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].

Core Insights - The article highlights the increasing demand for high-end garment care in the smart home appliance industry, transitioning from "functional" to "quality" products [1] - Stone Technology, a leader in the global robotic vacuum industry, has entered the garment washing and drying market with the launch of the Z1Max washing and drying set, aiming to democratize high-end experiences through technological innovation [1][4] - The Z1Max series addresses a significant market gap by offering dual green label certified washing and drying solutions at a price starting from 7998 yuan, making high-end functionality more accessible [1][6] Product Design and Innovation - The Z1Max series features a groundbreaking full-screen design and TriadSwift technology, enhancing both aesthetics and performance in washing and drying [4] - The series incorporates advanced technologies such as ZeoHyb molecular sieve heat pump drying and Roborock FineFoam washing, which improve energy efficiency and garment care [1][6] Market Dynamics and Consumer Trends - The 2024 China Washing Machine & Dryer Industry Development White Paper indicates that consumer upgrades are driving technological innovation, shifting demand from basic washing functions to integrated washing and drying solutions [5] - Modern consumers prioritize health care, material protection, and smart interaction, prompting a re-evaluation of product development logic in the industry [5] Certification and Performance Standards - The international wool bureau's dual green label certification is seen as a benchmark for washing and drying products, ensuring zero damage to wool fabrics during washing and drying [6] - Stone Technology's Z1Max series achieves "technological equality" by offering high-performance features at a lower price point, challenging traditional pricing models [6][12] Strategic Implications - The launch of the Z1Max series signifies a shift in the home appliance industry, where high-end technology becomes a standard rather than a luxury, compelling traditional brands to accelerate their technological advancements [12] - Stone Technology's approach of integrating user needs into product development is reshaping its ecological layout, moving from single product performance competition to ecosystem collaboration [10][12] Conclusion - The Z1Max series represents a significant evolution in the home appliance sector, driven by technological innovation and a focus on user-centric design, potentially marking the beginning of a broader transformation in the white goods industry [12]

日前，石头科技官方发布洗烘套装Z1 Max系列，该系列产品于4月21日上市。 公开信息显示，该系列产品共计三款，分别为Z1 Max（7998元）、Z1 Max Pro（9998元）和Z1 Max Ultra（12998元）。三款产品均标配全面屏外观设计，且获国际羊毛局洗烘双绿标认证。 另据石头科技2024年年报显示，公司于2024年已开始在洗衣机产品线大力加码。 从成本端出发，石头科技2024年年报中的相关成本分析显示，若以行业计，其"智能硬件"板块中的"外 购配件/整机"分项的金额为2.49亿元，同比大增197.57%；若以产品计，石头科技"其他智能电器产品"板 块中的"外购配件/整机"分项的金额为2.29亿元，同比大增406.47%。二者原因均为"洗衣机业务需求增 加"。 从研发端出发，2024年报显示，石头科技在"洗烘一体机"领域，投入达1.01亿元，叠加此前投入金额， 石头科技总投入已超1.7亿元。其中包括2023年石头科技在洗烘一体机项目投入5334.35万元；2024年投 入力度明显加大，全年投入达1.01亿元，较2023年同比提升89.34%。 双端加码后，石头科技2024年于洗烘一体机项目已完 ...

今年AWE（中国家电及消费电子博览会）上，石头科技首款洗烘套装产品吸引了行业及消费者的高度关注。如今这款 产品如期而至，根据官方消息，石头Z1 Max洗烘套装系列产品已于4月21日正式上市。 据了解，该系列包含了三款产品，分别是石头热泵洗烘套装Z1 Max、石头分子筛热泵洗烘套装Z1 Max Pro、石头分子 筛热泵洗烘套装Z1 Max Ultra。 而该系列产品如此吸引关注的原因，在于"行业内万元以下唯一一款洗烘双绿标产品"和"全球首款全面屏设计"等现象 级的突破，这是行业内其他玩家没有探索过的边界。 在笔者看来，从品牌发展的角度理解，石头科技在以"破局者"的姿态入场。通过技术创新重构消费者对"高端衣物洗 烘护"市场价值的判断，自身也从清洁电器单品冠军向全球领先的科技家电企业加速迈进。 市场破局：科技普惠下的行业价值重构 之所以说品牌重构了"高端衣物洗烘护"的市场价值，离不开"行业内万元以下唯一一款洗烘双绿标产品"背后极高的技 术含金量。 一直以来，国际羊毛局对纯羊毛标志衣物的护理认证，根据羊毛衣物洗/烘后的缩水、洗净、外观、耗水耗电等性能 指标，共分为三个等级：黑标、蓝标和绿标。在外界看来，绿标已成为衡量 ...

