Core Viewpoint - The company, Stone Technology, is in the process of applying for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with the listing hearing scheduled for January 15, 2026 [2]. Group 1: Company Developments - The company has optimized its business layout in 2025, with steady growth in its core robotic vacuum cleaner business and rapid expansion of its floor cleaning machine business in overseas markets [3]. - New product categories, including lawn mowers, have been successfully launched and received positive market feedback [3]. - The company continues to enrich its product and pricing matrix by launching multiple new products, enhancing operational efficiency, and ensuring effective resource utilization [3]. Group 2: Financial Performance - According to the latest IDC report, the company maintains the largest market share in both sales and volume of robotic vacuum cleaners globally [3]. - The company forecasts a net profit attributable to shareholders of no less than RMB 1.34 billion for the fiscal year ending December 31, 2025, based on preliminary calculations [3]. - The financial data provided is subject to final approval from relevant regulatory bodies and is not yet audited, indicating potential uncertainties [3].

Core Viewpoint - Stone Technology is advancing towards a secondary listing in Hong Kong, indicating a significant step in its long-planned IPO process, coinciding with technological advancements in its product offerings [3][4]. Group 1: Company Overview - Stone Technology has been a leading player in the robotic vacuum cleaner market, achieving a market capitalization exceeding 100 billion yuan after its debut on the STAR Market [4]. - The company has faced increasing competition, with market share among top players like Ecovacs and Roborock being closely contested, often within a few percentage points [5][7]. Group 2: Market Dynamics - The robotic vacuum cleaner market is experiencing heightened competition, with new entrants like DJI and traditional appliance manufacturers entering the space, viewing it as a high-frequency entry point into home ecosystems [7]. - The market is characterized by a high degree of price sensitivity and cost pressures, making it challenging for leading players to maintain profit margins while competing for market share [5][8]. Group 3: Strategic Initiatives - Stone Technology is expanding its product portfolio beyond robotic vacuums to include washing machines and mini cleaning appliances, aiming to leverage the broader "cleaning" market [10][12]. - The company is also innovating within its core product line, introducing advanced features such as mechanical arms in its robotic vacuums to differentiate itself in a saturated market [12][16]. Group 4: Challenges and Opportunities - The company faces the challenge of balancing product complexity with operational capabilities, especially as it ventures into larger appliances that require different distribution and service models [12]. - The introduction of advanced features in robotic vacuums is seen as a strategic move to create new market segments and escape the intense competition in the existing market [16].

证券代码：688169 证券简称：石头科技 公告编号：2026-002 北京石头世纪科技股份有限公司 关于香港联交所审议公司发行 H 股的公告 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、准确性和完整性依法承担法律责任。 北京石头世纪科技股份有限公司董事会 2026 年 1 月 17 日 2025 年，公司持续优化业务布局，核心扫地机业务保持稳健发展，洗地机 业务快速增长并在海外陆续上市，割草机新品类成功发布并获得良好的市场反馈。 2025 年，公司持续推出多款新品，进一步丰富产品矩阵和价格矩阵，提升经营 效率，确保资源高效利用。根据 IDC 最新报告，公司扫地机器人在全球市场上 的销额及销量份额持续稳居全球第一。公司根据截至 2025 年 9 月 30 日的九个月 集团经审计合并业绩及截至 2025 年 12 月 31 日的三个月集团未经审计合并业绩， 公司编制了截至 2025 年 12 月 31 日财年的的合并盈利预测，预计公司 2025 年度 归属于母公司所有者的净利润（未审计）不低于人民币 13.4 亿元（该项数据是 公司财务部门基于自身专业判 ...

格隆汇1月16日｜石头科技公告，公司正在进行申请发行境外上市股份并在香港联合交易所有限公司主 板挂牌上市的相关工作。香港联交所上市委员会于2026年1月15日举行上市聆讯，审议公司本次发行上 市的申请。公司本次发行上市的联席保荐人已于2026年1月16日收到香港联交所向其发出的信函，其中 指出香港联交所上市委员会已审阅公司的上市申请，但该信函不构成正式的上市批准，香港联交所仍有 对公司的上市申请提出进一步意见的权力。 ...

