Orient Securities: Domestic sales of sweepers continue to be concentrated, and overseas markets continue to grow

The Zhitong Finance App learned that Orient Securities released a research report saying that overall, the domestic sweeper market's high-base retail scale, which was affected by the 618 promotion, declined in the second quarter, and the industry share was highly concentrated. The two major brands together occupied nearly 70% of the market share, and the oligarchy competition pattern was prominent. The global market for sweepers is showing a growing trend. Its share in China continues to be concentrated in CR2, and the overseas market is growing but continues to compete. Going overseas is expected to create a new growth curve. Related targets: Covos (603486.SH, unrated), Stone Technology (688169.SH, unrated).

Orient Securities's main views are as follows:

In Q2, the large market of domestic sweepers declined slightly due to a high base, and CR2's share was clearly concentrated

According to data from Aowei Cloud Network, the cumulative online and offline retail sales of the W15-W26 (4.6-6.28) sweeper were 4.662 billion yuan, -1.78% year-on-year. The cumulative retail sales volume was 1,427,600 units, +2.78% year-on-year, and the average price was 3,268 yuan per unit, -4.38% year-on-year. In terms of the market competition pattern, CR2 concentration has further increased. As the two main brands, Stone Technology and Covos have total sales of 1,638 billion yuan and 1,543 billion yuan respectively, +16.65/ +16.99% year on year, and market shares of 35.12% and 33.09%, respectively, +5.57/+5.34 pcts year on year. Overall, in the second quarter, the domestic sweeper market's high-base retail scale, which was affected by the 618 promotion, declined somewhat. As the shares of Yunwhale, Chase, and other second- and third-tier brands declined, industry shares were highly concentrated. The two leading brands, Stone and Covos, together occupied nearly 70% of the market share, highlighting the oligarchy competition pattern.

Sweepers continued to grow overseas on Prime Day, but the product price segment sank

According to IDC data, global shipments of robot vacuum cleaners in the first quarter of 2026 were 6.563 million units, +29.4% year-on-year. According to the 2026 Amazon PrimeDay report, Stone Technology's sweeper sales volume in the North American market was +30%, the overall market share of the US market share was 33%, and Canada's market share was 31%; the nine European Amazon countries accounted for 45% of the overall market (Germany/English/Western/Netherlands/first among the five countries), and the sales volume of sweepers in Europe was +24%, ranking first. The omni-channel GMV of North American sweepers surpassed 115 million yuan, +201% year-on-year; the omni-channel GMV of sweepers in Southwest Europe was +47% year-on-year. The overseas sweeper market continues to grow. The growth is mainly driven by volume growth. The driving factors behind this are the expansion of new markets and channels, as well as the further crowding out of overseas brand shares. The overseas product structure of Chinese sweepers has also been further expanded. As SKUs for sinking products increase, average prices may show a downward trend.

The trend of floor scrubbers going overseas is accelerating, and it may become the second largest growth curve overseas

As of May 2026, according to research and disclosure, its floor scrubbers have entered more than 120 countries and regions, ranking among the top in nearly 20 countries and regions. Among them, Poland is typical, with a market share of 70%, and many other countries have a market share of more than 50%, making it a popular local product. Stone Technology's floor scrubber category is also in a growth stage. The 2026 Amazon Prime Day report shows that overall sales volume in Europe was +112%, with Spain and Germany being +235%/139% respectively, and the market share of the Amazon floor washer category in Germany reached 33%. Overall, the first half of the year saw a period of rapid growth for floor scrubbers. Major brands continued to enter overseas markets, which is expected to create a second growth curve in the overseas cleaning sector.

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