Investment Rating - The report indicates a positive investment outlook for the home appliance sector, highlighting that the sector outperformed the Shanghai and Shenzhen 300 Index during the week [3][4]. Core Insights - The home appliance sector is experiencing a shift with strategic partnerships, such as Haier Robotics collaborating with INDEMIND to advance embodied robots in home applications [8]. - The report emphasizes three main investment themes: the value and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the increasing penetration of new consumer categories like cleaning appliances [26][30]. Summary by Sections Market Performance - The home appliance sector index fell by 2.3%, while the Shanghai and Shenzhen 300 Index dropped by 3.8%, indicating a relative outperformance of the sector [3]. - Key companies like Aupu Technology, Zhejiang Meida, and Supor showed positive growth, while Joyoung, Beilong, and Biyi experienced significant declines [4]. Industry Dynamics - Haier Robotics and INDEMIND signed a strategic cooperation agreement to enhance the application of embodied robots in home settings, leveraging Haier's data and supply chain capabilities alongside INDEMIND's AI technology [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating potential capital expansion [9]. Sales Data - In October, sales of cleaning appliances like robotic vacuums and washing machines saw significant year-on-year increases, with robotic vacuum sales up 36.01% and washing machine sales up 60.11% [26]. - Personal care products also showed varied performance, with hairdryer sales slightly increasing while prices decreased, and electric shaver sales rising significantly [30]. Investment Themes - The report identifies three main investment lines: - **Dividend and Growth**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments [26]. - **Technology**: Core component manufacturers are diversifying into emerging tech fields like robotics and data center cooling, presenting new growth opportunities [26]. - **International Expansion**: The report highlights the growing demand for cleaning appliances in international markets, particularly in Southeast Asia and South America [26]. Macro Economic Environment - As of November 21, 2025, the USD to RMB exchange rate has decreased by 1.40% since the beginning of the year, which may impact import costs for the home appliance sector [36].

Market Overview - The small home appliance sector increased by 0.59% on November 20, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - ST Dehao (002005) closed at 2.86, up 1.78% with a trading volume of 175,000 shares and a turnover of 50.42 million yuan [1] - Other notable performers include: - Ecovacs (603486) at 80.88, up 1.20% with a turnover of 266 million yuan [1] - Supor (002032) at 49.88, up 1.14% with a turnover of 83.54 million yuan [1] - Stone Technology (688169) at 160.73, up 1.13% with a turnover of 333 million yuan [1] Capital Flow - The small home appliance sector experienced a net outflow of 12.77 million yuan from institutional investors and 58.46 million yuan from speculative funds, while retail investors saw a net inflow of 71.23 million yuan [2] - Detailed capital flow for key stocks includes: - Ecovacs had a net inflow of 23.87 million yuan from institutional investors [3] - Stone Technology had a net inflow of 12.84 million yuan from institutional investors [3] - Leek Electric (603355) had a net inflow of 4.70 million yuan from institutional investors [3]

Core Points - The stock of Stone Technology (688169) closed at 158.93 yuan on November 19, 2025, with a market capitalization of 41.18 billion yuan, reflecting a 0.31% increase from the previous trading day [1] - The company held its fourth extraordinary general meeting of shareholders for 2025 on the same day, where two key proposals were approved: increasing the foreign exchange hedging business quota and changing the registered capital [1] - The meeting was conducted with a combination of on-site and online voting, and the procedures were deemed legally valid by Beijing Tongshang Law Firm [1] Stock Performance - The stock opened at 158.18 yuan, reached a high of 159.6 yuan, and a low of 157.02 yuan during the trading session [1] - The trading volume for the day was 3.32 million yuan, with a turnover rate of 0.81% [1] Shareholder Meeting Outcomes - The proposal to increase the foreign exchange hedging business quota received majority approval from the voting shareholders [1] - Separate counting was conducted for minority investors regarding the proposals [1]

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 2025 年第四次临时股东会的 法律意见书 二〇二五年十一月 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 2025 年第四次临时股东会的 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"） ...

