As the 618 shopping festival approaches, Roborock (688169.SH) continues to soar in performance.
Recently, AVC released some of the latest data for the second quarter of 2025. Specifically, in the field of cleaning appliances, high prosperity continues, with both volume and price rising. In April 2025, the online sales revenue of robotic vacuums reached 1 billion yuan, a year-on-year increase of 81%, with online sales of 300,000 units, a year-on-year increase of 74%, and an online average price of 3,340 yuan per unit, a year-on-year increase of 3.5%; the online sales revenue of floor washers reached 690 million yuan, a year-on-year increase of 82%, with online sales of 340,000 units, a year-on-year increase of 82%, and an online average price of 2,043 yuan per unit, a year-on-year increase of 0.1%.
Among them, Roborock performed brilliantly, maintaining a leading market share. According to AVC data, in April 2025, the online sales revenue of Roborock's robotic vacuums increased by 72% year-on-year, with a market share of 26%; the online sales revenue of Roborock's floor washers increased by 1,065% year-on-year, with a market share of 19%.
In China, the &#34;old-for-new&#34; subsidy policy for home appliances continues to exert its influence, combined with the 618 promotional activities of e-commerce platforms, further stimulating consumers' purchasing desire and unleashing the consumption potential of cleaning appliances and other home products.
At the same time, under the strategy of sacrificing some profits to increase market share, Roborock's quarterly revenue has grown rapidly. China Galaxy Securities stated that from an industrial perspective, as the robotic vacuum industry enters a long-term growth phase of increasing penetration rates, the company's strategic choice is wise.
Analysts from China Galaxy Securities indicated that if the current strategy continues, the company is expected to occupy the leading position in the robotic vacuum market in China, Europe, and the United States.
Focusing on Enhancing Industrial Advantages
Roborock's Q1 2025 report released at the end of April showed that the company achieved revenue of 3.428 billion yuan, a year-on-year increase of 86.22%; the net profit attributable to shareholders of the listed company was 267 million yuan.
Analysts from China Galaxy Securities stated that Roborock previously focused on enhancing industrial advantages. In 2020, when the company went public, the net profit margin attributable to the parent company reached 30.2%, but due to a lack of necessary sales investment, the revenue scale was at a second-tier level.
From 2021 to 2023, as sales expenses increased, the company's profit margin declined, but market share continued to rise, scaling up to the first tier.
In 2023, the sales volumes of iRobot, Ecovacs, and Roborock's robotic vacuums were 3.03 million units, 2.84 million units, and 2.6 million units, respectively; by the third quarter of 2024, Roborock's competitive strategy focused more on increasing market share. Specific measures included lowering prices in Europe while significantly increasing the proportion of online direct sales. Combined with other factors, this led to a decline in the company's profit margin.
In 2024, Roborock's revenue and sales of robotic vacuums ranked first globally.
According to the company's 2024 annual report, Roborock achieved revenue of 11.945 billion yuan in 2024, a year-on-year increase of 38.03%; the net profit attributable to the parent company was 1.977 billion yuan, a year-on-year decline of 3.64%.
From a quarterly perspective, since Q1 2024, the company's net profit margin attributable to the parent company has been 21.66%, 28.04%, 13.57%, 10.21%, and 7.80%, showing a clear downward trend, leading to year-on-year profit declines in Q3 2024, Q4 2024, and Q1 2025
Despite some investors being puzzled by the company's declining profit margins, considering the stage of industrial development, the user experience of robotic vacuums has matured and entered a growth phase of long-term penetration rate improvement. In this context, capturing market share and achieving economies of scale is a strategy commonly adopted in the industry.
China Galaxy Securities expects that starting from 2025, the company's profit margins are likely to bottom out, while market share will grow rapidly, until it significantly leads over the second place. If the current strategy continues, the company is expected to hold the top position in the robotic vacuum market in China, Europe, and the United States.
Unfazed by tariff disruptions, global market sales surge
