Founder: In August, domestic sweeping robots increased in both quantity and price. The proportion of economic models from America also increased.

Founder released a research report stating that the domestic floor sweeping robot market is growing steadily online and rapidly offline, achieving overall growth in both quantity and price. In 2024, new floor sweeping robot products will be launched at a faster pace, with continuous improvement in cost-effectiveness. There is a slight trend of consumer downgrading in the US, and a downward shift in brand prices is a necessary strategy to meet end-user demands. Beijing Roborock Technology (688169.SH) is attempting to compete with other products in the mid-range price segment in the US, with a significant increase in sales in August. In Germany, Chinese brands represented by Xiaomi have a high market share, with brands like Stone and Seek positioned in the high price segment, in line with the trend of consumer upgrading in Germany. Floor sweeping robots in China in August: Quantity and price increase, Beijing Roborock Technology's market share continues to rise According to data from AVCLOUD, the online sales of M8 floor sweeping robots in 2024 reached 537 million yuan, an increase of 11.09% year-on-year, with sales volume/average price of 176,400 units/3043 yuan, an increase of 8.78%/2.12% year-on-year. The total online sales of M1-8 floor sweeping robots in 2024 reached 6.29 billion yuan, an increase of 19.02% year-on-year; with sales volume/average price of 1.9127 million units/3289 yuan, an increase of 15.53%/3.02% year-on-year. The market share of Stone continued to rise, and has been the top-selling brand in terms of sales value for five consecutive months. Looking at individual brands, Beijing Roborock Technology achieved a high increase in sales. In August, the online sales of M8 floor sweeping robots for Beijing Roborock Technology/Ecovacs Robotics reached 132 million/110 million yuan, an increase of 29.08%/-26.33% year-on-year, with sales volume of 34,300/32,900 units, an increase of 30.52%/-17.47% year-on-year. Floor sweeping robots in the US in August: Increase in the proportion of economical models, significant increase in the proportion of mid-range Stone models Overall, in 2024, the proportion of economical models in the M8 floor sweeping robots in the US increased year-on-year, with a decrease in average price for renewed models, while the average price for high-end models without renewed models increased year-on-year. The proportion of sales volume/sales value of economical models of M8 floor sweeping robots in the US was 78.60%/56.02%, an increase of 17.81/20.15 percentage points year-on-year, while the proportion of sales volume/sales value of economical models of M8 floor sweeping robots in the US excluding renewed models was 64.08%/37.22%, an increase of 9.83/5.63 percentage points year-on-year. Floor sweeping robots in Germany in August: Economical models trade price for quantity, high-end models achieve quantity and price increase Overall, in 2024, the proportion of high-end models of M8 floor sweeping robots on Amazon in Germany in terms of quantity, sales volume, and sales value increased, while the proportion of economical models remained the highest. The proportion of high-end/mid-high-end models of M8 floor sweeping robots in Germany in terms of quantity, sales volume, and sales value was 5%/12%, 4.92%/13.59%, 15.66%/30.10%, with changes of +4/-2 points, +3/-3 points, +9/0 points year-on-year. In addition, the average price of M8 floor sweeping robots on Amazon in Germany was 415 euros, a decrease of 7.94% year-on-year due to a decline in the average price of economical models (-22.2%), with a significant increase in the average price of mid-high-end models (+11.92%) and a slight increase in the average price of mid-range models (+2.46%). Looking at price segments, the main brands of high-end floor sweeping robots on Amazon in Germany are Stone and Seek, while the main brands of mid-high-end floor sweeping robots are Stone, Seek, and Ecovacs Robotics, and the main brands of mid-range models are Stone and Ecovacs Robotics, with a relatively low concentration of economical models. Investment recommendation: The domestic floor sweeping robot market is growing steadily online and rapidly offline, achieving overall growth in quantity and price. In 2024, the pace of launching new floor sweeping robot products will accelerate, with continuous improvement in cost-effectiveness. There is a slight trend of consumer downgrading in the US, and a downward shift in brand prices is a necessary strategy to meet end-user demands. Stone is attempting to compete with competitors in the mid-range price segment in the US, with a significant increase in sales of mid-range Stone models in August. It is recommended to track the price reduction of Stone brands, in order to gain more market share in addition to the growth in the overall market in the US. Germany is one of the important countries with high retail sales of floor sweeping robots in Europe, and its Amazon channel serves as a window to observe the trends of floor sweeping robot consumption in Germany, showing a trend of quantity and price increase for high-end products and price-for-quantity trade for economical products. In Germany, Chinese brands represented by Stone, Seek, Ecovacs Robotics, and Xiaomi have a high market share, with Stone and Seek positioned in the high price segment, in line with the trend of consumer upgrading in Germany. Risk warning: Overseas demand does not meet expectations, increasing competition, exchange rate risk, tariff risk, etc.