每经编辑｜金冥羽 毕陆名 8月28日，追觅科技官宣"造世界上速度最快的车"，首款超豪华纯电产品对标布加迪威龙，计划在2027年亮相。 追觅是国内头部清洁电器制造商，该公司表示将持续长期投入汽车领域，目前已组建了近千人的造车团队，且在持续扩张。 业内认为，这一战略举措，标志着这家智能硬件企业正式跨入汽车制造业。 8月26日，追觅科技创始人兼CEO俞浩发布全员信，信中表示，追觅科技今年以来已经发放数千万元的额外激励，俞浩表示，这是追觅对"敢开拓、敢创 新、敢冲锋"精神的认可。 俞浩在信中表示，希望在公司构建一套具有竞争力的"重奖激励"机制，在工资和基础奖金之外，提供创新和突破的额外奖金支持，以此来打造一个真正认 可"人"，为所有梦想、热爱和拼搏托底的平台。 追觅科技员工透露，俞浩信中提到的"数千万激励"属于公司今年新推的激励措施，不在原有的奖金体系内，多是即时性额外奖金，覆盖研发、销售、市场 等多个优秀团队与个人。 该员工表示，团队或个人在业务市占、净利润、营收、技术、产品等任何方面取得突破，都可以拿到不菲奖金激励，奖励金额从数万元到百万元不等。 据了解，针对表现优异的团队及个人，追觅科技6月份发放额外奖金超过2 ...

" 被称为中国「苹果公司」，追觅能创造汽车界的「iphone时刻」 吗？ " 作者丨林子川 编辑丨 林觉民 " 中国汽车产业发展已经进入下半场 " ，这句总结，如今几乎成为行业共识。多家车企高管断言，今年是 中国汽车品牌进入 '血海 '竞争的第一年，最终存活不超过十家车企。在这样的背景下，新的玩家仍在不 断入局。 8 月 28 日，追觅科技正式官宣内部正孵化新造车项目，计划在 2027 年推出首款超豪华纯电车型。根据 追觅汽车的产品规划目标，其首款超豪华纯电车型，将打造成世界范围内速度最快、性能最佳的超豪华品 牌，直接对标知名超跑品牌布加迪威龙。 这意味着，追觅不仅要在汽车 "下半场 " 入局，更选择了难度系数最高的豪华车赛道，以求在全球市场 上实现差异化突围。 此前似乎没有造车经验的追觅科技，将如何在群狼环伺的新能源汽车市场，完成破局突围？ 据悉，在清华 "天空工厂 " 阶段，追觅创始人俞浩曾撰写过一份长达数十页的造车报告，并在深入调研 后得出结论，造车并不适合作为首次创业的切入点。当时最关键的成功要素，是需要先在其他领域积累经 验与成果。 造车不是投机机会，而是对企业全方位能力的检验，这不仅包括技术与产品 ...

现在还需要一家新造车企业吗？ 尽管汽车行业已经是一片红海，但"前人"的"失败"似乎都没吓倒追觅。甚至，在造车"谣言"传了将近1 年之后，追觅继续下了重注：官宣造车。 8月28日，追觅科技造车计划正式宣布孵化造车项目，旨在打造中国首个全球化超豪华汽车品牌，首款 超豪华纯电车型计划在2027年亮相。相较新势力品牌在造车之初纷纷把视线放在BBA，追觅显得更 为"激进"：它的首款产品要对标布加迪威龙。作为顶级跑车，布加迪威龙一度是"世界最快的车"，2008 年进入中国时售价高达2500万元。在数百年的汽车品牌中，与之比肩者寥寥。 不同于当前传统超豪华品牌，追觅汽车团队打造的超豪华品牌将结合中国智能化浪潮下的技术优势，将 产品打造为拥有生命力和成长性的AI智能终端。结束"冰冷机器"时代，开启超豪华汽车的"智能交互"时 代。追觅汽车表示，将最高效、最智能的提升用户体验。 追觅超级马达加持下，首款超豪华纯电车型产品将为用户带来极致的动力体验。追觅表示将持续长期投 入汽车领域，目前该项目已组建了近千人的造车团队，且在持续扩张。根据追觅汽车团队的产品规划目 标，首款产品将打造成世界范围内速度最快、性能最佳的超豪华品牌。 一个智 ...

这份署名"追觅汽车团队"的文件中，企业强调了"无畏""独特""坚定"，并回溯从2013年起便萌生造车计 划。 当下，中国新能源汽车产业已进入淘汰赛。头部车企加速扩产、降价、出海，中小玩家不断退场。此时 追觅仍选择入局，说明企业期待找到新的增长曲线。 但问题在于，它能否凭借差异化产品在竞争激烈的海外市场站稳脚跟？"速度最快"的定位是否足以构成 清晰的产品战略？没有雷军式的个人品牌光环和资本网络，追觅能否获得同样的市场入场券？ 追觅成立于2017年，主营吸尘器、洗地机、吹风机等清洁类家电产品，在欧洲、北美等市场建立了渠道 和品牌。如今宣布跨界造车，正值中国新能源汽车产业进入淘汰赛阶段。头部车企扩产、降价、出海， 中小玩家不断退场，行业门槛和风险早已远高于数年前。 汽车产业媒体 WardsAuto 披露，追觅首款车型可能是一款增程式SUV，预计将在2027年前后亮相，并 面向海外市场。不过，这一消息尚未得到公司公开确认。宣言中也未涉及资金投入、合作伙伴、研发团 队规模等关键信息。 跨界造车的逻辑，并非完全空穴来风。雷军的小米汽车为追觅这样的后来者提供了参照，尤其是追觅产 品定义是标榜速度最快。 小米首款车型已获得市 ...