Core Viewpoint - The company Stone Technology has applied for the issuance of H-shares and plans to list on the main board of the Hong Kong Stock Exchange, with the listing committee set to review the application on January 15, 2026, although it has been reviewed, it does not constitute formal approval [1] Group 1 - The company has optimized its business layout in 2025, with stable performance in the sweeping robot business, overseas listing of the washing machine, and positive feedback for the lawn mower [1] - The global sales revenue and market share of the sweeping robot are leading in the industry [1] - The company expects its net profit attributable to shareholders for the fiscal year 2025 (unaudited) to be no less than 1.34 billion yuan [1] Group 2 - The issuance and listing are subject to final approval from relevant regulatory authorities, indicating a level of uncertainty [1]

Group 1 - The core point of the article highlights the performance of the Sci-Tech ETF (588050), which opened with a gain of 0.85% at 1.548 yuan [1] - Major holdings in the Sci-Tech ETF include companies like SMIC, which rose by 2.46%, and other firms such as Haiguang Information, Cambrian, and Langqi Technology, which also saw positive gains [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, managed by ICBC Credit Suisse Asset Management, with a return of 7.04% since its inception on September 28, 2020, and a recent one-month return of 13.25% [1]

Market Overview - The small home appliance sector experienced a decline of 1.25% on January 15, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - The following stocks in the small home appliance sector showed notable performance: - ST Dehao (002005) closed at 2.94, up 1.73% with a trading volume of 192,900 shares and a turnover of 57.32 million yuan [1] - Lek Electric (603355) closed at 35.44, up 1.06% with a trading volume of 52,200 shares and a turnover of 184 million yuan [1] - Beiyikang (6610Z6) closed at 45.55, down 6.49% with a trading volume of 42,000 shares and a turnover of 198 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors had a net inflow of 201 million yuan [2] - The following stocks had significant capital flow: - Supor (002032) had a net outflow of 9.75 million yuan from institutional investors [3] - Rainbow Group (003023) had a net inflow of 6.16 million yuan from institutional investors [3] - Li Ren Technology (001259) experienced a net outflow of 2.42 million yuan from institutional investors [3]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Appliances Sector - **Outlook**: The major appliance sector is entering a post-subsidy downcycle in H225-27, with expectations of subdued domestic demand in H126 due to fading subsidy benefits. However, demand may stabilize in H226 and potentially turn around in 2027 [2][11]. Core Insights - **Domestic Demand**: Anticipated declines in shipments for air conditioners (AC), washing machines (WM), refrigerators, and range hoods by 5%, 2%, 4%, and 5% YoY respectively in 2026, as trade-in subsidies continue to impact the market [2]. - **Average Selling Price (ASP)**: Expected to remain stable in 2026, with potential product mix downgrades offset by industry-wide price hikes led by Midea due to rising copper prices [2][36]. - **Consumer Survey Findings**: A UBS Evidence Lab survey indicated limited upside in white goods demand for 2026, with a median household budget for home appliances expected to drop by 11% YoY, particularly in tier-1 cities where the decline is projected at 27% [3][27]. Export Challenges and Opportunities - **Exports**: Global white goods demand is projected to grow by 1.5% YoY in 2026, but Chinese exports of AC, WM, and refrigerators are expected to decline by 4.0%, 0.2%, and 4.3% YoY respectively. Exports to Europe and the US are likely to remain muted due to US tariffs and capacity relocation [4][16]. - **Emerging Markets**: There is potential for demand growth in emerging markets and the US, particularly with lower interest rates [4][16]. Stock Recommendations - **Buy Ratings**: Midea, Haier, Hisense, and Roborock are recommended for their potential to consolidate market share and grow margins through price hikes. Midea is favored for its overseas demand exposure, Haier for its margin upside from US rate cuts, and Roborock as a beneficiary of trade-in subsidies [5][10]. - **Sell Rating**: Gree is viewed as vulnerable to domestic headwinds [5]. Earnings Forecast Adjustments - **Earnings Forecasts**: Adjustments made due to lower-than-expected domestic appliance sales and rising raw material prices, particularly copper. Price targets for major appliance companies have been revised upwards as valuations are rolled forward to 2027 [7][8]. Consumer Behavior Insights - **Purchase Intentions**: The survey revealed a decline in purchase intentions across most categories, with notable increases for TVs and cleaning appliances. The largest declines were seen in AC and WM, likely due to prior subsidy usage [3][27]. - **RVC Market**: Purchase intentions for leading robot vacuum cleaner brands (Ecovacs, Roborock, Dreame) have increased, indicating a shift towards these products due to improved affordability and consumer education [3][44]. Additional Insights - **Subsidy Impact**: The impact of trade-in subsidies has been significant, with 128 million units purchased in 2025. However, the demand pull-forward effect suggests limited upside for 2026 [19][26]. - **Market Trends**: The importance of smart features and integration with smart home platforms is rising among consumers when selecting RVCs, indicating a trend towards more technologically advanced products [45]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the China consumer appliances sector, along with consumer behavior trends and stock recommendations.

