SIASUN(SZ:300024) Hua Er Jie Jian Wen·2025-12-15 16:27Core Viewpoint - iRobot, a pioneer in the robotic vacuum industry, has filed for Chapter 11 bankruptcy protection and plans to be acquired by its major Chinese supplier, Picea Robotics, leading to its delisting from the stock market [1][3]. Group 1: Bankruptcy and Acquisition Details - iRobot will undergo restructuring through Chapter 11 bankruptcy, with Picea Robotics acquiring 100% ownership and canceling $190 million in debt [3][5]. - The acquisition is expected to be completed by February, allowing iRobot to continue operations and fulfill commitments to employees and partners [5][6]. Group 2: Financial Struggles and Market Position - iRobot generated approximately $682 million in total revenue in 2024, but faced significant profit erosion due to price competition from Chinese rivals like Ecovacs [7]. - The company holds a dominant market share of 42% in the U.S. and 65% in Japan, but intense competition has forced it to lower prices and invest heavily in technology upgrades [7]. - U.S. tariff policies have added $23 million in costs for iRobot, particularly affecting its vacuum production in Vietnam [7]. Group 3: Historical Context and Recent Developments - Founded in 1990 by three MIT researchers, iRobot gained fame with the launch of the Roomba vacuum in 2002, reaching a peak market value of $3.56 billion in 2021 [3][8]. - Following a failed acquisition by Amazon for approximately $1.7 billion, iRobot's market value plummeted to around $14 million recently, with a further drop to under $38 million during trading [8]. - The company has laid off 350 employees, about one-third of its workforce, following the failed acquisition and ongoing financial difficulties [8].