" 真正的国际化，不仅在于市场份额的简单占领，更在于以合作智 慧赢得广泛认同与长久尊重。 " 作者丨 刘伟 编辑丨 林觉民 "泳池清洁机器人的战争，最快今年年底就会结束。" 2025 年初时，投资人应航（化名）大胆预测道。 近一 年过去，行业战况似乎正在朝着他所预言的方向发展。头部企业已经从技术、产品、资金和渠道等各 个维度，把竞争壁垒修筑得牢不可破，令追赶者望而却步。 01 从资金战到渠道战 智能硬件赛道的角逐，不仅仅是产品和技术的竞争，更是资金和渠道能力的全方位较量，而且后两者往往 对战局的影响更为关键。 不久前，一位投资人在谈到泳池清洁机器人赛道的创业机会时，直言不讳地表示， "大部分赛道首先要看 资源投入够不够，当行业头部企业融资金额已经在10亿以上，其他人再怎么说创新，都是扯淡。创新是第 二步，你得先拿10亿的筹码放在桌上，才有资格谈。" 2025 年 4月，元鼎智能（Aiper）完成了一轮由全球泳池行业巨头Fluidra战略领投的近10亿元人民币的 融资，率先将行业的资金门槛拉到了"十亿级"的高度。对于企业来说，更深的资金储备，不仅意味着充足 的弹药，还能提升战略的确定性，让企业更加从容地排兵布阵 ...

Group 1: Core Conclusions - The report presents three key thoughts on the current real estate dilemma, emphasizing that the existing supply exceeds demand, making "net supply" reduction crucial for stabilizing the market [2] - The report highlights that second-hand housing prices provide stronger guidance and leading signals compared to new housing prices, which can be understood from the perspectives of supply, demand, price, and policy [2] - It stresses the importance of recognizing the tail risks associated with the current real estate adjustment, particularly concerning developers, homebuyers, and banks, indicating potential risks may concentrate on banks, especially smaller banks [2] Group 2: Policy Recommendations - Four feasible policy measures are suggested to reduce net supply: optimizing land acquisition, revitalizing distressed and idle properties for public service needs, accelerating the replacement of aging housing, and allowing market forces to phase out "ghost town" housing in lower-tier cities [2] Group 3: Industry Performance Insights - The report provides insights into industry performance, noting that the defense and military industry showed a 59.9% increase over the past year, while the non-ferrous metals sector increased by 103.4% [1] - It also indicates that the banking sector experienced a decline of 2.3% in January, with a modest annual growth of 6.3%, reflecting ongoing challenges in the financial landscape [1]

Group 1: Industry Overview - The home appliance and light industry in 2026 should focus on four investment themes: domestic demand supported by old-for-new policies, supply-side improvements in the power bank industry, and the rise of niche consumer products in service consumption [1] - The white goods sector is expected to benefit from the old-for-new policy, with a significant increase in consumer spending projected [44] - The overall performance of the light industry outperformed the CSI 300 index, with a cumulative increase of 24.68% from January to December 2025 [12][15] Group 2: Key Companies - Midea Group is developing a second growth curve through its B-end business, particularly in data center liquid cooling, which shows significant potential [2] - Haier Smart Home is enhancing its operational system through a data-driven approach, improving competitiveness across product, cost, and supply chain [2] - TCL Electronics and other companies in the black goods sector have shown strong performance, benefiting from the old-for-new subsidy policy [21] Group 3: Market Trends - The power bank industry is expected to see improved market conditions due to new regulations, which will raise industry standards and potentially eliminate many low-quality brands [2] - The "Guzi economy" is tapping into emotional consumption needs, with domestic IP supply increasing and consumer spending on IP expected to grow significantly [3] - The folding bicycle market is transitioning from niche to mainstream, with significant growth potential driven by urban mobility needs [3] Group 4: Export and New Markets - The export chain is gradually recovering from tariff disruptions, with a focus on companies that have strong overseas production capabilities to mitigate tariff risks [3] - New product categories, such as pool cleaning robots, have substantial growth potential, with Chinese companies expected to increase their market share [3] - Emerging markets in Africa and Latin America present new opportunities for multinational hygiene product companies [3]

