In-Depth Research on Dreame Technology: Competitive Advantages and Valuation Logic in the Smart Cleaning Appliance Track

Based on the above data collection and analysis, we now present the complete professional research report:

Dreame Technology was founded in 2017 by Yu Hao, an alumnus of Tsinghua University’s Aerospace Engineering program. Initially focusing on high-speed digital motor technology, it started as an OEM for Xiaomi, manufacturing vacuum cleaners, robotic vacuums, and other products, and began building its own brand in 2019 [1][3]. After eight years of development, Dreame has been named one of the “Four Little Dragons” in China’s cleaning appliance industry alongside Ecovacs, Roborock, and Narwal, and has ranked among the global first-tier in the smart cleaning sector.

• Revenue Scale
  : 2024 revenue exceeded RMB 15 billion; H1 2025 revenue has already surpassed the full-year 2024 figure, with full-year 2025 expected to exceed RMB 30 billion, and a 6-year compound annual growth rate (CAGR) of over 100% [1][2]
• Profitability
  : Q1 2025 net profit surged 589.99% year-on-year, with gross margin around 35%-40% and net margin around 10%-15%, outperforming the industry average [1]
• Cash Flow
  : Founder Yu Hao stated that the company has never burned investor capital and has remained profitable cumulatively. The global average unit price of its high-end products is USD 627, reaching nearly USD 800 in the North American market [1]

After more than 20 years of development, Chinese robotic vacuum enterprises have evolved from OEM roles to global market leaders. In 2024, global robotic vacuum shipments reached 20.603 million units, a year-on-year increase of 11.2%, and sales reached USD 9.31 billion, a year-on-year increase of 19.7% [4]. Among the top 5 global market share holders, Chinese brands occupy four seats (Roborock, Ecovacs, Xiaomi, Dreame), with a combined share of 47.5% [4].

According to Oviyun data, the 2024 competitive landscape of China’s online cleaning appliance market is as follows [4][5]:

• Below RMB 2,000: Dominated by Xiaomi (42%)
• RMB 3,000-4,000: Led by Narwal (29%)
• RMB 4,000-5,000: Led by Roborock (35%)
• Above RMB 5,000: Duopoly of Ecovacs (37%) and Dreame (33%) [4]

Dreame holds a 33% share in the high-end market above RMB 5,000, forming a duopoly with Ecovacs, which reflects the success of its high-end strategy [4].

Dreame Technology’s accumulation in core technology fields constitutes its most solid moat:

Its self-developed 200,000 RPM high-speed digital motor not only supports the performance advantages of core products such as vacuum cleaners and robotic vacuums, but has also been successfully migrated to new categories such as hair dryers and lawn mowers, and even iterated into electric drive systems for new energy vehicles [1][2]. Its bionic robotic arm technology received the “World’s First” certification from Frost & Sullivan, with global sales of its technology family exceeding 1 million units [1].

While the industry is generally trapped in the dilemma of “trading volume for price”, Dreame adheres to “technology anchoring pricing power” and builds high-end advantages through differentiated technology:

• High-End Market Share
  : In 2024, it continued to lead in China’s high-end robotic vacuum market above RMB 5,000; high-end products account for over 50% of its market share in Germany [1]
• Global Pricing Power
  : The global average unit price of high-end robotic vacuums is USD 627, reaching nearly USD 800 in the North American market, with gross margin ranking first in the industry [1]
• Breaking the Industry’s Impossible Trinity
  : Achieved simultaneous breakthroughs in three goals: efficiency improvement, high-endization, and market share growth [2]

Dreame’s globalization strategy can be called a model of “high-end overseas expansion” for Chinese enterprises, and its reverse layout of “tackling hard markets first, then easy ones” has formed notable competitive advantages [1][3]:

• Geographical Coverage
  : Products have entered more than 100 countries and regions, with overseas revenue accounting for over 65% of total revenue
• European Market
  : In Q2 2025, it topped the European robotic vacuum market with a 25.5% market share, reaching 42% in Germany [1]
• Channel Network
  : Over 6,000 offline stores worldwide, entering premium channels such as Costco and Best Buy [3]
• Localization Strategy
  : Launched the “wiping cloth detachable” function for carpeted households in Europe, and enhanced bionic robotic arm configuration for the North American market

Dreame has transformed from a single cleaning appliance enterprise to an ecosystem layout covering “Human-Vehicle-Home-Universe” [6][7]:

On January 12, 2026, founder Yu Hao posted on his Moments: “The Dreame ecosystem will become the first 100 trillion USD corporate ecosystem in human history” [6][7]. Its core viewpoints include:

• Currently, NVIDIA, the world’s highest market capitalization company, is valued at approximately USD 4.5 trillion
• Jensen Huang and Elon Musk are expected to push the market capitalization of a single company to USD 8-10 trillion
• As a younger generation, the goal is to “raise enterprise value by another order of magnitude”
• Emphasized that this is “very rational, not from being drunk”, and will publish a book to explain the logic in the future

The scale of the “100 trillion USD” target has sparked widespread controversy:

From a positive perspective, Yu Hao’s declaration may intend to [7][8]:

1. Attract Talent and Capital
   : A high-profile vision helps attract top talent and venture capital
2. Market Capitalization Management Considerations
   : Acquiring a controlling stake in Jiamei Packaging (RMB 2.282 billion) instead of pursuing a direct IPO may be to avoid the valuation ceiling of “home appliance companies” and strive for higher valuations for high-growth businesses [8]
3. Declaration of Ecosystem Strategy
   : Using “Dreame Ecosystem” instead of “Dreame Company” implies the synergistic value of diversified layout

According to the 2024 Global Unicorn List, Dreame Technology ranks 385th globally with a valuation of RMB 20 billion [5]. Based on the business segmentation analysis framework, the valuation potential of each business segment is as follows:

1. Technological Synergy
   : If technology reuse between smart homes and vehicles (such as motors, AI algorithms) is significant, the valuation premium can reach 20%-30% [5]
2. Capital Market Sentiment
   : The global robotics and new energy tracks are hot, and Dreame’s multi-segment layout is likely to obtain high valuations
3. IPO Rhythm
   : If the core business goes public before 2026, improved liquidity will drive up valuations

1. Cross-Border Failure Risk
   : EV manufacturing is widely recognized as a “capital black hole”; Xiaomi has invested over RMB 30 billion, and NIO’s William Li stated that “you can’t do it without RMB 40 billion” [6]
2. Pressure of Multi-Front Operations
   : The business scope has rapidly expanded to fields such as automobiles, smartphones, drones, and astronomy, leading to exponential growth in management complexity
3. Intensified Industry Competition
   : Roborock’s market share rapidly rose to first place under its active strategy in 2024, and industry price wars continue [4]

Dreame Technology’s core competitive advantages are reflected in the following four dimensions:

1. Technological Barriers
   : World-leading high-speed motor technology (200,000 RPM) and bionic robotic arm innovation
2. Globalization Capability
   : Overseas revenue accounts for over 65% of total, 25.5% market share in Europe, strong pricing power in high-end markets
3. Profitability
   : Maintains favorable profit margins when the industry generally faces “revenue growth without profit growth”, and its high-end strategy is effective
4. Ecosystem Layout
   : Ability to expand from cleaning appliances to large home appliances, automobiles, robots, and other fields

Dreame Technology has indeed established notable technological and market advantages in the smart cleaning appliance track, and its globalization layout and high-end strategy are unique in the industry. The founder Yu Hao’s claim that “the company has never burned investor capital and has remained profitable” has a certain degree of credibility against the background of widespread industry pressure. However, his vision of a “100 trillion USD ecosystem” is more symbolic. When evaluating, investors should focus on:

1. Sustainability of Core Business
   : Whether the market share and profitability of smart cleaning appliances can be maintained
2. Technology Reuse Capability
   : Whether technological synergy effects in cross-border new businesses can be realized
3. Progress of Capital Operations
   : Listing path and valuation revaluation opportunities after acquiring Jiamei Packaging

For the unlisted Dreame Technology, it is recommended that investors maintain attention but evaluate prudently, waiting for more transparent company information disclosure and clearer development path verification.

[1] CSDN Blog - Technological Compounding and Global Vision: Why I Am Bullish on Dreame Technology Long-Term (https://blog.csdn.net/karamos/article/details/153263935)

[2] Weikehao - From “Involution” to “Boundary-Breaking”: The “Super Giant” Evolution of Dreame Technology (https://mp.ofweek.com/Internet/a356714292597)

[3] Sina Finance - Dreame Technology Enters Large Home Appliances, Can It Become the Next “Super Giant”? (https://finance.sina.com.cn/tech/roll/2025-03-11/doc-inephnhf9637631.shtml)

[4] East Money - In-Depth Interpretation of the Robotic Vacuum Industry Framework and Perspectives (https://pdf.dfcfw.com/pdf/H301_AP202508041721456456_1.pdf)

[5] East Money - Current Valuation and Future Potential of Dreame Technology (https://caifuhao.eastmoney.com/news/20251010200354339110170)

[6] Jiemian News - Dreame’s Yu Hao Challenges Jensen Huang and Elon Musk, Claims to Build the “First 100 Trillion USD Corporate Ecosystem” (https://m.jiemian.com/article/13874376.html)

[7] ESM China - “I’m Not Drunk”! Dreame’s Yu Hao Vows to Build a 100 Trillion USD Ecosystem (https://www.esmchina.com/news/13835.html)

[8] East Money - Analysis of Dreame Technology’s Revenue Scale and Profitability (https://caifuhao.eastmoney.com/news/20260107144513475945560)

[9] Ebrun - Robotic Vacuums Expand to Large Home Appliances (https://www.ebrun.com/20250424/577890.shtml)

[10] Nanfang Plus - Narwal’s China Head Wang Jungang Resigns, Adding Variables to the Robotic Vacuum Industry Giant Competition? (https://www.nfnews.com/content/VoQVgQnPy5.html)