Beijing Roborock Technology (688169.SH) released its performance report. The net profit in 2023 was 2.054 billion yuan, an increase of 73.57% year-on-year.

On February 26, Beijing Roborock Technology (688169.SH) released its performance report, with the company's total revenue in 2023 reaching 8.654 billion yuan, a year-on-year increase of 30.55%, and a net profit attributable to shareholders of 2.054 billion yuan, a year-on-year increase of 73.57%. Financially, the company's total assets at the end of 2023 were 14.403 billion yuan, an increase of 32.95% compared to the beginning of the year. The performance far exceeded the expectations of many securities institutions, indicating that the cleaning appliance industry still has significant potential for growth, and also reflects the continuous improvement of Beijing Roborock Technology's operational quality. In recent years, the overall growth of the cleaning appliance category has been weak, with Siasun Robot & Automation's floor sweeping showing a decreasing trend in incremental growth, and sales of most brands witnessing a significant decline, putting pressure on many companies' performance and leading to substantial profit reductions. Despite this trend, Beijing Roborock Technology has achieved significant growth. With the company's leading position in the global floor sweeping industry firmly established and new product categories continuously maturing, Beijing Roborock Technology has become the strongest engine driving industry growth. The performance report indicates that during the reporting period, the company actively implemented its "go global" strategy, and its products, with outstanding performance and technological advantages, benefited from the rapid growth in overseas consumer demand, further enhancing the competitiveness and brand image of its products, leading to rapid growth in overseas revenue. During the reporting period, with the launch of multiple new products and further expansion into domestic and foreign markets, the company's product pricing segments and channel layout have been further improved, driving the enhancement of its operational performance and profitability. In addition, during the reporting period, the company's wholly-owned subsidiary was recognized as a key software enterprise encouraged by the state, securing tax incentives and tax refunds; also, the increase in fair value of the company's financial products and other income growth positively impacted net profit. Behind eye-catching performance, not only does it signify the continuous improvement of Beijing Roborock Technology's operational capabilities and increasing product appeal, but also indicates that it has chosen the right strategic direction. Unlike many cleaning appliance companies that continuously expand their product lines and launch numerous new products, Beijing Roborock Technology is more cautious in its expansion. As a leader in the domestic smart floor sweeping robot category, Beijing Roborock Technology has long been deeply involved in this category, establishing an absolute advantage in this field. Currently, Beijing Roborock Technology's floor sweeping robot products in terms of smart performance, product quality, and reputation are clearly in a leading position. As a leader, Beijing Roborock Technology continues to be optimistic about the floor sweeping robot category, continues to increase its layout, clarifies product line differentiation for different consumer groups, accelerates product launches, significantly drives up its market share, and continues to gain larger market share in the global market, becoming a compelling Chinese cleaning appliance brand among global consumers. On the one hand, Beijing Roborock Technology continues to expand its market share in the floor sweeping robot category to drive market penetration; on the other hand, leveraging its brand and technological advantages accumulated in the floor sweeping robot category, Beijing Roborock Technology is also focusing on developing new product categories. Currently, the new products of Beijing Roborock Technology's floor scrubbers and washer-dryer combos are steadily maturing, with sales and revenue steadily increasing, expected to become the second growth curve supporting the company's performance.