232 stands for product line.
30 stands for belt type.
44 represents the dial diameter.
22 stands for some kind of sport.
03 stands for dial color.
00 1 stands for the serial number of the watch.
Take this watch as an example. Each set of numbers in the model indicates that this watch is a hippocampus series (232). The watch band (30) made of fine steel has a dial diameter of 44 mm (44, note: the actual size is 43.5 mm). The self-winding mechanical movement (22) and blue dial (03) are the first models in this series (006544).
I hope the answer can help you, and I hope you can choose it as a satisfactory answer.