688169 五、要求发言的股东及股东代理人，应当按照会议的议程，经会议主持人许可 方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确定 先后时，由主持人指定发言者。会议进行中只接受股东及股东代理人发言或提问 。股东及股东代理人发言或提问应围绕本次会议议题进行，简明扼要，时间原则 上不超过5分钟。 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东及 股东代理人的发言，在股东会进行表决时，股东及股东代理人不再进行发言。股东 及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 七、主持人可安排公司董事、监事、高级管理人员回答股东所提问题。对于 可能将泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持 人或其指定有关人员有权拒绝回答。 2025 1 议案一：《关于修订<公司章程>并办理工商变更登记的议案》 议案二：《关于开展外汇套期保值业务的议案》 议案三：《关于补选公司第三届董事会独立董事的议案》 3.01《关于选举张亚男女士为公司第三届董事会独立董事的议案》 3.02《关于选举刘飞先生为公司第三届董事会独立董事的议案》 为了维护全体股东的合法权益，确保股 ...

家电板块16日盘中大幅拉升，截至发稿，火星人、康盛股份、万和电气、海信视像等涨停，星光股份涨 约9%，北鼎股份、华帝股份、石头科技等涨超5%。 消息面上，商务部等部门15日发布两份文件，对实施手机、平板、智能手表（手环）购新补贴，以及做 好2025年家电以旧换新工作予以安排，明确具体补贴品类和标准。其中，买手机等数码产品每件最高补 500元，买12类家电产品每件最高补2000元。 关于做好2025年家电以旧换新工作的通知明确，对个人消费者购买2级及以上能效或水效标准的冰箱、 洗衣机、电视、空调、电脑、热水器、家用灶具、吸油烟机、净水器、洗碗机、电饭煲、微波炉12类家 电产品给予补贴。补贴标准为上述产品最终销售价格的15%，对其中购买1级及以上能效或水效标准的 产品额外再给予产品最终销售价格5%的补贴。每位消费者每类产品可补贴1件（空调产品最高补贴3 件），每件补贴不超过2000元。各地自主确定上述12类家电产品的具体品种。 国金证券指出，以旧换新政策已明确续作，后续政策力度或将加码；外销方面，欧美进入降息周期，地 产对家电的拉动效果有望增强，美国库存水位健康，欧洲零售逐季回暖，预计成熟市场家电需求将进一 步改 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Viewpoints - The report highlights the launch of the Saros Z70, a five-axis folding bionic robotic arm, which is a significant innovation in the cleaning appliance sector. This product enhances cleaning capabilities and obstacle avoidance, expanding the range of cleaning scenarios [3][4][7] - The report anticipates that the company will benefit from both domestic and international sales, leading to an increase in market share. Earnings per share (EPS) are projected to be 11.46, 12.52, and 14.92 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 20.5, 18.8, and 15.8 [5][27] Summary by Sections 1. Product Innovation - The Saros Z70 features a robotic arm capable of handling small objects weighing up to 300 grams, which allows it to pick up solid waste and navigate around small obstacles, thus broadening its cleaning applications [3][8] - The product integrates advanced technologies, including a 4cm adjustable chassis and a sophisticated navigation system, enhancing its operational efficiency [4][16] - The Saros Z70 represents a shift towards "embodied intelligence," moving beyond traditional cleaning tasks to potentially serve as a service robot, indicating a new direction for the industry [18] 2. Industry Innovation Cycle - The current innovation cycle in the robotic vacuum industry is characterized by the emergence of washing robots and bionic robotic vacuum cleaners, catering to different consumer needs—those who prioritize cleanliness and those who prefer convenience [19][21] - The report predicts a coexistence of washing robots and bionic robotic vacuum cleaners in the short term, with a potential for long-term integration as technology evolves [21] 3. Company Innovation Strategy - The company has strengthened its innovation capabilities, focusing on product originality. The Saros Z70 marks a significant upgrade in product design and functionality, reflecting a proactive approach to market trends [4][23] - Organizational adjustments and increased R&D investments have positioned the company for a more aggressive innovation strategy, enhancing its competitive edge in the market [24][26] 4. Financial Projections - The company is expected to see substantial revenue growth, with total revenue projected to reach 11,400 million yuan in 2024, 14,767 million yuan in 2025, and 17,648 million yuan in 2026, reflecting year-on-year growth rates of 31.7%, 29.5%, and 19.5% respectively [5][27] - The net profit attributable to shareholders is forecasted to grow from 2,051 million yuan in 2023 to 2,755 million yuan in 2026, with a notable increase in profit margins [5][27]

