（文/张志峰 编辑/周远方） 追觅尚未从"断指计划"的舆论风暴中挣脱出来，扫地机器人行业的另一大企业石头科技，又突然被爆料 大幅度裁员。 需要指出的是，石头被爆裁员的岗位，并非扫地机器人，而是被视作"第二增长曲线"的南京洗衣机事业 部。 6月24日，根据小红书、微信朋友圈、知乎等多个社交平台信息，多名自称是当事员工的用户爆料，此 次裁员比例可能超过70%，多个核心部门仅留一两名员工维持基本运转，产品部、供应链等多部门负责 人随之被免职。 曾与扫地机器人同等战略高度 从石头科技过去一年多时间里对外披露信息来看，作为企业创立10年来的首次跨界，洗衣机赛道对于企 业寻求第二增长点来说别具意义。 2024年初，面对外界"赚快钱""资本驱动"等质疑言论，石头科技正式成立洗烘一体机事业部，破天荒地 将洗烘一体机提升至与扫地机器人同样的战略高度。且凭借其独有的"分子筛低温烘干技术"，产品销售 情况一直处于增长态势，成绩亮眼。 2024年年报中，披露了洗烘一体机的核心技术及研发进展。企业当年洗烘一体机项目研发投入达1.01亿 元，累计投入1.79亿元。同年，包括洗衣机业务在内的"其他智能电器产品"实现收入10.7亿元，同比增 ...

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 公司关于以集中竞价交易方式回购公司股份的回购报告书》（以下简称"《回 购报告书》"）。公司拟使用5,000万元（含）至10,000万元（含）自有资金以 集中竞价交易方式回购公司股份，回购价格不超过人民币373.74元/股（含）， 用于实施员工持股计划及/或股权激励计划，回购期限自公司董事会审议通过回 购方案之日起12个月内。 证券代码：688169 证券简称：石头科技 公告编号：2025-053 北京石头世纪科技股份有限公司 关于2024年年度权益分派实施后 调整回购价格上限的公告 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。 重要内容提示： 调整后的回购股份价格上限=（调整前的回购股份价格上限-每股现金红利） ÷（1+流通股份变动比例） 由于公司本次进行差异化分红，上述公式中现金 ...

Group 1 - The core viewpoint of the news highlights a strong rebound in the consumer sector, particularly through the Consumer Leader ETF (516130), which saw a price increase of 0.81% [1] - The leading stocks in various consumer segments, such as machinery, retail, and consumer services, experienced significant gains, with Stone Technology and Chongqing Department Store both rising over 5% [1] - The People's Bank of China and six other departments issued guidelines to support and expand consumption, proposing 19 key measures to enhance consumer capacity and optimize the consumption environment [1][3] Group 2 - There is an increasing focus on consumption from higher authorities, with favorable policies emerging to boost the consumer sector, indicating a potential trend in the market [3] - The Consumer Leader ETF's underlying index has a price-to-earnings ratio of 17.26, which is at a low point compared to the past decade, suggesting a favorable long-term investment opportunity [3] - Analysts predict that consumption will be a significant driver of economic growth in 2025, with ongoing policy support expected to create new dynamics and scenarios in the consumer market [3]

Core Viewpoint - The domestic AI investment landscape is experiencing a mismatch between short-term and long-term strategies, presenting a favorable opportunity for investment in the second half of the year [3] Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 1.09%, with notable increases in constituent stocks such as Stone Technology (688169) up by 4.57% and Youfang Technology (688159) up by 4.10% [3] - The Sci-Tech AI ETF (588790) increased by 1.06%, with a latest price of 0.57 yuan, and a turnover rate of 3.01% during the trading session, amounting to a transaction volume of 1.08 billion yuan [3] - Over the past year, the average daily transaction volume of the Sci-Tech AI ETF reached 2.60 billion yuan, ranking first among comparable funds [3] Group 2: Fund Size and Inflows - The latest size of the Sci-Tech AI ETF reached 3.568 billion yuan, marking a new high since its inception, and ranking 1/6 among comparable funds [4] - The fund's latest share count reached 6.322 billion shares, also a new high since inception [4] - The Sci-Tech AI ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 72.79 million yuan, totaling 150 million yuan in net inflows [4] Group 3: Fund Performance Metrics - Since its inception, the Sci-Tech AI ETF has recorded a highest monthly return of 15.59%, with the longest consecutive months of increase being 2 months and a maximum increase of 26.17% [4] - The fund's relative benchmark drawdown since inception is 0.40% [4] - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are relatively low compared to comparable funds [4] - The tracking error for the Sci-Tech AI ETF year-to-date is 0.386%, indicating high tracking precision among comparable funds [4] Group 4: Index Composition - The Sci-Tech AI ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index, which includes 30 large-cap stocks that provide foundational resources, technology, and application support for the AI sector [5] - As of May 30, 2025, the top ten weighted stocks in the index accounted for 70.6% of the total index weight, including companies like Lanjing Technology (688008) and Cambricon (688256) [5][7]

