Overseas revenue increased by over 50% year-on-year, Beijing Roborock Technology leading the world in sweeping robots.

In 2024, the global robotic sweeper market size is steadily increasing. According to Euromonitor data, the global retail sales of robotic sweepers reached $7.4 billion in 2024, a 7% increase compared to the previous year, continuing the high-speed growth trend from 2023. In this gradually expanding market, Chinese robotic sweeper brands are undoubtedly leading the global market and continuing to gain market share. The reasons for this are that Chinese robotic sweeper brands have taken the lead in product functionality, technological innovation, and have increased their market share overseas, especially in the high-end market. Among the numerous robotic sweeper manufacturers in China, Beijing Roborock Technology (688169.SH) is definitely a "gem on the crown". On the evening of April 3, Beijing Roborock Technology (688169.SH) released its 2024 annual report. The annual report data shows that, benefiting from the joint development of domestic and overseas businesses, Beijing Roborock Technology achieved operating revenue of 11.945 billion yuan in 2024, a 38.03% increase compared to the previous year; recording a net profit of 1.977 billion yuan. Beijing Roborock Technology stated that the revenue growth is mainly due to the company further enriching its product matrix and price matrix during the reporting period, with a key breakthrough in the mainstream price range. At the same time, through proactive marketing strategies, the company further optimized its sales structure, resulting in a significant increase in domestic and overseas business revenue. In terms of regions, in 2024, Beijing Roborock Technology's domestic main business revenue reached 5.531 billion yuan, a 25.39% increase over the previous year; while overseas revenue reached 6.388 billion yuan, a 51.06% increase. Beijing Roborock Technology Leads in Global Major Markets According to international data company IDC, in 2024, Beijing Roborock Technology took the top spot globally in terms of sales volume and sales revenue, with Beijing Roborock Technology surpassing iRobot for the first time in terms of shipment volume. Overall, among the top five robotic sweeper manufacturers globally, Chinese companies hold four seats, meaning that Chinese robotic sweeper manufacturers are seizing market share globally. CICC analysts analyzed the app download data, which is highly correlated with sales volume, and observed that Chinese robotic sweeper brands with a strong presence in major markets are capturing market share from iRobot. Among Chinese manufacturers, Beijing Roborock Technology continues to maintain a leading position. The report released by IDC on March 17 shows that in 2024, Beijing Roborock Technology ranked first globally in terms of sales volume and sales revenue, with its shipment volume surpassing iRobot for the first time, with a 20.7% increase compared to the previous year, capturing 16% of the global sales volume market share and 22.3% of the sales revenue market share. Specifically, Beijing Roborock Technology ranked first in both sales volume and sales revenue in countries such as Denmark, Finland, Germany, South Korea, Norway, Sweden, and Turkey. In the Amazon channels in the U.S. and Germany, Beijing Roborock Technology maintains a dominant position. In the U.S. Amazon channel, in 2024, iRobot, Shark, and Beijing Roborock Technology had retail sales shares of 25%, 26%, and 24% respectively, with iRobot and Shark dominating the market in the under $500 price range, but Beijing Roborock Technology leads among Chinese brands and has a clear advantage in the over $500 price range. In the German Amazon channel, the competition among Chinese brands is more intense, with Stone, Zui Mei, and Ecovacs Robotics having retail sales shares of 37%, 19%, and 15% respectively in 2024. Beijing Roborock Technology leads in the over 300 Euro price range, but faces competition in the over 800 Euro and 500-800 Euro price brackets. CICC analysts believe that the market share below 300 Euro is fragmented and has many white-label products, making it easier for Chinese brands to capture this market share by competing in the lower price ranges. Brands that take action early have a better chance of gaining an advantage. In the Amazon channels in France and Italy, Beijing Roborock Technology is still in the early stages of expansion. To further capture market share, Chinese robotic sweeper brands are continuing to broaden their price ranges overseas. By examining the top 50 robotic sweepers in the Amazon Best Seller rankings in Europe and the U.S., as well as the average selling prices of Chinese robotic sweeper brands on major Amazon sites in Europe and the U.S., analysts at China International Capital Corporation (CICC) observed that the price distribution of Chinese brands, led by Beijing Roborock Technology, is continuously expanding downwards. Beijing Roborock Technology will continue to deepen its globalization strategy. Behind the "sailing out to sea" of Chinese robotic sweeper manufacturers is the innovation of robotic sweeper products from the inside out, continuously optimizing the user experience. Specifically, in the second half of 2022, the Chinese robotic sweeper industry entered a stage of micro-innovation, with innovations focusing on internal details in addition to upgrades in software algorithms.With the continuous addition of functions such as increased suction power, anti-tangle roller brush, automatic water replenishment for the base station, and hot water re-cleaning, the product form of the floor sweeping robot in this stage has basically remained unchanged.By 2023-2024, the technological innovation of robotic vacuum cleaners will be more reflected in changes in product form, and will be more oriented towards solving consumer pain points effectively, rather than simply piling up functions. At the same time, looking at the interval of similar or same functional innovations introduced by various top brands, the learning time between top brands is shortening. Taking Beijing Roborock Technology as an example, the P10 Pro released in August 2023 is equipped with a dynamic mechanical arm and a smart telescopic mopping function; followed by the V20 released in March 2024, which comes with the stone-stellar navigation system, as well as a solid-state array laser navigation obstacle avoidance system with dual light sources embedded front and back in the body. Recently, Beijing Roborock Technology has released three new models consecutively, namely P20 Ultra, P20 Plus, and G30 U. Compared to covering the low-price range through discounted old products in the latter half of 2024, Beijing Roborock Technology is covering the low-price range with new products in 2025, leading to a higher overall gross profit margin for the company; and in the medium-to-high-price range, Beijing Roborock Technology is optimizing product structure by launching more SKUs. The mentioned innovations are far from the end of the industry. In its annual report, Beijing Roborock Technology stated that the company will continue to deepen its globalization strategy. In overseas markets, Beijing Roborock Technology will focus on North America, Europe, and the Asia-Pacific region, and through active market strategies, further optimize its sales structure, refine its channel layout, and enhance the influence of its brand and products.