证券代码：688169 证券简称：石头科技 公告编号：2025-049 北京石头世纪科技股份有限公司 关于召开2025年第二次临时股东大会的通知 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： （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 23 日 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第二次临时股东大会 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 6 月 23 日 14 点 30 分 召开地点：北京市昌平区安居路 17 号院 3 号楼石头科技大厦会议室 至2025 年 6 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月23日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 ...

北京石头世纪科技股份有限公司 第三届监事会第七次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 北京石头世纪科技股份有限公司（以下简称"公司"）第三届监事会第七次 会议于 2025 年 6 月 6 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 1 日通过邮件方式送达全体监事。会议应出 席监事 3 人，实际到会监事 3 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、监事会会议审议情况 证券代码：688169 证券简称：石头科技 公告编号：2025-043 本次会议由监事会主席谢濠键先生主持，董事会秘书孙佳女士列席会议。与 会监事表决通过以下事项： （一）审议通过《关于公司发行 H 股股票并在香港联合交易所有限公司上 市的议案》 为满足公司业务发展的需要，进一步提升公司的全球品牌知名度及竞争力， 巩固行业地位，同时更好地利用国际资本 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-042 北京石头世纪科技股份有限公司 第三届董事会第七次会议决议公告 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 （二）逐项审议通过《关于公司发行 H 股股票并在香港联合交易所有限公 司上市方案的议案》 董事会同意公司本次发行 H 股并上市的具体方案，具体如下： 北京石头世纪科技股份有限公司（以下简称"公司"）第三届董事会第七次 会议于 2025 年 6 月 6 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 1 日通过邮件方式送达全体董事。会议应出 席董事 6 人，实际到会董事 6 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 审议表决通过了以下事项： （一）审议通过《关于公司发行 H 股 ...

6月6日，石头科技(688169.SH)发布公告显示，公司拟于香港联合交易所有限公司主板发行及上市。 石头科技此次募资主要用于国际化业务拓展，产品研发拓展及产品组合扩充，运营资金补充及公司一般 业务用途等。 分析人士认为，石头科技赴港上市或基于两方面考虑，一是当前港股市场是一个很不错的市场，最近表 现都很好。二是公司海外业务占比较大，拥有较好的海外用户及投资者基础。 年报显示，2024年石头科技境内主营业务收入达55.31亿元，较上年同期增长25.39%；境外达63.88亿 元，同比增长51.06%。石头科技海外市场主营业务收入超过国内市场。 因精益化的"走出去"战略，石头科技成功打造海外增长新引擎。不仅在出货量上首次登顶，更在销额上 实现了稳健蝉联。 IDC数据显示，2024年石头科技智能扫地机器人全球量额双第一，全年全球销量市场份额16%，销额市 场份额达22.3%，出货量同比增长20.7%。在北欧、土耳其、德国、法国、韩国等市场，优势更为明 显，连续多季度量额双第一。 分析人士表示，港股市场国际化程度较高，资金相对自由，适宜对接全球资本，和石头科技这种海外业 务占比大的企业契合度较高。 从2024年开始 ...

Core Viewpoint - The China Securities Index for Home Appliances has shown a slight increase of 0.3% recently, with a current value of 11,215.49 points, while the index has experienced a 1.25% increase over the past month, a 3.37% decrease over the past three months, and a 0.80% decline year-to-date [1] Group 1: Index Performance - The China Securities Index for Home Appliances opened high and fluctuated, with a trading volume of 19.674 billion yuan [1] - The index is categorized into various industry levels, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Index Composition - The top ten weighted companies in the index are Gree Electric Appliances (16.07%), Midea Group (15.58%), Haier Smart Home (12.57%), Sanhua Intelligent Control (8.23%), Sichuan Changhong (5.1%), Roborock Technology (4.44%), Megmeet (2.8%), Hisense Visual Technology (2.46%), Bull Group (1.92%), and Hisense Home Appliances (1.74%) [1] - The market share of the index's holdings is 65.47% from the Shenzhen Stock Exchange and 34.53% from the Shanghai Stock Exchange [1] Group 3: Sample Adjustments - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the index samples [2] Group 4: Related Funds - Public funds tracking the home appliance index include: Harvest CSI Home Appliance Index C, Fortune CSI Home Appliance Linked A, Guotai CSI Home Appliance ETF Linked A, and several others [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company is experiencing explosive growth in revenue, driven by new consumer demand for floor cleaning machines and washing machines, with a current valuation of 20 times earnings, indicating significant undervaluation [1]. - The company has achieved leading market share in both sweeping and washing machines, with online market share for sweeping machines rising to 26% in April 2025, surpassing competitors [6]. - The report forecasts a robust growth trajectory for the company's revenue and net profit over the next few years, with expected net profits of 20 billion, 25 billion, and 30 billion for 2025, 2026, and 2027 respectively [6]. Financial Data and Valuation - Total revenue is projected to grow from 8,654 million in 2023 to 24,050 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 31% [2][13]. - Operating profit is expected to fluctuate, with a peak in 2023 at 2,317 million, followed by a decline in 2024, and then a recovery to 3,406 million by 2027 [2][13]. - The company's net profit is projected to show a slight decline in 2024, with a recovery in subsequent years, reaching 3,018 million by 2027 [2][13]. - The price-to-earnings (PE) ratio is expected to decrease from 20.5 in 2023 to 13.9 in 2027, indicating improving valuation metrics over time [2][13]. Market Position and Competitive Landscape - The company has successfully expanded its market presence in overseas markets, achieving leading sales positions in regions such as Northern Europe and Turkey [6]. - The introduction of new products and pricing strategies has allowed the company to capture significant market share, particularly in the domestic market, where it has seen substantial growth in both online and offline sales [6]. - The competitive landscape is becoming less intense, allowing the company to solidify its market leadership [6].

