点击蓝字 关注我们 石头科技港股IPO获备案：自己套现9亿，让散户耐心的昌敬还能让投资者信任？ 石头科技公告，已经获得了港股 IPO备案。不过现在港股排队的队伍太长了，石头科技是否能够成功，获得投资者的信任还需要证明。 石头科技曾经被市场炒到1494.99元，市值逼近千亿元，控制人昌敬因此也发了财，并套现 9 个亿，然后搞了汽车，但后股价暴跌，甚至今年的大反弹中也 是很熊！ 一、"扫地茅"的陨落：一场无声的崩塌 更致命的是，多元化战略接连受挫。跨界推出的洗衣机业务因亏损严重而裁员收缩；由昌敬主导的另一家创业公司洛轲智能所打造的"极石汽车"，月销量长 期徘徊在600辆以下，远未达盈亏平衡点。投资者开始质疑：这位创始人是否已将重心完全转向造车，而把上市公司当作提款机？ 据知情人士透露，此次港股IPO拟募资约5亿美元。但在全球资本对中概股审慎、ESG治理要求日益严格的当下，若无法向国际投资者证明其商业模式可持 续、管理层专注且透明，这场上市恐难获热烈追捧。 三、一个时代的隐喻：硬科技光环下的信任赤字 石头科技的困境，早已超越单一企业的经营问题，而成为观察中国"硬科技"叙事变迁的一面镜子。五年前，它与大疆、蔚来等企业 ...

Group 1 - The company plans to issue up to 33,108,000 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - The company must report any significant events to the China Securities Regulatory Commission (CSRC) through the filing management information system from the date of the filing notice until the completion of the overseas issuance and listing [1] - After the overseas issuance and listing, the company is required to report the issuance and listing situation to the CSRC within 15 working days [1] Group 2 - Stone Technology submitted its prospectus to the Hong Kong Stock Exchange on June 27, 2025, with JPMorgan and CITIC Securities as joint sponsors [2] - Founded in 2014, Stone Technology is a global leader in the smart home robotics sector, focusing on meeting consumer needs through technologically advanced products and solutions, including smart vacuum robots and other smart home cleaning products [2] - According to data from Frost & Sullivan, Stone Technology is the number one brand of smart vacuum robots globally in 2024, with market shares of 23.4% in GMV and 16.7% in sales volume [2]

Core Viewpoint - The European Unified Patent Court (UPC) ruled that Ecovacs' request for an ex-parte order against Roborock during the IFA event was unlawful and subsequently revoked the order, highlighting the misuse of the UPC's emergency protection mechanism [1][4][13]. Group 1: Event Background - Ecovacs and Roborock are prominent domestic vacuum cleaner companies that have gained significant market share in Europe in recent years [4]. - During the IFA 2025, Ecovacs claimed that Roborock infringed its EP3808512 patent and sought evidence preservation from the UPC [10]. - The UPC is a supranational court established to address patent litigation across EU member states, providing jurisdiction that surpasses national courts [4]. Group 2: Legal Mechanism - An ex-parte order allows the court to issue orders without hearing the defendant's side, aimed at protecting urgent patent infringement cases [6][7]. - The UPC's emergency measures are designed to prevent the loss of critical evidence that may occur if immediate action is not taken [8][9]. Group 3: Court's Ruling - The UPC determined that Ecovacs' application for the ex-parte order was based on misleading and incomplete factual statements, violating the UPC's procedural rules [15][18]. - The court emphasized that if the facts had been fully disclosed, the ex-parte order would not have been issued, indicating a lack of urgency in the case [19][20]. Group 4: Principles of Ex-Parte Orders - The UPC operates under four key principles for issuing ex-parte orders: truthful representation, urgency, necessity, and proportionality [21][28]. - Ecovacs failed to demonstrate urgency as Roborock's products were already available for purchase on platforms like Amazon, undermining the claim of immediate need for evidence preservation [25][26]. Group 5: Industry Implications - The incident reflects the competitive nature of the cleaning appliance industry, where companies may leverage patent disputes to gain market advantages [35][40]. - The outcome of patent disputes can significantly impact market access, as seen when Roborock successfully sought a sales ban on Ecovacs' products in Germany [40].

