证券代码：688169 证券简称：石头科技 公告编号：2025-088 北京石头世纪科技股份有限公司 第三届董事会第十二次会议决议公告 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"）第三届董事会第十二 次会议于 2025 年 10 月 29 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 10 月 22 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》（以下 简称"《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 表决通过以下事项： （一）审议通过《关于<2025 年第三季度报告>的议案》 经审核，董事会认为：公司 2025 年第三季度报告的编制和审议程序符合相 关法律、法规及《公司章程》等内部规章制度的规定。 ...

Revenue and Profit - The company's revenue for Q3 2025 reached CNY 4,163,410,136, representing a year-on-year increase of 60.71%[2] - The total profit for the period was CNY 371,362,804, showing a decrease of 4.91% compared to the same period last year[2] - Net profit attributable to shareholders was CNY 360,255,109, with a slight increase of 2.51% year-on-year[2] - The total revenue from January to the report period was CNY 12,066,472,888, reflecting a 72.22% increase compared to the previous year[2] - Total operating revenue for the first three quarters of 2025 reached CNY 12,066,472,888, a significant increase of 72.5% compared to CNY 7,006,608,107 in the same period of 2024[27] - Net profit for the first three quarters of 2025 was CNY 1,037,740,844, a decrease of 29.5% from CNY 1,472,199,820 in 2024[29] - The company reported a total comprehensive income of CNY 1,104,781,974 for the first three quarters of 2025, compared to CNY 1,467,111,070 in 2024, indicating a decline of 24.7%[31] Expenses and Costs - Research and development expenses for the quarter amounted to CNY 342,732,195, accounting for 8.23% of total revenue, a decrease of 0.67 percentage points[4] - Research and development expenses increased to CNY 1,027,912,518, representing a rise of 60.5% compared to CNY 640,188,421 in the previous year[29] - Total operating costs for the first three quarters of 2025 were CNY 11,187,147,812, up 99.5% from CNY 5,614,332,900 in 2024[27] Cash Flow - The company experienced a significant decline in cash flow from operating activities, with a net cash flow of CNY -1,059,785,772, a decrease of 200% year-on-year[2][11] - Cash inflow from operating activities totaled CNY 14,443,744,648, an increase of 68.5% from CNY 8,571,321,206 in 2024[33] - The net cash flow from operating activities was -1,059,785,772, compared to 1,059,785,049 in the previous year[34] - The net cash flow from investing activities was 232,553,326, an improvement from -684,867,352 year-over-year[34] - Cash inflow from financing activities totaled 2,353,928,596, up from 803,462,528 in the same period last year[34] - The net cash flow from financing activities was 474,866,520, compared to -91,975,659 in the previous year[34] - The company reported a net increase in cash and cash equivalents of -325,753,773, compared to an increase of 303,649,462 in the previous year[34] Assets and Liabilities - Total assets at the end of the period were CNY 19,291,307,469, an increase of 10.33% from the end of the previous year[4] - As of September 30, 2025, the total assets of Beijing Stone Century Technology Co., Ltd. amounted to RMB 19,291,307,469, an increase from RMB 17,484,730,046 at the end of 2024[22] - The total current assets increased to RMB 14,779,207,675, up from RMB 11,752,452,118, representing a growth of about 25.8%[23] - The total liabilities increased to CNY 5,531,052,586, up from CNY 4,614,546,720 in the previous year, reflecting a growth of 19.9%[27] - The total liabilities as of September 30, 2025, were not explicitly stated but included short-term borrowings of RMB 1,010,000,000 and accounts payable of RMB 2,848,377,897[23] Shareholder Information - The company has repurchased a total of 369,036 shares, accounting for 0.1424% of the total share capital, with a total expenditure of RMB 73,865,248.90[20] - The maximum repurchase price was adjusted to RMB 266.23 per share from RMB 373.74 per share[20] - The company plans to use between RMB 50 million and RMB 100 million for share repurchase to implement employee stock ownership plans and/or equity incentives[20] - The number of shares held by the top 10 shareholders includes 54,377,411 shares held by Changjing, representing 20.99% of the total[17] Tax and Other Financial Metrics - The company paid taxes totaling 866,197,258, an increase from 800,726,084 in the previous year[34] - The company's cash and cash equivalents decreased to RMB 1,138,929,977 from RMB 1,464,233,724 in December 2024, reflecting a decline of approximately 22.2%[22] - The company's inventory surged to RMB 3,715,843,178, compared to RMB 1,490,094,010 in December 2024, indicating a significant increase of approximately 149.5%[22] - The company reported a significant increase in other receivables, which amounted to RMB 490,120,972, down from RMB 868,496,194 in December 2024[22] - The basic earnings per share for the year-to-date period was CNY 2.19, reflecting a decrease of 29.79% compared to the previous year[4] - Basic earnings per share for the first three quarters of 2025 were CNY 4.03, down from CNY 5.74 in the same period of 2024[31]

