Smart home is steadily developing, and Beijing Roborock Technology (688169.SH) diverse strategy is starting to show results.

With the steady development and continuous escalation of competition in the smart home market, technological innovation and precise strategic layout have become the key paths for companies to break through. Recently, the third quarter financial report released by Beijing Roborock Technology (688169.SH) showed that despite the complex market environment, the company continues to grow steadily through technological research and development and global strategy. From floor sweeping Siasun Robot&Automation to floor washing machines and all-in-one washing machines, Beijing Roborock Technology is consolidating its leading position in the industry through multi-category expansion and differentiated product strategies. In addition, Beijing Roborock Technology's performance in the "Double Eleven" shopping festival was particularly outstanding. Its diversified strategy began to show results, once again proving the company's outstanding growth potential driven by policy dividends and market innovation. Policy dividends and multi-category strategies drive consumption peaks In 2024, "Double Eleven" became a market outbreak period for the household appliance industry, with policy dividends being an important driving force. On the one hand, it is precisely because of the support of the "subsidy for old appliances" policy that consumption reached its peak. On the other hand, it is also because of the innovative drive and multi-product, multi-price range layout of household appliance companies that consumers have more choices. The combination of these two factors drove the consumption peak during this year's Double Eleven. According to Xingtu data, the sales of household appliances reached 193 billion yuan, a year-on-year increase of 26.5%. Thanks to the national "subsidy for old appliances" policy, online sales of household appliances reached 11.45 billion yuan, a year-on-year increase of 46%. Latest data from AVC at the end of November also shows that during this year's "Double Eleven" promotion period (W41-W46), online sales of household appliances reached 11.45 billion yuan, a year-on-year increase of 46%; sales volume reached 5.371 million units, a year-on-year increase of 28.3%. Stimulated by the "subsidy for old appliances" policy, this year's "Double Eleven" became a rare market outbreak period in the past two years, injecting new vitality into the industry. Taking the leading smart home enterprise Beijing Roborock Technology as an example, Beijing Roborock Technology achieved explosive results across all categories during the "Double Eleven" period by deeply integrating policy support with its own technological innovation. With the support of the national consumer subsidy policy ("subsidy for old appliances") and the company's long-term focus on R&D and channels, Beijing Roborock Technology has not only consolidated its leading position in the household appliance field, but has also demonstrated outstanding growth potential through multi-category expansion and global strategy. During the "Double Eleven" period, the company's sales across all categories flourished, not only capturing the top spot in household appliance brand sales, but also achieving remarkable results in core categories such as floor sweeping robots, floor washing machines, and washing machines. According to data from major e-commerce platforms, on JD.com, Beijing Roborock Technology's sales across all categories increased by 196% year-on-year, with sales of floor washing machines and washing machines increasing by 239% and 282% respectively. The flagship product, the floor sweeping Siasun Robot&Automation P20 Pro, topped the "October floor sweeping robot sales charts" and the "hot selling list". On Tmall, Beijing Roborock Technology's washing machine sales increased by 408% year-on-year, with the mini all-in-one washing and drying machine M1 and the molecular sieve all-in-one washing and drying machine Z1 ranking high on the best-selling list. On Douyin, sales of floor sweeping robots increased by 105% year-on-year, while sales of floor washing machines and washing machines surged by 2532% and 12672% respectively. Core products like the G20S Ultra ranked at the top of the product and brand lists. These data not only highlight Beijing Roborock Technology's continuous leadership in core cleaning categories, but also demonstrate the company's rapid rise in emerging areas such as floor washing machines and washing machines. Taking a dialectical view of the "Double Eleven" outbreak: Opportunities and hidden risks coexist Despite the impressive data for the 2024 "Double Eleven", the household appliance industry still needs to be vigilant about the potential risks brought by policy dividends. Industry analyst Lin Tao believes that this year's performance during Double Eleven was a rare outbreak in the past two years, with the government's introduction of the "subsidy for old appliances" policy significantly driving the consumption peak. However, attention should be paid to two aspects. On the one hand, while the "subsidy for old appliances" policy is driving market outbreaks, it may also lead to an overdrawn future consumption demand; on the other hand, the fierce price wars during the promotion period may further compress the profit space between brands, posing challenges to the long-term operational capacity of companies. However, the competitiveness of Beijing Roborock Technology is clearly not limited to promotional activities, as its growth is more attributed to the synergy of long-term technological innovation and market strategies. Take the recently introduced molecular sieve low-temperature drying technology for example, this technology has been successfully applied to the Z1 all-in-one washing and drying machine, addressing the issue of traditional high-temperature drying causing damage to clothes, while also positioning high-value products in the market. This differentiated technology not only gives the products higher pricing power, but also reduces dependence on price wars, consolidating the company's competitive advantage in the high-end market. The continual high investment in research and development by Beijing Roborock Technology is the core cornerstone of its long-term competitiveness. In the first three quarters of 2024, the company's R&D expenses reached 640 million yuan, accounting for 9.14% of operating income, a year-on-year increase of 42.8%. This proportion ranks among the top in A-share listed small household appliance companies. This sustained investment in research and development not only drives the technological advancement of core products, but also provides technical support for the company's expansion into multiple categories. It can be seen that Beijing Roborock Technology not only continues to lead in core cleaning categories, but also demonstrates its rapid rise in emerging areas such as floor washing machines and washing machines.The leading position of the Robot & Automation industry is solid, while at the same time rapidly rising in areas such as floor scrubbers and washer-dryer combos. Through technological innovation, the company has achieved a transformation from a single category to a diversified ecosystem layout. Taking "Double Eleven" as an example, the company has performed well in multiple categories, especially high-end products showing strong market adaptability, providing confidence for the brand to further occupy the market high ground.In addition to the domestic market, Beijing Roborock Technology's performance in the global market has also become a strong support for its long-term growth. By 2024, the company's market share in North America has reached 57%, and through deep cooperation with international retail giants such as Amazon and Home Depot, the company's brand influence and channel penetration in core markets such as North America and Europe continue to increase. Meanwhile, in emerging markets such as Southeast Asia, Beijing Roborock Technology has quickly captured market share with a localization strategy, enhancing its risk resistance and profit resilience. The success of Beijing Roborock Technology during the "Double Eleven" period not only demonstrates its technological strength and market strategy, but also reflects the company's profound grasp of future growth opportunities. In the face of intensified industry competition and possible consumer weakness under policy stimulation, individuals related to Beijing Roborock Technology stated that they will continue to focus on technological innovation as the core, accelerate global market layout, and promote breakthroughs in high-quality products across multiple categories. The above-mentioned individuals further emphasized: "Promotions are only temporary achievements. Long-term competitiveness comes from technology, products, and brand value. In the future, Beijing Roborock Technology will continue to focus on the smart home track, bringing consumers a more intelligent and convenient life experience, while driving global expansion with technology and maintaining industry leadership."