证券代码：688169 证券简称：石头科技 公告编号：2025-055 北京石头世纪科技股份有限公司 第三届董事会第八次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 北京石头世纪科技股份有限公司（以下简称"公司"）第三届董事会第八次 会议于 2025 年 6 月 30 日在公司会议室以现场结合通讯方式召开。 本次会议的通知于 2025 年 6 月 18 日通过邮件方式送达全体董事。会议应出 席董事 8 人，实际到会董事 8 人。会议的召集和召开程序符合有关法律、行政法 规、部门规章、规范性文件和《北京石头世纪科技股份有限公司章程》的规定， 会议决议合法、有效。 二、董事会会议审议情况 本次会议由董事长昌敬先生主持，董事会秘书孙佳女士列席会议。与会董事 审议表决通过了以下事项： （一）审议通过《关于调整公司 2023 年限制性股票激励计划授予价格及授 予数量的议案》 2025 年 6 月 17 日，公司披露了《2024 年年度权益分派实施公告》：以实施 权益分派股权登记日登记的总股本扣 ...

Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].

Core Insights - The article discusses the challenges faced by Chang Jing, a controversial entrepreneur, as he navigates the dual business of robotic vacuum cleaner company Roborock Technology and his new venture in the electric vehicle market with Jishi Auto [1][5][6]. Company Performance - Roborock Technology reported a revenue increase of 86.22% in Q1 2025, reaching 34.28 billion, but net profit declined by 32.92% to 2.67 billion [8]. - In 2024, Roborock's revenue was 119.45 billion, a year-on-year growth of 38.03%, while net profit fell by 3.64% to 19.77 billion [8]. - The company has invested nearly 70 billion in sales expenses over the past four years, with significant increases in advertising and marketing costs [8]. Market Position and Competition - Roborock faces increasing competition in the robotic vacuum market, with more players entering the field, leading to a perceived weakening of its competitive advantage [1][8]. - The company's international revenue reached 63.88 billion in 2024, growing by 51.06% and accounting for 53.48% of total revenue, indicating a successful expansion strategy [8]. Electric Vehicle Venture - Jishi Auto, founded by Chang Jing, launched its first model, Jishi 01, in August 2023, but sales have been modest, with only 10,000 units sold by May 2024 [1][6][7]. - The electric vehicle market is highly competitive, with established players achieving significantly higher sales volumes compared to Jishi Auto [7]. Future Strategies - To address the financial challenges, Roborock plans to go public in Hong Kong to raise funds for international expansion, product development, and operational costs [8].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights significant developments in the F&B, designer toys, and home appliance sectors, including new product launches and strategic moves by key players [2][6]. - Pop Mart is reportedly exploring entry into the home appliance sector, indicating potential diversification and growth opportunities [2][6]. - The report notes a strong performance in the restaurant sector, with companies like Xiaocaiyuan and Green Tea Group showing substantial weekly gains [3][7]. Summary by Category F&B Sector - Key performers include Xiaocaiyuan (+17.2%), Green Tea Group (+14.0%), and DPC Dash (+10.8%), while Chagee saw a decline of -7.8% [3][7]. - Guming launched a promotional campaign for freshly brewed coffee at 8.9 RMB, and Yum China introduced its first AI agent for restaurant operations [2][6]. Designer Toys Sector - Pop Mart and Miniso performed well with gains of +7.6% and +3.5% respectively, while Bloks experienced a decline of -3.9% [3][7]. - Pop Mart's inclusion in Time Magazine's list of the world's 100 most influential companies in 2025 marks a significant recognition for the brand [2][6]. Home Appliance Sector - Roborock led the home appliance sector with a +5.4% increase, while Hisense HA faced a decline of -5.6% [3][7]. - Haier announced the formation of an industrial robotics division, indicating a strategic shift towards automation and innovation in the sector [2][6].

A-shares Market - A-shares experienced a strong rebound with the Shanghai Composite Index returning above 3400 points, closing up 1.91% for the week [1] - The Shenzhen Component Index rose by 3.73%, the ChiNext Index increased by 5.69%, the CSI 300 gained 1.95%, the STAR 50 rose by 3.17%, and the CSI 1000 increased by 4.62% [1] - Among the 31 first-level industries, 25 saw gains, with non-bank financials, computers, and communications leading the performance, while oil and petrochemicals, coal, and transportation lagged [1] Hong Kong Market - The Hong Kong stock market saw a comprehensive rise, with the Hang Seng Index increasing by 3.20% and the Hang Seng Tech Index rising by 4.06% [2] - All but one of the 12 Hang Seng industry indices recorded gains [2] US Market - The US stock market indices all rose, with the Dow Jones Industrial Average up 3.82%, the Nasdaq up 4.25%, and the S&P 500 up 3.44% [3] Positive Developments - The National Development and Reform Commission emphasized the need to cultivate emerging industries and promote the "AI+" initiative, aiming to strengthen innovative enterprises [4] - Goldman Sachs maintained an overweight recommendation on A-shares and Hong Kong stocks, predicting a target of 4600 points for the CSI 300 and 84 points for MSCI China, indicating about a 10% upside [4] - The company CATL announced that its condensed battery can achieve an energy density of up to 500Wh/kg and is collaborating on a civil electric passenger aircraft project [5] New Product Launches - Xiaomi launched over ten new products, including the MIX Flip 2 foldable phone and AI glasses, with significant consumer interest reflected in high traffic to their online store [6][7] IPO and Market Activity - The number of IPO applications in June reached a peak, with over 113 companies applying for listings in the first half of the year, driven by financial report updates and policy support [29] - The North Exchange accelerated its IPO acceptance pace, with 13 companies receiving approval in a single day, marking a new high for 2024 [30] Industry Developments - The domestic general-purpose processor "Loongson 3C6000" was released, designed independently without reliance on foreign technology, enhancing China's self-sufficiency in computing [8] - The robot sector in Hong Kong is rapidly expanding, with several companies preparing for IPOs, indicating a growing interest in robotics technology [29]