又是一年"618"，电商战火再起。在琳琅满目的商品中，智能清洁电器不再是可有可无的"尝鲜科技"，而正加速成为越来越多家庭的"生活标配"。从扫地机 器人到洗地机，从擦窗神器到智能垃圾桶，这些原本以"懒人经济"出圈的智能产品，如今以更加实用、智能的形象重新定义着家庭清洁的方式。 回顾去年的"618"，智能清洁产品普遍出现了价格下调。这种现象并非简单的价格战，也并非是价值缩水，而是由技术成熟、生产成本优化与用户消费行为 转变共同推动的结果。 今年618，智能清洁出现一个显著的趋势，那就是直接的降价行为更多地与"国补"结合，也即厂家们在借势消费刺激政策进行电商节促销，而非无脑降价甚 至不惜成本竞争，这是一个重要的风向转变。 面对复杂的满减和捆绑促销，许多消费者在"618"期间的购物行为也趋于理性化：购物欲望不再单纯受折扣驱动，而是更注重产品的实用性和自身实际需求 。 这种表面上的价格"降级"，却恰恰印证着智能清洁行业的价值升级。我们可以看到智能清洁从"扫地搭子"到"智能管家"的跃迁，也看到了"懒人经济"背后的 深层价值吸引。 离"刚需"越来越近，智能清洁的"产品底气"逐渐变强 在诸多家务中，拖地是其中又累又繁琐的一项 ...

Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

Group 1 - A major floor cleaning robot manufacturer has been reported to use aggressive business tactics, including extracting trade secrets under the guise of cooperation and delaying payments to suppliers, leading to significant internal conflicts and loss of key executives [1][2] - The company has seen a shift in its marketing strategy, with a focus on hiring individuals with strong management skills from technical backgrounds to lead marketing efforts, reflecting a change in management philosophy [2][3] - The company is establishing local sales offices globally, bypassing distributors to directly engage with local markets, which could enhance its competitive edge through localized sales strategies [3][4] Group 2 - Yuan Ding has restarted its lawn mower robot project, driven by a booming market and recent financing, indicating a strategic pivot towards new business opportunities [3][4] - The company has assembled a strong team with extensive industry experience, positioning itself as a potential disruptor in the lawn mower market [4] - The innovative company Zongguan has achieved breakeven in monthly earnings with its remote-controlled lawn mower, indicating a successful product launch and market acceptance [5][6] Group 3 - A new startup in the lawn mower sector faced challenges due to product performance issues in specific weather conditions, leading to a decision to redesign the product, resulting in zero revenue last year [6][7] - The startup's failure was attributed to a lack of understanding of the North American market, highlighting the importance of localized research and development [6][7] - ByteDance decided against investing in a startup due to high valuation, indicating a cautious approach to investment in the AI eyewear sector [7] Group 4 - Xtool, a rising star in the laser engraving market, has achieved significant revenue growth, with a large portion of its workforce dedicated to customer service, emphasizing the importance of service in its business model [7][8] - The window cleaning robot market is struggling in North America, while performing better in Europe and Russia, suggesting regional differences in market viability [8] - Cloud Whale is shifting its sales strategy to target lower-tier markets by introducing more affordable products, reflecting a broader trend among leading companies to adapt to changing market dynamics [8]

证券代码：688169 证券简称：石头科技 公告编号：2025-041 北京石头世纪科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： 回购方案首次披露日 2025/4/4 回购方案实施期限 2025 年 4 月 2 日~2026 年 4 月 1 日 预计回购金额 5,000万元~10,000万元 □减少注册资本 √用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 67,000股 累计已回购股数占总股本比例 0.0362% 累计已回购金额 1,225.97万元 实际回购价格区间 179.88元/股~191.59元/股 一、 回购股份的基本情况 北京石头世纪科技股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日召 开第三届董事会第四次会议，会议审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，并于 2025 年 4 月 4 日披露了《北京石头世纪科技股份有限 公司关于以集中竞 ...