On April 26, ECOVACS released its 2024 annual report. According to the report, ECOVACS achieved revenue of RMB 16.542 billion in 2024, representing a year-on-year (YoY) growth of 6.71%. Net profit attributable to shareholders of the listed company reached RMB 806 million, marking a YoY increase of 31.70%.
Specifically, revenue from the service robots under the ECOVACS brand amounted to RMB 8.082 billion, up 5.22% YoY; revenue from the premium smart home appliances under the Tineco brand reached RMB 8.061 billion, up 10.87% YoY; while revenue from OEM/ODM cleaning appliances was RMB 258 million, a YoY decline of 33.99%. Combined revenue from ECOVACS and Tineco totaled RMB 16.143 billion, accounting for 97.59% of the company’s total revenue during the reporting period.
In terms of global shipments, during the reporting period, service robots under the ECOVACS brand shipped 2.95 million units worldwide, representing a 16.9% YoY increase. Floor washers under the Tineco brand shipped 4.14 million units globally, up 28.3% YoY.
Regarding international business, ECOVACS and Tineco brands generated overseas revenue of RMB 6.808 billion during the reporting period, a YoY increase of 12.6%, accounting for 42.2% of total brand business revenue. In particular, both brands achieved strong growth in the European market, with ECOVACS and Tineco recording YoY revenue increases of 51.6% and 64.0%, respectively. From a multi-category perspective, overseas revenue and sales volume of window-cleaning robots surged by 214.8% and 133.9% YoY, respectively, while lawn-mowing robots saw overseas revenue and sales volume increase by 186.7% and 271.7% YoY, respectively—highlighting robust growth momentum across diversified product lines.