2009 1210 2024 03 13 1 100%600 8.0%2 LDS+2022 LDS+/38.5%/66.0%1500 3210 3 400 610 40%iRobot 1 iRobot iRobot 60%iRobot LDS+2 iRobot iRobot 3 21 iRobot 53%20%6.6(46)iRobot 1 iRobot iRobot 2 iRobot 800 9.6%/54.8%/69.7%64.6%5/230/46 21Q4 Google iRobot 7%20%37.5%iRobot 60%40%5 50%230 22 621%20%28 40 LDS+iRobot S0360520100002 S0360523080004%()80 0.01()16,405.31 1.86()14,704.41 2.14%1M 6M 12M 8.5%4.1%14.9%1.6%8.4%24.2%20240304-20240308 2024-03-11 20240226-20240301 2024-03-04 2024-02-27-21%-9%3%14%23/03 23/05 23/08 23/10 23/12 24/032023-03-132024-03-12 300 2009 1210 5-10 iRobot 600 8.0%LDS+1500 3210 iRobot 60%iRobot 21 iRobot 53%20%6.6 46/800 54.8%/69.7%64.6%LDS+iRobot ZXEVuNmRpMqRtNoNtOoRrQbR8QaQnPnNmOrNlOqQpMiNqRqM6MpPwPxNpMtNMYpNnN 2009 1210 3.7.7.10.13 iRobot.15 iRobot.15.17.22.26.26.29.32.34 2009 1210 4 1.7 2 2022.8 3 2022.8 4.8 5&.9 6&.9 7 2023M1-M10.10 8 2023.10 9 iRobot 2014.11 10.11 11 2017.11 12 2017.11 13.12 14.12 15 iRobot.13 16 16-19.13 17 2022&.14 18.14 19.15 20 iRobot.16 21 iRobot.17 22 iRobot.17 23.17 24 iRobot.17 25.18 26.18 27(2021).19 28.19 29+.19 30.19 31 iRobot.20 32.20 33.20 2009 1210 5 34 iRobot.21 35 iRobot.21 36 iRobot.21 37 2022 8 iRobot.22 38 iRobot Amazon.22 39 iRobot.23 40 iRobot.24 41 iRobot/.24 42 Shark.24 43 iRobot 6.6.25 44 iRobot 35%.25 45 GEA.25 46 2016 GEA.25 47.26 48.26 49.27 50 iRobot.27 51 50%.27 52 iRobot.27 53 50%.28 54 2020.28 55 iRobot 2022.28 56 iRobot.28 57 P10 Pro.29 58 iRobot.29 59 23M1-M11.30 60 23M1-M11.30 61 iRobot.30 62 iRobot 30%.30 63 P10 2799.31 64.31 65.31 66.32 67 2022.32 68 iRobot.32 2009 1210 6 69.33 70.33 2009 1210 7 5-10 iRobot iRobot iRobot Euromonitor 2022 271 2010 CAGR 4.9%19.9%2022 65 4.8%24.0%1 Euromonitor 50%29.6%42.7%&-10%-5%0%5%10%15%20%25%30%35%40%0501001502002503003502010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E YoY YoY 2009 1210 8 20%2 2022 3 2022 Euromonitor Euromonitor Euromonitor 15-22 CAGR 15%2022 15 4 Euromonitor 5%10%17.0%21.6%29.6%29.6%25.2%23.8%中国 美国 日韩 西欧 东欧 其他42.7%27.9%15.7%19.3%16.8%0%10%20%30%40%50%60%70%80%90%100%中国 美国 日韩 西欧 东欧 2009 1210 9 5&Euromonitor 4 100%20%/30%/25%/15%2470/963/900/293 2022 449%/121%/236%/175%6&22 450 10%15%20%25%30%3 1647 2470 3293 4117 4940 4 1,235 1,853 2,470 3,088 3,705 5 988 1,482 1,976 2,470 2,964 22 437 20%25%30%35%40%3 856 1,070 1,285 1,499 1,713 4 642 803 963 1,124 1,285 5 514 642 771 899 1,028 5 22 268 15%20%25%30%35%3 720 960 1,200 1,440 1,680 4 540 720 900 1,080 1,260 5 432 576 720 864 1,008 22 106 5%10%15%20%25%3 130 260 390 