萤石网络 20251021 摘要 公司前三季度利润 4.22 亿元，同比增长 12.68%；第三季度营收 14.65 亿元，同比增长 6.25%，环比增长 1.25%；利润总额 1.22 亿元， 同比增长 23.21%；归母净利润 1.20 亿元，同比增长 28.73%。 前三季度主营业务综合毛利率为 43.76%，同比提升 1 个百分点；第三 季度毛利率为 43.79%，与上半年持平。销售费用 7.3 亿元，同比增长 17%，销售费用率 16%。研发费用 6.48 亿元，同比增长 4%，研发费 用率略降。 智能入户业务显著提升毛利率，盈利能力随规模扩大而提高。智能锁等 高端产品及海外市场高端门铃、猫眼贡献较高毛利。预计智能入户今年 基本盈亏平衡，海外推广投入较大，四季度新品表现将影响最终利润贡 献。 境外业务快速增长，第三季度硬件收入与国内持平。海外市场策略因地 制宜，发展中国家安防需求稳固。线上业务快速增长，跨境电商增速明 显，海外发展方向为拓展品类和渠道。 Q&A 银石网络 2025 年前三季度的整体经营情况如何？ 2025 年前三季度，银石网络实现营业总收入 42.93 亿元，同比增长 8.33%； ...

Overall Economic Perspective - The industrial economy shows steady progress, with industrial production increasing by 6.5% year-on-year in September 2025, and a month-on-month increase of 0.64% [4][3] - The manufacturing sector continues to advance towards high-end development, with high-tech manufacturing value-added growing by 10.3% year-on-year in September [4] Consumer Sector - The retail sales growth rate slightly declined to 3.0% year-on-year in September 2025, influenced by the timing of the Mid-Autumn Festival and the diminishing effects of the "trade-in" policy [5][11] - Restaurant income growth was only 0.9% year-on-year, with a decline in revenue from large-scale dining establishments [5][11] Investment Sector - Fixed asset investment decreased by 0.5% year-on-year from January to September 2025, with real estate investment continuing to decline, down 13.9% year-on-year [6][24] - The sales area of new commercial housing fell by 5.5% year-on-year, indicating ongoing challenges in the real estate market [6][21] Food and Beverage Industry - The food and beverage sector is expected to gradually improve as macroeconomic stability and consumption policies take effect, with the liquor industry showing signs of bottoming out [10][11] - Key companies in the sector, such as Wei Long and Ximai Foods, are recommended for investment due to their growth potential [10] Retail Sector - The retail sector maintained steady growth, with online retail sales increasing by 9.8% year-on-year from January to September 2025, while offline retail growth showed signs of slowing down [18][19] - The performance of optional consumption categories, such as cosmetics and jewelry, remains strong, indicating a shift in consumer preferences [17][19] Real Estate Sector - The real estate market is facing significant challenges, with a notable decline in sales and investment, particularly in lower-tier cities [21][24] - Recommendations for investment focus on companies with strong credit ratings and those that can adapt to changing consumer demands [25] Agricultural Sector - Haida Group reported a 13.24% year-on-year increase in revenue for the first three quarters of 2025, driven by strong feed sales [26][27] - The company is planning to spin off its subsidiary for a separate listing, which is expected to enhance its overseas business development [28][29] Home Appliance Sector - The home appliance company, Yingshi Network, achieved steady growth in revenue and profit, with a focus on AI capabilities [31][32] - The company is expanding its product applications and enhancing its cloud platform services, indicating a positive growth trajectory [33] Chemical Industry - Lianlong's Q3 net profit increased by 24.9% year-on-year, reflecting a recovery in profitability and a focus on high-quality development [35][36] - The company is advancing its projects in anti-aging agents and lubricating oil additives, which are expected to stabilize growth [36][38]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved steady revenue and profit growth in Q1-Q3 2025, with revenue of 4.293 billion yuan (up 8.33% year-on-year) and net profit attributable to shareholders of 422 million yuan (up 12.68% year-on-year). In Q3 2025 alone, revenue reached 1.465 billion yuan (up 6.25% year-on-year) and net profit was 120 million yuan (up 28.73% year-on-year) [6] - The company has upgraded its AI capabilities significantly, launching the Blue Ocean Model 2.0 in mid-2025, which has been applied in various consumer scenarios such as home security and elderly care. The launch of the Qiming AI Smart Lock Y5000FVX Ultra further enhances its AI interaction features [8] - The company is expected to see steady growth in performance due to a clear growth logic across its business segments, supported by hardware matrix and software upgrades [6][8] Financial Performance Summary - For Q1-Q3 2025, the company's gross margin was 43.6% (up 0.7 percentage points), and the net margin was 9.8% (up 0.4 percentage points). In Q3 2025, the gross margin was 43.7% (up 1.7 percentage points) and the net margin was 8.2% (up 1.4 percentage points) [7] - The company has adjusted its profit forecast for 2025-2027, now expecting net profits of 575 million yuan, 687 million yuan, and 834 million yuan respectively, with corresponding EPS of 0.73 yuan, 0.87 yuan, and 1.06 yuan [6] Business Highlights - The company has expanded its cloud platform applications, launching 18 functional optimizations in Q3 2025 and introducing AI smart entities for various sectors such as pet care and retail [8] - The company’s total market capitalization is 24.2 billion yuan, with a current stock price of 30.73 yuan, reflecting a PE ratio of 43.1 for 2025 [1][6]

