证券代码：688169 证券简称：石头科技 公告编号：2025-032 北京石头世纪科技股份有限公司 第三届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 北京石头世纪科技股份有限公司（以下简称"公司"）第三届监事会第五次 会议于 2025 年 4 月 29 日在公司会议室以现场结合通讯方式召开。 本次会议的通知于 2025 年 4 月 21 日通过邮件方式送达全体监事。会议应出 席监事 3 人，实际到会监事 3 人。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《北京石头世纪科技股份有限公司章程》（以下简 称"《公司章程》"）的规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议由监事会主席谢濠键先生主持，董事会秘书孙佳女士列席会议。与 会监事表决通过以下事项： （一）审议通过《关于<2025 年第一季度报告>的议案》 经审核，监事会认为：公司 2025 年第一季度报告的编制和审议程序符合相 关法律、法规及《公司章程》等内部规章制度的规定。公 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-031 北京石头世纪科技股份有限公司 第三届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 北京石头世纪科技股份有限公司（以下简称"公司"）第三届董事会第五次 会议于 2025 年 4 月 29 日在公司会议室以现场结合通讯方式召开。 本次会议的通知于 2025 年 4 月 21 日通过邮件方式送达全体董事。会议应出 席董事 6 人，实际到会董事 6 人。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《北京石头世纪科技股份有限公司章程》（以下简 称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议由董事长昌敬先生主持，董事会秘书孙佳女士列席会议。与会董事 表决通过以下事项： （一）审议通过《关于<2025 年第一季度报告>的议案》 经审核，董事会认为：公司 2025 年第一季度报告的编制和审议程序符合相 关法律、法规及《公司章程》等内部规章制度的规定。公司 2 ...

Core Insights - Stone Technology (688169.SH) reported a significant revenue growth of 86.22% year-on-year, reaching 3.428 billion yuan in Q1 2025, with a net profit of 267 million yuan attributed to an expanded product and pricing matrix, as well as optimized sales strategies [1] - The company benefited from domestic "trade-in" subsidy policies and enhanced competitiveness in overseas markets, leading to a substantial increase in both domestic and international revenue [1] Business Performance - The robotic vacuum cleaner remains a key revenue source, with a retail market share of 24.7% in January-February 2025, up 3.4 percentage points year-on-year; the floor washing machine also showed strong performance with an online retail market share of 11.8%, increasing by 7.4 percentage points [2] - Stone Technology launched the G30 Space exploration version of its robotic vacuum cleaner, featuring a world-first 5-axis folding bionic mechanical arm, marking a significant advancement in the industry; the new washing machine product line includes innovative steam and hot water dual-effect cleaning technology [2] Production and Supply Chain - The company has established a supply chain that combines self-built factories and domestic and international OEMs, enhancing its ability to navigate complex global trade dynamics [2] - Stone Technology's overseas production capacity now covers over half of the U.S. market and is rapidly scaling up, with plans to strengthen its advantages in domestic and mature markets by solidifying technical barriers and enhancing brand premium capabilities [3]