520 650 4 98 195 293 390 488 5 78 156 234 312 390 Euromonitor 5 0%2%4%6%8%10%12%14%16%18%20%中国 美国 日本 韩国 德国 英国 法国 意大利 西班牙2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 10 best seller&32.5%+10%39.1%300 65.5%600 8.0%7 2023M1-M10 8 2023 Gfk Gfk 2023 24 1 7 best seller iRobot 2009 1210 11 9 iRobot 2014 10 Wind 2000 90%2000 90%11 2017 12 2017 2016 LDS+2013 2016 0%20%40%60%80%100%120%024681012141618202014 2015 2016 2017 2018 2019 2020 YoY YoY,10%,90%26%25%33%33%35%36%39%37%39%50%34%34%57%50%38%35%28%30%32%32%30%29%28%28%10%14%20%24%22%20%22%24%20%17%31%29%0%10%20%30%40%50%60%70%80%90%100%1000 1000-1500 1500-2000 2000-3000 3000 2009 1210 12 13 2019 14 T7S Plus X1 Omni G10S 19 11 21 3 21 9 22 3()&+iRobot 2 iRobot 2009 1210 13 15 iRobot 2024 1 17 2019 1479 2022 3210 132.6 5 CAGR 19.5%16 16-19 Euromonitor Gfk 148313941349138513791501 147918302394321005001,0001,5002,0002,5003,0003,5000204060801001201402013 2014 2015 2016 2017 2018 2019 2020 2021 2022/2009 1210 14 17 2022&Euromonitor 1 18 iRobot 2024 1 17 40%400 0%1%2%3%4%5%02004006008001,0001,2001,4001,6001,800冰箱 洗衣机 扫地机 冰箱 洗衣机 扫地机均价（左轴，美元）户均收入占比（右 轴，%）美国 西欧 日本 中国 印度01,0002,0003,0004,0005,0006,0007,0008,0009,000石头-G10S(海外款为S7 MaxV Ultra)石头-G20(海外款为S8 Pro Ultra)科沃斯-T10 Omni iRobot-i7+2009 1210 15 2020-2023/+4.0%75.0%/6.5%39.1%237.8 436.4 CAGR 22.4%200/+0.2/5.7 5.85 12%2026 610 40%19 2019 2020 2021 2022 2023 2026E 213.8 237.8 332.4 426.8 436.4 YoY-11.2%39.8%28.4%2.2%-4.0%29.0%66.0%75.0%+2.3%6.5%12.6%38.5%39.1%51.0%61.5%51.3%42.5%51.9%7.6%9.9%24.9%15.3%5.6%&39.1%22.1%11.2%3.7%3.4%398.1 394.5 420.8 411.7 433.9 609.4 YoY-0.9%6.7%-2.2%5.4%12%+-10%40%-36.3%-21.3%-&-32.5%-Euromonitor Gfk 2023 AVC Market Monitor Global 23 1-11 iRobot iRobot 60%iRobot iRobot iRobot iRobot 2009 1210 16 iRobot iRobot toG toC vSLAM iRobot 1990-2002:toG toG NASA 911 iRobot 2002-2010:toG iRobot C iRobot 2002 Roomba 2010-2015/iRobot 2010-2012 Neato LG iRobot 2015-2018 iRobot 2015 2018 iRobot 2018 iRobot iRobot+iRobot 20 iRobot Euromonitor 2009 1210 17 2017 iRobot LDS+iRobot iRobot/EMEA iRobot 2017 62%53%Roomba i7+89%69%EMEA 76%43%2022/EMEA 2018 21 iRobot 22 iRobot 2019 iRobot iRobot iRobot 2016 2.1%2022 14.4%iRobot 40.9%26.8%2020-2022/CAGR 19.9%/35.2%iRobot-9.2%23 24 iRobot Euromonitor 1 100%100%2-1:7 iRobot 40%45%50%55%60%65%70%75%80%85%90%2014 2015 2016 2017 2018 2019 2020 2021Global North America EMEA Japan-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%0123456782018 2019 2020 2021 2022United States EMEA JapanUnited States