Market Overview - The three major U.S. stock indices closed lower, with the Dow Jones down 0.08%, the Nasdaq down 1.00%, and the S&P 500 down 0.53% [2] - Technology stocks experienced widespread declines, with Oracle and Broadcom falling over 4%, and Amazon, Microsoft, and Meta dropping over 2% [2] - Notably, Intel saw a contrary increase, rising over 3% [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index decreased by 0.23%, with significant declines in several Chinese companies [2] - Ctrip fell over 17%, Pinduoduo dropped nearly 4%, and electric vehicle manufacturers such as Li Auto, NIO, and Xpeng, along with Bawang Tea, all declined over 2% [2] - In contrast, Bilibili experienced a rise of over 6% [2]

Investment Rating - The report maintains a "Recommend" rating for the home appliance industry [1] Core Insights - The industry is at a turning point, with expectations for improved performance in 2026 as domestic demand stabilizes and export orders recover [35] - The report highlights the resilience of leading companies in the white goods sector, with a focus on their ability to navigate through challenging market conditions [7][10] - The overall market dynamics indicate a potential for growth in emerging markets, alongside innovation and product expansion in domestic markets [35] Summary by Sections 1. White Goods - External sales are recovering steadily, while internal sales are expected to remain stable in Q4 2025. Leading companies are well-positioned to benefit from favorable demand and cost environments [7][10] - Q4 2025 internal sales for air conditioners, refrigerators, and washing machines are projected to decline by 31%, 11%, and 6% respectively, due to high base effects from the previous year [10] - External sales for refrigerators and washing machines are expected to show modest growth, with a 3% increase for refrigerators and a 9% increase for washing machines [10] 2. Black Goods - The report indicates that the color TV market is under pressure, with internal sales declining significantly due to high base effects from previous subsidies [15] - External sales remain relatively stable, with a slight decline of 2% expected in Q4 2025 [15][16] - Leading brands are expected to improve their profitability through product innovation and market share gains [15] 3. Cleaning Appliances - External sales continue to grow, while internal sales face challenges due to high base effects from previous subsidies [19] - The report notes a decline in retail sales for floor cleaning machines and washing machines, with internal sales dropping by 25% and 8% respectively [20] - The external market shows strong growth, particularly in Europe and Asia-Pacific, although competition remains intense [21] 4. Small Appliances - Domestic prices are rising, but external demand remains weak, with overall growth in retail sales expected to be between 0-10% [30] - The report highlights structural improvements in pricing and product upgrades, which may support profit margins in the domestic market [30] - External sales are under pressure due to overall weak demand in international markets [30] 5. Post-Cycle - The report indicates a downturn in demand for major kitchen appliances, with significant declines in retail sales across various categories [33] - The real estate market remains sluggish, impacting demand for kitchen appliances, and the report anticipates continued pressure on sales [33] - The upcoming subsidy policies are expected to have limited coverage, which may further affect market dynamics [33] 6. Industry Views and Investment Recommendations - The report suggests that the home appliance sector is poised for recovery in 2026, with expectations for improved fundamentals and potential surprises in export performance [35] - Recommended stocks include leading white goods manufacturers such as Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances, as well as TV manufacturers like Hisense Visual and TCL Electronics [35]