证券代码：688169 证券简称：石头科技 公告编号：2025-012 北京石头世纪科技股份有限公司 关于为全资子公司提供担保额度预计的公告 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。 本次担保是否有反担保：否。 本次担保是否经股东会审议：本事项已经公司第三届董事会第三次会议及 第三届监事会第三次会议审议通过，无需提交股东会审议。 一、担保情况概述 公司于2025年3月26日召开第三届董事会第三次会议及第三届监事会第三次会 议，审议通过了《关于为全资子公司提供担保额度预计的议案》。为满足公司子 公司业务发展需要，保证公司业务顺利开展，公司预计为全资子公司石头启迪提 供担保额度不超过人民币1,000万元，该担保额度可在公司合并报表范围内全资子 公司（包括新增或新设子公司）之间进行调剂使用，具体担保金额、担保期限、 担保费率、担保方式等内容以正式签署的担保文件为准，最终实际担保金额不超 过本次审议的担保额度。公司管理层将根据实际经营情况的需要，在担保额度内 办理具体事宜，同时提请董事会授权公司董事长或其授权代表签署相关协议 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-011 二、监事会会议审议情况 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《关于为全资子公司提供担保额度预计的议案》 经审核，监事会认为：公司本次对全资子公司的担保额度预计符合实际需求， 有利于生产经营稳健开展。本事项的审议程序符合相关法律法规、规范性文件及 《公司章程》的规定，不存在损害公司和股东利益的行为。 北京石头世纪科技股份有限公司 第三届监事会第三次会议决议公告 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 任。任。 北京石头世纪科技股份有限公司（以下简称"公司"）第三届监事会第三次 会议于 2025 年 3 月 26 日在公司会议室以现场结合通讯方式召开。 本次会议经全体监事一致同意豁免会议通知期限，以通讯结合邮件方式向全 体监事发出召开本次会议的通知，与会监事均已知悉与所议事项相关的必要信息。 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 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-010 北京石头世纪科技股份有限公司 第三届董事会第三次会议决议公告 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《北京石头世纪科技股份有限公司关于为全资子公司提供担保额度预计的公告》。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本次担保无需提交公司股东会审议。 特此公告。 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 任。任。 北京石头世纪科技股份有限公司（以下简称"公司"）第三届董事会第三次 会议于 2025 年 3 月 26 日在公司会议室以现场结合通讯方式召开。 本次会议经全体董事一致同意豁免会议通知期限，以通讯结合邮件方式向全 体董事发出召开本次会议的通知，与会董事均已知悉与所议事项相关的必要信息。 会议应出席董事 5 人，实际到会董事 5 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》" ...

Group 1 - The core theme of AWE is "AI Technology, AI Life," highlighting the integration of visual technology with large models, leading to significant improvements in human-machine interaction capabilities for traditional products [1][2] - Major appliance companies are actively entering the robotics sector, leveraging their strong technical foundations and in-house component manufacturing capabilities to enhance their business structures and break through traditional business ceilings [1][4] - The introduction of new AI-driven products, such as AI glasses and toys, indicates a trend towards rapid iteration and innovation in the appliance sector, with companies like Haier and TCL showcasing advanced AI models [1][2] Group 2 - Large enterprises are expanding their product categories, with companies like Gree and Hisense launching innovative products such as a cooling range hood and a three-compartment washing machine, respectively [2] - The marketing strategies of traditional appliance brands are evolving to appeal to younger consumers, with a focus on product aesthetics, as seen in Gree's rose pink air conditioner and Vatti's colored water heaters [3] - The emergence of humanoid robot prototypes, such as the one from Midea Group, showcases the industry's commitment to advancing robotics and automation capabilities [2][4] Group 3 - Investment recommendations favor leading appliance companies that are well-positioned in the robotics growth sector, with a focus on long-term growth potential and a redefined valuation framework [4] - Companies like Midea Group, Boss Electric, Hisense Visual, and Vatti are highlighted as key players in the evolving market, alongside emerging sectors like smart home devices and AI companion toys [4]

直击AWE 丨 从价格战到生态战：海尔、石头同台 竞技，如何重新定义"全屋清洁"？ 此外，核心算法RR Mariner通过实时监测舱内环境参数，动态调整洗烘程序，实现"衣物护理"的精 准化调控。技术降维，体验升维，以这两大洗烘代表技术为依托，石头洗烘套装得以全面进化，推 动"双绿标"洗烘体验迈进万元价格区间以内。 除了技术上的突破，全新石头洗烘套装还在外观设计上进行了大胆创新，带来了全球首款全面屏洗 衣机。这种设计不仅将科技美学提升至新的高度，还赋予了产品轻盈、现代的美感，使其更加贴合当代 家居环境的审美追求。 文 丨 新浪科技 周文猛 近日，中国家电及消费电子博览会（简称"AWE展会"）在上海举办，展会吸引了全球千余家企业 参展，全景呈现了创新技术赋能智慧生活的新产品、新方案、新场景。 在过去十年，中国家电行业经历了从功能升级到智能化转型的浪潮。在此期间，价格战一度成为企 业争夺市场份额的主要手段。然而，随着消费需求从"单一功能满足"转向"全场景体验"，家电行业尤其 是清洁家电行业竞争进的一步加剧，市场同质化问题日益突出。如何才能在饱和市场中脱颖而出？业内 人士认为，行业亟须的不仅是技术创新，更是价值重构的 ...