智通财经APP获悉，中国银河证券发布研报称，家用电器和音像器材类7月社零同比28.7%，保持高增 长，但增速环比放缓。当前市场活跃，传统的家电龙头缺乏想象空间，相对滞涨，科技消费相关公司涨 幅更好。7月空调内销出货量同比+14.3%，超市场预期，主要是因为7月全国天气炎热带动空调需求释 放。黑电方面，产业结构性升级，中国品牌全球份额继续提升。从长期看，中国家电产业具备国际竞争 力，家电龙头普遍布局全球供应链。2026年家电行业海外业务大概率会恢复正常。 中国银河证券主要观点如下： 国补影响力度减弱 家电出口受到影响，但表现分化 暖通空调7月内销受益于天气炎热 1)海关总署数据，5月、6月、7月家电出口额(美元)分别同比-8.8%、-9.0%、-3.8%%。中美贸易摩擦负 面影响逐渐体现。产业在线监测大家电出口排产数据为例，8~10月出口排产量较去年同期实绩，空调 分别为-14.7%/-16.6%/-3.3%;冰箱分别为-8.3%/-3.2%/-5.3%;洗衣机分别为+1.2%/+11.3%/+1.5%。2)具备东 南亚产能的企业具备竞争优势，部分受益于东南亚产能不足反而可以提价，但也有部分企业布局较晚， 产能 ...

行业研究丨深度报告丨家用电器 [Table_Title] 解构龙头系列之六： 如何看待扫地机景气、格局与龙头盈利趋势？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 景气维度，全基站价格下拓叠加国补有力拉动，2024A&2025H1 内销增长更多由销量驱动，景 气度优异；外销或亦正进入全基站价格下拓的行业红利期，增长持续性较强。格局维度，内销 产品仍然体现出差异化竞争空间，科沃斯活水洗地产品快速渗透，头部厂商有望跟进；外销边 际来看石头 Prime Day 后价盘稳健，科沃斯产品评分有所提升。基于此推荐经营有望向好的扫 地机器人龙头：石头科技（区域延展&价位拓宽&洗地机放量拉动规模延续增长，Q3 起业绩基 数走低&洗地机+洗衣机盈利改善）；科沃斯（产品力提升带动内外销增长，盈利进入改善通道）。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 2 / 26 家用电器 cjzqdt11111 [Table_Title 解构龙头系列之六： 2] ...

石头科技 20250822 摘要 石头科技国内市场增长超 60%，欧洲市场增长超 70%，亚太地区增长 约 40%，北美市场增长约 50%。洗地机业务迅速崛起，国内市场三个 季度排名第二，二季度盈亏平衡，海外市场开始贡献利润。 公司通过扫地机领域积累的能力有效外溢到洗地机领域，使得洗地机业 务能够迅速占据市场份额并实现盈利。通过逐步进入不同区域并积累经 验，不断优化销售策略和渠道布局，实现了稳步扩张。 欧洲市场渠道调整显著，线上线下销售比例稳定在四六开，二季度起线 上线下净利润持续改善，计划拓展南欧等新兴市场。 北美线下销售占比提升至超过 20%，已覆盖 Target 90%以上门店及百 余家 Best Buy 门店，正与 Costco、Coco 及沃尔玛洽谈合作。 公司在亚太市场布局洗地机并取得良好反馈，正按部就班地在亚太和欧 美市场发布新产品，预计今年下半年能够在主流市场基本完成布局，海 外市场已实现微利。 为应对北美关税影响，公司在越南备货以利用关税优势，动态配置国内 与越南产能，高端旗舰款适当倾斜至国内生产。 国内市场下半年面临高基数压力和国补政策退坡，公司将通过优化内部 管理和提升产品竞争力应对挑战 ...

