Fangzheng Securities: Amerisource continued the trend of consumer downgrading, and the market share of high-end domestic brands in the premium price range has increased.

Zheng Securities released a research report stating that the consumption downgrade trend of the Meiyu sweeping robot continues. The downward shift in brand prices is a necessary strategy to meet end-user demand. The market share of Chinese brands in the high-end price range has increased, while iRobot's share has declined rapidly. Chinese brands have increased their competitiveness in the high-end price range. Stone is attempting to compete with competitors in the mid-range price range on Meiyu, with a significant increase in sales proportion in October. It is recommended to track the downward shift in Stone's price range in order to gain more market share beyond the growth of Meiyu's market and to see if eufy and Ecovacs Robotics can continue to increase their market share in the high-end price range. Germany is one of the important countries with high retail volume of sweeping robots in Europe. Its Amazon channel serves as a window to observe the consumption trends of sweeping robots in Germany, showing a trend of increasing proportion of high-end and mid-high-end products. In Germany, Chinese brands such as Stone, Zhiyumei, and Ecovacs Robotics have a high market share. In terms of brand price positioning, Stone and Zhiyu position themselves in the high-end price range, while Stone and Ecovacs Robotics target the mid-high-end price range, in line with the trend of consumption upgrade in Germany. The continuous penetration of sweeping robots category and the competitive advantage of Chinese sweeping robot brands globally are favored in the long term. Domestic sweeping robots in October: both volume and price rose, Beijing Roborock Technology's market share continued to increase. According to data from Aowei Cloud Network, online sales revenue of sweeping robots in 24M10 reached 3.993 billion yuan, a year-on-year increase of 129.63%; the sales volume/average price was 1.0647 million units/3750 yuan, a year-on-year increase of 112.60%/8.01%. Online sales revenue of sweeping robots in 24 years M1-10 reached 11.009 billion yuan, a year-on-year increase of 44.70%; the sales volume/average price was 3.199 million units/3441 yuan, a year-on-year increase of 36.95%/5.66%. Sweeping robots on Meiyu in October: continuing the downgrade trend, slight decrease in average price. Overall, the proportion of economical price range products in Meiyu channel of 24M10 sweeping robots increased year-on-year, with a slight decline in overall average price. The sales volume/sales revenue proportion of economical products in 24M10 sweeping robots on Meiyu was 72.62/48.03%, a year-on-year increase of 35.74/28.73 pct, and after excluding renewed products, the sales volume/sales revenue proportion of economical products in 24M10 sweeping robots on Meiyu was 63.15/38.17%, a year-on-year increase of 26.28/18.87 pct. The average price of 24M10 with and without renewed products was $ 300 and $ 367, respectively, a year-on-year decrease of -30.99/-15.51%. Sweeping robots on Deuya in October: the proportion of mid-high-end products has increased, and the average price has increased under structural upgrading. The proportion of mid-high-end products in Deuya in 24M10 in terms of quantity, sales volume, and sales revenue has increased, with a slight rise in the overall average price. The proportion of quantity/sales volume/sales revenue of mid-high-end and high-end products in Deuya in 24M10 is 15/28/30, 5/12/16%, a year-on-year increase of 6/14/2, 1/8/5pct. In addition, in 24M10, the average price of sweeping robots in various price ranges in Deuya has increased, with a year-on-year increase of 5.2/9.6/0.8/3.3% for economical/mid-range/mid-high-end/high-end. Looking at different price ranges, the main brands of high-end sweeping robots in Deuya are Stone and Zhiyumei, while the mid-high-end and mid-range products are mainly represented by Stone and Ecovacs Robotics, with low brand concentration in economical products. Recommended stocks: Beijing Roborock Technology (688169.SH), Ecovacs Robotics (603486.SH), Anker Innovations Technology (300866.SZ). Risk warning: Overseas demand does not meet expectations, intensified competition, exchange rate risk, tariff risk, etc.