Revenue and Profitability - The company's revenue for Q1 2025 reached ¥3,427,990,011, representing an increase of 86.22% compared to ¥1,840,829,247 in the same period last year[2] - Net profit attributable to shareholders decreased by 32.92% to ¥267,487,451 from ¥398,756,539 year-on-year[2] - Basic earnings per share decreased by 33.03% to ¥1.46 from ¥2.18 in the same period last year[2] - The company reported a gross profit margin of approximately 22.5% for Q1 2025, down from 24.5% in Q1 2024[27] - The company recorded a total comprehensive income of 269,736,136 RMB in Q1 2025, down from 403,115,924 RMB in Q1 2024[34] - The total comprehensive income attributable to the parent company was 269,756,471 RMB in Q1 2025, down from 403,115,614 RMB in Q1 2024[34] Cash Flow and Financial Position - The net cash flow from operating activities turned negative at -¥42,186,734, a decline of 118.09% compared to ¥233,200,615 in the previous year[2] - In Q1 2025, the company reported a net cash flow from operating activities of -42,186,734 RMB, a decrease from 233,200,615 RMB in Q1 2024[33] - The total cash inflow from operating activities was 4,762,329,847 RMB, compared to 2,420,203,607 RMB in the previous year, indicating a year-over-year increase of approximately 97%[33] - The company’s net cash flow from investing activities was -47,476,654 RMB, an improvement from -166,681,828 RMB in Q1 2024[36] - Cash and cash equivalents at the end of Q1 2025 totaled 1,634,928,029 RMB, up from 1,082,088,470 RMB at the end of Q1 2024[36] - The company achieved a cash inflow of 297,347,500 RMB from financing activities, an increase from 207,161,528 RMB in Q1 2024[36] Research and Development - Research and development (R&D) expenses totaled ¥266,496,766, an increase of 36.90% from ¥194,659,067, accounting for 7.77% of revenue, down from 10.57%[4] - Research and development expenses in Q1 2025 amounted to ¥266,496,766, compared to ¥194,659,067 in Q1 2024, indicating a year-over-year increase of 37%[27] Assets and Liabilities - The total assets increased by 5.55% to ¥18,454,736,906 from ¥17,484,730,046 at the end of the previous year[4] - The company's total assets as of March 31, 2025, were ¥18,454,736,906, an increase from ¥17,484,730,046 as of December 31, 2024[22] - Current assets totaled ¥13,124,698,020 as of March 31, 2025, compared to ¥11,752,452,118 at the end of 2024, representing a growth of 11.7%[22] - The total liabilities as of March 31, 2025, were ¥5,310,985,025, compared to ¥4,614,546,720 at the end of 2024, marking an increase of 15.1%[23] - The equity attributable to shareholders increased to ¥13,142,814,554 from ¥12,869,225,664, showing a growth of 2.1%[23] Business Strategy and Market Performance - The company attributed the revenue growth to an expanded product matrix and effective market strategies, leading to increased domestic and overseas sales[9] - The decline in net profit was primarily due to increased sales and R&D expenses as the company focused on enhancing market share for new product categories[11] - The sweeping robot business remains a significant revenue source, while the floor washing machine segment showed rapid growth in Q1 2025[16] - The company launched the G30 Space exploration version sweeping robot, integrating "robotic arm + AI" technology, setting a benchmark in the high-end market[16] - The A30 Pro Steam floor washing machine introduced innovative steam and hot water dual-effect cleaning technology, becoming a new growth point for the business[16] - The new product Z1 Max is the only model under 10,000 CNY to receive the international wool bureau's dual green label certification, featuring a world-first integrated door screen design[16] - The company is enhancing its supply chain by combining self-built factories with domestic and overseas OEMs to adapt to global trade dynamics[16] - The overseas production capacity now covers over half of the U.S. market and is rapidly scaling up[17] - The company plans to strengthen its technological barriers and enhance brand premium capabilities while expanding its product and pricing matrix[17] - The company is focusing on optimizing sales structure and channel layout to support higher quality business development[17] Operating Costs - Total operating costs for Q1 2025 were ¥3,120,257,615, up from ¥1,427,038,729 in Q1 2024, reflecting a year-over-year increase of 118.5%[25]

石头科技(688169.SH)公告称，石头科技发布2025年第一季度报告，公司实现 营业收入34.28亿元，同比 增长86.22%。归属于上市公司股东的 净利润为2.67亿元，同比下降32.92%。 ...

王彬先生因工作变动原因，不再负责公司首次公开发行股票并在科创板上市 的持续督导工作。为保证公司持续督导工作的有序进行，中信证券现委派保荐代 表人曹文伟先生（简历见附件）接替王彬先生继续履行后续的持续督导工作，相 关业务已交接完毕。本次保荐代表人更换后，负责公司首次公开发行股票并在科 创板上市持续督导的保荐代表人为曹文伟先生和陈宇涛先生，持续督导期至中国 证券监督管理委员会和上海证券交易所规定的持续督导义务结束为止。 公司董事会对王彬先生在公司首次公开发行股票并在科创板上市持续督导 期间所做的工作表示衷心感谢！ 特此公告。 北京石头世纪科技股份有限公司董事会 2025 年 4 月 26 日 北京石头世纪科技股份有限公司 关于变更保荐代表人的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 北京石头世纪科技股份有限公司（以下简称"石头科技"或"公司"）于近 日收到中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）出具的 《关于更换保荐代表人的函》。中信证券作为公司首次公开发行股票并在科创板 上市的保荐机构及持续督导机 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-029 北京石头世纪科技股份有限公司 2024年年度股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 286 | | --- | --- | | 普通股股东人数 | 286 | | 2、出席会议的股东所持有的表决权数量 | 71,462,215 | | 普通股股东所持有表决权数量 | 71,462,215 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 38.6996 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 38.6996 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，经半数以上董事共同推举，董事孙佳女士主持 会议。会议采用现场投票和网络投票相结合的表决方式。本次股东会的召集、召 开程序及表决程序均符合《中华人民共和国公司法》《上市公司股东会规则》《北 京石 ...