证券代码：688169 证券简称：石头科技 公告编号：2025-002 北京石头世纪科技股份有限公司 第三届监事会第二次会议决议公告 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"）第三届监事会第二次 会议于 2025 年 1 月 10 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 1 月 7 日通过邮件书面及通讯方式送达全体监事。 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。 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 ...

章 程 北京石头世纪科技股份有限公司 2025 年 1月 | 第一章 | 总 | 则 1 | | --- | --- | --- | | 第二章 | | 经营宗旨和范围 2 | | 第三章 | 股 | 份 2 | | 第一节 | | 股份发行 2 | | 第二节 | | 股份增减和回购 4 | | 第三节 | | 股份转让 5 | | 第四章 | | 股东和股东会 6 | | 第一节 | | 股东 6 | | 第二节 | | 股东会的一般规定 9 | | 第三节 | | 股东会的召集 13 | | 第四节 | | 股东会的提案与通知 14 | | 第五节 | | 股东会的召开 16 | | 第六节 | | 股东会的表决和决议 18 | | 第五章 | | 董事会 22 | | 第一节 | | 董事 22 | | 第二节 | | 董事会 25 | | 第六章 | | 总经理及其他高级管理人员 30 | | 第七章 | | 监事会 32 | | 第一节 | | 监事 32 | | 第二节 | | 监事会 32 | | 第八章 | | 财务会计制度、利润分配和审计 34 | | 第一节 | | 财务会计制度 34 ...

北京石头世纪科技股份有限公司 证券代码：688169 证券简称：石头科技 公告编号：2025-007 关于召开 2025 年第一次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025 年第一次临时股东会 召开日期时间：2025 年 1 月 27 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 （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 1 月 27 日 至 2025 年 1 月 27 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 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 股东会召开日期：2025年1月27日 本次股东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系 统 （二） 股东会召集人：董事会 （三） 投 ...

证券代码：688169 证券简称：石头科技 公告编号：2025-001 北京石头世纪科技股份有限公司 第三届董事会第二次会议决议公告 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 任。任。 北京石头世纪科技股份有限公司（以下简称"公司"）第三届董事会第二次 会议于 2025 年 1 月 10 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 1 月 7 日通过书面及通讯方式送达全体董事。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》"）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《关于独立董事任期届满暨补选独立董事并调整董事会专门 委员会成员的议案》 独立董事蒋宇捷先生、黄益建先生自 2019 年 2 月 1 日起任公司独立董事， 连续 ...