在这轮上市浪潮中，泳池清洁这一应用场景也迎来了一名重量级玩家——中国泳池清洁机器人引领者天 津望圆智能科技股份有限公司（下称：望圆科技）近期递表港交所，独家保荐人为中信建投国际。 望圆科技专注于泳池清洁机器人的研发、设计、生产与销售，致力以人工智能驱动的机器人产品引领全 球泳池清洁及养护行业的智能化升级。根据灼识咨询报告，以2024年自制产品出货量计，望圆科技是全 球排名前三、中国排名第一的泳池清洁机器人供应商，同时也是无缆泳池清洁机器人的开创者及全球最 大供应商。 2025年以来，机器人产业进入资本化提速阶段。云迹科技（2670.HK）、极智嘉（2590.HK）相继登陆 港交所，斯坦德、仙工智能、极飞科技等亦在加速赴港 IPO，随着工业、农业、家用机器人等细分赛道 持续升温，港股机器人板块已成为资本关注的热点方向。 多产品覆盖全场景需求，全球渠道释放商业潜力 长期以来，传统泳池清洁主要依赖人工完成池底、池壁刷洗等重复性作业，存在效率低下、成本高昂和 安全性不足等痛点，市场对智能化替代方案的需求愈发迫切。 在此背景下，望圆科技于过去十五年间完成了三次关键技术跃迁：2009年公司首创推出轻型产品，实现 泳池清洁 ...

在AI时代，OPC（One Person Company）不仅指代"一人公司"，更是指个人借助AI工具承担代码生成、内容创作等标准化任务，并专注于战略决策与创意 设计的创业模式。当前，长三角多地纷纷打造OPC社区，为AI创业者提供创业沃土。 2025年的跨年夜，"最强地级市"苏州极具创新气质。当晚，1500多名创业者、OPC注册者、在校大学生、科研人员、投资者相聚苏州国际会议中心，举 办"OPC苏州之夜"活动。活动充满科技的律动、创新的节奏，通过讲述创业故事、分享创业经验和现场项目路演，共同以青春智慧，迎接新年，奔赴未 来。 "苏州的陪伴，将是你最坚实的后盾。""苏州，一座你永远值得相信的城市。""苏企共进，一起创业，共创未来。" 2025年的跨年夜，"最强地级市"苏州极具创新气质。当晚，1500多名创业者、OPC注册者、在校大学生、科研人员、投资者相聚苏州国际会议中心，举 办"OPC苏州之夜"活动。活动充满科技的律动、创新的节奏，通过讲述创业故事、分享创业经验和现场项目路演，共同以青春智慧，迎接新年，奔赴未 来。 活动不仅为广大有志青年学子提供了展示梦想、对接资源、融入生态的开放平台，更为处在就业与创业十字 ...

作者：王刚、赵中平、蔡润泽 摘要 ■ 投资观点 行业概况 泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理池水、池壁、池底的沙尘、杂质和污垢等。最大优势在于水下自主清理功能， 其构造包括结构件、传动件、控制件与清洁件，通过多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁辊刷等部件的配合实现池水池底池 壁的清洁功能。 行业规模 全球泳池规模稳健增长，带动清洁支出增加。2024年全球泳池总数约为3290万个，预计到2029年将进一步增加至3930万个，CAGR为3.6%。泳池清洁支出 从2019年的90亿美元增长至2024年的129亿美元，预计至2029年规模将达到167亿美元。 "经济性+可靠性提升"有望带动泳池机器人市场高速增长。泳池机器人2024年全球出货量已达450万台，市场规模约24.8亿元，渗透率达26.2%。行业需求 端增长的核心在于实现人力替代。预计2029年全球泳池机器人出货数量有望达到660万台，较2024年规模增长接近50%。其中无缆泳池机器人具备无需人 工操纵、便利灵活的优势，相比有缆型产品具有结构性机会。 竞争格局 赛道头部效应明显，中国品牌崛起。目前行业格局 ...

泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理池水、池壁、池底的沙尘、 杂质和污垢等。最大优势在于水下自主清理功能，其构造包括结构件、传动件、控制件与清洁件，通过 多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁辊刷等部件的配合实现池水池底池壁 的清洁功能。 智通财经APP获悉，国金证券发布研报称，产品力革命驱动渗透率提升，泳池机器人凭借其"经济性+可 靠性提升"实现市场规模的高速增长。在无缆/智能化趋势下，中国厂商依托技术迭代速度与供应链深度 构建核心竞争力，线上、线下渠道全面推进，有望充分把握行业蓝海机遇。 国金证券主要观点如下： 行业概况 "经济性+可靠性提升"有望带动泳池机器人市场高速增长 中资主要玩家分为以下类别 行业规模 以望圆科技、元鼎智能等为代表的泳池机器人头部专业品牌。望圆科技具备软硬件一体化的全栈研发能 力，已形成涵盖无缆、有缆、手持式等全系列泳池机器人的产品矩阵，主推无缆型产品。近年来在精确 水下声学定位、水下AI视觉等关键领域实现技术突破。元鼎智能以品牌Aiper运营，2024年公司营收规 模约30亿元人民币，已成为全球成长最快的智能清洁品牌之一。星迈创新 ...

