Wangyuan Technology Files for Hong Kong Listing with 2025 Revenue of 812 Million Yuan and Gross Margin Near 63%
年收入8亿元、毛利率接近63%，望圆科技冲刺港股：中国消费机器人出海的新样本
Tianjin Wangyuan Intelligent Technology has filed for a Hong Kong listing, citing 2025 revenue of 812 million yuan and a gross margin near 63%. The company, headquartered in Tianjin, specializes in pool cleaning robots under the WYBOT brand. In 2025, its cordless unit shipments ranked first globally with a 19.7% market share, while self-manufactured units placed third worldwide. Although shifting from ODM to autonomous branding improved margins, high marketing expenses and concentration on Amazon present challenges to converting revenue into sustainable profit.
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回看望圆科技过去三年的经营表现，2023年至2025年，公司营业收入分别为3.78亿元、5.44亿元和8.12亿元，2025年同比增长49.4%。
Open source S13
公司整体毛利率由2023年的57.5%提升至2025年的62.9%，其中2025年品牌产品毛利率达到65.2%，明显高于代工业务的49.9%。
Open source S16
2025年公司毛利达到5.11亿元，净利润约1亿元，销售及营销开支则达到3.03亿元，占当年营业收入的37.2%，主要用于海外电商平台推广、渠道建设和品牌营销。
Open source S17
2025年望圆科技研发开支约3040万元，占营业收入的3.7%，同期销售及营销开支达到3.03亿元。
Open source S23
随着自主品牌逐渐建立，公司开始增加品牌产品销售，三年间自有品牌收入占比由67.1%升至83.5%，品牌业务收入达到6.78亿元。
Open source S14
2025年亚马逊为望圆贡献收入4.04亿元、占总营收49.7%，同时是第一大供应商、采购占比24.3%。
Open source S20
灼识咨询资料显示，2024年公司自制泳池清洁机器人出货量位居全球第三、中国第一，其中无缆泳池清洁机器人出货量位居全球第一，市场份额达到19.7%。
Open source S8
Source：Chinese robotics — Company news discovery · finance.sina.com.cn