Cross-border sales reached 2.2 billion in three months, and net profit soared 726%!

With the continuous improvement of consumers' awareness and demand for household cleaning, as well as the continuous and rapid progress of robot software and hardware technology, the consumer market for cleaning service robots has achieved rapid growth. According to industry data released by GFK, the scale of the global sweeping robot industry in 2020 increased by 40% compared with 2019.

Ecovacs, which occupies the top spot in the domestic sweeping robot market ( 43.8% online market share , 78.2% offline market share ) , has achieved significant year-on-year growth in performance in the whole of last year and the first quarter of this year !

Ecovacs sold 2.224 billion in three months , with a net profit of 333 million

According to the first quarter report of 2021 released by Ecovacs , in just three months, the Suzhou-based company, which mainly produces sweeping robots, achieved revenue of 2.224 billion yuan, a year-on-year increase of 131.04% (962.8 million yuan). The net profit attributable to shareholders of the listed company was 333 million yuan, a year-on-year increase of 726.61 % .

Image source: Ecovacs 2021 first quarter report

In addition to focusing on research and development, Ecovacs has also increased its financial investment and efforts in domestic and international market expansion and marketing promotion this year.

In the first quarter of 2021, Ecovacs' R&D expenditure was 91.4 million yuan, an increase of 41.47% compared with the same period last year. Sales expenses were as high as 453.4 million yuan, a sharp increase of 132.67% compared with 194.9 million yuan last year, and the effect is also obvious!

Revenue in 2020: 7.234 billion, net profit: 641 million

In the 2020 annual report released on the same day , Ecovacs has also maintained a high growth trend in performance! The annual revenue in 2020 reached 7.234 billion yuan, an increase of 36.17% from 2019 ( 5.312 billion yuan) ; the net profit attributable to shareholders of the listed company was 641 million yuan, a year-on-year increase of 431.22%.

Image source: Ecovacs 2020 Annual Report

The rapid growth in performance is mainly due to the company's efforts in mid-to-high-end products and the continuous improvement in gross profit margin .

During the reporting period, the company's sales revenue of Ecovacs brand service robots reached 4.236 billion yuan, accounting for 58.55% of the total revenue, an increase of 17.30% over the previous year. The sales revenue of Tineco brand reached 1.259 billion yuan, accounting for 17.41% of the total revenue, an increase of 361.64% over the previous year.

The increase in the proportion of private-label business has also driven the increase in Ecovacs' overall gross profit margin. In terms of gross profit margin, Ecovacs ' sales gross profit margin in 2020 was 42.86%, an increase of 4.57 percentage points year-on-year. The gross profit margins of service robots and smart home appliances were 48.01% and 36.39%, respectively, an increase of 3.15 and 11.78 percentage points year-on-year.

As one of the world's largest manufacturers of cleaning appliances , Ecovacs' success is also inseparable from technological research and development and product innovation .

The financial report shows that the cross-border seller Ecovacs continued to increase its R&D investment in 2020, with R&D expenses reaching RMB 338 million, an increase of 21.88% over the same period last year. Sales expenses reached RMB 1.561 billion, a year-on-year increase of 26.70%.

With the wave of consumption upgrading, smart home appliances that improve the quality of life are becoming a new growth point. As a global leader in the home service robot and smart home appliance industries, Ecovacs is a well-deserved pioneer.

Cross-border sales

Smart Home Appliances

Net Profit