Core Insights - The global smart home cleaning robot market is projected to ship 32.1 million units in 2025, representing a year-on-year growth of 28.2%, with a five-year compound annual growth rate (CAGR) of 26% by 2028, indicating strong market demand and increasing competition [1] - The core driver of this market is the robotic vacuum cleaner, which is expected to see shipments of 11.263 million units in the first half of 2025, a year-on-year increase of 16.5%, with the top five manufacturers holding a combined market share of 64.8%, up 4.8 percentage points from the previous year [1] Company Performance - Stone Technology leads the global cleaning robot market with a 15.2% market share in the first half of 2025, and a 20.7% share in the core robotic vacuum segment, maintaining its position as the global leader for ten consecutive quarters since 2023 [4] - The company's significant R&D investment has increased from 4.59% of total revenue in 2019 to 8.13% in 2024, with R&D spending reaching 685 million yuan in the first half of 2025, accounting for 8.67% of revenue, a year-on-year increase of 67.28% [5] Technological Advancements - Stone Technology has made several technological breakthroughs, including the large-scale application of LDS laser radar navigation technology, enhancing cleaning efficiency and coverage, and the introduction of an AI dual-camera obstacle avoidance system [5] - The launch of the G30 Space exploration version in 2025 features a five-axis folding bionic robotic arm, marking a shift from two-dimensional cleaning to three-dimensional space management, and includes remote video surveillance and pet interaction capabilities [7] Global Expansion Strategy - Stone Technology has established a global presence, with products available in over 170 countries and regions, serving more than 20 million households, and achieving an overseas revenue share of 53.6% in 2024 [10] - The company employs a dual strategy of globalization and localization, adapting products to meet local market needs, such as addressing carpet entanglement issues in Turkey and introducing laser radar navigation in Germany [10] Market Positioning and Future Outlook - The introduction of a smart lawn mower at IFA 2025 reflects Stone Technology's response to overseas market demands and positions the company to expand its product line into outdoor cleaning solutions [13] - The integration of artificial intelligence and IoT technologies presents new opportunities for the cleaning appliance sector, with Stone Technology aiming to transition from a market participant to an industry leader through a "dual helix" model of global insight and local innovation [13]

Core Insights - The global smart home cleaning robot market is projected to ship 32.1 million units by 2025, with a steady market expansion [1] - In the first half of 2025, Roborock (688169.SH) leads the global cleaning robot market with a 15.2% market share and a 20.7% share in the core vacuum robot category [1] Market Performance - The global vacuum robot market showed robust growth in the first half of 2025, with total shipments reaching 11.263 million units, a year-on-year increase of 16.5% [3] - Among the top five brands in global sales, four are Chinese brands, with Roborock leading at 20.7% market share and a shipment volume of 2.326 million units, reflecting a 67.9% year-on-year growth [3] Competitive Position - Roborock has maintained the highest sales in the global market for ten consecutive quarters since 2023, demonstrating its core competitiveness and industry influence in the smart cleaning appliance sector [6] R&D and Innovation - Roborock prioritizes R&D innovation as a core strategy, with R&D expenses increasing from 4.59% of total revenue in 2019 to 8.13% in 2024; in the first half of 2025, R&D investment reached 685 million yuan, accounting for 8.67% of revenue, significantly above the industry average [7] - The company has obtained a total of 4,694 domestic and international patents and software copyrights as of June 2025, supporting its product innovation [7] - Key technological advancements include the large-scale application of LDS laser radar navigation technology and the introduction of AI dual-vision obstacle avoidance, enhancing the robot's capabilities in complex environments [7][9] Product Development - The flagship product, the Roborock G30 Space Exploration Edition, features a world-first five-axis folding bionic arm, marking a significant leap from 2D cleaning to 3D space management [9] - The Roborock P20 Ultra Plus offers triple thermal cleaning capabilities, including 100°C high-temperature sterilization, 60°C hot water stain removal, and 55°C hot air drying, providing a comprehensive cleaning experience [9] Market Expansion Strategy - Roborock continues to deepen its domestic market presence while expanding offline channels, with over 300 stores nationwide [10] - Internationally, the company is accelerating local channel development and has partnered with major retailers like Target, Best Buy, and Costco, enhancing brand visibility and sales [10] - The company is also focusing on localized product and marketing innovations tailored to different regional markets, such as addressing carpet entanglement issues in Turkey and introducing laser radar navigation in Germany [10] Global Reach - Roborock's vacuum robots maintain the top sales position in several countries, including the Nordics, Germany, South Korea, and Turkey, with a market share exceeding 50% in Turkey [12] - In North America, a key market, shipments grew by 65.3% year-on-year in the first half of 2025, indicating strong growth momentum [12] - As of June 2025, Roborock's products are available in over 170 countries and regions, serving more than 20 million households with efficient smart cleaning solutions [12]

Core Insights - The global smart home cleaning robot market is projected to ship 32.1 million units by 2025, indicating steady market expansion [1] - Stone Technology leads the global cleaning robot market with a 15.2% market share and a 20.7% share in the core vacuum cleaner category in the first half of 2025 [1][3] - The company has maintained the top sales position for its vacuum robots for ten consecutive quarters, showcasing its core competitiveness and industry influence [5] Market Performance - The global vacuum robot market saw a robust growth, with a total shipment of 11.263 million units in the first half of 2025, representing a year-on-year increase of 16.5% [3] - Among the top five brands in global sales, four are Chinese brands, with Stone Technology leading at 20.7% market share and a shipment volume of 2.326 million units, up 67.9% year-on-year [3] R&D and Innovation - Stone Technology prioritizes R&D innovation, with R&D expenses increasing from 4.59% of total revenue in 2019 to 8.13% in 2024, and reaching 8.67% in the first half of 2025, significantly above the industry average [7] - The company has achieved 4,694 patents and software copyrights by June 2025, reflecting its commitment to technological advancement [7] - Innovations include the application of LDS laser radar navigation technology and the integration of AI dual-camera obstacle avoidance with 3D structured light, enhancing the robot's capabilities in complex environments [7][9] Product Development - The flagship G30 Space exploration version features a world-first five-axis folding bionic arm, marking a significant leap from 2D to 3D cleaning management [9] - The P20 Ultra Plus model offers triple thermal cleaning capabilities, including high-temperature sterilization and self-cleaning functions, providing a comprehensive user experience [9] Global Expansion Strategy - Stone Technology is deepening its domestic market presence while expanding its offline channels, with over 300 stores nationwide [10] - Internationally, the company is building localized channels and partnerships with major retailers like Target and Best Buy, aiming for a 53.6% overseas revenue share by 2024 [10] - The company tailors its products and marketing strategies to local markets, achieving over 50% market share in Turkey and significant growth in North America [10][12] Future Outlook - Stone Technology's products are now available in over 170 countries, serving more than 20 million households, with an active user base of 1.7 million on its app [12] - The company is well-positioned to capitalize on the growing demand for smart home cleaning solutions, leveraging its market leadership, strong R&D capabilities, and optimized branding strategies [12]