Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

| | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 增减(%) | 2022年 | | 营业收入 | 11. 944. 707. 206 | 8.653.783.788 | 38. 03 | 6.628.716.402 | | 归属于上市公司股 | 1, 976, 563, 235 | 2, 051, 217, 414 | -3. 64 | 1, 183, 476, 942 | | 东的净利润 | | | | | | 归属于上市公司股 东的扣除非经常性 | 1, 620, 399, 657 | 1,826,089,668 | -11. 26 | 1, 197, 719, 439 | | 损益的净利润 | | | | | | 经营活动产生的现 | 1. 733.868.018 | 2, 185, 931, 368 | -20. 68 | 1. 120. 467. 567 | | 金流量净额 | | | | | 是哪些原因，导致石头科技2024年增收不增利？ 从支出结构来看，营业成本、 ...

Core Insights - The core viewpoint of the article highlights the strong performance of Stone Technology in 2024, with significant revenue growth and market leadership in the smart home device sector [1][2]. Financial Performance - In 2024, the company's revenue reached 11.945 billion yuan, representing a year-on-year growth of 38.03%, while net profit was 1.977 billion yuan [1]. - Revenue from "smart vacuum cleaners and accessories" grew by 34.17%, and revenue from "other smart home appliances" surged by 93.13% [1]. - According to IDC, Stone Technology's shipment volume increased by 20.7% in 2024, maintaining the top position in global shipments and sales [1]. Market Position - Stone Technology outperformed the overall market growth, further solidifying its market share and leading position in the industry [2]. - The global smart vacuum cleaner market saw a shipment of 20.603 million units in 2024, with a year-on-year growth of 11.2% and total sales reaching 9.31 billion USD, up 19.7% [1]. Product and Channel Strategy - The company launched multiple new products, including the P20 Pro and G20S Ultra vacuum cleaners, and the A30 series washing machines, contributing to both sales and revenue growth [4]. - The introduction of innovative technologies in new vacuum models has enhanced product functionality, addressing consumer pain points and driving robust growth [4]. - Stone Technology's localized strategy in North America, Europe, and Asia-Pacific has strengthened its partnerships with local e-commerce platforms and retailers, enhancing product exposure and sales [5][6]. Marketing and Sales Strategy - The company has increased marketing investments to drive higher returns, utilizing various platforms for advertising and influencer promotions [7]. - This approach is expected to convert into more revenue and market share in the short term while building long-term brand trust and recognition [7]. Future Growth Prospects - Stone Technology is set to benefit from the launch of high-end products and technological innovations, which are anticipated to contribute positively to revenue and profit margins [10][11]. - The expansion of product offerings across different price segments is expected to accelerate market penetration and increase shipment volumes [12]. - The company's R&D investment reached 971 million yuan in 2024, a year-on-year increase of 56.93%, positioning it for future growth [12][14]. Conclusion - Looking ahead to 2025, Stone Technology's clear growth drivers include high-end product innovations, competitive pricing strategies, and a commitment to R&D, which will likely enhance its market position and profitability [14].

智通财经APP获悉，权威数据显示，洗衣机领域，在10KG产品占据主销地位近5年后，2024年12KG产品正在快速起 量。在这个迅速崛起的市场中，老牌玩家小天鹅、海尔、美的，与家电新贵石头科技和小米等都在抓紧时间窗口"抢 滩登陆"。 事实上，对于这一趋势，石头科技(688169.SH)早有预判。 "发展12KG洗衣机是行业大趋势"，这是石头科技洗衣机BU资深工程师林成虎，早在石头科技洗衣机项目立项时的判 断。 如今，石头科技的Z1、H1 Air、H1 Neo及H1这四款洗烘一体产品，已成为市场认可度较高的12KG洗烘一体产品。 年报显示，石头科技包括洗衣机和洗地机两项业务在内的"其他智能电器产品"2024年斩获营收10.7亿元，同比增长 93.13%。 12KG洗护市场起量密钥：更低的价格、更好的设计 值得注意的是，沉寂多年的12KG洗市场，2024年开始迅速起量。 与此对比，在国补未实施时，即2023年1至8月，两者均价差距为713元(12KG波轮洗衣机线上均价为2361元，10KG波 轮洗衣机线上均价则为1648元)。 GFK数据显示，2024年洗衣机市场超大容量段版图持续扩张，双线渠道中12KG产品零售额 ...

