22 August 2025 Equity Research Report Ecovacs Robotics Co Ltd (603486 CH) Hold: 2Q25 results beat, but we think competition remains Strong 2Q25 net profit. Ecovacs' 2Q25 revenue surged c38% y-o-y to RMB4.8bn, and NP jumped 62% y-o-y to RMB500m, slightly above the median of the company's earnings preview range. We believe mid- to high-end robot vacuum navigation (RVC) with the roller mop released in 1Q25 were well received by the market, and the company has achieved market share and GPM growth in 2Q25. We un ...