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 ...

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 Insights - The global launch of WYBOT S3 marks a significant technological breakthrough in the pool cleaning industry, representing the transition to a new 3.0 intelligent era driven by AI technology [1][2][3] - WYBOT S3 establishes the company as a leader in AI technology within the pool cleaning robot sector, showcasing advanced features such as a 3D mapping system and intelligent cleaning capabilities [1][2] Company Overview - Tianjin Wangyuan Intelligent Technology Co., Ltd. has evolved over 20 years from initial technological exploration to becoming an industry leader, driven by innovation [2] - The company emphasizes a commitment to continuous innovation in AI technology development to provide smarter and more convenient pool cleaning solutions for global consumers [2] Industry Impact - The introduction of WYBOT S3 is seen as a milestone in the intelligent transformation of the pool cleaning industry, indicating the arrival of a new era of smart cleaning [3] - Analysts believe that the product's capabilities, such as autonomous cleaning and advanced obstacle avoidance, will redefine user experience standards in the industry [2]

Core Insights - The launch of WYBOT S3 marks a significant technological breakthrough in the pool cleaning industry, representing a shift to a new 3.0 intelligent era driven by AI technology [1][3][26] Product Features - WYBOT S3 is equipped with 27 high-precision sensors, creating the industry's first true underwater 3D mapping system, allowing real-time perception of underwater environments and the construction of a three-dimensional digital model during cleaning [5][6] - The AI decision-making system enables WYBOT S3 to intelligently identify stain distribution, analyze pool structure complexity, and autonomously plan optimal cleaning paths, showcasing exceptional obstacle avoidance and environmental adaptability [6][8] User Experience - The product features an innovative automatic debris collection system that transfers collected waste to a shore-based collection box, providing a hands-free experience for users [8] - With a combination of autonomous docking and solar charging capabilities, WYBOT S3 achieves an unprecedented one-month work cycle without user intervention, establishing a complete autonomous cleaning ecosystem [8] Industry Impact - The introduction of WYBOT S3 is seen as a redefinition of the high-end pool cleaning market, setting a new technical standard in the industry and positioning the company as a technology benchmark [16][24] - The event was attended by industry leaders and media, highlighting the company's role as a pioneer in wireless pool cleaning technology and its contribution to global AI innovation [21][26] Future Outlook - The company aims to continue its commitment to innovation and AI technology development, striving to provide smarter and more convenient pool cleaning solutions for global consumers [24][26]

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]

Core Viewpoint - Tianjin Wangyuan Environmental Technology Co., Ltd. (Wangyuan Technology) has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] Company Overview - Wangyuan Technology is a rapidly growing global leader in the research, design, production, and marketing of pool cleaning robots, holding a strong brand value [4] - According to a report by Zhaoshang Consulting, the company ranks among the top three globally and first in China in terms of self-manufactured product shipment volume for pool cleaning robots as of 2024 [4] - The company is recognized as the pioneer and largest supplier of cordless pool cleaning robots globally [4] Product Offering - Wangyuan Technology offers a comprehensive range of pool cleaning robots, including cordless, corded, and handheld models, designed for cleaning pool floors, walls, and surfaces [4] - As of September 22, 2025, the company has 48 major models in its product lineup, featuring advanced technologies such as underwater acoustic positioning, AI vision, 3D modeling, autonomous navigation, and automatic debris collection [4] Market Reach - The company's pool cleaning robots have been shipped to 60 countries and regions worldwide [5] Financial Performance - Revenue figures for Wangyuan Technology are as follows: approximately 318 million RMB in 2022, 378 million RMB in 2023, 544 million RMB in 2024, and 379 million RMB for the first half of 2025 [5][6] - Profit figures for the same periods are approximately 97.9 million RMB, 60.8 million RMB, 70.5 million RMB, and 61.1 million RMB respectively [5][6] - The gross profit margin has shown an upward trend, increasing from 53.4% in 2022 to 65.2% in the first half of 2025 [6]

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