序号 持有人名称 总持有数量 （股） 持有比例 （%） 1 昌敬 38,841,008 21.03 2 丁迪 8,807,400 4.77 3 招商银行股份有限公司－华夏上证科创板 50 成份交易型开放式指数证券投资基金 8,434,399 4.57 4 香港中央结算有限公司 7,192,017 3.89 5 中国工商银行股份有限公司－易方达上证 科创板 50 成份交易型开放式指数证券投资 基金 5,954,762 3.22 6 天津金米投资合伙企业（有限合伙） 5,420,667 2.93 一、 前十大股东持股情况 | 7 | 兴业银行股份有限公司－华夏中证机器人 交易型开放式指数证券投资基金 | 2,758,605 | 1.49 | | --- | --- | --- | --- | | 8 | 中国工商银行股份有限公司－华泰柏瑞沪 | 2,444,594 | 1.32 | | | 深 交易型开放式指数证券投资基金 300 | | | | 9 | 毛国华 | 2,212,659 | 1.20 | | 10 | 天津石头时代企业管理咨询合伙企业（有限 | 2,154,896 | 1.17 | | | 合伙） ...

Core Viewpoint - Stone Technology has achieved significant growth in the global robotic vacuum cleaner market, leading in both sales volume and revenue, with a notable increase in Q4 revenue by 65.94% year-on-year, driven by a dual strategy of technology and market optimization [1][2][3] Financial Performance - In FY2024, Stone Technology reported total revenue of 11.945 billion RMB, representing a year-on-year growth of 38.03% [1] - The company’s Q4 revenue reached 4.938 billion RMB, marking a 65.94% increase compared to the same quarter last year [2] - The net profit attributable to shareholders for Q4 was 504.36 million RMB, with a significant increase in cash flow from operating activities [2] Market Position - Stone Technology has surpassed iRobot in shipment volume for the first time, capturing a market share of 16% in the global robotic vacuum cleaner market, with a sales revenue share of 22.3% [1][4] - The company is the only one among the top three brands to achieve positive growth, with its market share in various countries like Denmark, Finland, Germany, and South Korea being the highest [1][2] Technological Advancements - The company invested 971 million RMB in R&D in 2024, a 56.93% increase year-on-year, constituting 8.13% of its revenue, positioning it among the top in the home appliance industry [5] - Stone Technology has established a significant advantage in key metrics such as self-research rates of core components and scene coverage through a systematic innovation mechanism [3][5] Product Development - The launch of new products like the G20S Ultra and G30 Space has expanded the product range across various price segments, avoiding the "price-for-volume" trap [7][8] - The G30 Space features a five-axis bionic mechanical arm, marking a transition from 2D cleaning to 3D space management, enhancing its functionality [7] Global Strategy - Stone Technology has expanded its global presence, covering over 230 countries and regions, with a 57% market share in North America by the end of 2024 [10] - The company employs a dual strategy of localized innovation and channel collaboration, optimizing products for different regional needs [10] Future Outlook - The company aims to leverage AI and globalization as dual engines for growth, with plans to build a smart home ecosystem through localized R&D [10] - Predictions indicate a 14% growth in the global robotic vacuum cleaner market by 2025, with Stone Technology positioned to lead the industry towards higher-end and intelligent products [10]

