1）2026年以来，追觅投入大量营销推广，提升品牌势能，包括中国春晚全场景科技生态战略合作伙 伴、美国超级碗广告投放等；此外，追觅企业年会演唱会、CES 展会上的新品也受到媒体的关注与高 流量传播。2）2025年下半年，中国市场扫地机、洗地机市场份额明显下降。但随着近期营销效果体 现，市场份额明显改善。奥维云网监测，扫地机线上零售市场，追觅26W05~W08（1.26~2.22）四周零 售份额升至15.0%，其中26W08（2.16~2.22）达22.2%；洗地机线上零售市场，追觅26W05~W08 四周零 售份额升至16.6%，其中26W08达26.0%。3）海外市场，最近几年追觅份额持续提升，特别是欧洲市场 追觅的扫地机份额接近石头。据Sensor Tower 数据，2025年追觅/科沃斯/石头科技海外APP下载量分别 同比+115%/ +69%/+56%，2026年1-2月在同期高基数背景下继续快速增长，分别同比 +66%/+18%/+59%。随着美国iRobot破产重组，中国扫地机代工龙头杉川控股iRobot。在美国线下渠道 切换过程中，中国品牌有加速扩大份额的机会。 清洁电器潜力大，但竞争依然激烈 ...

行业点评报告 · 家用电器行业 追觅营销声势扩大，清洁电器份额提升 2026 年 03 月 04 日 家用电器行业 推荐 维持评级 分析师 何伟 核心观点 ：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 刘立思 ：liulisi_yj@chinastock.com.cn 分析师登记编码：S0130524070002 杨策 ：yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 陆思源 ：lusiyuan_yj@chinastock.com.cn 分析师登记编码：S0130525060001 相关研究 1.【银河家电】行业月报_龙头之争，清洁电器、运 动相机市场竞争激烈 20260227V2 2.【银河消费】消费温和复苏，悦己型春节消费崭露 头角 20260222V5 3.【银河家电】行业点评_家电行业_空调提价坚决， 扫地机在犹豫中减少自补 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ⚫ 追觅营销声势扩大：1）2026 年以来，追觅投入大量营 ...

Summary of Stone Technology Conference Call Company Overview - **Company**: Stone Technology - **Industry**: Home Cleaning Appliances Key Points Revenue Growth Projections - Stone Technology expects a 30% growth in revenue from robotic vacuum cleaners in 2026, with floor cleaning machines' revenue increasing from 3 billion yuan in 2025 to 5 billion yuan, leading to an overall revenue growth exceeding 30% [2][4][12] Market Performance - In Q4 2025, Stone Technology showed strong performance in both domestic and international markets, with GMV growth of approximately 40% on Amazon in the US and 50% in Europe during Black Friday, with Germany leading at over 60% [3] - Domestic GMV growth for robotic vacuum cleaners was around 30% during Double Eleven, while floor cleaning machines saw over 300% growth [3] Competitive Landscape - iRobot is facing severe financial difficulties, with its main creditor, Carlyle Group, deciding not to extend debt, leading to a potential bankruptcy scenario. This situation is expected to hinder iRobot's business progress significantly [2][6] - Cloud Whale is rumored to be considering a sale due to poor overseas market performance and unprofitability in the domestic market [6] - Pursue's diversification has led to a decrease in its market share from 20% to 7-8% [6] Competitive Strategies - Ecovacs is focusing on a simplified product strategy with a cost advantage, emphasizing roller technology, which is easier for consumers to understand [7] - Stone Technology plans to launch low-cost roller products in Q4 2025 to counter Ecovacs' pricing advantage and will continue to iterate on its dual-disc products to differentiate price points [8] Market Opportunities - Stone Technology is optimistic about its prospects in the US market, anticipating the ability to capture market share from iRobot and increase shelf space in retail channels [9][10] - The reduction of iRobot's non-core business will further free up shelf space for Chinese brands, with expectations of increased offline channel share in the US market by 2026 [9][10] Profitability Outlook - Stone Technology's overall profit margin is expected to maintain at least 10% by the end of 2026, with a projected market value exceeding 60 billion yuan [4][12][13] - Ecovacs is unlikely to engage in a price war due to its focus on maintaining profitability, despite facing pressure from Stone Technology's cost-effective products [14] Regional Market Dynamics - In Europe, competition has improved for Stone Technology, with a recovery in sales through increased marketing efforts and new product launches, leading to a rebound in market share [17] - The competitive pressure from Pursue has decreased, as it can no longer afford to aggressively capture market share without sufficient funding [17] Future Projections - By the end of 2026, Stone Technology's revenue is projected to exceed 24 billion yuan, with net profits around 2.5 billion yuan, assuming a 30% growth rate [12][13] Domestic Market Challenges - The reduction of government subsidies is expected to have a more significant impact on Ecovacs than on Stone Technology, which is adapting its product offerings to mitigate cost disadvantages [11][16] Additional Insights - Stone Technology's strategy includes maintaining stable pricing during promotional periods, which has helped reduce domestic losses compared to previous quarters [5] - The company is also focusing on expanding its SKU offerings to enhance competitiveness in both domestic and international markets [8][12]