Investment Rating - The report gives a "Buy" rating for major companies in the home appliance sector, including Midea Group, Gree Electric, and Haier Smart Home, indicating a positive outlook for these stocks [6]. Core Insights - The report highlights the strong performance of cleaning appliances during the 618 sales event, driven by government subsidies for trade-ins and the introduction of new products while maintaining price levels. Sales of robotic vacuum cleaners reached 3.3 billion yuan, with a year-on-year growth of 27% [5]. - Stone Technology and Ecovacs have emerged as leading brands in the cleaning appliance market, with Stone Technology holding a 32.76% market share in sales for robotic vacuum cleaners and 24.54% for washing machines [5]. - The report identifies three main investment themes: the white goods sector, export opportunities, and core components, recommending companies like Hisense, Midea, and Gree for their strong fundamentals and growth potential [5]. Summary by Sections Cleaning Appliances - The 618 sales event saw significant growth in cleaning appliances, particularly robotic vacuum cleaners, which experienced a 35% increase in sales volume year-on-year [5]. - High-performance models with good cost-effectiveness are preferred by consumers, with the price range of 3500-4000 yuan accounting for the largest market share [5]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and the potential for government trade-in incentives to stimulate demand [5]. - Companies recommended for investment include Midea Group, Gree Electric, and Haier Smart Home, which are characterized by low valuations, high dividends, and stable growth [5]. Key Companies and Valuations - Midea Group: Buy rating, with projected net profits of 42.48 billion yuan for 2025 [6]. - Gree Electric: Buy rating, with projected net profits of 35.12 billion yuan for 2025 [6]. - Haier Smart Home: Buy rating, with projected net profits of 21.55 billion yuan for 2025 [6].

Group 1 - The core viewpoint emphasizes the need for Chinese companies to not only endure hardships but also to find ways to profit and succeed in the market [2] - Chinese mining companies are transitioning from regional players to global resource giants, marking a significant step in their internationalization efforts [3] - The launch of the smart electric motorcycle by Mowei Technology aims to penetrate the global market, starting with Indonesia [4] Group 2 - Alibaba Group reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion yuan, driven by AI demand [5] - Stone Technology has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and CITIC Securities as joint sponsors [6] - XPeng Motors announced the local production of the right-hand drive version of the X9 in Jakarta, Indonesia, with a starting price of 990 million Indonesian rupiah [6] Group 3 - The logistics solution "Flow Port" proposed by Gulf Warehousing Company aims to facilitate Chinese manufacturers' entry into the Saudi market by reducing customs delays and improving inventory tracking [8] - The Indonesia Discovery Program 2025 focuses on the healthcare sector, offering Chinese companies insights and connections to navigate the Indonesian market [8] - KrASIA aims to enhance the global brand presence of Chinese companies through English media services, targeting key business audiences in Southeast Asia [10]

Group 1 - The report emphasizes three main investment themes: new consumption, national subsidies driving demand, and the challenges posed by tariffs [1][4] - National subsidies have significantly supported domestic demand, with approximately 50% of the annual budget utilized by June 20, 2025, leading to over 1.3 trillion yuan in sales driven by the "old for new" policy [1][14] - The report highlights the strong performance of the home appliance sector during the 618 shopping festival, with total sales reaching 1.1 billion yuan, accounting for 13% of the overall e-commerce sales [20][21] Group 2 - New consumption trends are emerging, particularly in AI and robotics, with companies like Roborock, Ninebot, and Ecovacs leading the way in innovative product offerings [2][23] - The report notes a shift in the kitchen small appliance market from price competition to value competition, driven by new consumer demographics [28][33] - The performance of small household appliances is expected to rebound, with companies like Ecovacs and Roborock showing significant revenue growth in recent quarters [24][25] Group 3 - The report indicates that national subsidies are expected to continue without interruption, with additional funding batches scheduled for July and October 2025 [3][42] - The competitive landscape is intensifying, with brands like Xiaomi and Gree engaging in price wars to maintain market share, particularly in the air conditioning segment [3][47] - The report suggests that companies with strong cash flow and high dividend rates, such as Gree Electric and Midea Group, are well-positioned to benefit from the ongoing subsidy programs [4][5] Group 4 - The tariff situation poses risks and opportunities for companies engaged in overseas manufacturing, with firms like Ousheng Electric and Dechang benefiting from global supply chain restructuring [4][12] - The report highlights the importance of innovation in the small appliance sector, with AI hardware and smart home devices experiencing rapid growth [25][34] - Companies are encouraged to focus on high-end product offerings and global market expansion to mitigate the impacts of domestic competition and tariff challenges [4][50]

证券代码：688169 证券简称：石头科技 公告编号：2025-054 北京石头世纪科技股份有限公司 关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 中文： https://www1.hkexnews.hk/app/sehk/2025/107489/documents/sehk25062700663 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107489/documents/sehk25062700664. pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及刊登于香港联交所网站的申请资料均不构成也不得视 作对任何个人或实体收购、购买或认购公司本次发行的境外上市外资股（H 股） 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。 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、准确性和完整性依法承担法律责任。 北京石头世纪科技股份有限公司（以下简称"公司"）已于 2025 年 6 月 27 日向香港联合交易所有限公司（ ...

据港交所文件：北京石头世纪科技股份有限公司向港交所提交上市申请书。 ...