公开资料显示，iRobot于2002年推出了第一款机器人吸尘器，被视为扫地机器人的鼻祖，已在全球已累 计销售了数百万台扫地机器人，市占率曾超过80%，但如今风光不再，其在2021年开始出现经营亏损， 2022年亏损扩大。2025年财报显示，iRobot前三季收入3.75亿美元，同比减少26.47%，亏损1770万美 元。 深圳杉川成立于2016年，总部位于深圳，是广东省制造业单项冠军和国家专精特新"小巨人"企业。有公 开报道称，在全球高端扫地机器人市场中，每10台就有3台来自深圳杉川。深圳杉川官方称，其立足全 球市场，其合作品牌包括iRobot、小米、海尔、飞利浦等知名品牌，"2025年深圳杉川稳居扫地机器人 解决方案领域第一，扫地机器人年产能超850万台，历史累计交付超两千万台。" 它曾被誉为扫地机器人行业"鼻祖"，如今却濒临破产；它曾被全球互联网巨头亚马逊看中并意欲收购， 如今却步入资不抵债的窘境。 美国当地时间12月1日，全球知名扫地机器人公司iRobot在美国证券交易委员会官网披露：11月24日， 其代工企业深圳市杉川机器人有限公司（以下简称"深圳杉川"）全资子公司收购其价值为1.907亿美元 的美元 ...

Core Viewpoint - Ecovacs reported strong financial performance for H1 2025, with revenue of 8.68 billion yuan, a year-on-year increase of 24.4%, and a net profit attributable to shareholders of 980 million yuan, up 60.8% [1] Financial Performance - In Q2 2025, the company achieved revenue of 4.82 billion yuan, representing a year-on-year growth of 37.6%, and a net profit of 500 million yuan, up 62.2% [1] - The company's gross margin in Q2 decreased by 0.4% year-on-year, indicating stable product profitability, while the net profit margin increased by 1.6 percentage points to 10.5% [2] - The increase in net profit margin was attributed to improved operational efficiency and cost control, with management and R&D expense ratios decreasing by 1.1 percentage points and 0.8 percentage points, respectively [2] - Q2 operating cash flow increased by 400 million yuan year-on-year, driven by rapid sales revenue growth, with cash received from sales increasing by 900 million yuan [2] Market Dynamics - Domestic demand for cleaning appliances was boosted by ongoing government subsidy policies, leading to a 51% year-on-year increase in online sales of Ecovacs' floor cleaning robots and a 7% increase for their washing machines in Q2 [2] - In the European market, Ecovacs saw a revenue increase of 89% year-on-year, driven by new product launches and deeper partnerships with high-end retailers [2] - The company also successfully established supply channels to the U.S. market, focusing on the mid-to-high price segment, resulting in an 86% revenue growth in Q2 [2] Investment Outlook - As a leading player in the floor cleaning robot industry, Ecovacs possesses advantages in technology, channels, and supply chain, continuously optimizing its products and cost structure [3] - The company is expected to maintain an upward trend in profitability, with projected EPS of 2.95, 3.45, and 4.10 yuan for 2025, 2026, and 2027, respectively [3] - The investment rating is maintained at Buy-A, with a 6-month target price of 112.28 yuan, corresponding to a 38 times price-to-earnings ratio for 2025 [3]