Recently, Ecovacs released its 2024 and 2025 first quarter performance reports. In 2024, Ecovacs achieved double growth in revenue and profit, but while revenue hit a new high, Ecovacs’ profit was under pressure. This is similar to Stone Technology, which previously announced its financial report. Stone Technology’s revenue soared and its profit fell slightly.
According to the financial report data, Ecovacs achieved revenue of 16.542 billion yuan in 2024, a year-on-year increase of 6.71%, setting a historical high; net profit attributable to shareholders of listed companies was 806 million yuan, an increase of 31.70% over the previous year. In the first quarter of 2025, Ecovacs’ revenue was 3.858 billion yuan, a year-on-year increase of 11.06%; net profit attributable to the parent company was 475 million yuan, a year-on-year increase of 59.43%.
In comparison, Ecovacs’ net profit declined for two consecutive years in 2022 and 2023, and fell by 60% in 2023. Obviously, Ecovacs achieved a certain rebound in performance last year.
However, Ecovacs’ net profit level has not yet recovered to its historical high. In 2021, Ecovacs’ revenue was 13.09 billion yuan, net profit attributable to the parent company was 2.01 billion yuan, and the net profit margin was as high as 15.39%; in 2024, Ecovacs’ revenue increased by more than 3 billion yuan compared with 2021, but its net profit was less than half of that year, and its net profit margin was only one-third of that in 2021.
On the other hand, Stone Technology’s total revenue in 2024 was 11.945 billion yuan, a significant year-on-year increase of 38.03%; net profit attributable to the parent company decreased by 3.64%. Although the profit fell slightly, the overall net profit was still twice that of Ecovacs. In the first quarter of 2025, Stone Technology’s revenue reached 3.428 billion yuan, a year-on-year increase of 86.22%. The net profit attributable to shareholders of listed companies was 267 million yuan, a year-on-year decrease of 32.92%.
In terms of sales performance, Stone Technology has achieved a curve overtaking. According to the latest IDC report, Stone Technology’s shipments will reach 3.2965 million units in 2024, surpassing iRobot and Ecovacs, which have long occupied the top shipments.
In the past two years, sweeping robots have quickly fallen into the dual dilemma of market weakness and homogeneous competition from the top of the trend. Overseas markets are seen as the key to breaking through. Although Stone’s current profitability is better than Ecovacs, with the expansion of overseas markets, these two giants have entered a bottleneck period of increasing revenue but not profits. This also means that the competition in overseas markets has really entered a white-hot stage.
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