Roborock is one of world’s leading smart appliance companies. Its overseas market revenue in 2022 reached about CNY 3.48 billion, accounting for 52.68% of the total revenue.
Chinese Intelligent Appliance R&D Firm Roborock (Chinese:石头科技) announced its annual report for 2022 and first quarter report for 2023 yesterday. In 2022, the company achieved an operating revenue of CNY 6.63 billion (USD 957 million), a year-on-year increase of 13.56%. The net profit attributable to shareholders of the listed company was CNY 1.18 billion, a decrease of 15.62% compared to the previous year. In the first quarter of 2023, the company’s revenue reached CNY 1.16 billion, a year-on-year decline of 14.18%, and the net profit attributable to shareholders was CNY 204 million, a year-on-year decline of 40.42%.
Founded in 2014 and headquartered in Beijing, Roborock is one of world’s leading smart appliance companies, dedicated to the design, R&D, manufacturing, and selling of intelligent appliance such as intelligent cleaning robots.
The company's two main competitive advantages are its stable R&D team and continual investment in technological research. In 2022, Roborock invested approximately CNY 489 million in various R&D projects, a year-on-year increase of 10.85%. The company’s R&D personnel reached 493, accounting for 54.54% of the total number of employees, and it obtained 417 new authorized patents in China and abroad.
In terms of overseas markets, Roborock focuses on the development of markets in the United States, Europe, and Southeast Asia. It has established overseas subsidiaries in countries such as the United States, Japan, the Netherlands, Poland, Germany, and South Korea. The company has also opened online brand stores on platforms like Amazon, Home Depot, Target, Best Buy, and Walmart. In 2022, the company’s domestic revenue amounted to approximately CNY 3.13 billion, accounting for 47.32% of the total revenue, while overseas market revenue reached about CNY 3.48 billion, accounting for 52.68%.
In 2022, the household appliance industry in China was impacted by multiple negative factors. However, while the overall market for household appliances in China declined by 7.4%, cleaning appliances still maintained a growth rate of 4.0%. In overseas markets, consumer preferences diverged due to factors such as the Russia-Ukraine conflict. Nevertheless, in developed regions, price is not the primary consideration for local consumers. Technologically advanced and feature-rich products, even if priced higher, can still win consumers’ favor.
At present, the field of intelligent appliances has attracted numerous companies worldwide. Representative Chinese companies include Ecovacs (Chinese:科沃斯), Dreame (Chinese:追觅), and Narwal (Chinese: 云鲸); internationally, iRobot from the United States, LG Electronics from South Korea, and Dyson from Singapore all possess significant strength.
As of press time, Roborock closed at CNY 309.19 apiece, with a market cap of CNY 28.88 billion.