Benefiting from accelerated global urbanization and the increasing number of residential buildings, hotels, schools, and other commercial facilities, the global pool count has continued to grow in recent years. Data shows that as of the end of last year, the total number of pools worldwide was approximately 32.9 million, expected to increase to 39.3 million by 2029, corresponding to a compound annual growth rate of 3.6%. The continuous penetration of pool culture into daily life has led to rising pool cleaning expenditures. In 2024, global pool cleaning spending was approximately $12.9 billion, expected to further increase to $16.7 billion by 2029, corresponding to a compound annual growth rate of 5.3% during the period.
Amid this market boom, pool cleaning robots, as products that simultaneously respond to growing market demand and the proliferation of household IoT devices and the rise of artificial intelligence technology, have gained consumer favor. From 2019 to 2024, the global pool cleaning robot market size increased from $1.2 billion to $2.482 billion, corresponding to a compound annual growth rate of 15.7%, and is expected to continue expanding to $4.211 billion by 2029.
Riding the "express train" of industry development, WYBOTICS Co.,LTD (hereinafter referred to as "Wybotics"), whose main business is pool cleaning robots, recently submitted its listing application to the Hong Kong Stock Exchange. According to the prospectus, based on shipment volume of self-manufactured products in 2024, Wybotics is the third-largest global and first-largest domestic pool cleaning robot supplier, possessing the most comprehensive product portfolio equipped with the most advanced pool cleaning technology.
**A Leading Player in Pool Cleaning Robots**
Wybotics' history can be traced back to 2005, when the company successfully developed its first pool cleaning robot and obtained relevant patents in its founding year. Reviewing Wybotics' development trajectory, the company pioneered lightweight products in 2009, first introduced cordless products in 2014, and pioneered AI-driven products in 2023. It's evident that over the past decade-plus, Wybotics' technological R&D progress has consistently maintained an industry-leading position.
The advanced intelligent transformation progress is reflected in the financial statements through Wybotics' core financial data showing continuous growth. Data shows that from 2022 to 2024, Wybotics' revenue was RMB 318 million, RMB 378 million, and RMB 544 million respectively, maintaining growth while accelerating; in the first six months of 2025, the company achieved revenue of RMB 379 million, also increasing 41.6% year-over-year.
Breaking down the revenue structure, Wybotics' income mainly comes from pool cleaning robot sales. From 2022 to 2024, Wybotics realized revenue of RMB 19.091 million, RMB 254 million, and RMB 393 million through branded product sales, accounting for 6%, 67.1%, and 72.4% respectively. Additionally, the company also sells commissioned manufacturing products under ODM mode, generating revenue of RMB 289 million, RMB 118 million, and RMB 134 million during the same period, corresponding to revenue proportions of 90.9%, 31.1%, and 24.6%. Besides, Wybotics also has a small portion of revenue contributed by parts sales.
It's evident that since 2023, branded product sales have gradually become Wybotics' pillar business. In the first six months of this year, Wybotics achieved revenue of RMB 328 million through branded product sales, with the proportion further rising to 86.4% of total revenue. During the same period, revenue generated from ODM product sales shrunk to 13.1%, seemingly indicating a further shift in the company's business focus.
While revenue expanded, Wybotics' profitability indicators also improved synchronously. From 2022 to the first half of 2025, the company's gross profit was RMB 170 million, RMB 217 million, RMB 315 million, and RMB 247 million respectively, corresponding to gross margins of 53.4%, 57.5%, 58%, and 65.2%. However, during the same period, Wybotics' net profit was RMB 97.915 million, RMB 60.849 million, RMB 70.51 million, and RMB 61.083 million respectively. In terms of net profit scale, the company's peak still remains at 2022.
**Stable Competition Pattern with Potential for Market Leaders to Strengthen**
Over the past few decades, with rising urbanization rates and continuous increases in residents' disposable income, private pools have become mass market products with significantly improved popularity and accessibility. Meanwhile, the increase in pool numbers has driven up demand for corresponding maintenance products, with pool cleaning robots being a highly representative segment.
Regarding current market conditions, the global pool cleaning robot market is highly concentrated, with the United States and Europe jointly dominating the market. In 2024, these two regions combined accounted for approximately 80% of global shipments, despite their populations representing only about 10% of the world. Looking ahead, emerging markets represented by China have tremendous growth potential that cannot be ignored.
From the supply perspective, based on shipment volume of self-manufactured products, the combined market share of the top five global pool cleaning robot manufacturers reached 74.9% in 2024. Among these, two companies headquartered in Israel and Spain respectively ranked first and second globally, with market shares of 34.8% and 18.5%, while Wybotics closely followed with a 9.2% market share.
Considering that pool cleaning robots represent a vertical field where new entrants need professional technology and deep industry knowledge, with relatively high industry barriers, it's foreseeable that market structure will be difficult for external players to disrupt for a long time. In other words, future market rankings of leading companies will more likely involve competition among existing players rather than disruption by new entrants.
For Wybotics, as a representative domestic supplier, the company may deeply benefit from the rise of emerging markets in pool cleaning robots by leveraging local supplier advantages. According to CIC data, China's pool cleaning robot market compound annual growth rate reached 22.3% from 2019-2024, leading globally. From 2024-2029, China's market growth is expected to further accelerate, with the "locomotive" driving effect potentially continuing to strengthen.
Within this context, Wybotics' product sales performance in the domestic market deserves particular attention. Data shows that from 2022 to the first half of 2025, Wybotics' revenue from China was RMB 161 million, RMB 38.624 million, RMB 19.865 million, and RMB 31.71 million respectively. Previously showing continuous contraction, it has returned to a growth trajectory this year.
With Wybotics officially submitting its application to the Hong Kong Stock Exchange, should it successfully list on Hong Kong stocks, market visibility could be further enhanced, which would likely have positive effects on expanding sales channels. As for whether Wybotics will ultimately gain greater influence in the global market, continued attention is warranted.