侃见财经 . 以下文章来源于侃见财经 ，作者侃见财经 石头科技的增速，开始放缓。 近期，石头科技披露了2024年的财务报告，财报显示，全年实现营收119.4亿，同比增长38.03%；实现净利润19.77亿，同比下滑3.64%。 看见不一样的财经！ | | | | | 甲位: 元 巾秤:人民巾 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同期 增减(%) | 2022年 | | 营业收入 | 11.944.707.206 | 8.653.783.788 | 38. 03 | 6.628.716. 402 | | 归属于上市公司股 东的净利润 | 1, 976, 563, 235 | 2,051,217,414 | -3.64 | 1, 183, 476, 942 | | 归属于上市公司股 东的扣除非经常性 | 1, 620, 399, 657 | 1,826,089,668 | -11.26 | 1, 197, 719, 439 | | 损益的净利润 | | | | | | 经营活动产生的现 | 1, 733, 868, 0 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a total revenue of 11.945 billion yuan for 2024, representing a year-on-year growth of 38.03%. However, the net profit attributable to shareholders decreased by 3.64% to 1.977 billion yuan, and the net profit after deducting non-recurring items fell by 11.26% to 1.620 billion yuan [2][4] - In Q4 2024, the company achieved a revenue of 4.938 billion yuan, a significant increase of 66.54% year-on-year, but the net profit attributable to shareholders dropped by 26.99% to 504 million yuan [2][4] - The company has successfully maintained a leading position in the global vacuum cleaner market, achieving first place in both volume and revenue, with a market share of 16% in volume and 22.3% in revenue [10] Summary by Sections Financial Performance - For the full year 2024, the company's revenue was 11.945 billion yuan, with a gross profit margin of 50.36%, down 3.75 percentage points from 2023. The net profit margin was 16.55%, a decrease of 7.16 percentage points year-on-year [10] - The company’s sales expenses increased significantly, with a sales expense ratio of 24.84%, reflecting a 5.05 percentage point increase compared to the previous year [10] Market Strategy - The company has adopted an aggressive market strategy, leading to impressive growth in both domestic and international sales. The domestic sales grew by 25.39%, while international sales surged by 51.06% [10] - The introduction of a trade-in program has significantly boosted domestic demand for vacuum cleaners, contributing to a 70.29% year-on-year increase in sales in Q4 2024 [10] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.218 billion yuan, 2.961 billion yuan, and 3.614 billion yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 15.4, 11.5, and 9.4 times [10]

这不是"科技感"的堆叠，而是实打实的场景落地，对于消费者而言，石头科技的技术溢出，最终体现 为"省心"的使用体验。 在"智能"早已泛滥的清洁电器市场，要想突出重围，唯一的路径是靠技术堆出差异化、用研发穿透品类 天花板。 近日， 石头科技 发布2024年财报。2024年，石头科技实现营收119.45亿元，同比增长38.03%；归母净 利润19.77亿元。此外，石头科技2024年的全年研发投入达到9.71亿元，创下历史新高。 如果说，第一代智能清洁产品的核心卖点是"代替双手"，那么第二代的竞争已逐渐演化为谁能更聪明、 更精准、更自主、更安全。在这条进化路径上，石头科技凭借技术厚度，不断推动清洁电器从地面迈向 空间，从工具迈向伙伴。 用技术拉满智能清洁的天花板 相比业绩本身的稳健增长，更具价值的，是石头科技背后持续增强的"技术杠杆"：2024年，石头科技全 年研发投入9.71亿元，创下历史新高，同比增长56.93%，占营收比例8.13%，这一比例在整个 消费电子 领域都属高位；研发人员达到1043人，占公司总人数的40.74%，是一家名副其实的技术驱动型公司。 技术力，不只是石头科技护城河的源头，更是其整个业务逻辑 ...

[Table_Info1] 石头科技(688169) 家用电器 [Table_Title] 证券研究报告 / 公司点评报告 全球化初显效，静待盈利拐点 报告摘要： [Table_Summary] 石头科技发布 2024 年年度报告，2024 年公司实现营业收入 119.45 亿元 （同比增长 38.03%）；归母净利润 19.77 亿元（同比减少 3.64%），呈现 "增收不增利"特征，主因公司通过"以利润换份额"策略实现市场份 额提升；其中，Q4 单季营收 49.38 亿元（同比增长 66.54%），归母净 利润 5.04 亿元（同比减少 26.99%）。 点评： 海外收入高增长，新品放量显著。2024 年公司国内营业收入 55.31 亿 元（同比增长 25.39%），海外营业收入 63.88 亿元（同比增长 51.06%），海外营收占比首次超 50%；分产品看，扫地机器人收入 108.48 亿元（同比增长 34.17%），洗衣机和洗地机等新品收入 10.70 亿 元（同比增长 93.13%），新品放量贡献显著。 全球市场份额领先，研发投入加码。2024 年公司扫地机全球销量 345 万台（同比增长 32. ...