Weibang Sports Completes a Round of Inquiry: Next Stop for the Global 'Hidden Champion' in Frame-Supported Above-Ground Pools

Produced by Bullet Finance

Author | Yue Ye

Editor | Lightning

Art Editor: Qianqian

Reviewed by | Song Wen

Recently, Weibang Sports Technology Group Co., Ltd. (hereinafter referred to as 'Weibang' or 'Weibang Sports') submitted its response to the IPO review inquiry letter. This brings the company one step closer to listing on the Shanghai Stock Exchange Main Board.

Many people may not have heard of this company, but it is an indispensable player in the global market for core components of frame-supported above-ground swimming pools. According to data from LeadLeo Research, Weibang Sports held a 53.46% share of the global market for core components of frame-supported above-ground swimming pools (excluding pool liners) in 2025, up from 53.05% in 2024. For every two frame-supported above-ground pools sold globally, one relies on core components supplied by Weibang Sports.

Counting from its founding in 1995, Weibang Sports has深耕ed this niche segment for over three decades. Now, standing at the threshold of an IPO, the company is presenting capital markets with a story of unwavering focus.

For thirty years, Weibang Sports has been singularly focused on one mission: perfecting above-ground pool frames, filters, and ladders—thereby building a formidable competitive moat in a rapidly growing niche segment that rivals find difficult to cross.

1. Rising consumer interest in outdoor sports strengthens growth visibility in niche segments

The sporting goods manufacturing sector, in which Weibang Sports operates, is currently in a clear upward cycle.

According to the 'Annual Development Report on China’s Sporting Goods Industry (2025)' released by the China Sporting Goods Industry Federation, China’s total output from sporting goods manufacturing and sales reached RMB 2.085 trillion in 2024, an increase of 3.6% year-over-year, accounting for 54.3% of the entire sports industry’s total output. Over the long term, the sporting goods manufacturing sector has entered a relatively stable phase of development.

More notably, since 2022, the value-added growth rate of sporting goods manufacturing has consistently outpaced that of the overall manufacturing sector. Its share of total manufacturing value-added has steadily risen from 1.08% in 2021 to 1.27% in 2024. Sales of outdoor/hiking/camping/travel gear reached RMB 142.372 billion in 2024, surging 22.22% year-over-year, as the outdoor economy fuels a boom in sports-related consumption.

Policy support continues to intensify. In September 2025, the General Office of the State Council issued the 'Opinions on Unlocking the Potential of Sports Consumption and Further Promoting High-Quality Development of the Sports Industry,' which sets a target for the total scale of China’s sports industry to exceed RMB 7 trillion by 2030 and aims to cultivate a group of world-class sports enterprises and sporting events.

Weibang Sports stands to benefit not only from the broader growth of China’s sports industry but also from expanding opportunities in global markets.

According to Business Research Insights, the global sporting goods market reached USD 597.74 billion in 2025 and is projected to grow to USD 844 billion by 2034, representing a compound annual growth rate (CAGR) of approximately 3.91%. Going forward, driven by factors such as fitness increasingly becoming a mainstream lifestyle choice and sustained global enthusiasm for sporting events, the global sporting goods market is expected to maintain long-term growth momentum.

Specifically within细分 segments, above-ground pools demonstrate strong growth certainty across consumer structures in different global regions.

For example, in Europe—the birthplace of above-ground pools—consumers demand higher durability, safety, and completeness of配套 accessories than the global average. They also tend to favor premium steel-wall or resin-based above-ground pools and are willing to pay for high-quality products. This consumer preference dictates that the European market will inevitably follow a 'premiumization' path. For Weibang, this represents a high-value incremental segment.

The North American market exhibits even greater certainty. High labor costs for maintenance and well-established fast-consumption outdoor spending habits mean that above-ground pools are often replaced entirely each season, creating a steady, rolling base of rigid demand. According to LeadLeo Research, the North American market size is projected to grow steadily from USD 182 million in 2025 to USD 248 million by 2029, representing a compound annual growth rate (CAGR) of 8.04%.

Europe competes on quality, while North America thrives on recurring replacement demand. Though these two paths differ, they converge on the same trend: the core components segment for above-ground pools is seeing heightened growth certainty, and Weibang Sports, as an industry leader, will continue to benefit accordingly.

2. Three decades of manufacturing expertise have secured over half of the global market share

When an industry segment is sufficiently broad and its growth trajectory sufficiently certain, Weibang Sports—as the market leader—demonstrates exceptional leadership strength.

According to LeadLeo Research, in 2025 Weibang Sports held a 53.46% market share in global sales revenue of core components for frame-supported above-ground pools (excluding pool liners). The top three companies together accounted for 82.58% of the market, reflecting a competitive landscape characterized by 'one dominant player and a solidified structure.'

As the 'dominant player,' Weibang Sports continues to grow even from its already substantial market share base, indicating that its competitive advantages in cost, technology, and financial performance are further strengthening.

Let’s first examine its cost advantage.Steel constitutes the bulk of raw material costs for above-ground pool components. Most competitors typically purchase pre-processed steel tubes and fittings from steel traders for assembly, incurring added markups at every intermediary step. Leveraging its technological and scale advantages, Weibang Sports procures directly from steel mills, securing lower prices and a stronger cost position.

As one of the very few companies in the above-ground swimming pool industry with steel strip slitting capabilities, and also among the limited number of outdoor functional furniture manufacturers that produce their own tubes in-house, Weibang Sports’ cost advantage has become even more pronounced.

