Roborock(SH:688169) Zheng Quan Shi Bao Wang·2025-09-03 08:37Core Insights - Stone Technology leads the global cleaning robot market with a 15.2% market share and holds the top position in the vacuum robot category with a 20.7% share [1] - The cumulative shipment of Stone's vacuum robots reached 2.326 million units in the first half of 2025, representing a year-on-year growth of 67.9% [1] - The company has maintained the highest sales revenue in the global market for vacuum robots for ten consecutive quarters since 2023 [1] R&D Investment - In the first half of 2025, Stone's R&D investment amounted to 685 million yuan, accounting for 8.67% of its revenue, significantly higher than the industry average, with a year-on-year increase of 67.28% [3] - The company has obtained a total of 4,694 domestic and international patents and software copyrights as of June 2025 [3] - Advanced technologies such as LDS laser radar and AI dual-vision systems enhance the product's obstacle avoidance capabilities in complex environments [3] Global Expansion - Stone Technology has over 300 stores in the domestic market and aims for overseas revenue to account for 53.6% by 2024 [4] - The company collaborates with major international retailers like Target, Best Buy, and Costco, while also establishing flagship stores and service systems [4] - Stone implements localized strategies in different regions, such as optimizing brush systems in Turkey and introducing laser navigation technology in Germany [4] - The company's products are available in over 170 countries and regions, serving more than 20 million households, with significant market share in countries like Turkey, where it exceeds 50% [4] - In North America, a key growth market, the shipment volume increased by 65.3% year-on-year in the first half of 2025 [4]