Beijing Roborock Technology (688169.SH) first half year performance in 2024: Revenue increased by 30.90%, profit increased by 51.57%.

On August 29, Beijing Roborock Technology (688169.SH) released its performance report for the first half of 2024. In the first half of 2024, the company's scale grew rapidly, with total revenue reaching 4.416 billion yuan, a year-on-year increase of 30.90%; net profit attributable to owners of the parent company reached 1.121 billion yuan, a year-on-year increase of 51.57%. As of June 30, 2024, the net cash flow from operating activities was 1.031 billion yuan, and the net assets attributable to the parent company were 11.925 billion yuan. In the first half of 2024, the company invested 410 million yuan in research and development, a year-on-year increase of 42.92% compared to the previous year; the company had 786 research and development personnel, a year-on-year increase of 57.52% compared to the previous year; the company added 267 authorized patents. As a leading global intelligent cleaning appliance company, Beijing Roborock Technology's products have now covered more than 170 countries and regions worldwide, serving over 15 million households. According to data from Euromonitor International, Beijing Roborock Technology ranked first in global sweeping Siasun Robot & Automation market sales in 2023. Currently, Roborock is continuing to expand its presence in global markets, focusing on North America, Europe, Asia-Pacific, and other regions. In 2023, Beijing Roborock Technology entered the U.S. offline retail market for the first time and has expanded to over 1,400 Target stores and over 1,000 Best Buy stores, covering over 700 cities in the U.S. As relationships with these offline channels mature and with strong sales performance in stores, Roborock is strengthening its cooperation with these offline channels, with more new products expected to enter offline stores in the future. Additionally, Beijing Roborock Technology holds a leading position in major European markets such as Northern Europe and Germany. In the first quarter of 2024, Beijing Roborock Technology ranked first in sales/revenue in the sweeping machine markets in Denmark, Finland, Norway, and Sweden. The Asia-Pacific market is also progressing steadily: in markets such as South Korea and Turkey, Beijing Roborock Technology has excellent sales performance, with both sales volume and revenue share leading the industry. Currently, Beijing Roborock Technology has established more localized teams and will gradually develop more potential emerging markets. It is worth noting that while Beijing Roborock Technology is experiencing stable growth in traditional cleaning appliance categories, the newly developed category of washing and drying machines is receiving positive market feedback. During the 618 shopping festival this year, Beijing Roborock Technology saw a year-on-year increase of 168.38% in total channel sales volume and a 434.88% increase in sales volume, with the M1 Pure lingerie washing machine ranking first in Tmall's new washing machine list, and the H1 Air washing and drying machine ranking second, with a total of three products in the top ten of Tmall's washing and drying machine list. In the TikTok lingerie washing machine category, it ranked first, and in the overall washing machine category, it ranked in the top five.