重要内容提示： | 回购方案首次披露日 | 2025/4/4 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~10,000 万元 5,000 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 20,000 | | 累计已回购股数占总股本比例 | 0.0108% | | 累计已回购金额 | 362.32 万元 | | 实际回购价格区间 | 179.88 元/股~182.78 元/股 | 一、 回购股份的基本情况 公司于 2025 年 4 月 2 日召开第三届董事会第四次会议，会议审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，并于 2025 年 4 月 4 日披露了 《北京石头世纪科技股份有限公司关于以集中竞价交易方式回购公司股份的回购 报告书》。公司拟使用 5,000 万元（含）至 10,000 万元（含）自有资金以集中竞价 方式回购股份，回购价格不超过人民币 373.74 元/股（含），用于实施员工 ...

重要内容提示： 会议召开时间：2025 年 4 月 16 日（星期三）下午 14:00-15:00 投资者可于 2025 年 4 月 9 日（星期三）至 4 月 15 日（星期二）16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@roborock.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 证券代码：688169 证券简称：石头科技 公告编号：2025-026 北京石头世纪科技股份有限公司 关于召开 2024 年度业绩暨现金分红说明会的公告 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、准确性和完整性承担法律责任。 北京石头世纪科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 4 日 发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度 经营成果、财务状况，公司计划于 2025 年 4 月 16 日（星期三）下午 14:00-15:00 举行 2024 年度业绩暨现金分红说明会，就投资者关心的问题 ...

新品类增长突出。2024 年公司推出洗烘一体机Z1、Q1 等新品，进一步拓展产品使用场景，带动公司其 他智能电器产品收入同比增长93.1%至10.7 亿。 积极的定价和投放策略及关税影响盈利能力。同口径下，公司2024 年毛利率同比-3.8pct 至50.1%，其中 国内/国外毛利率分别-1.6/-6.7pct，主要受产品价格段拓宽及美国关税影响。全年销售/管理/研发/财务费 用率分别+5.0/+0.5/+1.0/+0.2pct 至24.8%/2.9%/8.1%/-1.4%，公司采取更为积极的市场策略，强化海内外 市场拓展，期间费用率均有所上升。2024 年公司归母净利率同比-7.2pct 至16.5%，Q4 归母净利 率-13.1pct 至10.2%。 风险提示：关税及国际贸易形势风险；行业竞争加剧；海外扩展不及预期；新品销售不及预期；汇率大 幅波动。 四季度营收增长加速，盈利有所承压。公司2024 年实现营收119.4 亿/+38.0%，归母净利润19.8 亿/-3.6%，扣非归母净利润16.2 亿/-11.3%。其中Q4 收入49.4 亿/+66.5%，归母净利润5.0 亿/-27.0%，扣 非归母净利 ...

石头科技 20250407 摘要 Q&A 美国关税政策调整对公司的影响如何，公司采取了哪些应对策略？ 4 月 2 日，美国突然调整了关税政策，涉及范围广泛，对多个国家加征关税， 包括越南。扫地机行业受到的影响尤为显著，关税比例从 34%增加到 79%。公司 此前通过在越南设立代工厂来规避部分关税成本，但新政策对越南也加征了 46%的关税，使得这一策略优势不再明显。公司正在考虑业务方面的调整，包括 涨价。此外，公司也在评估海外投资机会，如建设工厂或与当地品牌合作，以 应对新的市场环境。 • 美国对包括越南在内的地区加征关税，越南代工厂的成本优势减弱，公司 正考虑涨价和海外投资等策略应对，但需综合评估对消费需求的影响，尤 其是在北美中高端市场。 • 北美市场占公司营收约 20%，公司不会因关税政策转移战略重心，仍将关 注国内、欧洲及亚太等市场，通过扩大整体规模应对挑战，维持北美市场 的中高端定位。 • 公司在北美中高端市场占据优势地位，线上销售额领先，线下渠道通过与 大型 KA 合作及增加门店覆盖实现增长，但需应对 LAC 和 Shark 等竞争对手 的挑战。 • 欧洲市场策略分为巩固东欧、德国等优势市场，以及开 ...