（文章来源：证券时报网） Wind统计显示，10月20日，科创板两融余额合计2469.04亿元，较上一交易日减少11.4亿元。其中，融 资余额合计2460.45亿元，较上一交易日减少11.48亿元；融券余额合计8.59亿元，较上一交易日增加0.08 亿元。 从个股来看，10月20日有215只科创板个股获融资净买入，净买入金额在2000万元以上的有13只。其 中，寒武纪获融资净买入额居首，净买入3.68亿元；融资净买入金额居前的还有澜起科技、拓荆科技、 国盾量子、南网科技、中芯国际、萤石网络等股。 ...

近日，数据公司（IDC）发布最新报告，上半年全球消费智能摄像头（包含消费级室内和室外摄像头，含运营商渠道）市场出货量达到6665万台，同比增幅 为2.7%。 深入分析可以发现，上半年萤石网络费用压力持续，其中销售费用达4.44亿元，同比增长19.18%，销售费用率升至15.77%；研发费用4.23亿元，同比微增 0.11%，费用压力挤压利润空间。 同时，萤石在线上渠道也正面临来自小米的侵蚀。IDC报告显示，2025年第一季度小米在电商渠道占据26.4%的市场份额，位居榜首。不过萤石凭借覆盖全 国的经销商网络体系，守住了出货量的基本盘。 目前，全球消费智能摄像头市场增速已明显放缓。回顾2024年，全球市场出货1.37亿台，同比增长7.7%，但这一增速较2023年已经有所放缓。四季度全球出 货3786万台，同比仅增长1.8%。北美市场在同期甚至出现了5.4%的下滑。 据悉，萤石正尝试通过技术升级寻找突破口，比如推动AI与视觉技术的深度融合，产品矩阵覆盖室内、室外、无网无电等安防场景，并延伸至老人、母 婴、宠物看护等领域。最新动向是，萤石计划发力自研的蓝海大模型，推动安防产品多功能融合。 公开资料显示，萤石是全球最 ...

Core Viewpoint - The profitability of YingShi Network (688475.SH) continues to recover, with significant growth in revenue and net profit in the first three quarters of 2025 [2][4][8]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 4.293 billion yuan, a year-on-year increase of 8.33% [2][9]. - Net profit reached 422 million yuan, up 12.68% year-on-year, while the non-net profit was 391 million yuan, reflecting a 6.22% increase [2][9]. - The operating cash flow saw a substantial increase of 289%, with net cash flow from operating activities reaching 510 million yuan, a year-on-year growth of 288.91% [4][12]. Quarterly Growth - The company achieved continuous growth in revenue and net profit across three consecutive quarters in 2025 [11]. - Revenue for Q1 and Q2 was 1.38 billion yuan and 1.447 billion yuan, showing year-on-year growth of 11.59% and 7.48%, respectively [9]. - In Q3, revenue was 1.465 billion yuan, marking a 6.25% increase year-on-year, with net profit of 120 million yuan, up 28.73% [10]. Business Expansion - YingShi Network is actively expanding its domestic and international channels, enhancing its product offerings in smart home solutions and IoT cloud platform services [2][12]. - The company has focused on developing competitive innovative products and services, which has contributed to steady growth in overall business performance [2][12]. International Market Performance - In the first half of 2025, the company's overseas business revenue grew by 25.42%, accounting for 38% of total revenue [3][15]. - The company is strategically expanding its distribution channels, including offline chain KA channels and various types of distributors [14][15]. Product Development - YingShi Network is enhancing its AI capabilities, particularly in smart entry products, with the launch of the self-developed AI facial recognition video lock [15]. - The smart home segment generated 2.256 billion yuan in revenue in the first half of 2025, representing an 8.88% year-on-year increase and accounting for 80.26% of the company's main business revenue [16].