Core Viewpoint - The article contrasts the strategic approaches of two major players in the smart cleaning industry, Ecovacs and Roborock, highlighting Roborock's aggressive market expansion versus Ecovacs' cautious profit-oriented strategy [2][5]. Group 1: Company Performance - As of mid-2025, Roborock's revenue surged approximately 79% to 7.9 billion, narrowing the revenue gap with Ecovacs, which reported mid-term revenue of 8.7 billion [2]. - Roborock's profit declined over 40% year-on-year, with negative operating cash flow of -0.823 billion, marking its worst performance in six years [2][3]. - Ecovacs experienced nearly fivefold growth in operating cash flow year-on-year, with total profit almost double that of Roborock [2]. Group 2: Strategic Approaches - Roborock has been focusing on aggressive market capture, leading to a significant increase in sales expenses, which rose 145% year-on-year to 2.165 billion, while overall operating costs increased by 115% [5]. - In contrast, Ecovacs maintained a more conservative approach, with its R&D and management expenses growing at a rate lower than revenue growth, resulting in a slight increase in overall gross margin to 49.7% [5][6]. - Roborock's shift towards a direct sales model and increased marketing costs have contributed to its declining gross margin, which fell from 53.8% to 44.6% [5][6]. Group 3: Market Dynamics - Roborock's market share surpassed Ecovacs for the first time in 2024, reaching 19.3%, while Ecovacs held 13.6% [6]. - The top five global brands in the vacuum cleaner market saw their combined market share increase from 59.9% to 63.4% within a year, with Chinese brands benefiting from government subsidies [6]. - Investor sentiment appears to favor Roborock's aggressive growth strategy, as evidenced by a 24.5% increase in its stock price following its mid-year report, while Ecovacs' stock price slightly declined [7][8].

Core Viewpoint - DJI's entry into the smart cleaning market with its first robot vacuum, ROMO, intensifies competition against existing players like Ecovacs and Roborock, who have adopted contrasting strategies in their market approaches [1] Company Strategies - Ecovacs adopts a cautious expansion strategy focused on profit retention, while Roborock prioritizes revenue growth over profitability to capture market share [1][2] - Roborock's strategy has led to a significant increase in revenue, with a 79% year-on-year growth to 7.9 billion yuan, narrowing the revenue gap with Ecovacs to the lowest level in history [1] Financial Performance - Roborock's profit has declined by over 40%, with negative operating cash flow of -0.823 billion yuan, marking its worst performance in six years [1] - In contrast, Ecovacs' operating cash flow has increased nearly fivefold, with total profit almost double that of Roborock [1] Cost Management - Roborock's sales expenses surged by 145% to 2.165 billion yuan, significantly impacting its profitability, while Ecovacs managed to keep its cost growth below revenue growth [3] - Ecovacs' overall gross margin slightly increased to 49.7%, while Roborock's gross margin fell sharply from 53.8% to 44.6% [3][4] Market Dynamics - Roborock's entry into the floor washing machine market has contributed to its revenue growth but has also diluted its overall gross margin due to lower margins in that segment [4] - In 2024, Roborock's revenue from floor washing machines is expected to grow nearly 100%, while its robot vacuum revenue is projected to increase by about 34% [4] Market Share and Investor Sentiment - Roborock surpassed Ecovacs in global shipments in 2024, achieving a market share of 19.3% in Q1 2025, while Ecovacs held 13.6% [4] - Despite Ecovacs showing positive growth in multiple profit indicators, investors seem to favor Roborock's aggressive growth strategy, as evidenced by a 24.5 yuan increase in its stock price shortly after its earnings report [5]

Core Viewpoint - The logic of "volume" is more important than "price" in the current industry environment, indicating a shift in competitive dynamics within the vacuum cleaner market [4][28]. Industry Environment - The vacuum cleaner industry is undergoing significant changes since 2022, with increased competition and market saturation. From 2019 to 2022, the market share of the top three brands (CR3) increased, but is projected to decline from 67% to 62% in volume and from 76% to 69% in sales revenue from 2022 to 2024 [4][5]. Company Strategy - Stone Technology (688169.SH) has adopted a strategy of "exchanging price for volume," leading to increased revenue but declining profits. In the first half of 2024, the company reported a revenue of 7.903 billion, a 79% increase year-on-year, while net profit fell by 39.5% to 678 million [6][9]. Sales and Marketing Expenses - The increase in sales expenses is a significant factor, with the sales expense ratio reaching 24.84% in 2024 and further increasing to 27.39% in the first half of 2025. This reflects a shift towards brand building and market promotion, as well as a transition from a local distributor model to a direct sales model [9][11]. Market Position and Performance - Despite the competitive environment, Stone Technology has managed to increase its market share in China from 17% to 22% in sales volume and from 21% to 25% in sales revenue between 2022 and 2024. In the first half of 2025, these figures continued to rise [18][19]. Global Market Leadership - Stone Technology achieved a global market share of 16.0% in 2024, further increasing to 19.3% in the first quarter of 2025, solidifying its position as a global leader in the vacuum cleaner market [21][23]. Growth Dynamics - The shift from price-driven growth to volume-driven growth is evident, with sales volume increasing by 32.9% in 2024, while the average selling price saw minimal growth. This trend is mirrored in the performance of competitors like Ecovacs [24][25]. Brand Influence and New Product Lines - Stone Technology's brand influence has led to a significant increase in sales of its new product line, the floor washing machine, which achieved approximately 970 million in retail sales in the first half of 2025, marking a year-on-year increase of over 600% [35][36]. Market Potential - The penetration rate of vacuum cleaners in China remains low at 4.3%, indicating substantial growth potential. The market is expected to grow significantly as it approaches a balanced penetration rate of 20% [39][40]. Industry Growth Indicators - The vacuum cleaner market is still in a rapid growth phase, with retail sales volume reaching approximately 3.15 million units in the first half of 2025, a 40.7% year-on-year increase [41].