Meanwhile, Weibang Sports is headquartered in the Yangtze River Delta region and operates production facilities in Jinhua (Zhejiang), Xiamen (Fujian), Nantong (Jiangsu), and other locations, giving it a geographical edge over competitors. This strategic production layout not only shortens transportation distances but also facilitates raw material supply, enhancing its cost competitiveness. During the reporting period, Weibang Sports had already achieved significant economies of scale in its core product manufacturing, translating into substantial cost advantages and stronger bargaining power in procurement.

More importantly, this cost advantage is firmly rooted in tangible technological expertise.

The prospectus showsAs of the end of 2025, Weibang Sports held 450 patents, including 33 invention patents and 386 utility model patents.Its core technologies encompass more than ten key areas, such as metal processing techniques (including ultra-thin-walled steel tube manufacturing and machining processes, automated welding technologies), anti-corrosion connection technology for pool frames, and intelligent pool water purification systems. These technologies have been refined over years of production and manufacturing experience specifically to address customer pain points, making them difficult for competitors to replicate quickly through capital or equipment investment alone.

Weibang Sports also leads the industry in smart manufacturing.Its digitalized injection molding workshop has been recognized as a 'Provincial-Level Smart Factory (Digital Workshop)' by Zhejiang Province. All its production bases continue to enhance automation levels, integrating ultra-thin-walled tube processing, automated welding, and intelligent powder coating into a unified workflow. The company has also received honors such as 'Zhejiang Provincial Pilot Enterprise for Future Factories.'

These technologies and processes are not only mature but also aligned with industry trends. As the above-ground pool components sector evolves toward lightweight design, low-carbon energy efficiency, and intelligent functionality, Weibang Sports’ strategic investments in ultra-thin-walled steel tube manufacturing, eco-friendly zirconium-based surface treatment processes, and smart remote control technologies closely match this directional shift.

Leveraging these strengths, Weibang Sports has steadily solidified its market position. According to Wind Information, among the five listed companies in China’s C244 sporting goods manufacturing sector, Weibang Sports ranked first in both revenue and net profit for 2025, with revenue of RMB 2.015 billion and net profit of RMB 321 million—significantly outperforming its peers.Over the past three years, its cumulative revenue exceeded RMB 5.3 billion, and cumulative net profit surpassed RMB 800 million.

3. Listing is just the beginning: focusing on three key directions to unlock new growth potential

With a solid market position and robust financial foundation, Weibang Sports’ strategic direction following its IPO has become clearer.

From 2023 to 2025, Weibang Sports’ revenue grew from RMB 1.438 billion to RMB 2.015 billion, and its attributable net profit, excluding non-recurring gains and losses, increased from RMB 215 million to RMB 313 million. In 2024, revenue rose by 28.73% year-over-year, and adjusted net profit grew by 34.21%, with continued growth expected in 2025.

This scale of operations and growth trajectory aligns with the Shanghai Stock Exchange Main Board’s criteria of 'mature business model, stable operating performance, large scale, and industry representativeness.'

According to the prospectus, Weibang Sports plans to raise RMB 1.085 billion through this IPO, allocating funds to projects including the construction of production facilities for above-ground pools and core components, high-end above-ground pools and filtration/purification systems, automation upgrades for production lines, a research and development center, marketing network and brand promotion initiatives, as well as RMB 200 million for working capital supplementation.

The allocation of these proceeds reveals Weibang Sports’ three-pronged strategic approach:

First, deepening its core strengths—further fortifying its competitive moat in existing areas of advantage.Capacity expansion projects will enhance automation, digitalization, and intelligent manufacturing capabilities, driving transformation and upgrading of its production model and increasing output capacity. The prospectus explicitly states that upon completion and full operation of these projects, Weibang Sports’ market position will be further strengthened, along with improved profitability and risk resilience.

Second, iteration—building a robust R&D system through the establishment of a dedicated research center, with a focus on supporting outdoor sports product innovation.For example, leveraging its technological edge to expand into premium outdoor sports products, catering to new consumer groups seeking high-quality, multifunctional outdoor gear.

Third, the expansion of its marketing system and brand promotion initiatives will help the company broaden its sales channels.The prospectus explicitly states that the company will 'gradually build a new development model featuring both proprietary brands and ODM business.' This means that while maintaining its competitive edge in ODM operations, Weibang Sports is now actively developing its own brand and distribution channels, stepping out from behind the scenes into the spotlight.

Looking further ahead, Weibang Sports’ long-term development plan, as outlined in the prospectus, will closely revolve aroundthe corporate principle of 'excellence, strength, and sustainability,'focusing ona development philosophy of 'R&D-driven and customer-centric,'withthe corporate vision of 'continuous innovation to bring healthy exercise into every household.'Starting from Jinhua and rising to become the global leader in its niche market, Weibang Sports’ thirty-year journey epitomizes the story of Made in China.

4. Conclusion

Starting from Jinhua and rising to become the global leader in its niche market, Weibang Sports’ thirty-year journey epitomizes the story of Made in China.

Completing the IPO inquiry is a significant milestone. The bigger question is whether this manufacturing company—long accustomed to being an 'unsung hero' behind the scenes—can harness the power of capital markets to not only defend its core business but also open up new frontiers, gradually evolving from a strong ODM manufacturer into a branded outdoor sports group.

Capital markets are now waiting for Weibang Sports to deliver its answer.

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