安克创新在业务增长方面表现出色，尤其是在品类拓展和聚焦战略实施后，公 司规模和盈利质量显著提升。安克创新的核心价值主要体现在两个方面：首先， 公司通过打磨产品质量并提供高性价比的价格体系，使消费者认可其产品；其 次，在服务体系上表现优异，包括售后服务、仓配等环节，这些都是亚马逊平 台流量分配的重要基础。安克创新凭借这些优势获得了亚马逊平台上的良好评 分，进而获得更多流量支持。此外，公司系统化管理和细节管理能力突出，实 现了高效运营，从而在原材料成本较高的情况下仍保持产品价格优势。 关税对安克创新股价波动有何影响？公司如何应对这一挑战？ 关税是影响安克创新股价波动的重要因素，但目前已处于相对可控范围内。尽 管关税存在一定的不确定性，但基本上维持在 30%到 50%之间，某些基础消 费品可能更低。在中美谈判持续过程中，这一情况可能进一步改善。根据测算， 如果关税维持在 30%或 50%，考虑到越南 20%的产能，安克只需综合提价 3.6%或 6%，即可将关税影响降至较低水平。因此，今年（2025 年）公司的 利润兑现度依然较高，未来投资者对关税扰动的担忧也将缓释。这有助于提升 公司估值中枢，预计三年复合增长率约为 ...

Core Viewpoint - The competition in the robotic vacuum cleaner market remains intense, with both Ecovacs and Roborock showing revenue growth but facing profit pressures due to increased costs and market saturation [1][13]. Financial Performance - Ecovacs reported a record revenue of 16.542 billion yuan for 2024, a year-on-year increase of 6.71%, while net profit reached 806 million yuan, up 31.70% [1]. - In Q1 2025, Ecovacs generated revenue of 3.858 billion yuan, a year-on-year growth of 11.06%, with net profit of 475 million yuan, increasing by 59.43% [1]. - In contrast, Roborock achieved a total revenue of 11.945 billion yuan in 2024, a significant increase of 38.03%, but its net profit decreased by 3.64% [4]. Market Dynamics - Roborock's shipment volume in 2024 reached 3.2965 million units, surpassing both iRobot and Ecovacs for the first time [6]. - Both companies are facing a dual challenge of market fatigue and homogenization, with overseas markets seen as crucial for growth [6][13]. Overseas Expansion - Ecovacs generated 7.112 billion yuan in overseas revenue in 2024, with significant growth in the European market, where revenues for Ecovacs and its subsidiary brands increased by 51.6% and 64.0%, respectively [7]. - Roborock derived 53.48% of its revenue from overseas in 2024, establishing a strong presence in the U.S. market through both online and offline channels [11]. Cost and Profitability Challenges - Ecovacs is experiencing profit pressure due to increased logistics, warehousing, and local operational costs associated with its overseas expansion [13]. - Roborock's profit margins are being squeezed by rising sales, research, and management expenses, with R&D costs increasing by 42.87% year-on-year [13]. Product Innovation and Diversification - Ecovacs continues to expand its product line into categories like window cleaning and lawn mowing robots, leveraging its existing technology [17]. - Roborock has entered the washing machine market, launching several models, and is focusing on overseas marketing for this new product line [19]. Industry Challenges - Both companies are struggling to achieve significant success in major appliances, but the overseas market still presents ample opportunities for experimentation and growth [21]. - The impact of U.S. tariffs on the global hard technology industry is creating uncertainty, increasing export costs, and compressing profit margins for both companies [22].