证券代码：688169 证券简称：石头科技 公告编号：2025-094 北京石头世纪科技股份有限公司 2025年第四次临时股东会决议公告 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 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 19 日 （二） 股东会召开的地点：北京市昌平区安居路 17 号院 3 号楼石头科技大厦会 议室 （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 | 305 | | --- | --- | | 普通股股东人数 | 305 | | 2、出席会议的股东所持有的表决权数量 | 117,081,106 | | 普通股股东所持有表决权数量 | 117,081,106 | | 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 | 45.1900 | | 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（%） | 45.19 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Investment Rating - The report indicates a positive investment outlook for the smart service robot industry, highlighting a robust growth trajectory and expanding applications across various sectors [4][25]. Core Insights - The smart service robot industry is experiencing rapid growth, with a compound annual growth rate (CAGR) of 26.37% from 2019 to 2023, and projections suggest a further increase to a CAGR of 40.49% from 2024 to 2027 [4][25][26]. - The integration of advanced technologies such as AI, 5G, and IoT is enhancing the capabilities of smart service robots, allowing them to perform a wide range of tasks in diverse environments [5][10]. - The aging population in China is expected to drive demand for smart service robots, particularly in caregiving roles, as the elderly population is projected to exceed 300 million by 2025 [4][27]. Industry Definition - Smart service robots are high-tech integrated devices designed to provide necessary services in unstructured environments, utilizing technologies like computer vision, voice interaction, and navigation [5]. Industry Classification - The smart service robot industry can be categorized based on application scenarios, including consumer robots for home use and commercial robots for public environments [6][7]. Industry Characteristics - The industry is characterized by expanding application scenarios, a focus on human-robot interaction, and multi-functional integration [8][10][11]. Development History - The industry has evolved through three stages: the nascent phase (1980-2000), the initiation phase (2001-2017), and the rapid development phase (2018-present) [12][15]. Industry Chain Analysis - The industry chain consists of upstream components and core technology suppliers, midstream manufacturers and system integrators, and downstream application fields and end-users [17][23]. Market Size - The market size of the smart service robot industry grew from 179.51 billion RMB in 2019 to 457.75 billion RMB in 2023, with expectations to reach 1,778.66 billion RMB by 2027 [25][26]. Competitive Landscape - The industry exhibits high market concentration, with leading companies like Shenzhen Ubtech and Shenyang Siasun Robotics holding significant market shares [31][32].

Investment Rating - The report indicates a positive investment outlook for the consumer sector, with various sub-sectors showing significant growth in stock performance [2][12]. Core Insights - The consumer sector experienced a broad increase in stock prices, with notable weekly gains in textiles and apparel (+4.41%), retail (+4.06%), and beauty care (+3.75%) [2]. - Domestic cleaning appliance brands are accelerating their international expansion, with leading companies like Ecovacs and Roborock achieving substantial revenue growth and market share in overseas markets [2][14]. - In October, retail sales showed a year-on-year increase of 2.9%, with essential goods like food and daily necessities maintaining steady growth [2][14]. - The report suggests focusing on companies with high R&D investment and strong global operational capabilities in the cleaning appliance sector [2][14]. Summary by Sections Market Weekly Review - The consumer sector saw a comprehensive rise, with specific sub-sectors like textiles and apparel leading the gains [2][12]. - Key stocks that surged included Huanyoujia (+43.19%) and Furi Shares (+61.23%) [12][13]. Industry News and Key Company Announcements - The report highlights the rapid growth of domestic cleaning appliance brands in global markets, particularly in Europe and the U.S., where companies like Ecovacs reported a 7160.87% increase in net profit year-on-year [2][14]. - Retail sales data for October showed a 2.9% increase year-on-year, with essential goods performing well [2][14]. - The report emphasizes the importance of consumer sentiment and spending patterns, particularly in the context of promotional events like "Double Eleven" [16].

Market Overview - The small home appliance sector experienced a decline of 1.01% on November 17, with ST Dehao leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers in the small appliance sector included: - Lek Electric (603355) with a closing price of 29.09, up 2.68% on a trading volume of 57,000 shares and a turnover of 163 million yuan [1] - Supor (002032) closed at 49.81, up 1.14% with a trading volume of 28,400 shares and a turnover of 141 million yuan [1] - Other stocks showed mixed performance, with some experiencing slight declines, such as: - Kewo (603486) closed at 80.50, down 1.01% on a trading volume of 33,800 shares and a turnover of 272 million yuan [1] Capital Flow - The small home appliance sector saw a net outflow of 148 million yuan from institutional investors, while retail investors had a net inflow of 170 million yuan [2] - The capital flow for specific stocks indicated: - Supor (002032) had a net outflow of 43.21 million yuan from institutional investors [3] - Stone Technology (688169) recorded a net inflow of 15.83 million yuan from institutional investors [3]

Group 1 - The stock price of Stone Technology (688169) closed at 163.42 yuan on November 14, 2025, representing a 5.78% increase from the previous week's closing price of 154.49 yuan [1] - The company's total market capitalization is currently 42.343 billion yuan, ranking 2nd in the small home appliance sector and 427th among 5,165 A-shares in the market [1] - The highest intraday price reached 165.31 yuan on November 13, while the lowest was 153.0 yuan on November 10 [1] Group 2 - The company plans to increase its foreign exchange hedging business limit to 500 million USD to mitigate exchange rate fluctuation risks, funded by its own capital without involving raised funds [4] - Due to the vesting of restricted stock and the transfer of capital reserves to increase share capital, the registered capital of Stone Technology has increased from 184.723 million yuan to 259.107 million yuan [4] - The company intends to amend relevant provisions of its articles of association and carry out business registration changes [4]