SIASUN(SZ:300024) Zhong Guo Jing Ying Bao·2025-12-07 01:47Core Viewpoint - iRobot, once a leader in the robotic vacuum industry, is now facing bankruptcy, heavily indebted to its contract manufacturer Shenzhen Sijuan, which has acquired a significant portion of its debt [2][3]. Group 1: Financial Situation - iRobot disclosed that Shenzhen Sijuan acquired $190.7 million in bonds and is owed $161.5 million in manufacturing costs, with $90.9 million overdue, totaling approximately 2.5 billion RMB [2]. - iRobot's cash and cash equivalents amount to only $24.8 million, indicating severe liquidity issues [2]. Group 2: Dependency on Contract Manufacturers - The company increasingly relies on third-party contract manufacturers for production, with Shenzhen Sijuan being its primary manufacturer located in China and Vietnam [3]. - The partnership with Shenzhen Sijuan has been extended until August 2027, but unpaid amounts could lead to a breach of contract [3]. Group 3: Market Position and Competition - iRobot was once the pioneer of robotic vacuums, launching its first model in 2002 and achieving over 80% market share at its peak, but has faced operational losses since 2021, with a 26.47% revenue decline in the first three quarters of 2025 [3][5]. - The company's market share has plummeted to 7.9% as of Q2 2023, reflecting its declining competitive position [5]. Group 4: Industry Dynamics - The rapid growth of the cleaning appliance industry, particularly during the pandemic, has left iRobot behind, as competitors like Ecovacs and Roborock have surged ahead in technology and product offerings [4]. - Shenzhen Sijuan, established in 2016, has become a significant player in the high-end robotic vacuum market, producing 3 out of every 10 units globally [4].