ECOVACS(SH:603486) 3 6 Ke·2025-03-29 01:32Core Viewpoint - The article discusses the expansion of the company追觅 into the major appliance market, showcasing its new smart products at AWE 2025, including air conditioners, refrigerators, and washing machines, alongside its existing cleaning appliances [1][2]. Industry Overview - The smart cleaning market is entering a phase of stock competition, with a 0.6% year-on-year decline in China's vacuum robot market size in the first half of 2023. However, the global market is expected to grow from 5.5 million units to 5.9 million units from Q4 2023 to Q4 2024, albeit at a slower pace [2][5]. - The home appliance industry is highly competitive, with significant challenges in meeting user demands for smart features, as many products fail to deliver practical benefits [3][4]. - The white goods market is projected to reach a retail value of 907.1 billion yuan in 2024, reflecting a 6.4% year-on-year growth, indicating a larger market potential compared to the smart cleaning segment [6]. Company Strategy - The company追觅 is not the first to diversify into major appliances, as firms seek new growth avenues amid declining demand in the cleaning appliance sector. This strategy aims to reduce reliance on a single product category [9]. - The company leverages its existing technology and sales channels from its cleaning products to enter the major appliance market, utilizing high-speed motors and smart algorithms across different product lines [10][12][15]. - The company has established a robust sales and service network with over 5,500 stores across more than 100 countries, enhancing its ability to compete in the major appliance market [15]. Market Dynamics - The home appliance market is experiencing a significant replacement cycle, with retail sales surpassing 2019 peak levels in the first three quarters of 2024, driven by green consumption policies and a 10-12 year replacement cycle for major appliances [16].