Market Overview - On June 23, 2025, the Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) closed down 0.72%, with leading declines from Hengxuan Technology down 5.46%, Lanke Technology down 4.36%, and Stone Technology down 3.62% [1] - The Robotics ETF (562500) closed up 0.50%, with East杰智能 leading gains at 10.47%, Tianzhihang up 7.27%, and Kuaike Intelligent up 3.04% [1] - The trading volume for the day was 359 million yuan, making it the most active ETF in its category, indicating good liquidity [1] Key Developments - Huawei and Softcom Power are collaborating to develop humanoid robots for manufacturing scenarios, focusing on general humanoid applications and 3C manufacturing [2] - KPMG's 2025 China Banking Industry Survey Report indicates that the banking sector is leading in the application of large models, with significant efficiency improvements and innovations across various banking operations [2] - Galaxy General announced the completion of a new financing round of 1.1 billion yuan, marking the largest single financing in the field of embodied large model robots, with total financing exceeding 2.4 billion yuan over two years [2] Institutional Insights - China Galaxy Securities states that A-shares are currently at a historical average valuation, relatively low compared to mature overseas markets, suggesting high investment value [3] - The report anticipates a stable upward trend for A-shares in the second half of 2025, driven by policy support and capital inflows, while cautioning about external uncertainties and domestic economic recovery [3] - The focus on technology innovation is highlighted as a core driver for A-share supply-side reform, with recommendations to pay attention to AI computing, AI applications, embodied intelligence, and innovative pharmaceuticals [3] ETF Highlights - The Robotics ETF (562500) is noted as the only ETF in the market with over 10 billion yuan in scale, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [4] - The Sci-Tech Innovation Artificial Intelligence ETF (Hua Xia, 589010) is described as the "brain" of robotics, capturing the "singularity moment" in the AI industry with a 20% fluctuation range and small to mid-cap elasticity [4]

Core Viewpoint - The Hong Kong stock market is experiencing unprecedented enthusiasm this year, driven by a surge in AI companies seeking IPOs, with significant policy support and improved liquidity attracting many tech firms to list in Hong Kong [1][3][5]. Group 1: AI Companies Going Public - Notable AI companies such as Teslin, Cloudwalk, and Qunhe Technology are actively pursuing IPOs in Hong Kong, with Teslin updating its prospectus and focusing on its "spatial intelligence" strategy [1][3]. - The emergence of AI models like ChatGPT and DeepSeek has accelerated the development of AI applications across various industries, prompting companies to consider IPOs as a natural progression [3][5]. - The recent IPOs of AI companies have been facilitated by the introduction of new listing rules in Hong Kong, particularly the 18C chapter, which lowers the market cap requirements for tech firms [6][11]. Group 2: Market Conditions and Policy Support - Since the beginning of the year, liquidity in the Hong Kong market has significantly improved, boosting investor confidence and encouraging startups to seize the opportunity to go public [5][9]. - The 18C mechanism has relaxed traditional profitability requirements, allowing companies with strong R&D and technological barriers to qualify for listing, thus benefiting high-growth tech firms [6][10]. - Hong Kong's status as an international financial center allows AI companies to access global investors and enhance their international market presence [6][7]. Group 3: Financial Performance and Growth - Teslin is positioned to become the largest AI IPO in Hong Kong this year, with a valuation exceeding 20 billion RMB and a projected revenue CAGR of 58% from 2022 to 2024 [11][12]. - Other AI companies, such as Cloudwalk and Yushi Technology, have shown significant revenue growth, with Cloudwalk's revenue projected to increase from 1.61 million RMB in 2022 to 2.45 million RMB in 2024 [10][11]. - The R&D investment in AI companies is substantial, with Teslin allocating a significant portion of its revenue to R&D, indicating a long-term commitment to technological advancement [13].

