Summary of Key Points
In the first half of 2026, Stone Technology and Roborock had similar revenue and profit levels, yet their strategic approaches differed significantly: Roborock focused on the narrative of "embodied intelligence" technology while investing heavily in marketing; Stone Technology shifted from a strategy of "spending money to gain market share" to one of controlling costs and improving efficiency, as well as expanding its business scale. Zhumai, the third player in the market, underwent a strategic contraction by cutting off cross-border businesses such as car manufacturing, but its core cleaning appliance business in Europe remained strong. Each company has its own dominant market (Roborock in China, Stone Technology in North America, and Zhumai in Europe). The FCC ban in the United States had the greatest impact on Stone Technology, which relies heavily on the North American market. The industry is entering a phase of more refined competition, and it is likely that the three companies will continue to dominate the market.
I. Dramatic Differences in Strategic Approaches: Roborock Tells Stories, Stone Technology Focuses on Scale
Despite their similar financial figures, the two leading companies adopt completely different strategies:
- Roborock: Marketing-driven with a Technological Narrative
Roborock positions itself as a "technology company for embodied intelligence" (in simple terms, it aims to create home robots that can perform tasks like humans). For example, it launched the humanoid robot "Bajie" for 49,900 yuan and proclaimed, "Let users define what robots should do." However, its financial numbers reveal the truth: sales expenses amounted to 2.98 billion yuan (28.8% of revenue), while research and development expenses were only 554 million yuan (5.4%)—marketing expenses were more than five times that of R&D. In essence, Roborock tries to enhance its brand through a technological narrative, but its actual growth comes from spending money to sell products.
- Stone Technology: Moving from "Spending Money" to Cost Control and Scale Expansion
Stone Technology used to be a company that invested heavily in marketing, such as hiring famous endorsers and expanding distribution channels (sales expenses increased by 65% in 2025, while profits decreased by 31%). In the first half of 2026, it took a more cautious approach, with sales expenses increasing by only 3.96% and the expense ratio dropping from 27.4% to 22.3%. The reason for this change is that its business scale has expanded, reducing the cost per customer acquisition, and the brand's impact is beginning to be felt. Stone Technology is not fixated on high-end products; it focuses on profitable categories (vacuums, mops, washing machines, etc.) with the goal of increasing its scale and reducing costs.
II. Zhumai's Major Contraction: A Crisis or a Chance for a Counterattack?
Zhumai faced several challenges in the first half of the year, including its founder being silenced, supplier issues, and the discontinuation of car manufacturing and mobile phone businesses. However, this does not mean it is in decline:
- Surface Chaos, but a Strong Core Business
Although its cross-border businesses failed, its cleaning appliance business is still profitable. Zhumai experienced explosive growth in the European market (80% in Northeast Europe and 103% in Southwest Europe) in the first half of 2026. It held a 27.6% market share in Europe in 2025, with its high-end models (over 700 euros) accounting for 70% of sales in Northeast Europe.
- Is Contraction a Good Thing?
Zhumai had expanded too widely, with over 200 business units. Now, it has focused on four core areas, concentrating all its resources on its cleaning appliance business. By shedding unnecessary operations, it may use its profits and European distribution channels to more aggressively compete with Roborock and Stone Technology, as it is already the market leader in Europe.
III. Each Company Has Its Own Dominant Market: No One Can Overtake the Others Globally
The three companies have established distinct positions in the global market:
- Roborock: King in China, Accelerating Overseas
It holds a 34.2% share of the domestic online market and a 24.7% share across all channels (8 percentage points higher than Stone Technology). Its Tencore brand is the best-selling in Europe. Most importantly, its overseas revenue exceeded 50% for the first time in the second quarter, shifting its focus from the domestic market to global expansion.
- Stone Technology: Dominant in North America, Leading in Global Shipments
It has a 17% market share in North America, with peak sales of 33% during Amazon promotions, and it operates over 2,000 physical stores. It was the leading global vacuum cleaner seller in 2025 (with a 27% market share). However, its domestic market share is second, and its brand influence in Europe is still limited.
- Zhumai: Market Leader in Europe, Focusing on High-End Products
It has the highest market share in Europe, especially with its high-end models, and its business in North America also grew rapidly (185% in the first half of the year). Although its overall scale may be third, its position in Europe is very strong.
IV. The FCC Ban: Is Stone Technology in the Most Vulnerable Position?
At the end of July, the US FCC introduced a new rule that prohibits robots manufactured overseas, capable of autonomous movement, connectivity, and weighing more than 2 kilograms (including vacuum cleaners) from entering the US market (existing models can continue to be sold). This ban has a different impact on each company:
- Stone Technology is the Most Affected
North America is its main growth driver, and it invests heavily in local channels. Vacuum cleaners are updated annually, so if new models cannot enter the US market, Stone Technology's sales will be impacted, as users prefer the latest products.
- Roborock and Zhumai are Less Affected
Roborock's main focus is on the European market, and Zhumai also relies heavily on Europe. Therefore, this ban will only result in a slight reduction in North American profits, without affecting their core operations.
V. The Second Half of the Industry: A Battle Among the Three Leaders
The cleaning appliance industry has moved beyond the stage where anyone can easily make profits; now, the focus is on stability and differentiation:
- Different Risks for Each Company
Whether Roborock's technological narrative of embodied intelligence will be successful is uncertain; Stone Technology's reliance on North America and marketing is a significant risk with the FCC ban; Zhumai needs to rebuild supplier trust and its brand image.
- Why Won't One Company Dominate?
Vacuum cleaners are updated frequently (every 1-2 years), and each company has its strengths (e.g., Roborock's mops, Stone Technology's navigation systems, Zhumai's high-end models). Consumers find it difficult to stick with just one brand. Experts predict that Roborock, Stone Technology, and Zhumai will continue to be the top three players, similar to the situation with air conditioners, where Gree dominates the market.
In summary, these three companies are like athletes in different races: Roborock is running a "technological marathon," Stone Technology is focusing on "short-distance sprinting," and Zhumai has just fallen but is quickly getting back on its feet. Who will emerge as the winner? It will depend on their ability to balance technological, market, and regulatory risks. For now, the three-company dominance is established.