Analysis of Changes in the Proportion of R&D Personnel at Roborock (688169)

Based on publicly disclosed financial report data, I have systematically organized the changes in the proportion of R&D personnel at Roborock over the past five years for you:

• In H1 2020, the proportion of R&D personnel at Roborock was 54.35% [0]
• It rose to 58.29% in 2021, reaching a historical high [0]
• During this period, the company had just gone public and was in a period of technological accumulation. The proportion of R&D personnel exceeded 50%, reflecting the company’s high emphasis on technological innovation
• R&D investment increased from RMB 263 million in 2020 to RMB 441 million in 2021, a year-on-year increase of 66.74% [0]

• In H1 2022, the proportion of R&D personnel was 54.08%, remaining basically stable [0]
• During the same period, R&D investment reached RMB 226 million, a year-on-year increase of 13.74%, accounting for 7.74% of total revenue [0]
• The company continued to focus on technological innovation and launched product series such as the G10

• In 2023, the proportion of R&D personnel dropped sharply to 39.05%, a decrease of 15.03 percentage points compared to the previous year [0]
• It rebounded slightly to 40.74% in 2024, an increase of 1.69 percentage points [0]
• Analysis of the reasons for the decline
  : During this period, the company’s business expanded rapidly. The total number of employees surged from 882 in 2022 to 2,560 in 2024, an increase of 190%, while the number of R&D personnel increased from 477 to 1,043, an increase of 118%, leading to passive dilution of the proportion of R&D personnel

According to the 2024 Annual Report [0]:

• Doctoral students: 6 people
• Master’s students: 368 people (accounting for 35.3%)
• Bachelor’s degree: 635 people (accounting for 60.9%)
• Junior college and below: 34 people

• Under 30 years old: 354 people (accounting for 33.9%)
• 30-40 years old: 564 people (accounting for 54.1%) — core R&D backbone
• 40-50 years old: 122 people (accounting for 11.7%)
• Over 50 years old: 3 people

• 2024 R&D investment: RMB 971 million, a year-on-year increase of 56.93% [0]
• Proportion of R&D investment to operating revenue: 8.13%, an increase from 7.15% in 2023 [0]
• 741 new authorized patents, including 98 invention patents [0]

1. The positioning of a technology-oriented enterprise remains unchanged
   : Although the proportion of R&D personnel has decreased, the company continues to increase its R&D investment amount, with R&D investment reaching RMB 971 million in 2024, a record high [0]

2. Business expansion leads to changes in personnel structure
   : From 2023 to 2024, the company’s business expanded rapidly. The proportion of revenue from overseas markets increased from 49% in 2023 to 53.47% in 2024, and the number of sales, production and other personnel increased significantly simultaneously, leading to passive dilution of the proportion of R&D personnel [0]

3. The quality of R&D personnel continues to improve
   : From the perspective of educational background structure, the proportion of R&D personnel with a bachelor’s degree or above exceeds 96%, and those with a master’s degree or above account for 35.3%. The overall quality of the R&D team remains at a high level [0]

4. R&D investment intensity has steadily increased
   : The proportion of R&D investment to revenue increased from 7.15% in 2023 to 8.13% in 2024, indicating that the company’s emphasis on technological R&D has not decreased [0]

[0] Beijing Roborock Technology Co., Ltd. 2024 Annual Report (https://stockn.xueqiu.com/SH688169/20250403146686.pdf)

[1] Securities Times - Roborock: 2021 Revenue Grew 28.84%, Sci-Tech Innovation Advantages Guarantee Profits Against the Trend (https://www.stcn.com/article/detail/566491.html)

[2] 36Kr - Roborock’s Hong Kong IPO: Weighing the Cleaning Value Chain (https://m.36kr.com/p/3552357978948102)

[3] Beijing Roborock Technology Co., Ltd. H1 2020 Semi-Annual Report (http://qxb-pdf-osscache.qixin.com/AnBaseinfo/ebf28b878c0c3fc8898efac276752f08.pdf)

[4] Eastmoney - Roborock 2024 Annual Report (https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=688169&id=10847760)