Core Viewpoint - Stone Technology has become the world's leading brand in smart robotic vacuum cleaners by GMV and sales, and is preparing for a dual listing in Hong Kong and the A-share market [4]. Group 1: Company Overview - Stone Technology, established in 2014, has received the listing application approval from the Hong Kong Stock Exchange [4]. - The company has achieved a market share of 23.4% by GMV and 16.7% by sales in the smart robotic vacuum cleaner segment for 2024 [4]. - As of December 31, 2024, Stone Technology's products are available in over 170 countries and regions, reaching more than 20 million households [4]. Group 2: Financial Performance - In the first three quarters of this year, Stone Technology reported revenues exceeding 12 billion yuan and a net profit of over 1 billion yuan [5]. Group 3: Market Trends - The global market for smart home cleaning products is projected to grow from $6 billion in 2020 to $15.1 billion by 2024, with a compound annual growth rate (CAGR) of 25.8% [6]. - The smart robotic vacuum cleaner segment is expected to reach a market size of $25.2 billion by 2029, with a CAGR of 22.0% from 2024 to 2029, significantly outpacing the overall home cleaning products market growth of 5.8% [6].

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

Core Viewpoint - Beijing Stone Technology Co., Ltd. has received IPO approval to issue up to 33,108,000 overseas listed ordinary shares and plans to list on the Hong Kong Stock Exchange, potentially creating an "A+H" share structure [3][15]. Financial Performance - For the first three quarters, the company reported revenue of 12.1 billion RMB, with a net profit of 840 million RMB, reflecting a year-on-year decline of 30% [3][19]. - Revenue projections for 2022, 2023, and 2024 are 6.61 billion RMB, 8.64 billion RMB, and 11.92 billion RMB, respectively, with gross profits of 3.17 billion RMB, 4.68 billion RMB, and 6 billion RMB, indicating gross margins of 47.9%, 54.1%, and 50.4% [3][16][17]. Product and Revenue Breakdown - In 2024, revenue from smart vacuum cleaners and related accessories is expected to be 10.85 billion RMB, accounting for 91% of total revenue, while other smart home cleaning products will contribute 1.07 billion RMB, or 9% [4][18]. - Revenue from domestic sales in 2024 is projected at 5.54 billion RMB (46.4%), while overseas sales are expected to reach 6.39 billion RMB (53.6%), marking overseas revenue as the largest source [5][18]. Shareholding Structure - As of September 30, 2025, the founder Chang Jing holds 20.99% of shares, with significant holdings from other investors including Hong Kong Central Clearing Limited (5.62%) and Ding Di (4.53%) [9][22]. - Xiaomi's Tianjin Jinmi Investment Partnership has reduced its stake, potentially cashing out nearly 200 million RMB based on current share prices [22][26].

Group 1 - The "Qihang·2025 Financial Summit" was successfully held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," gathering hundreds of leaders and guests from various sectors including regulatory bodies, industry associations, financial institutions, and listed companies [1] - The "Golden Wisdom Award" was announced, with Stone Technology winning the "Outstanding Growth Enterprise" award, which aims to set benchmarks for high-quality development and guide listed companies to focus on their main business, continuous innovation, and social responsibility [3] Group 2 - The award evaluation considered six dimensions of high-quality development: social responsibility, industrial contribution, investment return, growth prospects, innovation efficiency, and outstanding brand, covering over 8,000 companies in A-shares, Hong Kong stocks, and Chinese concept stocks [3] - Stone Technology specializes in the research and production of smart cleaning robots and has achieved a global cumulative shipment of 3.788 million units by the third quarter of 2025, holding a 21.7% market share in the global smart vacuum cleaner market [3][4] - The company has expanded its product line from vacuum cleaners to include floor washers, washing machines, and lawn mowers, maintaining its leading position in the global cleaning appliance sector [4] Group 3 - Stone Technology's R&D investment increased from 3.82% to 8.52% of revenue from 2018 to the third quarter of 2025, surpassing the industry average, and the company holds 4,694 intellectual property rights as of June 2025 [4] - The company launched flagship products like the G30 Space Exploration Edition and P20 Ultra Plus in 2025, incorporating advanced technologies such as a five-axis folding bionic mechanical arm and a full-link antibacterial system [4] - Stone Technology aims to lead industry transformation through innovation and provide comprehensive intelligent solutions to empower global consumer upgrades, contributing to the high-end, intelligent, and green development of China's manufacturing industry [5]

