ECOVACS(SH:603486) Xin Lang Zheng Quan·2025-11-12 07:06Core Insights - The competition in the smart hardware and home service robot industry is intense, and the ability to break through in a saturated market relies on deep product insights and continuous innovation [1][3]. Industry Overview - Over the past decade, the home service robot industry in China has expanded, yet global annual shipments remain around 15 to 20 million units, with a penetration rate of less than 10%, indicating significant growth potential [3]. - The real competition lies not in "involution" but in how companies can enhance user experience and expand market size through product innovation [3]. Company Strategy - The core of industry competition is rapid iteration and vertical integration, with the lifecycle of floor cleaning robots being only 6 to 9 months and a product development cycle of about 6 months to a year [3]. - Companies must possess manufacturing and core component capabilities to maintain a competitive edge amid rapid changes [3]. - The company has established its own manufacturing system, with self-research capabilities in motors, batteries, and sensors, providing solid support for product updates [3]. Future Outlook - The company is increasing investments in emerging product categories, including window-cleaning robots, lawn-mowing robots, and a swimming pool robot set to launch next year, all of which are entering a phase of healthy growth [3]. - Long-term growth cannot rely on a single product category, and the company emphasizes the importance of investing in the future [3]. - The three key capabilities for the company to navigate cycles and win competition are product insights, iteration speed, and vertical integration [3].