到要求望圆科技补 充说明公司历史沿革、国有股东标识办理进展等事项。据港交所9月28日披露，天津望圆环保科技有限 公司向港交所主板递交上市申请，中信建投国际为其独家保荐人。 九、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕疵的情形。 中国证监会请望圆科技补充说明以下事项，请律师核查并出具明确的法律意见： 一、关于公司历史沿革：（1）请说明公司2025年4月第一次股份转让的定价依据及其合理性；（2）请 说明公司2025年6月第二次股份转让中，部分股份转让以零对价进行股份补偿的原因及其商业合理性， 以及其余股份转让定价差异的原因及其合理性；（3）请说明上述股权转让环节相关转让方所得税缴纳 情况；（4）请就公司设立及历次股权变动是否合法合规出具明确结论性意见。 二、请说明公司前期进行A股上市辅导备案及向深交所主板提交上市申请的具体情况及撤回原因，是否 存在对本次发行上市产生重大影响的情形。 六、请进一步 ...

11月14日，中国证监会公布《境外发行上市备案补充材料要求((2025年11月10日—2025年11月14日)》。 中国证监会国际司公示10家企业补充材料要求，其中，公示提到要求望圆科技补充说明公司历史沿革、 国有股东标识办理进展等事项。据港交所9月28日披露，天津望圆环保科技有限公司向港交所主板递交 上市申请，中信建投（601066）国际为其独家保荐人。 五、请说明：(1)公司募集资金用途涉及生产基地所履行的相关审批、核准或备案程序情况；(2)公司境 外生产经营的具体情况，境外子公司履行境外投资备案和外汇登记程序的具体情况，本次募集资金用途 是否涉及境外投资、是否已履行相关审批、核准或备案程序。 六、请进一步说明公司境内子公司是否存在《境内企业境外发行证券和上市管理试行办法》第八条规定 的不得境外发行上市的情形。 七、请说明公司实施员工持股计划价格公允性，并就其是否存在利益输送出具明确结论性意见。 八、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 九、请说明本次拟参与"全流通"股东所持股份是否存在被质押、冻结或其他权利瑕 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The global pool cleaning robot market is expected to grow significantly, with a projected market size of $2.482 billion in 2024, reflecting a CAGR of 15.7% from 2019 to 2024 [3][21] - The penetration rate of pool cleaning robots is anticipated to reach 26.2% globally by 2024, driven by product reliability improvements and ongoing market education [3][34] - The report highlights the rapid expansion of the pool robot market, with a forecasted shipment volume of 4.5 million units in 2024, growing at a CAGR of 12.0% from 2019 to 2024 [3][21] Summary by Sections 1. Industry Development Trends and Growth Potential - The global number of pools exceeds 30 million, with a CAGR of approximately 4% over the past five years. By 2024, the total number of pools is expected to reach around 32.9 million, driven by urbanization and increased construction of residential and commercial properties [2][14] - The U.S. and Europe are the largest markets for pools, accounting for approximately 34.4% and 28.2% of the global total in 2024, respectively [14] 2. Company Overview: Wangyuan Technology - Wangyuan Technology has successfully transitioned from an ODM model to a proprietary brand, ranking among the top three globally in terms of self-manufactured product shipments by 2024 [4][49] - The company leads the market in the wireless pool cleaning robot segment, with a projected shipment volume of 2 million units in 2024, reflecting a CAGR of 80.9% from 2019 to 2024 [39][44] 3. Financial Performance - Wangyuan Technology is expected to achieve revenue of 540 million yuan in 2024, representing a year-on-year increase of 44%. The company's gross margin is projected to be 58% in 2024, with a net profit of 71 million yuan, up 16% year-on-year [5][69] - The share of proprietary brand revenue has increased significantly, with a CAGR of 355% from 2022 to 2024, indicating a strong shift away from ODM business [5][53] 4. Market Dynamics - The average price of pool cleaning robots is expected to rise from $474.7 in 2019 to $557.1 in 2024, reflecting the growing demand for higher-quality products [21] - The report notes that traditional cleaning solutions are losing market share due to their lower efficiency and higher maintenance needs compared to robotic solutions [3][34] 5. Future Outlook - The report outlines plans for Wangyuan Technology to expand its production capacity and enhance its manufacturing efficiency, including the establishment of a new production base in Tianjin [77] - The company aims to strengthen its online and offline sales channels to capture a larger share of the global market, particularly in North America and Europe [77][78]