证券研究报告 | 2025年04月07日 石头科技（688169.SH） 优于大市 2024 年报点评：主动变革抢占市场，四季度营收增长超 60% 四季度营收增长加速，盈利有所承压。公司 2024 年实现营收 119.4 亿 /+38.0%，归母净利润 19.8 亿/-3.6%，扣非归母净利润 16.2 亿/-11.3%。其 中 Q4 收入 49.4 亿/+66.5%，归母净利润 5.0 亿/-27.0%，扣非归母净利润 4.3 亿/-24.1%。公司拟每 10 股派发现金股利 10.7 元，并转增 4 股，对应现金 分红率为 10%；同时公司拟回购股份用于实施员工持股计划及/或股权激励， 回购总额为 0.5-1.0 亿元。2024 年下半年开始公司采取更为积极的市场投放 和定价策略，推动国内外收入的强劲增长，但同时也影响短期利润率的表现。 海外渠道主动作为，各区域收入强劲增长。公司进一步拓宽海外产品价格段， 主动调整销售结构，提高自营渠道比例，掌握产品布局和营销策略的主动性； 并利用已建立的市场规模优势及品牌口碑优势，进一步拓展北美、欧洲及亚 太市场。2024 年公司境外收入 63.9 亿，同比增长 51. ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The escalation of tariffs is reshaping global supply chains, leading to a structural impact on China's exports, while domestic demand is expected to benefit [1][11] - Companies with high domestic sales ratios are positioned to capitalize on the emerging opportunities in the local market as domestic brands continue to rise [1] Summary by Sections Home Appliances - Major home appliance companies like Haier are leveraging localization and production in Mexico to mitigate tariff impacts, thereby strengthening their market share in the U.S. [2][15] - The black appliance sector is seeing a shift towards Mexican production to buffer supply chain pressures, with companies like Hisense and TCL benefiting from cost control [2][16] Cleaning Appliances - The U.S. market remains highly dependent on Chinese manufacturing for cleaning appliances, with significant price increases expected due to high tariffs on imports from China and Vietnam [3][20] - Chinese companies are rapidly iterating products to gain market share in the U.S., with brands like Roborock surpassing local competitors in revenue [25][26] Light Industry and Home Furnishings - Southeast Asian production is likely to face challenges due to increased tariffs, but Chinese companies are actively seeking to adapt by expanding export regions and enhancing price transmission capabilities [4][29] - The reliance on the U.S. market for home furnishings has decreased, with exports expected to recover post-tariff adjustments [30][31] Cross-Border E-commerce - The supply chain disruptions are evident, but the competitive landscape may improve as smaller sellers face greater pressure due to the cancellation of the $800 tax exemption policy [5][39] - Major players are expected to benefit from market share consolidation as smaller competitors exit the market [40][41]

上 市 公 司 ——2024 年报点评：收入超预期增长，新产品有望贡献 成长级 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,654 | 11,945 | 15,966 | 19,276 | 23,708 | | 同比增长率（%） | 30.6 | 38.0 | 33.7 | 20.7 | 23.0 | | 归母净利润（百万元） | 2,051 | 1,977 | 2,222 | 2,613 | 3,127 | | 同比增长率（%） | 73.3 | -3.6 | 12.4 | 17.6 | 19.6 | | 每股收益（元/股） | 15.66 | 10.77 | 12.03 | 14.15 | 16.93 | | 毛利率（%） | 55.1 | 50.1 | 48.9 | 48.4 | 47.5 | | ROE（%） | 18.0 | 15.4 | 15.1 | 15.5 | ...

