Equity Research Analyst - Long-Short

Raj S, CA, CFA

Equity Bottom-Up

Beijing Roborock Technology  / Equity Bottom-Up

<ul>
<li>Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.</li>
<li>Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.</li>
<li>
HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.
</li>
</ul>


Roborock's margins are expected to bottom-out after a tough four quarters of strategically prioritizing market share at the cost of margins. 3Q-4Q25 will mark the start of new margin cycle.
Margins stabilizing at the new normal of 12-14% NPM will mean earnings will track revenue growth going forward. Meanwhile, revenues can surprise on the upside with &gt;25% CAGR in medium-term.

HK-Listing into 2H25/ 1H26 is a strong catalyst which can bring in fresh money, and improve disclosure standards - a key concern. We expect 70% upside in our bull case.



Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

<ul>
<li>
Margins yet to recover – 3Q25 profitability remained under pressure from China promotions and early Vietnam cost drag.</li>
<li>Strong topline – revenue +61 % YoY, driven by broad-based global demand.</li>
<li>Recovery deferred – margin inflection likely only after efficiency gains and tariff easing.</li>
</ul>



Margins yet to recover – 3Q25 profitability remained under pressure from China promotions and early Vietnam cost drag.
Strong topline – revenue +61 % YoY, driven by broad-based global demand.
Recovery deferred – margin inflection likely only after efficiency gains and tariff easing.


Beijing Roborock (688169.SS): 3Q25 Review: Turn Around Delayed Further

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Beijing Roborock Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-roborock-technology-co" target="_blank" data-smartkarma-citation="entities:30358:1" rel="noopener">Beijing Roborock Technology (688169 CH)</a>, a robot vacuum maker, aims to raise around US$500m in its H-share listing.</li>
<li>It was founded in 2014, backed by Xiaomi, and is a global leader in intelligent home robotics.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Beijing Roborock Technology (688169 CH), a robot vacuum maker, aims to raise around US$500m in its H-share listing.
It was founded in 2014, backed by Xiaomi, and is a global leader in intelligent home robotics.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Beijing Roborock A/H Listing: Leader in Its Niche but Tariffs and Competition Risks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY, BIWIN STORAGE TECHNOLOGY, MONTAGE TECHNOLOGY, HWATSING TECHNOLOGY, Roborock, CSI SOLAR, National Silicon Industry, Roborock, Montage Technology, Hwatsing Technology.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY, BIWIN STORAGE TECHNOLOGY, MONTAGE TECHNOLOGY, HWATSING TECHNOLOGY, Roborock, CSI SOLAR, National Silicon Industry, Roborock, Montage Technology, Hwatsing Technology.


STAR50 Index Earning Revision (Nov): NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU, 360 SECURITY TECHNOLOGY, JA SOLAR TECHNOLOGY, CHINA STATE CONSTRUCTION ENGINEERING, Xinjiang Daqo, CCB, Bank Of Nanjing, CCB.


CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

China

Beijing Roborock Technology Co., Ltd. manufactures and sells household vacuum cleaners. The Company researches, develops, and produces robotic home cleaners and other cleaning appliances. Beijing Roborock Technology also manufactures and sells household appliance parts.

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Beijing Roborock Technology (688169 CH)

Beijing Roborock (688169.SS): Structural Margin Recovery to Drive Re-Rating; HK Listing Key Catalyst

We just published a quarterly update note on this Beijing Roborock Margin Recovery story post 3Q earnings, and the way forward. Beijing Roborock is...

Raj S, CA, CFA

Beijing Roborock (688169.SS): 3Q25 Review: Turn Around Delayed Further

We just published a quarterly update note on this Beijing Roborock Margin Recovery story post 3Q earnings, and the way forward. Beijing Roborock is...

Raj S, CA, CFA

Beijing Roborock A/H Listing: Leader in Its Niche but Tariffs and Competition Risks

Beijing Roborock, a robot vacuum maker, aims to raise around US$500m in its H-share listing. In this note, we look at its past performance and...

Nicholas Tan

STAR50 Index Earning Revision (Nov): NATIONAL SILICON INDUSTRY, LOONGSON TECHNOLOGY

We analyzed STAR50's consensus for Nov 2025 and highlighted changes of EPS in NATIONAL SILICON INDUSTRY (688126 CH), LOONGSON TECHNOLOGY (688047...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Aug): CHINA VANKE, BANK OF NANJING, BANK OF HANGZHOU

We analyzed CSI 300's consensus for Aug 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), BANK OF NANJING (601009 CH), BANK OF...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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