Beijing Roborock Technology stated that benefiting from the rapid growth of overseas consumer demand, overseas revenue has achieved fast growth, and market share has been continuously increasing. The competition in the robot vacuum cleaner market is becoming more intense. Beijing Roborock Technology admitted that with the progress of technology and intensified market competition, there is a risk of price reduction for similar products in the market, which may lead to a decrease in the company's gross margin.
On August 30, the 'Star Market Daily' reported that on the evening of August 29, Beijing Roborock Technology released its 2024 interim report.
In the first half of this year, the company achieved revenue of 4.416 billion yuan, a year-on-year increase of 30.9%; net income attributable to the parent company was 1.121 billion yuan, a year-on-year increase of 51.57%.
In terms of quarterly profit performance, Beijing Roborock Technology achieved a net income attributable to the parent company of 0.722 billion yuan in the second quarter, a year-on-year increase of 34.91%, and a quarter-on-quarter increase of 80.95%.
Regarding performance, Beijing Roborock Technology stated that the company is implementing a 'going global' strategy, actively exploring domestic and international markets, benefiting from the rapid growth of overseas consumer demand, achieving rapid growth in overseas revenue, and continuously increasing market share. At the same time, the company's product sales have significantly increased compared to the same period last year.
A person from Beijing Roborock Technology's securities department had previously told the 'Star Market Daily' reporter: 'Overseas demand is indeed quite strong, and the company's products have higher prices and margins overseas.' The financial report shows that as of now, the company's products are distributed in over 170 countries and regions globally, with over 15 million households using Beijing Roborock Technology's robot vacuum cleaners.
In terms of overall market size, research institution IDC predicts that by 2027, the global smart home market size will exceed 1 billion, with a compound annual growth rate (CAGR) of 5.6%. North America, Europe, and the Asia-Pacific region will continue to grow.
Beijing Roborock Technology's main business is the design, development, production, and sales of smart hardware such as smart cleaning robots. The main products include smart floor-sweeping robots, handheld vacuum cleaners, commercial cleaning robots, and floor scrubbers.
It is reported that the company's floor-sweeping robots use the expensive LDS lidar combined with the SLAM algorithm. Specifically, the company independently developed a laser ranging module with a scanning speed of 5×360°/sec; the SLAM algorithm solves the mapping, positioning, and navigation requirements of smart floor-sweeping robots in user home environments.
In addition, the company has developed a cleaning path planning algorithm based on artificial intelligence and applied artificial intelligence technology to allow the smart floor-sweeping robot to identify obstacles encountered during the work process through means such as machine learning using the built-in camera.
During the reporting period, the company invested 410 million yuan in research and development, a year-on-year increase of 42.92%. In terms of ongoing projects, the floor-sweeping robot innovation platform has completed the delivery of some sub-projects; in the handheld cleaning product project, the company is developing floor scrubber and vacuum cleaner products; an optimized version of the H1 AIR all-in-one washing and drying machine project has been released.
It should be noted that although China's smart floor-sweeping robot industry has experienced rapid growth in recent years, market competition has also become increasingly intense, and products are facing homogenized competition. Beijing Roborock Technology has admitted that with the progress of technology and intensified market competition, there is a risk of price reduction for similar products in the market, which could lead to a decrease in the company's gross margin.