Beijing Roborock Technology (688169.SH) revenue exceeds 10 billion, with a record high market share in South Korea.

Beijing Roborock Technology (688169.SH) has handed in a fourth-quarter report that exceeded market expectations. Benefiting from the simultaneous development of domestic and overseas market businesses, Beijing Roborock Technology achieved operating income of 11.927 billion yuan in 2024, a year-on-year increase of 37.82%, making it another home appliance listed company to break the billion mark in revenue. In the first quarter of this year, Beijing Roborock Technology's revenue in some overseas regions continues to grow. According to GMTEight, from authoritative sources, Beijing Roborock Technology has reached a historical market share high in the Korean robot vacuum market, with a market share exceeding 50% in January. Strong performance in the Korean region In fact, in markets such as Korea and Singapore, Beijing Roborock Technology has always performed exceptionally well. During the 2024 "Black Friday" global promotion period, Beijing Roborock Technology's products ranked first in GMV (total merchandise transaction volume) in Korea's annual e-commerce promotion, with a 32% year-on-year increase. Its GMV also ranked first in Singapore's dual e-commerce platforms. Clearly, through localized operations and efficient channel layout, Beijing Roborock Technology has further enhanced its brand influence in the regional market. Looking back further, Beijing Roborock Technology also holds a leading position in the Korean market. According to GFK data, in 2023, Beijing Roborock Technology's annual sales in Korea reached 200 billion Korean won, a 200% year-on-year increase. It achieved a market share of 35.5%, with a market share of 80.5% in the high-end market segment of over 1.5 million Korean won. As a developed country, Korea's robot vacuum product structure is generally high-end, with a high proportion of total station products. Beijing Roborock Technology's exhibition space in observed stores accounts for 53%. An analyst from Open Source Securities observed four offline stores of two professional home appliance KAs in Seoul's Lotte Hi-mart and Electro Mart, as well as a comprehensive supermarket, Hyundai Department Store. According to their analysis, in terms of the competition landscape of robot vacuum products, the market is primarily dominated by Chinese and Korean domestic brands, with fewer European and American brands. Within the three offline stores of Lotte Hi-mart, Beijing Roborock Technology has 1-4 robot vacuum products for sale, as well as 14 SKUs available on Lotte Hi-mart's online store, demonstrating strong channel performance. This means that Beijing Roborock Technology's flagship products have had smooth entry into the Korean market. Furthermore, comprehensive supermarkets such as Hyundai Department Store have yet to have a professional robot vacuum brand enter. The analyst from Open Source Securities believes that Beijing Roborock Technology's position in the robot vacuum category is steadily stabilizing, and after gradually expanding into new product categories such as floor scrubbers and washing machines, it is expected to enter comprehensive supermarkets as a comprehensive home appliance manufacturer, continuing to grow its revenue in the Korean market. The analyst from Open Source Securities is optimistic about the company's continued consolidation and expansion of its omnichannel advantage in Korea, while replicating its success in Japan, China, and Taiwan to continue building its second revenue growth curve. There is still room for development in overseas markets Apart from the Korean market, Beijing Roborock Technology has also shown strong performance in other overseas regions. According to Oviyun.net and Jiuqian data, in the fourth quarter of 2024, Beijing Roborock Technology's sales on Amazon in the United States increased by 38% year-on-year, and its offline channels entered smoothly. In the European region, Beijing Roborock Technology's sales on Amazon in Germany increased by 38% year-on-year, with a good expected recovery in offline channels. In the Asia-Pacific region, Beijing Roborock Technology's sales of electric tool parts on Amazon in Japan increased by 63% year-on-year. This high growth trend continued at the beginning of 2025. In terms of exports, in January 2025, Beijing Roborock Technology's sales on Amazon in the United States and Germany increased by 30% and 78% respectively year-on-year, indicating that its proactive strategies are starting to yield results. The analyst from Open Source Securities believes that overseas branded robot vacuum products mainly focus on individual units and dust collection capabilities, with overall product capabilities lagging behind. While Chinese brands maintain a leading position in the full-station robot vacuum market, they have also introduced a variety of product lines to meet different regional demands, giving them a competitive edge overall. Compared horizontally with the global penetration rate level, the penetration rate of the robot vacuum market in China and globally is less than 5%. Siasun Robot & Automation has a penetration rate of over 20% in more mature markets, and analysts predict that there is still room for growth in the future. Defining the penetration rate level as the number of units per household, the global robot vacuum market penetration rate was around 3.7% in 2023, while China's penetration rate was 4.4%. In more mature markets, the penetration rates in Spain, Norway, and the United States were high at 20.7%, 20.0%, and 14.9%, respectively. The analyst from Open Source Securities believes that the industry is currently in a state where "overseas consumer education leads, and Chinese product capabilities lead," and expects that as overseas product supply is optimized and Chinese robot vacuums exchange price for volume, there is great potential for growth in both China and global markets.There is still ample room for improvement in the permeability of the ball.Je vais aller au cinma ce soir.