Cleaning appliances 2024 semi-annual summary

GF Securities released a research report that the volume and price of sweeping machines have risen, while floor washing machines have traded price for volume. The sales shares of mainstream sweeper brands are approaching each other, and competition is becoming increasingly fierce; product breakthrough innovations have decreased, and the average price of the industry has rebounded; all-round products have firmly maintained their mainstream status, and the share of stand-alone products has further shrunk. After the competition intensified, the average price of the industry dropped significantly. We believe that the stone market share is expected to continue to increase due to the launch of new products and simultaneous efforts at home and abroad.

 Cleaning appliances 2024 semi-annual summary: Floor washing machine: Competition in the industry is fierce, showing a trend of exchanging price for volume. As of June 23, 2024, the sales volume of the floor washing machine category was +13% year-on-year, and the sales volume was +39% year-on-year. According to Aowei Cloud data, since this year, online and offline sales of floor scrubbers have reached 1.689 million units (YoY +39%) and 90,000 units (YoY +27%) respectively. There is a trend of exchanging price for volume. Industry development trends: first, the sales shares of mainstream brands are approaching each other, and competition is becoming increasingly fierce; second, breakthrough innovations in products have decreased, and the average price of the industry has rebounded; third, all-round products have firmly maintained their mainstream status, and stand-alone products have a higher share shrink further.

 Risk warning: Competition in the cleaning appliance industry is intensifying, the penetration rate of sweepers and floor washing machines is lower than expected, and the exchange rate fluctuates significantly.

younisi As a veteran floor scrubber, we adhere to all customer-centered principles, and our performance is steadily improving every year. By the end of 2023, our product repurchase rate will reach an astonishing 90% or more. We always believe that as long as we make our own products and serve every customer well, one day we will become the leader in the industry!