证券代码：688169 证券简称：石头科技 公告编号：2025-074 北京石头世纪科技股份有限公司 关于续聘会计师事务所的公告 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： 北京石头世纪科技股份有限公司（以下简称"公司"）本次拟续聘的会 计师事务所名称：安永华明会计师事务所（特殊普通合伙）（以下简称"安永 华明"） 一、拟续聘会计师事务所的基本情况 （一）机构信息 1. 基本信息 1. 基本信息 项目合伙人及签字注册会计师张毅强先生于1999年成为注册会计师，2000 年开始从事上市公司审计，2015年开始在安永华明执业，2024年开始为公司提 供审计服务；近三年签署/复核6家上市公司年报/内控审计报告，涉及的行业包 括医药制造业、专用设备制造业及居民服务业等。 签字注册会计师吴婷女士于2015年成为注册会计师，2011年开始从事上市 公司审计，2021年开始在安永华明执业，2024年开始为公司提供审计服务，近 三年未签署/复核上市公司年报/内控审计报告。 安永华明于1992年9月成立，2012年8月完 ...

北京石头世纪科技股份有限公司 2025 年事业合伙人持股计划（草案）摘要 证券简称：石头科技 证券代码：688169 北京石头世纪科技股份有限公司 2025 年事业合伙人持股计划 （草案）摘要 二〇二五年八月 声明 本公司及全体董事保证本员工持股计划及其摘要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。 2 北京石头世纪科技股份有限公司 2025 年事业合伙人持股计划（草案）摘要 风险提示 一、北京石头世纪科技股份有限公司（以下简称"石头科技""公司"或"本 公司"）2025 年事业合伙人持股计划（草案）（以下简称"本员工持股计划草 案"）须经公司股东会批准后方可实施，本员工持股计划草案能否获得公司股东 会批准，存在不确定性。 二、有关公司 2025 年事业合伙人持股计划（以下简称"本员工持股计划"） 设立后将由公司自行管理，有关具体的资金来源、出资金额、预计规模和具体实 施方案等均属初步结果，能否完成实施，存在不确定性。 三、若员工认购资金较低，本员工持股计划存在无法成立的风险；若员工认 购份额不足，本员工持股计划存在低于预计规模的风险。 四、股票价格受公 ...

Core Viewpoint - The A-share market is experiencing a strong performance, particularly in the technology sector, with significant trading volume and a notable rise in the Sci-Tech Innovation Board [1][2] Market Performance - The A-share market indices collectively strengthened, with a trading volume reaching 29,708 billion yuan [1] - The Sci-Tech Innovation Board has shown robust performance, with the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index achieving a one-year increase of 129.41%, outperforming the Sci-Tech 50 Index and Sci-Tech 100 Index, which recorded increases of 103.30% and 100.41% respectively [2] Index Performance - Historical performance data indicates that over the past three years, the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index has increased by 94.64%, while the Sci-Tech 50 Index and Sci-Tech 100 Index have increased by 30.46% and 3.77% respectively [2] - The index's performance over the past five years shows an increase of 26.98%, contrasting with declines in the Sci-Tech 50 Index and Sci-Tech 100 Index, which decreased by 3.47% and 13.08% respectively [2] Key Holdings - As of July 31, 2025, the top ten weighted stocks in the Shanghai Sci-Tech Innovation Board New Generation Information Technology Index include SMIC (10.1%), Cambricon (10%), and Haiguang Information (8.8%) [2] Future Outlook - The Sci-Tech Innovation Board is viewed as a "testing ground" for capital market reforms, with long-term investment value supported by the ongoing push for technology-driven high-quality growth in China [1] - The index is expected to provide an efficient way for investors to share in China's technological dividends, particularly in key areas such as semiconductors, software, and AI [1]

8月29日，石头科技盘中上涨2.03%，截至10:36，报215.44元/股，成交4.05亿元，换手率0.74%，总市值 558.17亿元。 资金流向方面，主力资金净流入596.77万元，特大单买入2464.90万元，占比6.08%，卖出1230.20万元， 占比3.04%；大单买入7726.37万元，占比19.07%，卖出8364.31万元，占比20.64%。 石头科技今年以来股价涨38.20%，近5个交易日涨1.44%，近20日涨24.97%，近60日涨36.07%。 分红方面，石头科技A股上市后累计派现14.63亿元。近三年，累计派现10.52亿元。 机构持仓方面，截止2025年6月30日，石头科技十大流通股东中，华夏上证科创板50成份ETF （588000）位居第三大流通股东，持股1146.77万股，相比上期增加309.68万股。香港中央结算有限公司 位居第四大流通股东，持股1012.29万股，相比上期增加296.21万股。易方达上证科创板50ETF （588080）位居第五大流通股东，持股857.24万股，相比上期增加262.91万股。华夏中证机器人ETF （562500）位居第七大流通股东，持股4 ...