Core Viewpoint - The Robot Index ETF has shown a significant increase of 21.60% over the past three months, indicating strong investor interest in the robotics sector [2] Fund Flows - The latest net inflow for the Robot Index ETF is 1.9541 million, with a total of 26.518 million accumulated over the last 20 trading days [2] Index Composition - The Robot Index closely tracks the CSI Robot Index, which includes system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [2] - As of March 31, 2025, the top ten weighted stocks in the CSI Robot Index are Huichuan Technology, iFlytek, Stone Technology, Dahua Technology, Zhongkong Technology, Shuanghuan Transmission, Dazhong Laser, Robot, Julun Intelligent, and Tuobang Technology, collectively accounting for 50.95% of the index [2] Industry Insights - According to Guojin Securities, embodied intelligence is considered the strongest application of AI, with intelligent driving and humanoid robots being the two most important directions [2] - In 2024, the robotics industry is expected to be dominated by major players, as robotics is a key battleground for large model companies, serving as both an entry point for real-world data and an exit for commercial monetization [2] - By 2025, the trend of open-source large models, represented by DeepSeek, is anticipated to accelerate, leading to a decrease in costs and barriers, with robots as application terminals entering a phase of diversification [2] - The barriers in the robotics sector are gradually shifting from cognitive logic to hardware iteration and scenario-specific challenges [2]

中国经济网北京4月7日讯石头科技(688169.SH)4月4日披露的2024年年度报告显示，公司2024年实现营 业收入119.45亿元，同比增长38.03%；归属于上市公司股东的净利润19.77亿元，同比下降3.64%；归属 于上市公司股东的扣除非经常性损益的净利润16.20亿元，同比下降11.26%；经营活动产生的现金流量 净额17.34亿元，同比下降20.68%。 石头科技的保荐人(主承销商)为中信证券股份有限公司，保荐代表人为王彬、曾春。石头科技发行费用 合计15,054.00万元(不含税)，其中中信证券获得保荐费及承销费13146.09万元。 石头科技2022年6月30日披露的分红方案显示，公司每10股派息(税前)21元，转增4股；2023年7月14日 披露的分红方案显示，公司每10股派息(税前)12.7元，转增4股；2024年8月1日披露的分红方案显示，公 司每10股派息(税前)46.7067元，转增4股。 经公司第三届董事会第四次会议、第三届监事会第四次会议审议通过，公司2024年度拟以实施权益分派 股权登记日登记的总股本扣除公司回购专户中的股份数后为基数分配利润。本次利润分配方案及资本公 积转 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 275.50 RMB [7][8]. Core Views - The company reported a revenue of 11.945 billion RMB for 2024, a year-on-year increase of 38.03%, but a net profit of 1.977 billion RMB, down 3.64% year-on-year. The fourth quarter saw a revenue increase of 66.54% year-on-year, but net profit decreased by 26.99% [1][2]. - The domestic "trade-in" policy and overseas market expansion contributed to strong revenue growth, although profitability was impacted by intensified competition in Europe and increased tariff costs in North America. The net profit margin is expected to stabilize in 2025, despite ongoing tariff risks from the U.S. [1][3]. Summary by Sections Revenue and Profitability - Domestic sales revenue for 2024 is projected at 5.53 billion RMB, up 25.4% year-on-year, driven by the "trade-in" policy. Online sales of floor cleaning machines in Q4 increased by 87% year-on-year [2]. - Foreign sales revenue is expected to reach 6.34 billion RMB, a 51.1% increase year-on-year, due to the introduction of more cost-effective models. However, overseas gross margin decreased by 6.74 percentage points due to price competition and tariff costs [2][3]. Profit Forecast and Valuation - The company’s comprehensive gross margin for 2024 is estimated at 50.1%, down 3.8 percentage points year-on-year, primarily due to lower margins from new product lines and increased marketing expenses [3]. - Profit forecasts for 2025-2027 are 2.035 billion RMB, 2.321 billion RMB, and 2.828 billion RMB respectively, with corresponding EPS of 11.02 RMB, 12.57 RMB, and 15.31 RMB [4][6]. Market Position and Strategy - The company is transitioning its overseas channels to a "self-operated + distribution" model, successfully entering 1,398 Target and 900 Best Buy stores by the end of 2024. This expansion is expected to enhance growth potential in overseas markets in 2025 [2][3]. - The company’s global expansion strategy is showing results, with a projected average PE of 22x for comparable companies in 2025, while the company itself is given a PE of 25x, reflecting strong product capabilities [4][6].