Investment Themes - The report identifies three main investment themes: new consumption in home appliances, new manufacturing in home appliances, and leading companies in the black and white appliance sectors [3][61][72]. New Consumption in Home Appliances - The report highlights two investment opportunities: new product forms, particularly in handheld smart imaging, and new industry phases, focusing on the rapidly expanding market for robotic vacuum cleaners [5][33]. - The market for panoramic cameras is expected to grow significantly, driven by their functional and emotional value, with a projected market size reaching 250 billion yuan by 2024 [34][36]. New Manufacturing in Home Appliances - Companies with solid fundamentals and a focus on robotics are viewed positively, indicating a shift towards automation and advanced manufacturing processes [61]. - The report emphasizes the potential for companies like Yili to benefit from the aging population through the development of care robots, with expected revenue growth of over 30% in the coming years [66]. Performance of Leading Companies - The report notes that leading companies in the black and white appliance sectors are expected to maintain stable growth, with high dividend yields and strong performance metrics [72][79]. - The performance of major brands such as Midea, Gree, and Haier is highlighted, with their price-to-earnings ratios (PE) currently at 13.2x, 7.5x, and 12.1x respectively, indicating relatively low valuations [79][106]. Market Trends and Dynamics - The home appliance sector has faced challenges in 2025, with the industry index showing a decline of 2.7% year-to-date as of June 18, 2025, influenced by tariff disruptions and high base expectations for the second half of the year [12][13]. - The report indicates a divergence in performance among sub-sectors, with home appliance components showing a positive growth of 11.7%, while other categories like white goods and kitchen appliances experienced declines [12]. Export Performance - Despite tariff impacts, the home appliance export market remains resilient, with a cumulative export growth of 6.1% year-on-year from January to May 2025 [24][29]. - The report notes that exports to North America have been significantly affected by tariffs, while markets in Europe and emerging economies continue to show strong growth [29][31]. Pricing and Competition - The report discusses the competitive landscape, noting that leading brands are adjusting their pricing strategies to maintain market share amidst a backdrop of fluctuating demand and competitive pressures [99][101]. - The pricing dynamics in the air conditioning market are highlighted, with a noted decrease in average prices by 15% year-on-year, impacting brand performance differently [88][91].

证券代码：688169 证券简称：石 头 科 技 公告编号：2025-051 北京石头世纪科技股份有限公司 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 6 月 23 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： 普通股股东人数 318 普通股股东所持有表决权数量 72,300,520 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（%） 39.1303 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，经半数以上董事共同推举，董事孙佳女士主持 会议。会议采用现场投票和网络投票相结合的表决方式。本次股东会的召集、召 开程序及表决程序符合《中华人民共和国公司法》 《上市公司股东会规则》 《北京 石头世纪科技 ...

不减持公司股份的公告 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。 证券代码：688169 证券简称：石头科技 公告编号：2025-052 北京石头世纪科技股份有限公司 关于控股股东、实际控制人自愿承诺 | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 昌敬 | 38,841,008 | 21.01% | 公司董事会将对上述承诺事项的履行情况进行持续监督并及时履行信息披 露义务。 特此公告。 北京石头世纪科技股份有限公司董事会 2025 年 6 月 24 日 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"）于 2025 年 6 月 23 日收到公司控股股东、实际控制人昌敬先生出具的《关于自愿承诺未来十二个月 不减持公司股份的承诺函》，现将相关情况公告如下： 基于对公司未来发展前景的信心和对公司长期价值的认可，同时为增强广大 投资者信心，切实维护投资者权益和资本市场的稳定，公司控股 ...

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 年第二次临时股东会的 法律意见书 二〇二五年六月 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 年第二次临时股东会的 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"）接 ...