EMEA Japan 0%5%10%15%20%25%30%35%40%45%2016 2017 2018 2019 2020 2021 2022 iRobot-40%-20%0%20%40%60%80%100%0204060801001202017 2018 2019 2020 2021 2022 iRobot YoY YoY iRobot YoY 2009 1210 18&25,26 10 16 LDS iRobot 2009 1210 19 27(2021)28 Gfk 2021 2022 iRobot iRobot LDS+40%79%iRobot iRobot 29+30 Gfk 2023 2024 22M1-M11 23M1-M11 24 iRobot 3 iRobot 1-2 72.4%83.7%LDS 激光导航 vSLAM 视觉导航 随机碰撞/陀螺仪导航3.53.63.73.83.944.14.24.34.44.5S7 MaxV Ultra(激光导航)S8 Pro Ultra(激光导航)X1 OMINI(激光导航)T10 OMNI(激光导航)Roomba s9+(视觉导航)Roomba j7+(视觉导航)石头 科沃斯 iRobot2.3%6.5%12.6%38.5%39.1%0%10%20%30%40%50%60%70%80%90%100%2019 2020 2021 2022 23M1-M10+&46%73%79%全基站 自清洁 自集尘 单机款 2009 1210 20 31 iRobot 23H1 32 33 iRobot iRobot 2007 2016 iRobot 01234562019 2020 2021 2022 2023iRobot 0%20%40%60%80%100%120%140%01020304050607080902020 2021 2022 23H1 YoY YoY20%25%30%35%40%45%50%55%60%65%2019 2020 2021 2022 2009 1210 21 34 iRobot prnewswire IEEE iRobot iRobot 2022 iRobot iRobot 35 iRobot 36 iRobot Wind Wind-1:7 iRobot iRobot iRobot 2022 8 iRobot 20%25%30%35%40%45%50%55%60%2018 2019 2020 2021 2022 23Q1-Q3iRobot-10-5051015202018 2019 2020 2021 2022 23Q1-Q3iRobot 2009 1210 22 37 2022 8 iRobot Amazon 2016 iRobot iRobot 22 5 8 iRobot 24 1 iRobot 22 8 iRobot FTC DOJ 9 FTC iRobot 11 23 8 23 4 CMA 6 CMA 7 11 Statement of Objections 38 iRobot Amazon 2009 1210 23 iRobot 24 1 29 iRobot iRobot 9400 Colin Angle&CEO 0.8-1 2000 3000 350 iRobot 31%24H1 1200-1300 iRobot 39 iRobot PR Newswire iRobot iRobot iRobot iRobot 23 70%iRobot 22 iRobot 2 iRobot 2009 1210 24 40 iRobot 41 iRobot/Wind iRobot Shark iRobot 42 Shark Shark Shark Matrix Plus Shark Detect Pro Roborock S8 Pro Ultra Roborock S7 MaxV ECOVACS X1 Plus ECOVACS X1 Omni 2022 4 2021 11 2023 3 2022 4 2021 12 2022 5 3D 4000Pa 2000Pa 6000Pa 5500Pa 5000Pa 5000Pa 2-2.5L 1-1.5L 2.5L 2.5L 3.2L 3.0L 110 110 180 180 260 150 699.99 456.70 1199.99 895.44 919.00 1107.99 4.0 4.2 4.3 4.4 4.1 3.9 2024 1 17 iRobot 6.6 35%220%10%20%30%40%50%60%70%80%2019 2020 2021 2022 23Q1-Q3 2009 1210 25 iRobot 45%20%6.6 50%23.0 22 17.8%4.1:1:7 35%43 iRobot 6.6 44 iRobot 35%Wind iRobot GE GEA 2016 45 GEA 46 2016 GEA iRobot GEA iRobot iRobot L D S+”iRobot 66.311.823.04.10102030405060708090100收入（亿元）业绩（亿元）22 2009 1210 26+2017 2050 2019 9.8 0.17%13.8%2020 53.0%2022 80.6%2.5 4.5 47 48 2017 94%2022 46.4%52.5%iRobot DTC 2016 7.0%2021 13.6%0%2%4%6%8%10%12%14%16%010,00020,00030,00040,00050,00060,00070,00080,00090,000100,0002017 2018 2019+0%10%20%30%40%50%60%70%80%90%05,00010,00015,00020,00025,00030,00035,00040,00045,00050,0002020 