Group 1 - Zhuolang Intelligent's subsidiary plans to increase capital by 900 million yuan to its wholly-owned subsidiary in Xinjiang [1] - Zhenhua Heavy Industry signed a contract worth 1.149 billion yuan with Guangzhou Salvage Bureau for a deep-water crane ship construction project [2] - Ugreen Technology intends to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy [3] Group 2 - Guangsheng Nonferrous Metals will change its stock name to Zhongxi Rare Metals starting December 31, 2025 [4] - China Electric Research proposed a cash dividend of 2.5 yuan per 10 shares for the first three quarters of 2025 [5] - Chaoyan Co. is establishing a fund with professional investment institutions, aiming to raise 1 billion yuan [6] Group 3 - Silk Road Vision's subsidiary plans to sell 8.5% of Ruijun Technology for 52.7 million yuan [7] - Longgao Co.'s actual controller is transferring 4.37% of the investment development group's equity for 398 million yuan [8] - Weiteou signed a strategic cooperation agreement with Huaruixin Energy to develop new materials and applications [9][10] Group 4 - Annuoqi decided to terminate the investment in a 50,000-ton dye intermediate project due to market changes, with a total investment of 421 million yuan [12] - Akoli's subsidiary has entered trial production for a project with an annual capacity of 20,000 tons of polyether amine [13] - Ningbo Construction's subsidiary signed a construction contract worth 451 million yuan for a comprehensive utility tunnel project [14] Group 5 - Zhejiang Rongtai and Weichuang Electric plan to establish a joint venture in Thailand for R&D and production of mechatronic components [15] - Jiuzhoutong's subsidiary received a drug registration certificate for isopropazine injection [16] - Huaqin Technology's subsidiary signed a daily operation contract worth 392 million yuan [17] Group 6 - ST Meichen completed the sale of 100% equity in Hainan Meichen Ecological Development Co., Ltd. [18] - Pulite's LCP film products have begun mass production for a leading customer in the consumer electronics industry [19][20] - Nanjing Public Utility's major shareholder transferred 7.61% of the company's shares for 300 million yuan [21] Group 7 - Solar Energy terminated the investment in a 150 MW distributed photovoltaic project due to increased investment risks [22] - Yuntian Lifa won a 122 million yuan project for AI development in Longgang [23] - Changchun High-tech's subsidiary received acceptance for a clinical trial application for GenSci141 ointment [24] Group 8 - Changfei Optical Fiber's major shareholder completed a share reduction plan, selling 1.1 million shares for approximately 104.5 million yuan [25] - Sandam Membrane plans to apply for a comprehensive credit limit of up to 100 million yuan for 2026 [26] - Aisecurity received a government subsidy of 3.4611 million yuan [27] Group 9 - Stone Technology's H-share issuance has received approval from the China Securities Regulatory Commission [28] - Hongxing Development's subsidiary plans to suspend production to comply with national hazardous chemical relocation policies [29] - Guodian Nanzi's vice president and chief engineer resigned [30] Group 10 - Jianghe Group's subsidiary won a bid for a city renovation project in Haikou worth approximately 112 million yuan [31] - Gaotie Electric's subsidiary won a bid for a railway project worth 59.0317 million yuan [32] - Huicheng Co. plans to introduce a new partner to its major shareholder [33] Group 11 - Pumen Technology's folic acid testing kit received a medical device registration certificate [34] - Hai Xin Co.'s vitamin B6 injection passed the consistency evaluation for generic drugs [35] - Taiji Group's shareholder plans to merge with its subsidiary [36] Group 12 - Shengyi Electronics adjusted the maximum repurchase price to no more than 144.36 yuan per share [37]

格隆汇12月26日丨石头科技(688169.SH)公布，公司正在进行申请发行境外上市股份(H 股)并在香港联合 交易所主板挂牌上市的相关工作。公司于近日收到中国证监会出具的《关于北京石头世纪科技股份有限 公司境外发行上市备案通知书》。备案通知书主要内容如下： 一、公司拟发行不超过33,108,000股境外上市普通股并在香港联合交易所上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境内企业境外 发行上市有关规定，通过中国证监会备案管理信息系统报告。 三、公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。 公司在境外发行上市过程中应严格遵守境内外有关法律、法规和规则。 四、公司自备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进的，应当更新备案材料。 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-097 北京石头世纪科技股份有限公司 关于发行境外上市股份（H 股）获得中国证监会备案的公告 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"）正在进行申请发行境 外上市股份（H 股）并在香港联合交易所有限公司（以下简称"香港联合交易所"） 主板挂牌上市（以下简称"本次境外发行上市"）的相关工作。公司于近日收到 中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于北京石头世 纪科技股份有限公司境外发行上市备案通知书》（国合函〔2025〕2369 号）（以 下简称"备案通知书"）。备案通知书主要内容如下： 一、公司拟发行不超过 33,108,000 股境外上市普通股并在香港联合交易所上 市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信 ...