北京石头世纪科技股份有限公司 章 程 2025 年 10 月 | 第三节 | 股东会的召集 12 | | | --- | --- | --- | | 第四节 | 股东会的提案与通知 13 | | | 第五节 | 股东会的召开 15 | | | 第六节 | 股东会的表决和决议 17 | | | 第一节 | 董事 21 | | | 第二节 | 董事会 | 24 | | 第一节 | 财务会计制度 30 | | | 第二节 | 内部审计 33 | | | 第三节 | 会计师事务所的聘任 34 | | | 第一节 | 通知 34 | | | 第二节 | 公告 35 | | | 第一节 | 合并、分立、增资和减资 35 | | | 第二节 | | | | | 解散和清算 36 | | | 第十一章 | 附 则 | 39 | 北京石头世纪科技股份有限公司 章 程 第一章 总 则 第一条 为维护北京石头世纪科技股份有限公司（以下简称"公司"）、股 东、职工和债权人的合法权益，规范公司的组织和行为，根据《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》（以下简称"《证 券法》"）《上海证券交易所科创板 ...

Core Insights - Stone Technology (688169.SH) reported a revenue of 4.163 billion yuan for Q3 2025, representing a year-on-year growth of 60.71% [1] - The net profit attributable to shareholders for Q3 was 360 million yuan, showing a year-on-year increase of 2.51% [1] - For the first three quarters, the company achieved a total revenue of 12.066 billion yuan, with a year-on-year growth of 72.22% [1] - The net profit attributable to shareholders for the first three quarters was 1.038 billion yuan, reflecting a year-on-year decline of 29.51% [1] - The performance fluctuations are primarily due to the company's efforts to expand its global leading position, enhance domestic and international market penetration, strengthen channel development, and maintain high R&D investment, which led to increased sales and R&D expenses, resulting in a decline in profit year-on-year [1]

石头科技公告，第三季度营收为41.63亿元，同比增长60.71%；净利润为3.6亿元，同比增长2.51%。前 三季度营收为120.66亿元，同比增长72.22%；净利润为10.38亿元，同比下降29.51%。 ...

从持仓结构来看，家电龙头美的集团以9.5%的占比跃升为第一大重仓股，显示出基金对消费升级领域 长期价值的持续关注。与此同时，部分传统消费股的权重有所下降，反映出基金经理根据市场环境变化 进行的主动调仓。此次调整涉及多个细分行业，包括但不限于家电、消费电子等板块。 据AI算法生成的持仓分析显示，本次调仓体现了"稳中求进"的投资策略。基金在保持核心持仓稳定性的 同时，通过纳入新兴消费领域的优质标的，试图捕捉行业结构转型带来的投资机会。这种动态配置方 式，既规避了单一行业过度集中的风险，也为组合注入了新的增长动能。 汇添富基金近日披露了旗下消费行业混合型基金的三季度持仓数据，该基金由基金经理胡昕炜管理。根 据公开信息整理，截至三季度末，基金近一年净值增长率为1.68%。值得注意的是，本季度前十大重仓 股出现明显调整，其中消费电子企业石头科技首次进入持仓名单，而五粮液等个股则退出前十大重仓序 列。 | 重仓股 | 增减仓 | 唱写 | 持有息数 | 持仓市值 | | --- | --- | --- | --- | --- | | 石头科技 (688169) | 新进十大 | | 120.0万股 | 2.52亿元 | ...

