扫地机器人龙头IPO：董事长沉迷造车，谁来守护股东价值？

Core Viewpoint - The article discusses the challenges faced by Roborock Technology, highlighting the founder's shift in focus towards his new venture, Extreme Stone Automotive, leading to investor dissatisfaction and concerns about the company's future. Company Overview - Roborock Technology was founded in July 2014 by Chang Jing in Beijing and was initially part of Xiaomi's ecosystem. The company went public on the Shanghai Stock Exchange in February 2020, with a current market value of 40.4 billion RMB [2][9]. - The company has experienced significant stock price volatility, with a 34% drop since October 8, 2024, and nearly a 60% decline from its peak in 2021 [2][5]. Financial Performance - Roborock's revenue from 2022 to 2024 exceeded 27.1 billion RMB, with net profits surpassing 5.2 billion RMB. However, the market for smart vacuum cleaners has peaked, leading to a 43.4% year-on-year decline in net profit in Q3 2024 [7][26]. - The company's revenue for 2022, 2023, and 2024 was 6.61 billion RMB, 8.64 billion RMB, and 11.92 billion RMB, respectively, while net profits were 1.18 billion RMB, 2.05 billion RMB, and 1.98 billion RMB [27][31]. Market Position - Roborock claims to be the global leader in smart vacuum cleaners, with a market share of 23.4% by GMV and 16.7% by sales volume in 2024 [20][22]. - The company has launched a total of 22 models in the domestic market and 52 models overseas, achieving sales of approximately 3.45 million units by the end of 2024 [24][40]. Management and Investor Relations - Chang Jing, the founder and CEO, has faced criticism for frequent stock sales and a perceived lack of commitment to Roborock, as he diverts attention to Extreme Stone Automotive [5][6]. - Investors have expressed dissatisfaction with Chang's actions, particularly his advice for them to be patient while he liquidates his holdings [6][8]. Research and Development - As of December 31, 2024, Roborock had a research and development team of 1,043 members, accounting for over 40% of its total workforce, and held 2,235 authorized patents [36][38]. Sales and Marketing - The company's sales expenses have significantly outpaced R&D expenses, with sales costs increasing by 73.23% year-on-year in 2024, constituting 24.9% of total revenue [30][31]. - Roborock's customer base includes distributors and end consumers, with the top five customers contributing 36.2% of total revenue in 2024 [41][43].