Roborock Reports 2021 Full Year Financial Results

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Apr 26, 2022, 12:00 ET

HONG KONG, April 26, 2022 /PRNewswire/ -- Roborock, creator of ultra-intelligent home robotics engineered to simplify life, today announced its financial results for the full year ended December 31, 2021.

During the reporting period, the company recorded a 28.84% Year-On-Year increase in revenue at 5.837 billion Yuan (US$915.51 million). Net profit was recorded at 1.402 billion Yuan (US$219.90 million), reaching a five-year compound annual growth rate of 84%. The company's overseas revenue is growing at a rate above 80%, while the total number of robot vacuums sold has exceeded 10 million units.

Roborock also disclosed the financial performance report for the First-Quarter of 2022. During the reporting period, revenue was recorded at 1.360 billion Yuan (US$213.31 million), a Year-On-Year increase of 22.30%. Net Profit Attributable To Equity Holders was 343 million yuan (US$53.80 million), a Year-On-Year growth of 8.76%.

"In the past year, we faced unprecedented uncertainties in the business environment, yet relentlessly pursued innovation to continue delivering value to our stakeholders. We also focused on optimizing our management infrastructure and talent development. Our breakthroughs include an industry-first VibraRise™mopping technology unveiled on the Roborock S7 which earned a special mention by TIME magazine in its Best Invention Of 2021 awards." said Richard Chang, Founder & CEO of Roborock.

"Moving forward, Roborock will continue to display the entrepreneurial spirit that played a vital role in our achievements. We will also continue to strive towards our mission of empowering people to live better by creating products that define innovation and engineering excellence."

Financial Performance Highlights

Sales and Net Profit

Total revenue recorded was 5.837 billion Yuan (US$915.51 million).
Out of which, 3.363 billion Yuan (US$527.47 million) was contributed by Roborock's overseas operation, equivalent to 57.6% of total revenue.
Roborock's overseas operation recorded a revenue growth of 80.05% compared to the prior year.
Roborock's net profit was 1.402 billion Yuan (US$219.90 million), achieving a five-year compound annual growth rate of 84%.

Units Sold

The number of robot vacuums sold during the reporting period was 2.82 million units. The company's total number of units sold has reached 10.87 million, achieving the milestone of selling more than 10 million units.
Roborock continues to reduce its reliance on sales derived from non-Roborock branded products. Roborock-branded models contributed to 98.80% of the company's sales revenue, increasing from 90.72% in 2020. This represents a 924% growth in the share of contribution by Roborock-branded models compared to 2017.
Sales revenue derived from Roborock-branded models was 5.767 billion Yuan (US$904.53 million), a Year-On-Year growth of 40.77%.

Research & Development

R&D expenditure was 441 million Yuan (US$69.17 million), accounting for 7.55% of total revenue. This represents a 67.74% year-on-year growth.
The number of R&D personnel is 555, accounting for 58.29% of total employees.
During the reporting period, there were 270 new domestic and overseas patents, a 135% year-on-year increase.

Major accounting data and financial indicators in the past 3 years

Unit：Yuan Currency：RMB

	2021	2020	Year-On-Year Growth(%)	2019
Total Assets	9,807,393,894	7,847,934,431	24.97	1,963,415,195
Net assets attributable to shareholders of listed companies	8,491,558,715	7,114,081,770	19.36	1,484,645,012
Revenue	5,837,051,346	4,530,438,736	28.84	4,204,901,983
Net profit attributable to shareholders of listed companies	1,402,476,092	1,369,414,866	2.41	782,858,733
Net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses	1,190,170,336	1,207,952,844	-1.47	756,324,766
Net cash flow from operating activities	1,518,872,092	1,518,214,521	0.04	755,474,164
weighted average return on equity (%)	18.00	23.89	Decrease of 5.89 percentage points	71.72
basic earnings per share (Yuan／ Share)	21.03	21.43	-1.87	15.66
Diluted Earnings Per Share (Yuan／ Share)	20.91	21.39	-2.24	15.66
R&D investment as a percentage of operating income (%)	7.55	5.8	Increase of 1.75 percentage points	4.59

About Roborock

Roborock is committed to innovation in researching, developing, and producing home cleaning devices, particularly robotic, cordless, and wet/dry vacuum cleaners. Every Roborock product has been designed with an eye on solving genuine problems, so Roborock customers can live better lives. Currently, Roborock is available in more than 40 countries, including the U.S., Germany, France, and Spain. The company operates out of four locations, with offices in Beijing, Shanghai, Shenzhen, and Hong Kong. For more information visit https://us.roborock.com/.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of 6.3757 Yuan to US$1.00, the spot exchange rate at the annual reporting date of December 31, 2021. The company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

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SOURCE Roborock