3 6 Ke·2025-09-05 00:06Core Insights - The sweeping robot industry is facing a decline in consumer satisfaction and sales despite rising prices, leading to a situation where many consumers abandon their devices after minimal use [1][2] - Major companies like Stone Technology and Ecovacs are experiencing revenue growth but declining profits, indicating a challenging market environment [1][4] - The market is becoming increasingly competitive with new entrants and high marketing and R&D costs, leading to a phenomenon known as "involution" within the industry [7][8] Industry Overview - The average online price of sweeping robots has increased from 1413 yuan in 2018 to 3207 yuan in 2024, more than doubling [1] - Despite a retail revenue increase to 193.6 billion yuan in 2024, the industry is struggling with profitability, as seen in Stone Technology's net profit decline of 39.55% in the first half of the year [2][4] - The sweeping robot market saw a peak in sales in 2020 with 6.54 million units sold, but has not returned to that level, with projected sales of 6.036 million units in 2024 [1][2] Company Performance - Stone Technology reported a revenue of 7.903 billion yuan in the first half of 2024, a year-on-year increase of 78.96%, but its net profit fell to 678 million yuan, a decrease of 39.55% [1][4] - Ecovacs has shown a slight recovery in net profit growth in 2024 after two years of negative growth, with marketing expenses growing at a slower rate than revenue [4][7] - Both companies are investing heavily in R&D, with Stone Technology's R&D expenses increasing by over 50% in 2024 [7][8] Market Dynamics - The sweeping robot market is not saturated, with a penetration rate of approximately 5.5% in China compared to over 10% in developed countries, indicating potential for growth [11] - New entrants like DJI and Midea are entering the market, with DJI's ROMO series already selling over 7000 units despite mixed reviews [11][12] - Companies are increasingly focusing on overseas markets, with Stone Technology's overseas revenue exceeding 50% of total revenue in 2024, reaching 6.388 billion yuan [15][16] Competitive Landscape - Stone Technology holds a 16% market share in global shipments, followed closely by iRobot and Ecovacs, indicating a highly competitive environment [10][9] - The competition is intensified by the lack of significant product differentiation, leading to rapid imitation of new technologies among companies [10][16] - Companies are expanding their presence in international markets, with Stone Technology focusing on Western Europe and Ecovacs targeting Asia-Pacific and the Middle East [12][16]