日前，石头科技发布2025年半年报。半年报显示，公司上半年实现营收79.03亿元，同比增长78.96%；实现净利润6.78亿元。公司上半年的研发费 用为6.85亿元，同比增长67.28%、占总营收比重为8.67%。 对于上半年的业绩变化，石头科技于财报中表示，主要原因是报告期内国内销售受国补政策推动，持续增长；在海外持续推进品牌建设，精细化 渠道布局、营销策略，完善产品全价格段布局，拓展新市场，触达新用户，提升品牌和产品的影响力，使产品销量规模及市场占有率与上年同期 相比显著提高。 结合财报不难发现，无论石头科技各项财务指标如何波动变化，其研发费用始终居于高位、公司长期坚持研发导向的策略从未动摇。在赛道一众 玩家在高度内卷营销和价格的红海市场中，石头科技为何依旧苦练研发基本功，选择比其他玩家多承受一份高额支出的重担？ 谜底就在谜面之上：研发驱动才是石头科技的核心竞争力。 技术力，是石头科技整个业务逻辑的起点 相比业绩本身的稳健增长，更具价值的，是石头科技手握持续增强的"技术标杆"。近十年来，石头科技的研发费用占营收的比重始终居于高位、 对研发的投入在整个消费电子领域也长期处于领先地位。 以石头科技2024年年 ...

Group 1 - The company reported a strong year-on-year revenue growth of 78.96% in H1 2025, with total revenue reaching 7.903 billion yuan [2][3] - Domestic revenue was 3.954 billion yuan, growing by 86.34%, while overseas revenue was 3.949 billion yuan, increasing by 72.15% [2] - The decline in net profit by 39.55% to 678 million yuan was attributed to increased costs from market expansion and product matrix adjustments [3] Group 2 - The gross margin decreased to 44.56%, down 9.25 percentage points, and the net profit margin fell to 8.57%, down 16.81 percentage points [3] - The increase in sales expenses was due to enhanced self-operated channel coverage and increased investment in brand building and market promotion [3] - The company is focused on technology research and brand development to enhance core competitiveness and market share [4] Group 3 - The company aims to optimize its business layout and concentrate resources on core operations while expanding both domestic and international markets [4] - Forecasted net profits for 2025-2027 are 1.95 billion, 2.63 billion, and 3.29 billion yuan, with corresponding PE ratios of 28, 21, and 17 times [4]

Core Insights - The home appliance industry is experiencing significant differentiation, with the "trade-in" policy stimulating consumption and driving the sector towards smart and green transformation [1][2] - White goods and tech appliances are showing strong profit growth, while kitchen appliances are facing revenue declines due to the sluggish real estate market [1][2] Industry Performance - The overall revenue of the home appliance industry has improved significantly due to the expansion of the trade-in policy to 12 product categories, with notable differences across segments [2] - The white goods sector has demonstrated resilience, benefiting from national subsidies and improved cost structures, leading to revenue and profit growth exceeding expectations for 2024 [2] - The TV industry has become a benchmark for policy benefits, with profit improvements driven by domestic subsidies and increased export shares, alongside technological upgrades like Mini LED [2] - The kitchen appliance sector is under pressure, with expected revenue declines in the first half of 2025, although leading companies are gaining market share through high-end product offerings [2] - The tech appliance sector continues to grow rapidly, with companies like Roborock and Ninebot leading the charge, particularly in the robot vacuum segment, which is projected to exceed 15 billion yuan in online sales in 2024 [2] Policy Impact - The trade-in policy has engaged over 66 million consumers, directly stimulating consumption by over 270 billion yuan, with retail sales of major appliances increasing by 30.7% year-on-year [3] - The competitive landscape is undergoing profound changes, with platforms shifting from price-driven to value-driven models, benefiting leading companies while squeezing smaller players [3] Transformation Strategies - The home appliance industry is in a transition phase, requiring breakthroughs through technology, supply chain optimization, and strategic balance to achieve sustainable development [4] - AI technology is reshaping product design and functionality, particularly in cleaning appliances, enhancing user experience through features like spatial mapping and obstacle recognition [4][5] - Supply chain efficiency and scenario-based solutions are becoming core competitive advantages, with companies encouraged to build digital supply chains for real-time data sharing and production adjustments [5] Growth Opportunities - The growth momentum of the home appliance industry is shifting from traditional categories to tech-driven segments, with emerging categories like robot vacuums and lawn mowers expected to see explosive growth [6] - Investment opportunities lie in tech appliance sectors with low penetration rates and high growth potential, particularly in smart cleaning devices [6][7] - The competitive landscape in the smart cleaning appliance sector is evolving from price wars to differentiation, with leading companies enhancing their market share through product innovation and cost control [7]