Core Insights - The company has established stable partnerships with several well-known domestic and international enterprises, including Hikvision, Dahua Technology, Roborock, Panasonic, Midea, Xiaomi, and DJI [2] - In addition to serving existing clients, the company has made significant progress in developing new customers this year, successfully partnering with multiple industry-leading firms and achieving bulk supply [2] - Overall shipment performance of the company is reported to be good [2]

Group 1 - Nvidia announced that its Blackwell/Rubin chip platform will exceed $500 billion in business by the end of 2026, indicating a revenue forecast of $350-400 billion for the data center business over the next five quarters, which is a 20%+ upward revision from market consensus of $318 billion [1] - The surge in chip shipments and rapid capacity expansion confirmed the performance certainty of optical modules by 2026, with optical modules leading the semiconductor sector in the current AI market [1] - If the results of the US-China talks on November 1 are favorable, the global market may experience a honeymoon period similar to May-August of this year, with semiconductors expected to catch up with optical modules [1] Group 2 - The domestic AI industry chain-focused ETF (589520) showed a slight increase of 0.16% today, with a peak intraday gain of 0.63%, indicating strong buying interest [2] - Key stocks in the ETF, such as Lanke Technology and Yingxi Network, saw gains of over 2%, while other stocks like Stone Technology and Weisheng Information rose by more than 1% [2] Group 3 - The three highlights of the domestic AI ETF (589520) include: 1. Policy support driving AI growth, with core trends in AI development focusing on end-cloud integration, benefiting companies with the largest revenue in their segments [4] 2. The urgency for domestic alternatives in the context of technology friction, emphasizing the importance of information and industrial security [4] 3. The ETF's high elasticity and strong offensive potential, with over 70% of the top ten holdings concentrated in the semiconductor sector [4] - The ETF has outperformed the broader market, with a cumulative increase of 65.84% since its low on April 8, surpassing other indices like the Sci-Tech Innovation Index and Sci-Tech 50 [4][5]

Core Viewpoint - Stone Technology's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 21.36% and a recent decline over the past 20 days [1][2] Company Overview - Beijing Stone Technology Co., Ltd. was established on July 4, 2014, and listed on February 21, 2020. The company specializes in the design, research and development, production, and sales of smart cleaning robots and other smart hardware [1] - The main revenue source for Stone Technology comes from smart cleaning products and accessories, accounting for 99.94% of total revenue, with other sources contributing 0.06% [1] Financial Performance - For the first half of 2025, Stone Technology reported a revenue of 7.903 billion yuan, representing a year-on-year growth of 78.96%. However, the net profit attributable to shareholders decreased by 39.55% to 678 million yuan [2] - Since its A-share listing, the company has distributed a total of 1.463 billion yuan in dividends, with 1.052 billion yuan distributed over the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders for Stone Technology decreased by 4.99% to 17,500, while the average number of tradable shares per person increased by 47.43% to 14,806 shares [2] - The top ten circulating shareholders include several ETFs, with notable increases in holdings from entities such as Huaxia SSE STAR 50 ETF and Hong Kong Central Clearing Limited [3]

Core Viewpoint - Huanchuang Technology, established in 2013, specializes in high-precision spatial perception solutions using AI technology to support intelligent robots with advanced algorithms and hardware [1][2]. Group 1: Company Overview - Huanchuang Technology offers a diverse product matrix including traditional triangulation laser radar, dTOF laser radar, 3D TOF laser radar, and line laser sensors, catering to various sectors such as intelligent robotics, XR, and industrial inspection [1]. - The company has established long-term relationships averaging over five years with major clients in the intelligent robotics sector, serving as a core supplier for four of the top five robotic vacuum manufacturers [1]. - Huanchuang Technology has partnered with well-known brands such as 360, Midea, Xiaomi, Roborock, ZhiMi, iQIYI, and Qualcomm for long-term collaborations [1]. Group 2: Financial Performance - The company reported revenues of 146 million yuan, 332 million yuan, 433 million yuan, and 292 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Net profits for the same periods were -28.7 million yuan, -0.883 million yuan, -31.4 million yuan, and -4.16 million yuan [2]. - Gross margins were recorded at 17.8%, 21.5%, 16.3%, and 13.2% for the respective years [2]. Group 3: Research and Development - Research and development costs for Huanchuang Technology were 36 million yuan, 55 million yuan, 77 million yuan, and 30 million yuan for 2022, 2023, 2024, and the first half of 2025, respectively [4]. - The company emphasizes the need for substantial investment in R&D to expand its product portfolio and ensure market competitiveness [4]. - Revenue from the largest customer accounted for 44.3%, 37.1%, 36.1%, and 35.8% of total revenue for the respective years, indicating a reliance on a limited number of clients [4]. Group 4: IPO and Fund Utilization - On September 29, Huanchuang Technology submitted its IPO application to the Hong Kong Stock Exchange, with CICC and Guosen Securities (Hong Kong) as joint sponsors [3]. - The company plans to use the funds raised from the IPO to enhance R&D capabilities, improve manufacturing capacity, and for general corporate purposes [4].