Investment Rating - The investment rating for Roborock Technology is Neutral, with a 12-month price target of RMB 240, representing an upside of 2.5% from the current price of RMB 234.18 [11]. Core Insights - Roborock Technology has shown strong sales momentum in Q4, particularly in the domestic and U.S. markets, with GMV growth of over 100% and 60% respectively during the major shopping season [1][6]. - The management indicated that competition in the domestic market is easing, while competition in overseas markets, especially Europe, is intensifying, prompting a shift in channel strategy to gain better control over products, channels, and pricing [1][6]. - The company is focusing on direct sales in online channels in Europe and expects a balance between direct sales and distributor contributions in the medium to long term [1][6][8]. - New product launches, including the G30 and G30 Space models, feature significant upgrades such as a foldable robotic arm, enhancing functionality without increasing the overall thickness of the device [2][4][7]. Summary by Sections Sales Performance - In Q4, the domestic market saw a GMV increase of 140%-150% during the Double Eleven shopping festival, with even higher growth on platforms like JD.com compared to Tmall [6]. - The U.S. market experienced over 60% GMV growth during Black Friday and Cyber Monday, driven by significant store expansion [6]. - In Europe, Roborock maintains a leading market share in Germany and Nordic countries, with positive sales momentum in the Asia-Pacific region [6]. Competitive Landscape - Management believes the most intense phase of competition in the domestic market has passed, while competition in Europe is becoming more pronounced, necessitating adjustments in product offerings and pricing strategies [6][8]. - The company plans to expand its price range and product mix to better compete against other European manufacturers [6]. Channel Strategy - The shift towards direct sales in Europe aims to enhance control over product pricing and distribution, especially in light of increasing competition [6][8]. - Management anticipates that the contributions from direct sales and distributors will achieve equilibrium in the medium to long term [6][8]. Product Development - The G30 series is set to launch with pre-sale prices of RMB 5,999 and RMB 5,499 for the G30 water supply version and G30 respectively, with sales expected to start in the first half of 2025 [2][7]. - The management emphasized the importance of effective functionality in product innovation to maintain a competitive edge [7].

[Table_Page] 跟踪研究|小家电 证券研究报告 [Table_Title] 石头科技（688169.SH） 石头新品发布，Z70 搭载首创仿生机械手 [Table_Summary] 核心观点： | 盈利预测： | | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6,629 | 8,654 | 10,566 | 12,836 | 15,454 | | 增长率 （ % ） | 13.6% | 30.5% | 22.1% | 21.5% | 20.4% | | EBITDA（百万元） | 1,424 | 2,227 | 2,432 | 2,768 | 3,204 | | 归母净利润（百万元） | 1,183 | 2,051 | 2,124 | 2,329 | 2,708 | | 增长率 （ ） % | -15.6% | 73.3% | 3.5% | 9.7% | 16.3% | | EPS（元/股） | 9.04 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has launched the Saros series of new products at the CES exhibition, marking a new era of innovation in robotic vacuum cleaners. The Saros Z70 features a foldable mechanical arm that can grasp and reposition objects, indicating strong innovation capabilities and potential for market share growth through aggressive product and sales strategies. The profit forecast has been adjusted, with expected net profits for 2024-2026 at 2.15 billion, 2.50 billion, and 3.33 billion yuan respectively, corresponding to EPS of 11.65, 13.57, and 18.03 yuan, with current stock price corresponding to PE ratios of 19.1, 16.4, and 12.3 times [5][42]. Summary by Sections Product Launch and Innovation - The company introduced three new products, including the Saros Z70, Saros 10, and Saros 10R, at CES on January 7, 2025. The Saros Z70 is equipped with a mechanical arm capable of lifting objects weighing up to 300 grams, enhancing its functionality as a household service robot [5][13][20]. Financial Performance and Projections - The company expects a compound annual growth rate (CAGR) of over 30% in revenue from 2024 to 2026. The revenue for 2024 is projected to be 11.45 billion yuan, with a year-on-year growth of 32.4%. The net profit for 2024 is expected to be 2.15 billion yuan, with a net profit margin of 18.8% [8][30][42]. Market Strategy and Sales Growth - The company has seen significant sales growth during promotional periods, with notable increases in various regions. For instance, during the Black Friday period in 2024, sales in North America increased by 330%, and in Germany, online sales grew by 38%. The company is focusing on expanding its product price range and enhancing marketing efforts to capture a broader customer base [30][31][36]. Competitive Advantage and Industry Position - The company holds a leading position in the robotic vacuum cleaner market, supported by a strong patent portfolio in mechanical arm technology. The competitive landscape is expected to favor established players like the company, as newer entrants may struggle to keep up with the technological advancements [7][27][28].