Core Viewpoint - The home appliance industry is experiencing significant differentiation, driven by the expansion of the trade-in policy, which stimulates consumption and promotes a shift towards smart and green technologies [1][2]. Industry Performance - The overall revenue of the home appliance industry has improved compared to last year, with notable differences across segments [1]. - The white goods sector shows strong resilience, benefiting from national subsidies and improved cost structures, leading to revenue and profit growth exceeding expectations for 2024 [2]. - The television sector has become a benchmark for policy benefits, with profit improvements driven by domestic subsidies and increased export shares, alongside technological upgrades like Mini LED [1][2]. Kitchen Appliances - The kitchen appliance sector faces significant pressure, with revenues expected to decline in the first half of 2025 due to a lack of recovery in the real estate market [2]. - Leading companies are gaining market share despite the downturn, indicating a trend towards increased industry concentration and enhanced risk resilience [2]. Technology-Driven Growth - The technology appliance sector continues to grow rapidly, with companies like Roborock and Ninebot leading the charge through robotics and international expansion [2]. - The online sales of robotic vacuum cleaners are projected to exceed 15 billion yuan in 2024, marking a nearly 50% year-on-year increase [2]. Policy Impact - Over 66 million consumers have participated in the trade-in policy, directly stimulating consumption by over 270 billion yuan, with retail sales of major appliances increasing by 30.7% year-on-year [2]. - The policy has not only activated the existing market but also pushed the industry towards smart and green upgrades, with significant sales growth in high-end products like energy-efficient air conditioners and built-in refrigerators [2]. Competitive Landscape - The competitive landscape is undergoing profound changes, with platforms like Douyin shifting from price-driven to value-driven models, benefiting leading companies [3]. - The implementation of e-commerce tax policies is squeezing the survival space for small enterprises, favoring larger companies with higher operational efficiency [3]. Transformation Strategies - The home appliance industry is in a transformation phase, requiring strategies focused on technology, supply chain optimization, and strategic balance to achieve sustainable development [3][4]. - AI technology is being integrated into product design, enhancing functionality and user interaction, particularly in cleaning appliances [3][4]. Future Trends - AI's role in the home appliance industry is expected to deepen, with vertical AI models becoming a key direction for product development [4]. - Supply chain efficiency and scenario-based capabilities are emerging as core competitive advantages, with digital supply chain systems enabling real-time data sharing and production adjustments [4]. Investment Opportunities - The growth momentum in the home appliance industry is shifting from traditional categories to technology-driven sectors, with emerging categories like robotic vacuums and lawn mowers showing explosive growth potential [6][7]. - Investment focus should be on technology appliance leaders with growth potential and high dividend yields, particularly in the white goods sector, which remains stable and supported by favorable policies [7].

证券代码：688169 证券简称：石头科技 公告编号：2025-071 北京石头世纪科技股份有限公司 2024 年限制性股票激励计划第一个归属期 归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 20,818股。 本次股票上市流通总数为20,818股。 本次股票上市流通日期为2025 年 9 月 3 日。 北京石头世纪科技股份有限公司（以下简称"本公司"、"公司"）近日完成了 2024 年限制性股票激励计划（以下简称"本激励计划"）第一个归属期的股份登记 工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2024 年 6 月 20 日，公司召开第二届董事会第二十七次会议，会议审议 通过了《关于<公司 2024 年限制性股票激励计划（草案）>及其摘要的议案》《关 于<公司 2024 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请 股东大会授权董事会办理公司 2024 年限制性股 ...

Group 1: Stock Performance - Fudan Microelectronics, Cambricon, and Amlogic showed the best performance with daily increases of 5.7%, 5.31%, and 4.45% respectively [1] - Lattice Semiconductor, Hehe Information, and Newpoint Software had weaker performances with daily declines of 0.84%, 0.18%, and 0.1% respectively [1] - The Huabao Sci-Tech AI ETF (589520) passively tracks the Sci-Tech AI Index (950180), which saw a daily increase of 2.76% [1] Group 2: Industry Developments - On August 25, 2025, a trillion-yuan industrial mother fund launched 26 sub-funds focusing on supporting the development of integrated circuits [2] - On August 26, new companies in the integrated circuit sector were established by New Unisplendour Group, Sinda Semiconductor, and Cambricon to promote collaborative innovation in the industry chain [2] - On August 27, SK Hynix announced the mass production of the world's first 321-layer QLC NAND flash memory, marking a breakthrough in storage technology [2] Group 3: Semiconductor Industry Trends - The semiconductor industry is experiencing growth driven by new technologies in automotive electronics, renewable energy, IoT, big data, and AI [2] - The push for domestic production is increasing due to US-China trade tensions, highlighting the importance of supply chain security and self-sufficiency in semiconductor manufacturing [2] - The domestic wafer manufacturing and supporting industries are accelerating their development, with expectations for significant breakthroughs in domestic chip supply [2] Group 4: ETF Insights - The Huabao Sci-Tech AI ETF (589520) saw a price increase of over 3.9% on August 28, with a trading volume exceeding 100 million yuan and a total fund size of 594 million yuan [3] - The ETF is characterized by high elasticity, with a 20% fluctuation limit and a strong offensive nature, as nearly 70% of its top ten holdings are in the semiconductor sector [5] - The ETF's holdings are positioned to benefit from the acceleration of AI integration in edge computing and software [5]