From an industry perspective, benefiting from subsidies for replacing old products and New Year promotional activities, the cleaning appliance sector continues to show good growth momentum, with online retail sales recording good growth in January 2024 compared to a high base in the same period.
According to data from AVC, the online retail volume of cleaning appliances in China reached 3.7744 million units from January to February 2025, a year-on-year increase of 36.3%, with online retail sales monitored at 4.668 billion yuan, a year-on-year increase of 42.9%. With the support of the old-for-new policy, the industry's sales heat remains at a high range.
Among them, the online retail volume/revenue growth rates for robotic vacuums from January to March were 62.9%/53.4% year-on-year, showing impressive growth. Analysts from China Galaxy Securities believe that robotic vacuums are naturally benefited by AI upgrades, and with policy support, high unit price consumption is fully released, indicating that high prosperity is expected to continue.
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In the global robotic vacuum market, the share of Chinese companies is rapidly increasing.
IDC data shows that in 2024, the global smart robotic vacuum market is expected to ship 20.603 million units for the whole year, an 11.2% year-on-year increase compared to 2023.
Among them, the shipment volume of Chinese robotic vacuums reached 5.39 million units, a year-on-year increase of 6.7%. In the fourth quarter, stimulated by the &#34;national subsidy&#34; policy, shipments reached 1.75 million units, a year-on-year increase of 28.2%. According to calculations by analysts from China Galaxy Securities, overseas shipments reached 15.21 million units, a year-on-year increase of 9.4%.
In 2024, Roborock, iRobot, Ecovacs, Xiaomi, and Chase have market shares of 16.0%, 13.7%, 13.5%, 9.7%, and 8.0% respectively in the global market.
Roborock achieved the top position in both volume and value globally, with shipments exceeding iRobot for the first time. Its overseas strategy prioritizes markets in developed countries with high demand for smart home products, balancing online and offline efforts, and synchronizing R&amp;D and sales.
iRobot's global shipments in 2024 declined by 6.7%, with a market share drop of 2.6%. Its products are impacted by Chinese manufacturers in Western Europe and the Asia-Pacific markets, squeezing market space. Its localization efforts in emerging markets are relatively weak, and its product line is relatively singular, which may impose certain constraints on long-term growth
Recently, a research report released by the Huaxi Appliance Research Institute pointed out that the United States and China announced a joint statement to significantly reduce bilateral tariffs, which may significantly alleviate the cost pressure on Chinese companies exporting to the U.S. in the short term. In addition, the 90-day tariff suspension period may trigger companies to ship in advance, and the export growth rate to the U.S. in the second quarter is expected to exceed expectations due to the rush to export effect. After the reciprocal tariffs in April, some export chain companies' stock prices may have been oversold, and under favorable policies, there is hope for a rebound opportunity, but vigilance is still needed regarding the fluctuations in trade policies.
However, regardless of how tariff policies are adjusted, currently, Roborock's Southeast Asian suppliers can already supply half of the U.S. SKUs and are actively expanding production, so the negative impact of U.S. tariffs will be kept within a small range. Roborock also clearly stated at the 2024 annual performance and cash dividend briefing that the company is actively researching response strategies, including price adjustments and overseas supply chain cooperation; in the future, the company will expand domestic sales and explore the European and Asia-Pacific markets

688169

Roborock continued to achieve strong sales in the second quarter of 2025, with online sales of vacuum cleaners and floor washers increasing by 72% and 1065% year-on-year, respectively. Driven by the 618 promotion and the trade-in policy, consumer purchasing desire has strengthened, and market share remains at the forefront. The company's revenue in the first quarter was 3.428 billion yuan, a year-on-year increase of 86.22%. Analysts believe that Roborock's market strategy is wise and is expected to occupy a leading position in the vacuum cleaner market in China, Europe, and the United States in the future

Zhitong

Roborock

Roborock's sales continued to gain momentum in the second quarter, firmly implementing a scale-leading strategy