本报讯 （记者袁传玺）自2005年成立以来，天津望圆智能科技股份有限公司（以下简称"望圆科技"） 始终聚焦泳池清洁机器人领域，以持续的技术革新与精准的全球市场布局，从国内较早深耕泳池清洁机 器人赛道的企业成长为行业领军者。 伴随泳池成为户外生活核心、物联网与AI技术渗透，泳池运维向智能化发展，通过泳池机器人可显著 提高泳池养护的容易性、促进节水或减少使用刺激性化学品，替代人工的需求已成为泳池持续运行的刚 需。作为国家级专精特新"小巨人"企业，望圆科技凭借对核心技术的执着追求和多元化的市场拓展策 略，构建起坚实的竞争优势，彰显了中国智造在全球细分市场的突围实力。 依托优质产品力，望圆科技将市场版图拓展至北美洲、欧洲、亚洲及大洋洲的60个国家及地区，形成以 欧美为核心、辐射多洲的市场格局，2024年北美、欧洲收入占比将近九成，是全球泳池清洁设备市场的 重要参与者。 从渠道布局来看，望圆科技还搭建起了"线上线下（300959）协同"的多元化体系。线上以亚马逊、 Shopify等电商平台为核心，并拓展其他线上平台以扩大覆盖；线下通过泳池设备专业零售连锁店、购 物中心及超市等第三方商家铺设品牌产品，同时以ODM模式与B ...

Core Viewpoint - The article discusses the transformation journey of Tianjin Wangyuan Intelligent Technology Co., Ltd. (Wangyuan Technology), which is attempting to shift from an Original Design Manufacturer (ODM) to a self-branded Original Brand Manufacturer (OBM) in the face of significant financial challenges and operational risks [1]. Group 1: Company Background and Transformation - Wangyuan Technology, established in 2005, initially thrived as an ODM for pool cleaning robots, with 90.9% of its revenue coming from ODM business in 2022, while self-branded revenue was only 6% [2][3]. - The company began its transition to self-branded products around 2023, aiming to break free from its dependency on a few international clients, but this shift has led to a significant decline in profit margins [3]. Group 2: Financial Performance - From 2022 to 2024, Wangyuan's revenue increased from 318 million RMB to 544 million RMB, but net profit fell from 98 million RMB to 71 million RMB, resulting in a net profit margin drop from 30.82% to 12.97% [3]. - In the first half of 2023, despite a 41.63% year-on-year revenue growth, the net profit margin decreased from 18.27% to 16.11% [4]. Group 3: Sales and Marketing Expenses - Sales expenses surged from 10.07 million RMB in 2022 to 174 million RMB in 2024, a 16-fold increase, with the first half of 2024 seeing a 71.34% rise compared to the same period in 2023 [5]. - The largest portion of sales expenses is attributed to advertising and promotional costs, raising concerns about the company's heavy reliance on marketing over research and development [5][6]. Group 4: Cash Flow and Inventory Issues - Operating cash flow plummeted from 126 million RMB in 2022 to just 650,000 RMB in 2024, with a negative cash flow of -1.54 million RMB in the first half of 2024 [7][8]. - Inventory levels increased from 98.4 million RMB at the end of 2022 to 266 million RMB in the first half of 2025, leading to longer turnover days and heightened risks of obsolescence [9]. Group 5: Governance and Controversies - Prior to its IPO application, Wangyuan declared a dividend of 62 million RMB despite negative cash flow, raising questions about the fairness of this decision to minority shareholders [10]. - The company is also under scrutiny due to a "buyback agreement" that could impose significant cash repayment obligations if the IPO fails, further complicating its financial situation [11].

从融资市场来看，报告提到，国内水下机器人领域悄然成为资本关注的焦点，活跃度显著提升，规模不 断攀升。自2023年来，水下机器人行业融资活动频繁，2024年至2025年进入密集融资期。2025年前三个 季度已有六起重要融资，其中星迈创新在2025年9月完成的10亿元A+轮融资，成为近期单笔金额最高的 融资事件。同样值得关注的是，深之蓝在2023年5月完成5.5亿元Pre-IPO轮融资，预示着行业即将迎来 上市突破。 当前，水下机器人市场呈现出民用消费级与工业深海级两大赛道并行发展的格局。报告显示，民用消费 级赛道表现抢眼，以泳池清洁机器人为代表的公司融资规模领先。星迈创新在2024年9月和2025年9月连 续完成超5亿元A轮和10亿元A+轮融资，体现出资本对消费级水下机器人市场的强烈看好。工业与深海 级赛道同样稳步推进，世航智能等企业专注于深海装备和海洋通用机器人研发，获得了资本支持。 对此，致同咨询方面进一步表示，在这个资本与技术密集的赛道中，企业既要在技术上快速突破，又要 在商业模式上持续创新，更要在供应链安全上未雨绸缪。随着政策支持力度加大和产业链优势显现，中 国水下机器人企业有望在深蓝世界中占据重要一席 ...