业绩增长主要系报告期内，萤石网络持续聚焦核心优势，夯实技术研发，不断推出有竞争力的产品和服 务；同时，公司持续完善境内外渠道建设，持续加大境内外市场投入，优化业务结构，不断构建各类核 心产品线在境内外的品牌影响力和市场竞争力，整体经营业绩实现稳健增长。 报告期内，公司发布全自研萤石启明AI人脸视频锁（Y5000FVX），以蓝海大模型为底座，深度融合AI 技术，搭载自研个性化AI智能体形象系统，全新定义智能入户产品的功能和交互体验，公司智能入户 产品行业竞争力和盈利能力进一步提升。 10月17日，萤石网络公告发布三季度财报，2025年前三季度公司实现营业收入42.93亿元，同比增长 8.33%；归属于上市公司股东的净利润4.22亿元，同比增长12.68%。基本每股收益0.54元，同比增长 12.50%。 第三季度，萤石网络营业收入为14.7亿元，同比上升6.25%；归母净利润为1.2亿元，同比上升28.7%； 扣非归母净利润为9301万元，同比上升1.8%。 ...

重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688475 证券简称：萤石网络 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、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 （三）主要会计数 ...

（文章来源：证券日报） 证券日报网讯 10月17日晚间，萤石网络发布2025年第三季度报告称，2025年第三季度公司实现营业收 入1，465，385，300.84元，同比增长6.25%；归属于上市公司股东的净利润为119，867，357.20元，同 比增长28.73%。 ...

Performance - Cambrian's Q3 revenue reached 1.727 billion yuan, a year-on-year increase of 1332.52%; net profit was 567 million yuan [1] - Hikvision's Q3 net profit grew by 20.31% year-on-year [5] - Sitaiwei's net profit for the first three quarters is expected to increase by 140% to 169% year-on-year [5] - Northern Heavy Industries anticipates a year-on-year net profit increase of 56.90% to 70.74% for the first three quarters [5] - Jintian's net profit for the first three quarters increased by 104.37% year-on-year [5] - Yingshi Network's Q3 net profit grew by 28.73% year-on-year [5] - Sankeshu's net profit for the first three quarters increased by 81.22% year-on-year, with a proposed dividend of 5 yuan per 10 shares [5] - Pianzaihuang's Q3 net profit decreased by 28.82% year-on-year [5] - Shentong Technology's Q3 net profit surged by 452.62% year-on-year [5] - Huayou Cobalt's net profit for the first three quarters increased by 39.59% year-on-year [5] - Guotou Power's Q3 power generation reached 47.891 billion kWh, a year-on-year decrease of 14.42% [5] - Rongbai Technology reported a Q3 net loss of 135 million yuan [5] - Zijin Mining's Q3 net profit increased by 52.25% year-on-year [5] - Haida Group's net profit for the first three quarters increased by 14.31%, planning to spin off its subsidiary Haida Holdings for a Hong Kong listing [5] Share Buybacks and Reductions - Fujirui plans to repurchase shares worth 10 million to 20 million yuan [3] - Tonghua Dongbao intends to repurchase shares worth 20 million to 40 million yuan [3] - Shenzhen New Star plans to adjust the maximum repurchase price to no more than 30 yuan per share [3] - Sanhua Intelligent Control has raised the maximum repurchase price and extended the implementation period [3] - Dayang Electric has also raised the maximum repurchase price and extended the implementation period [3] - Hunan Baiyin's controlling shareholder plans to reduce its stake by no more than 2% [5] - Shengbang shares' controlling shareholder plans to reduce its stake by no more than 1.28% [5] - Liandong Technology's actual controller plans to reduce its stake by no more than 2.9963% [5] - Juxing Agriculture's shareholder plans to reduce its stake by no more than 2% [5] - Aerospace Engineering's shareholders plan to reduce their stakes by no more than 6% [5] Contracts and Collaborations - Yongmaotai signed a strategic cooperation framework agreement with a leading humanoid robot company [3] - Xinjiang Jiaojian won a construction project worth 556 million yuan [4] - Jingjiawei signed a strategic cooperation agreement with Cangqiong Digital to create a fully domestic integrated solution [3] - Shengshi Technology signed a contract for a project worth 102 million yuan at Hunchun Port [3] - Robotech signed a contract worth approximately 761 million yuan, accounting for about 68.83% of the company's 2024 revenue [3] - Guangdong Construction's subsidiary signed a cooperation framework agreement with the Maoming Binhai New Area Management Committee [3] Mergers and Acquisitions - Jingwei Huikai plans to acquire 100% of Zhongxing System for 850 million yuan, entering the private network communication field [6] - Weigao Blood Purification intends to purchase 100% of Weigao Purui's shares, with stock trading suspended from October 20 [6] - GoerTek terminated its planned acquisition of Mia Precision Technology and Changhong Industrial [6] Financing - Changsha Bank received regulatory approval to issue capital instruments not exceeding 12 billion yuan [6]