Group 1: Cross-Border Expansion and Market Trends - China and UAE's bilateral trade has surpassed $100 billion, with over 15,000 Chinese companies operating in the UAE, 90% of which plan to expand into the Middle East market [2][3] - The Dubai IFZA Free Zone has established its first office in Shanghai to facilitate Chinese companies' entry into the UAE and Middle East, aiming for a 30% increase in the number of serviced Chinese companies by 2024 [2][3] - The Chinese gaming industry is experiencing a significant reshuffle in the overseas mobile game market, with Tencent maintaining the top position but slowing growth, while MiHoYo and Muto Technology have seen substantial ranking increases [5] Group 2: Industry-Specific Developments - The global market for AI short dramas is expected to grow significantly by 2025, with China focusing on local production and AI optimization to enhance efficiency and reduce costs [6] - China's commercial aerospace sector is accelerating its international cooperation, with the successful launch of satellites for various countries, showcasing the maturity and cost-effectiveness of its technology [8] - The Chinese home robot market is thriving globally, with a 16.5% year-on-year increase in shipments, and Chinese brands holding four of the top five positions in the global market share [13] Group 3: Brand Strategies and Market Penetration - Chinese tea brands are rapidly expanding overseas, with Mixue Ice Cream and Heytea adopting different strategies to capture markets in Southeast Asia and Europe, respectively [19][20] - The sports goods industry in China is projected to reach an export value of $28.396 billion in 2024, driven by brand building and supply chain efficiency [18] - BYD has achieved impressive overseas sales, with a significant market share in Europe and plans to surpass Toyota by 2025, despite facing challenges in market education and after-sales service [27] Group 4: Technological Innovations and Globalization - Haier Biomedical is transitioning from product export to ecosystem co-building, focusing on laboratory solutions and smart medication to enhance its global competitiveness [28] - Chery Automobile has seen a 26.2% year-on-year increase in exports, emphasizing a strategy of localized production and a comprehensive product matrix [29] - SHEIN is transforming from a super retail entity to a super ecological entity, leveraging flexible supply chains and digital tools to enhance its global manufacturing capabilities [25]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The report highlights the rapid growth potential of the pool cleaning robot industry, with a projected global market size of approximately $2.5 billion in 2024, growing at a CAGR of 15.7% from 2019 to 2024 [2][52] - The company, Wangyuan Technology, is positioned as a leading manufacturer in the pool cleaning robot sector, ranking third globally with a market share of 9.2% in 2024 [2][61] - The report emphasizes the company's strong technological capabilities and comprehensive product matrix, which includes a range of models from entry-level to high-end products [3][10] Company Overview - Wangyuan Technology was established in 2005 and has developed a rich product portfolio in pool cleaning robots, primarily selling through e-commerce platforms to consumers in North America and Europe [1][10] - The company has seen significant revenue growth, with projected revenues of 540 million yuan and 380 million yuan for 2024 and the first half of 2025, respectively, representing year-on-year growth of 43.8% and 41.6% [1][15] - The company's net profit for the same periods is expected to be 70 million yuan and 60 million yuan, with year-on-year growth of 15.9% and 24.9% [1][15] Industry Situation - The global pool cleaning robot market is expected to reach approximately 25 billion USD by 2024, with a total of 4.5 million units sold [2][49] - The market is characterized by a high concentration, with the top five manufacturers accounting for about 74.9% of the market share in 2024 [2][61] - The report forecasts that the market size will expand to 4.2 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [2][52] Competitive Advantages - The company boasts leading technology research and development capabilities, having independently developed all core technologies for its pool cleaning robots [3][10] - Wangyuan Technology has a strong manufacturing capacity, with plans to increase annual production capacity from 650,000 units to 2 million units by 2027 [3][10] - The company employs a multi-channel strategy, with a significant online presence on platforms like Amazon and Shopify, and a dual-brand strategy that effectively targets both high-end and cost-effective market segments [3][10]

Investment Rating - Industry rating: Recommended [7] Core Insights - The global pool cleaning robot market is projected to grow from USD 1.2 billion in 2019 to USD 2.48 billion in 2024, with a CAGR of 15.7% [21] - The penetration rate of pool cleaning robots is expected to increase from 26.2% in 2024 to 34.2% in 2029 [21] - The market is highly concentrated, with the top five manufacturers holding 74.9% of the market share in 2024, and Wangyuan Technology being the third largest globally with a 9.2% market share [23] Company Overview - Wangyuan Technology, established in 2005, has been a leader in the pool cleaning robot sector, introducing various innovative products over the years, including AI-driven models in 2023 [13] - The company's revenue is expected to grow from CNY 318 million in 2022 to CNY 544 million in 2024, with a CAGR of 19.6% [15] - In the first half of 2025, the company achieved revenue of CNY 379 million, representing a year-on-year increase of 41.6% [15] Financial Performance - In 2024, the net profit is projected to increase by 15.9% to CNY 71 million, with a first half net profit of CNY 61 million in 2025, up 24.9% year-on-year [15] - Revenue breakdown by product for 2024 shows brand products at 72.4%, ODM products at 24.6%, and accessories at 3.1% [19] - Geographically, revenue distribution in 2024 is expected to be 49.4% from North America, 40.1% from Europe, 3.7% from China, and 6.9% from other regions [19]