北京市通商律师事务所 关于北京石头世纪科技股份有限公司 中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于北京石头世纪科技股份有限公司 2024 年年度股东会的 2024 年年度股东会的 法律意见书 二〇二五年四月 法律意见书 致：北京石头世纪科技股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和规范性文件以及《北京石头世纪科技股份有限公司章程》（以下简称"《公 司章程》"）的规定，北京市通商律师事务所（以下简称"本所"）接受北京石头世 ...

Core Insights - The washing machine market is facing growth bottlenecks, but there are emerging segments such as dryers and washer-dryer combos that show potential for expansion [1][2] - Companies are diversifying into niche markets like baby washing machines, mini washing machines, and underwear washing machines, with notable players including Haier, Midea, and Stone Technology [1][2] - Stone Technology has made significant strides in the mini washing machine market, achieving top sales in the 1kg mini washing segment in Q3 2024 [2][6] Industry Trends - The washing machine market is highly saturated, with nearly 500 million units owned by households in China as of 2022, indicating a need for innovative growth strategies [1][2] - The retail sales of washing machines are projected to grow only 1% year-on-year in the first half of 2024, reaching 42.7 billion yuan [1] - In comparison to other home appliances, the washing machine's household penetration rate of 98.2 units per hundred households is lower than that of televisions and refrigerators, suggesting room for growth [1][2] Growth Opportunities - The dryer market is identified as a key growth area, with a year-on-year retail sales increase of 16.9% in 2024, and washer-dryer combos also showing positive sales trends [3][4] - Stone Technology's recent launch of the Z1 Max washer-dryer combo, priced under 10,000 yuan and certified with dual green labels, aims to disrupt the high-end market traditionally dominated by larger brands [6][10] - The company is capitalizing on a new replacement cycle in the washing machine market, which aligns with consumer trends towards upgrading appliances [7][10] Technological Innovations - Stone Technology's Z1 Max series features the ZeoHyb™ molecular sieve heat pump drying system, representing a significant technological advancement in the industry [7][10] - The company has increased its R&D investment to 971 million yuan in 2024, marking a 56.93% year-on-year increase, which is a high percentage of revenue at 8.13% [8][10] - The integration of advanced technologies in the Z1 Max series is seen as a response to evolving consumer demands for more efficient and effective washing solutions [10]

Core Viewpoint - Stone Technology has achieved a revenue of 11.945 billion yuan in 2024, marking a 38.03% year-on-year growth, but its net profit has decreased by 3.64% to 1.977 billion yuan, indicating a strategic expansion dilemma [2][4][12]. Financial Performance - The company’s revenue reached 11.945 billion yuan, with a year-on-year growth of 38.03%, while the net profit fell to 1.977 billion yuan, a decrease of 3.64% [4][13]. - The gross margin and net margin for 2024 were 50.36% and 16.55%, respectively, down 4 percentage points and 7.15 percentage points from the previous year [5]. - Sales expenses surged by 73.23% to 2.967 billion yuan, with advertising and marketing costs consuming 1.924 billion yuan, equating to 5.27 million yuan spent daily on brand promotion [5][12]. Strategic Dilemma - The company is facing a "growth trap," where the increase in sales expenses (73.23%) significantly outpaces revenue growth (38%), indicating a potential unsustainable growth model [4][12]. - The R&D expenditure of 971 million yuan, while lower than sales expenses, grew by 56.93%, representing 8.13% of revenue, which is notably higher than competitors like Midea and Haier [5][6]. - The company’s strategy of "exchanging profit for scale" is evident as it aims to capture market share in the global vacuum cleaner market, achieving a 16% market share [5][12]. Product Performance - The segment of other smart appliances (excluding smart vacuum cleaners) saw a remarkable growth of 93.13%, but the gross margin for this segment dropped by 9.1 percentage points to 33% [9][10]. - The smart vacuum cleaner segment generated revenue of approximately 10.848 billion yuan, with a gross margin of 52.07%, reflecting a decrease of 2.87 percentage points [10]. Innovation and Market Position - The company is attempting to enter the home appliance market, particularly in washing and drying machines, which poses a challenge as traditional manufacturers hold over 80% market share [15]. - The current strategy of aggressive spending on marketing and R&D may not yield sustainable results, as the company needs to find a unique disruptive innovation to succeed in the mature appliance market [15][16].