日本电饭煲曾让国人高价追捧！董明珠不服：格力 用4吨米，做出了世界一流的电饭煲【附小家电行业 现状分析】 日前，CCTV财经《对话》节目播出，格力电器董事长兼总裁董明珠、小鹏汽车董事长CEO何小鹏等民营 企业家参加，讲述他们在企业发展过程中做出的重要决定。 董明珠在节目中解释了"让世界爱上中国造"这句话的来源。她表示："我们当时就感觉到气愤的是我们中 国人用高价几千上万元钱，飞到日本去买一个电饭煲回来 ，我们是制造业(大国)，这是一种耻辱。一个电 饭煲能有多高的技术，竟然我们自己的国民不在中国买。人家的电饭煲看起来是个小饭煲，但做出的饭 很香、口感好、营养保留得好，这就是人家的科技。所以当时我就下定决心，虽然那时候是做空调的， 我觉得我们要尝试去把这饭煲要做成世界最好的，给自己一个挑战。我们用了一年多时间，用了4吨的 米，做出了世界一流的最好的饭煲。" （图片来源：视频 截图） 在研发过程中，工程师们记录了20种米样的吸水率、膨胀系数，为了精准到0.1毫米的精度调整，内胆模 型不断修改，废掉的模具堆满半个仓库。终于，格力电饭煲成功问世。 董明珠表示："做出来以后，我们还非常自信，要进行盲测，就把所有的全球的饭 ...

Core Insights - Stone Technology has emerged as a leader in the global vacuum cleaner market, achieving the highest sales volume and revenue in 2024, surpassing iRobot for the first time in sales [3][4] - The company showcased its new washing and drying set at AWE 2025, which is the only product under 10,000 yuan to receive dual green label certification from the International Woolmark Company, highlighting its innovative technology and market positioning [3][4][5] - The washing and drying set features a unique full-screen design and advanced technologies, aiming to redefine aesthetics and functionality in the washing machine sector [3][5][6] Company Developments - Stone Technology's revenue for 2024 is close to 12 billion yuan, reflecting significant growth driven by technological innovations [3][6] - The company has invested 2.906 billion yuan in research and development from 2016 to the third quarter of 2024, which is significantly higher than the industry average, leading to breakthroughs in low-temperature drying technology and other innovations [6][8] - The introduction of the washing and drying set marks a strategic expansion into the washing machine market, with plans to cover various price segments and enhance brand recognition [8] Industry Impact - The washing and drying set is expected to create a "catfish effect" in the industry, prompting advancements in technology and design across the sector [5][6] - Stone Technology's entry into the washing machine market signifies a shift from a small appliance brand to a recognized player in the consumer electronics space, with ambitions to become a professional washing machine brand [8]

石头、追觅谁是第一？ 扫地机器人群雄逐鹿 国际数据公司IDC近日发布《全球智能家居设备市场数据跟踪报告》，报告显示，在智能扫地机器人领 域，石头科技（688169.SH）2024年出货量首度超过Irobot成为全球第一。该报告还显示，另外三家中国 扫地机器人厂商科沃斯（603486.SH）、小米、追觅科技依次排在Irobot身后；其中科沃斯"2024年在中 国市场蝉联市场第一"。 《中国经营报》记者注意到，与此同时，有宣传材料声称"大清洁品类追觅第一"。广为流传的相关海报 显示，数据提供方为"北京奥维云网大数据科技股份有限公司"，数据统计时间是2024年1月1日到2024年 12月31日。 石头科技是全球第一，科沃斯和追觅科技谁才是中国第一呢？记者分别联系石头科技、追觅科技、科沃 斯采访，但均未获得对此事的置评。有业内人士提醒记者，相关海报的最后一行写道："大清洁品类追 觅第一：指2024年1—12月中国线上市场清洁电器整体品牌市场份额占比第一。" 尽管相关宣传会让消费者产生扫地机器人领域"谁才是第一"的疑惑，但是各家企业争当第一的现象无疑 映射了市场竞争的激烈程度。速途研究院院长丁道师对记者表示："石头科技 ...

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][11][12]. Core Insights - The home appliance sector is experiencing a recovery driven by government subsidy policies, with offline retail sales of major appliances showing significant growth in early 2025. Online demand for small kitchen appliances has also rebounded [1][2][16]. - In January and February 2025, the total retail sales of home appliances increased by 1.4% online and 10.2% offline year-on-year, with offline sales benefiting from the "old-for-new" subsidy policy [2][17]. - The export value of home appliances in the first two months of 2025 grew by 8% year-on-year, continuing a positive growth trend despite a high base from the previous year [3][26]. Summary by Sections Retail Performance - Offline retail sales of major appliances showed strong growth, with specific categories like air conditioners, refrigerators, and washing machines increasing by 21.4%, 5.5%, and 13.1% respectively in early 2025. Online sales for these categories varied, with some experiencing declines [2][17]. - The small kitchen appliance segment saw a notable recovery in online sales, with January showing a decline of 12.9% and February rebounding by 27.3% [2][17]. Export Trends - The export volume of home appliances reached 6.9 billion units in the first two months of 2025, marking a 9.4% increase year-on-year. The export value in RMB was 1093.9 billion, reflecting a 7.6% increase [3][26]. Company Performance - iRobot reported a significant revenue decline of 44.1% in Q4 2024, facing challenges in major markets such as the US and Europe. The company's gross margin also decreased, indicating pressure on profitability [4][31]. Market Data Tracking - The home appliance sector achieved a relative return of +0.28% this week, outperforming the broader market [5][36]. - Raw material prices for copper and aluminum increased by 1.5% and 0.2% respectively, while cold-rolled steel prices rose by 2.0% [5][37]. Investment Recommendations - The report recommends several companies within the home appliance sector, including Midea Group, Haier Smart Home, TCL Smart Home, and Gree Electric, all rated as "Outperform the Market" [6][12][50].