扫地机鼻祖，被谁卷死了？

Core Viewpoint - iRobot, a pioneer in the robotic vacuum industry, has filed for Chapter 11 bankruptcy protection and will be fully acquired by its largest Chinese manufacturer, Shenzhen Sanchuan Robotics, due to overwhelming debt and declining market share [1][2][5]. Financial Situation - iRobot's revenue has continuously declined, with a year-on-year decrease of 24.6% [2]. - The company reported a non-GAAP loss of $9.9 million, indicating worsening operational conditions [2]. - Cash reserves have dwindled to $24.8 million, highlighting severe financial strain [2][5]. - Total debt exceeds $350 million, with over 70% of this owed to Shenzhen Sanchuan [5][6]. Market Position - iRobot's global market share has plummeted to 7.9% by Q3 2025, ranking fifth in the market [10]. - The company has lost significant ground in its core North American market, where revenue from robotic vacuum products fell by 33% [10][13]. - Competitors, particularly Chinese brands like Roborock and Ecovacs, have rapidly gained market share, effectively pushing iRobot out of the leading tier [10][12][14]. Competitive Dynamics - iRobot's decline is attributed to its inability to compete with Chinese brands that offer advanced features and better pricing [8][18]. - The shift in technology preference from camera-based navigation to laser radar (Lidar) has left iRobot at a disadvantage, as it continued to rely on its older technology [18][19]. - Chinese brands have established a more efficient supply chain and product development cycle, allowing them to respond quickly to market demands [21][24]. Supply Chain and Manufacturing - iRobot's reliance on Shenzhen Sanchuan as its sole manufacturer has created significant risks, culminating in the latter becoming its largest creditor [3][4]. - The relationship between iRobot and Sanchuan has evolved from a partnership to one where Sanchuan now controls iRobot due to its debt acquisition [7][18]. - iRobot's attempts to negotiate new funding or debt relief were unsuccessful, leading to the decision to file for bankruptcy protection [6][24].