2021 2022 2009 1210 27 49 50 iRobot 50%S7 MaxV Ultra 92 iRobot j7+63 23H2 51 50%52 iRobot Euromonitor versus iRobot iRobot 50%2021 iRobot j7/j7+2020 0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 2020 2021 2022 0%2%4%6%8%10%12%14%16%02004006008001,0001,2001,4001,6001,8002016 2020 2021Retail DTC DTC 0%10%20%30%40%50%60%70%80%90%100%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 28 53 50%54 2020 Euromonitor iRobot iRobot iRobot Euromonitor iRobot 10%2022/17%/27%/16%iRobot 55 iRobot 2022 56 iRobot Euromonitor Euromonitor iRobot iRobot 0%10%20%30%40%50%60%70%80%90%0%10%20%30%40%50%60%70%北美 西欧 拉丁美洲 澳新 中东非 东欧 亚太地区0%5%10%15%20%25%30%东欧 中东非 亚太地区2018 2019 2020 2021 2022 2009 1210 29 57 P10 Pro iRobot iRobot iRobot 400-800 Combo j7+800 800 24 S8 MaxV Ultra 1800 58 iRobot 2024 3 2 iRobot 800 9.6%/54.8%/69.7%800 iRobot 23.2%+64.6%2009 1210 30 59 23M1-M11 60 23M1-M11 iRobot iRobot iRobot iRobot iRobot 2019 131.7 2022 198.6 30%iRobot 61 iRobot 62 iRobot 30%Wind Comparably:1:7 3000 P10 3000 iRobot 9.6%54.8%69.7%0%10%20%30%40%50%60%70%80%90%100%iRobot 石头 科沃斯 300 300-600 601-800 80023.2%54.4%10.2%0%10%20%30%40%50%60%70%80%90%100%300 300-600 601-800 800iRobot 05010015020025001002003004005006002019 2020 2021 2022 010203040506070iRobot 石头 科沃斯 2009 1210 31 63 P10 2799 iRobot 2019 8pcts iRobot 64 65 Wind 100%100%Wind 2019-2023 CAGR 100%70%2023-40%-20%0%20%40%60%80%100%120%05101520253035402019 2020 2021 2022 YoY YoY30%35%40%45%50%55%60%2019 2020 2021 2022 2009 1210 32 66 67 2022 Wind 21Q4 Google iRobot 68 iRobot Google trend iRobot 0204060801001202019 2020 2021 2022 2023E0%2%4%6%8%10%12%14%0%10%20%30%40%50%60%70%80%追觅 石头 科沃斯-200204060801002019年9月2019年11 月2020年1月2020年3月2020年5月2020年7月2020年9月2020年11 月2021年1月2021年3月2021年5月2021年7月2021年9月2021年11 月2022年1月2022年3月2022年5月2022年7月2022年9月2022年11 月2023年1月2023年3月2023年5月2023年7月2023年9月2023年11 月2024年1月iRobot Roborock Dreame ECOVACS 2009 1210 33 60%40%20%23M4 37.5%1%10%69 5 10%5 iRobot 20%50%230 22 621%20%28 40 17-22 CAGR 19.5%70 2022 2023 2024 2025 2026 2027 2028 320.4 355.8 387.4 423.5 466.9 516.4 578.2 iRobot 50%45%40%35%30%25%20%160.2 195.7 232.5 275.3 326.8 387.3 462.5 20%25%30%35%40%45%50%32.0 48.9 69.7 96.4 130.7 174.3 231.3 20%6.4 9.8 13.9 19.3 26.1 34.9 46.3 Euromonitor LDS+iRobot 0%10%20%30%40%50%60%iRobot 2009 1210 34 2009 1210 35 2020 2020 2021 2021 2022 2023 2009 1210 36 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 37 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522