On September 28, information from the Hong Kong Stock Exchange website showed that WYBOTICS Co.,LTD filed its prospectus with the Hong Kong Stock Exchange, with CITIC Securities International serving as the sole sponsor. This marks a new phase in its capital market exploration from the New Third Board to the Shenzhen Stock Exchange Main Board, and now to Hong Kong stocks.

**Third Globally with Strong Fundamentals: Market Share and Technology Breakthrough**

According to Frost & Sullivan data, WYBOTICS Co.,LTD ranks among the top three globally and first in China in the pool cleaning robot industry by 2024 self-manufactured product shipment volume, holding a 9.2% market share. In the sub-segment, its cordless pool robot market share reaches 19.7%, ranking first globally. Behind this achievement lies the hard power of technological iteration: the company independently developed lithium battery-powered cordless pool cleaning robots, with cordless products accounting for 89% of revenue in 2024.

Financial data confirms its growth resilience. From 2022 to 2024, company revenue grew from 318 million yuan to 544 million yuan, with a compound growth rate of 30.8%. In the first half of 2025, revenue reached 379 million yuan, up 42% year-on-year, with gross margin reaching 65.2%.

**Brand Transformation Growing Pains: ODM Dependency and Channel Restructuring**

WYBOTICS Co.,LTD's growth trajectory reflects the typical path of Chinese manufacturing upgrading to brand development. In 2022, ODM business revenue still accounted for 90.9%, but by the first half of 2025, proprietary brand revenue share had surged to 86.4%. This transformation faces two major challenges:

1. Channel restructuring: In 2024, the company's revenue composition was 78.7% from main platforms, 11.4% from other online platforms, and 9.8% from offline channels, requiring time to achieve channel balance.

2. Patent barriers: In 2022, US company Zodiac initiated a "337 investigation," alleging patent infringement by the HJ3172 model product. WYBOTICS Co.,LTD leveraged its proprietary vortex jet system patent portfolio to file counter-suits, ultimately forcing the opponent to withdraw three core allegations.

**New Capital Market Journey: Fundraising Allocation**

For this Hong Kong listing, WYBOTICS Co.,LTD plans to use part of the raised funds to build new production bases and supporting warehousing facility projects to further enhance capacity and production efficiency. After completion, the project is expected to increase WYBOTICS Co.,LTD's annual pool cleaning robot production capacity by over 600,000 units, bringing total annual capacity to over 1.2 million units. Simultaneously, WYBOTICS Co.,LTD plans to further expand production bases to achieve total annual capacity exceeding 2 million units in the future.

**Conclusion: A Sample of Chinese Smart Manufacturing Going Global**

WYBOTICS Co.,LTD's IPO represents a microcosm of Chinese manufacturing's transformation from "contract manufacturing" to "brand + technology" dual-wheel drive development. In the hundred-billion-level pool cleaning market, this Tianjin enterprise is writing a new chapter in the global cleaning robot industry through technological breakthroughs and capital assistance. Whether it can replicate the successful paths of Ecovacs and Roborock in the Hong Kong stock market remains worthy of investors' continued attention.

Note: This article incorporates AI generation. Views expressed do not constitute investment advice and are for reference only. Markets carry risks; investment requires caution.