4月21日，石头科技继续探索行业未至之境，推出奢级衣物护理体验的全新石头Z1Max洗烘套装系列产 品，分别是石头热泵洗烘套装Z1Max、石头分子筛热泵洗烘套装Z1Max Pro、石头分子筛热泵洗烘套装 Z1Max Ultra。 作为全球首款万元以内双绿标洗烘套装，石头洗烘套装以全球首款全面屏全新外观设计改写洗衣机美学 进化史，同步搭载ZeoHyb分子筛超擎热泵烘干系统、Roborock FineFoam超净慕斯洗、SoftVibe+"新干 洗"衣物护理系统等创新洗烘技术，以及RR Mariner全域精控算法等进一步提升硬件性能上限的智能技 术，强势撬开高奢洗烘市场的想象空间。 在这个时代，越来越多的品牌在刷新行业记录，一次次突破自我。其中，就有石头科技(688169.SH)。 譬如，消费者早就不止追求洗干净，还得要烘干功能。2024上半年干衣机(包括烘干机、洗烘一体机)零 售额增速远超洗衣机，同比增长幅度高达16.9%，过去六年洗烘一体机市场规模保持着18.27%的年复合 增长率。 这也意味着在洗衣机这一高度饱和的存量市场中仍存在较多"想象空间"。 其中，石头科技洗衣机BU CEO谢濠键曾在品鉴会上透露，尽管 ...

以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广州最值得投资的企业"榜单50强，广州市新阶联自媒 体分会副会长单位，入驻全网20多个平台，覆盖1000万+商务人群，中国财经新媒体的中坚力量之一。 来源|无冕财经 作者|谭嘉琳 编辑|陈涧 扫地机器人的头部企业石头科技，从资本"宠儿"沦为"弃子"。 去年10月底，石头科技三季度报显示净利大跌超四成，股价跌超11%。与此同时，创始人昌敬 却被曝早在业绩下跌前就高位套现了9亿元。 股民怒火中烧，把昌敬套现冲上热搜；昌敬本人不紧不慢，一边在抖音上分享沙漠越野的美好生活，一边劝投资者 "耐心一点"。不过，目前昌敬已 清空抖音、微博等这社交媒体账号内容。 今年4月，2024年年报出炉，归属股东的净利润依旧下跌3.6%。股东已经等不及，前十名大股东就有4位大幅减持；若按去年年底184元/股的价格 算，股东们累计套现约263.6万股，合计近5亿元。 | 股东名称 | 报告期内 | 期末持股 | | 持有有 限售条 | 质押、标记或 冻结情况 | | 股东 | | --- | ...

2024年全球智能家居市场规模达到1558亿美元，2017-2024年间年度复合增长率高达21.52%，其中以控制与连接细分品类的渗透率最高，相对于全球的各智 能家居细分市场占比较为均衡，我国的智能家电细分品类占比高达81%，而控制与连接此品类占比仅10%，说明我国智能家居行业具有硬件端的创新和制造 优势，但软件端的协同普及相对还较慢。 在此背景下，4月17日，财信证券发布研报表示，以石头科技(688169.SH)为代表的科技型企业，凭借"单品突破-场景深耕-生态构建"的发展路径，正在重构 智能家居行业，并形成了区别于其他玩家的独特优势，相对更具技术深度和自研自产响应速度。 人工智能技术加持下，智能家居行业快速发展 财信证券研发中心研报显示，智能家居的传统定义是以住宅为平台，综合利用物联网、云计算、人工智能、机器学习等技术，通过传感器等设备收集家庭环 境数据，将家居生活的相关设施进行智能化管理，使其具有集中管理、远程控制、互联互通、自主学习等功能。同时能够根据用户需求和预设策略自动调节 家居设备的运行状态，提高家居生活的安全性、便利性、舒适性和艺术性。 而人工智能技术集成，正在推动智能家居行业快速发展。 随着 ...