Latest data from IDC! Beijing Roborock Technology (688169.SH) is the top seller of floor cleaning robots in the first quarter nationwide, according to Siasun Robot & Automation.

On June 25th, according to the data released in IDC's "Global Smart Home Device Market Quarterly Tracking Report, Q1 2024," the first quarter global smart floor sweeping robot shipment volume reached 45.54 million units, with a year-on-year growth of 11.1%. In this thriving market environment, Beijing Roborock Technology (688169.SH), with its innovative products and strong market strategy, not only ranked first in the shipment volume among Chinese manufacturers, but also achieved a 18.3% year-on-year growth. This performance not only reflects Beijing Roborock Technology's leading position in technology and product strength, but also demonstrates its strong competitiveness and brand influence in the global market. In the global smart floor sweeping robot market, Beijing Roborock Technology and other Chinese manufacturers collectively drove the increase in overall market share. According to the report, Chinese manufacturers' shipment share accumulated to over 63%. From the report, it can be seen that Beijing Roborock Technology, Ecovacs Robotics, Xiaomi, Anker Innovations Technology, Zrogo, Yunjing, Lefan, and Zhiyi and other Chinese manufacturers successfully entered the top ten list globally. The shipment volumes of these manufacturers in Q1 increased by 18.3%, 4.3%, 22.9%, 15.5%, 31.9%, 38.7%, 10.6%, and 14.5%, respectively, showing a significant year-on-year increase in total market share. Especially among Chinese manufacturers, Beijing Roborock Technology ranked first in shipment volume, further solidifying its market leadership position with its outstanding product strength and fast market responsiveness. The further expansion of Beijing Roborock Technology in overseas markets continues to have a positive impact on the company's performance. According to Beijing Roborock Technology's Q1 2024 financial report, the company achieved a revenue of 1.841 billion yuan in Q1 2024, a year-on-year increase of 58.69%, with a net profit attributable to shareholders of 399 million yuan, a year-on-year increase of 95.23%, and a non-net profit of 342 million yuan, a year-on-year increase of 110.03%, with domestic and foreign income almost flat. The financial report explains that during the reporting period, the advantage of the company actively developing domestic and overseas markets was further extended and expanded. Through deepening channels and rational layout, the sales volume of the company's products significantly increased compared to the same period last year, and the improvement in operating performance and profitability also resulted in an increase in net cash inflow from operating activities. From the report, although iRobot still ranks high in global smart floor sweeping robot shipments, its Q1 shipment volume decreased by 13.2% year-on-year. It is easy to see that iRobot dominates the markets in the US, Japan, the UK, and Canada with its brand influence, but Beijing Roborock Technology, with its fast iteration and innovative capabilities, is gradually narrowing this gap. It is understood that Beijing Roborock Technology's performance in regions such as Asia-Pacific and Eastern Europe has been particularly outstanding, demonstrating its strong expansion in international markets. IDC stated that the US is still the largest market for smart floor sweeping robots, although Chinese manufacturers have product advantages and faster iteration speeds, their market share in the US market is relatively low due to multiple factors such as local brand-accumulated channel resources and brand influence. However, it is worth noting that Beijing Roborock Technology successfully entered the offline physical chain retail channel Target in the US in 2023 and is expected to enter over 1,000 Target stores in 2024. With high-performance products and cost-effective advantages, Beijing Roborock Technology is expected to achieve a breakthrough in the US market. In addition, according to data from Euromonitor International, in 2023, Beijing Roborock Technology's floor sweeping robots achieved the highest global sales. Behind the global market favor, is the significant improvement in product strength of Beijing Roborock Technology in 2024. Especially in the high-end market, where competition is more intense for products priced above $600, Beijing Roborock Technology's all-round products, such as G20S and V20, have won market recognition with their outstanding performance. These all-round floor sweeping robots, equipped with self-cleaning and self-dusting functions, precise cleaning of corner areas by the circular brush, prevention of hair entanglement with dual spiral brushes, maintenance-free dust collection system, and a suction power of over 10000pa, as well as functions such as hot air drying and automatic addition of sterilizing liquid, make cleaning more efficiently and thoroughly. In addition, Beijing Roborock Technology has significantly improved its algorithm capabilities. The introduction of functions such as intelligent recognition of dirt level, all-round dynamic navigation in all environments, the world's first dual-source solid-state laser radar navigation obstacle avoidance technology, AI binoculars, 3D ToF, etc., makes the floor sweeping robots more intelligent and better able to adapt to complex home environments. These technological upgrades not only enhance user experience but also further enhance Beijing Roborock Technology's position in the global market.The leading position on the top.Looking at the global market, IDC China senior analyst Zhao Siquan believes that the intelligent sweeping robot and automation industry is still in a period of accelerating growth. The product penetration rates in various regions worldwide are not ideal, indicating vast growth potential. Chinese manufacturers have strong product capabilities, excellent cost control abilities, long-term planning, and mature integration of hardware and software capabilities. This makes them well positioned to expand in the international market for intelligent home hardware. Domestic manufacturers should focus on product quality, increase e-commerce marketing and promotion efforts in various regions, accelerate the development of offline channels, and seize the current market opportunities.