Roborock (石头科技, 688169), the leading player in China’s robotic cleaning appliances market, has announced its financial report for the year 2022.
The report shows that the company’s revenue reached 6.629 billion yuan (US$958 million), up 13.56% year-on-year. Meanwhile, the net profit attributable to shareholders after deducting non-recurring gains and losses reached 1.198 billion yuan, a YoY increase of 0.63%.
According to the report, the company’s revenue was divided almost equally between domestic and overseas operations, with domestic revenue accounting for 47.3% and overseas income making up 52.7%.
It is worth noting that the sales of cleaning appliances in China last year remained resilient, recording a growth rate of 4%, amid an across-the-board decline of 7.4% in the home appliances market.
According to AVC, a home appliance market research company, China’s home appliance market took a hammering in 2022, amid a Covid-induced economic slowdown, sluggish demand, rising costs, intense market competition and other factors.
Despite these challenges, the cleaning appliances industry still showed resilience and continued to grow 4% to 32.2 billion yuan. Retail sales of cleaning gadgets slid 14.5% to 25.48 million units during the same period.
Among them, cleaning robots represented around 60% to 70% of the total sales volume.
The report reveals that Roborock sold 2.246 million units of its robotic vacuum cleaners in 2022, generating a revenue of CNY 6.346 billion, or about 96% of the company’s overall revenue.
The remainder was contributed by the sales of handheld cleaning products and accessories, which reached CNY 265 million.
Roborock attributed its success to sustainable business development at home and abroad, thanks to a strategy of tapping deeper into the domestic market while expanding internationally.
The company also revealed that it is building its own factory, and plans to gradually shift from outsourcing to in-house production as the factory becomes operational.
Roborock shares closed down 11.92% to 303.06 yuan apiece, with a market cap of 28.02 billion yuan as trading drew to a close today.