Ecovacs Robotics Co Ltd

Ecovacs released its 2026 semi-annual report, achieving operating revenue of 10.341 billion yuan, up 19.18% year on year. Net profit attributable to shareholders of the listed company was 1.248 billion yuan, up 27.4% year on year. The company's second-quarter net profit was 843 million yuan, and first-quarter net profit was 405 million yuan. Based on this calculation, second-quarter net profit rose 108% quarter on quarter.

Ecovacs' overseas shipments of home robots grew more than 80% year-on-year in the first half of this year, with Germany, France, Australia, the United States, and Italy becoming its main overseas markets. Among them, innovative products such as window-cleaning robots and robotic lawn mowers have achieved year-on-year growth exceeding 110% for three consecutive years, driving the company's overall growth by more than 15%. The company is accelerating its expansion into emerging markets such as Central and Eastern Europe, with shipments in the Turkish market surging over threefold year-on-year, while markets like Romania and Austria also maintained high-speed growth. Since the Lingding factory of the Ecovacs Group in Nanxun, Zhejiang, began production in June this year, a window-cleaning robot rolls off the production line every six seconds on average, with daily production capacity exceeding 6,000 units, and over 50% of the products are sold overseas. Customs data shows that in the first five months of 2026, China's export value of cleaning robots reached 14 billion yuan, accounting for more than 70% of the total robot export value.

A number of home appliance disruptor brands are bringing core component production back in-house from external contract manufacturing, aiming to strengthen supply chain security and boost profit margins. Laifen, known for its hair dryers, has built injection molding, motor, and battery production lines at its Zhuhai super factory, achieving a component self-sufficiency rate of over 90 percent. Xiaomi put its Wuhan smart appliance factory into operation in October 2025, with a total investment exceeding 2.5 billion yuan, a peak annual capacity of 7 million units, and an air conditioner rolling off the line as fast as every 6.5 seconds. Ecovacs has formed three major supply chain segments: Tiding Battery, Tongfan Mold, and Kaihang Motor. Among them, Tiding New Energy has a total investment of about 1.2 billion yuan, plans an annual production capacity of 2 gigawatt-hours of lithium batteries, and has already achieved procurement cost optimization of over 20 percent. Midea Group's business-to-business revenue reached 122.8 billion yuan in 2025, up 17.5 percent year on year, and its Meizhi household air conditioner compressors rank first globally in sales volume and are also sold externally. Gree Electric's silicon carbide chip cumulative sales have surpassed 300 million units, with installations and shipments exceeding 2 million air conditioners, and it also provides external foundry tape-out services. An analyst from LeadLeo Research Institute pointed out that building an in-house supply chain requires balancing product differentiation, cost, and capital returns, and blindly pursuing self-sufficiency may drive up unit costs.