证券代码：688475 证券简称：萤石网络 公告编号：2024-041 杭州萤石网络股份有限公司 关于修订《公司章程》及部分治理制度的公告 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： 杭州萤石网络股份有限公司（以下简称"公司"）于 2024 年 11 月 21 日召开 了第二届董事会第五次会议及第二届监事会第五次会议，分别审议通过了《关于 修订<公司章程>及部分治理制度的议案》及《关于修订<监事会议事规则>的议案》。 现将有关事项公告如下： | 条款 | 原章程内容 | 修订后内容 | | --- | --- | --- | | 第六条 | 公司注册资本为人民币 56,250 万 | 公司注册资本为人民币 78,750 万 | | | 元。 | 元。 | | 第十二条 | 本章程所称其他高级管理人员是指 | 本章程所称其他高级管理人员是指 | | | 公司的副总经理、董事会秘书、财 | 公司的副总经理、董事会秘书、财 | | | 务负责人以及公司董事会认定的 | 务负责人。 | | | 公司其他高级管理 ...

证券代码：688475 证券简称：萤石网络 公告编号：2024-042 杭州萤石网络股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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） 股东大会类型和届次 2024 年第一次临时股东大会 召开日期时间：2024 年 12 月 9 日 15 点 00 分 召开地点：浙江省杭州市滨江区启智东街 188 号 B 楼 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的 投票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运 作》等有关规定执行。 （七） 涉及公开征集股东投票权 不适用 （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 2024 年 12 月 9 日 至 2024 年 12 月 9 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 ...

杭州萤石网络股份有限公司 章 程 二〇二四年十一月 - 1 - | 第一章 | 总 | | 则 3 | | --- | --- | --- | --- | | 第二章 | | | 公司经营宗旨和范围 4 | | 第三章 | | | 公司股份 4 | | 第一节 | | | 股份发行 4 | | 第二节 | | | 股份增减和回购 5 | | 第三节 | | | 股份转让 7 | | 第四章 | | | 股东和股东大会 8 | | 第一节 | | | 股东 8 | | 第二节 | | | 股东大会的一般规定 10 | | 第三节 | | | 股东大会的召集 12 | | 第四节 | | | 股东大会的提案和通知 14 | | 第五节 | | | 股东大会的召开 15 | | 第六节 | | | 股东大会的表决和决议 18 | | 第五章 | | | 董事会 23 | | 第一节 | | 董 | 事 23 | | 第二节 | | 董 | 事 会 26 | | 第三节 | | | 董事会专门委员会 30 | | 第六章 | | | 总经理及其他高级管理人员 31 | | 第七章 | 监 | 事 | 会 33 | | ...

杭州萤石网络股份有限公司 董事会议事规则 杭州萤石网络股份有限公司 董事会议事规则 第一章 总 则 第一条 为了进一步规范杭州萤石网络股份有限公司（以下简称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《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》《上市公司章程指引》《上市公司治理 准则》《上海证券交易所科创板股票上市规则》和《杭州萤石网络股份有限公司 章程》（以下简称"《公司章程》"）等有关规定，制订本规则。 第二条 董事会下设董事会办公室，处理董事会日常事务。 1 杭州萤石网络股份有限公司 董事会议事规则 年度各召开一次，每次会议应当于会议召开 10 日前通知全体董事和监事。 第三条 董事会秘书或者证券事务代表兼任董事会办公室负责人，保管董事 会和董事会办公室印章。 第二章 董事会的组成 第四条 公司依法设立董事会。董事会是公司的经营决策机构，依据《公司 法》等相关法律、法规、规范性文件和《公司章程》的规定，经营和管理公司的 法人财产，对股东大会负责。 第五条 董事会由 7 名董事组成，其中独立董事 3 名 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Yingshi Network (688475), and sets a target price of 46.52 CNY [2][3]. Core Insights - Yingshi Network is positioned as a leader in the smart home industry, leveraging a dual business model of hardware products and cloud services. The short-term outlook is supported by sustainable expansion of smart home hardware categories, while the long-term perspective focuses on continuous cash flow from cloud services [3][8]. Summary by Sections 1. Investment Story - Yingshi Network, spun off from Hikvision, focuses on consumer-end security hardware, primarily smart home cameras, and is expanding into smart locks and other hardware categories. The company aims to evolve into a platform-based business with a strong foundation in visual technology [19]. 2. Business Overview - The company employs a "2+5+N" strategy, where "2" refers to AI technology and Yingshi Cloud, "5" represents five major self-developed hardware categories, and "N" symbolizes the interconnected ecosystem of smart devices [8]. 3. Financial Performance - Revenue for 2024-2026 is projected to grow from 55.07 billion CNY to 72.16 billion CNY, with a year-on-year growth of 13.79%, 14.43%, and 14.51% respectively. Net profit attributable to shareholders is expected to increase from 5.64 billion CNY to 9.03 billion CNY during the same period [29][30]. 4. Short-term and Long-term Outlook - In the short term, the company anticipates a network effect from the expansion of new hardware categories, while the long-term focus is on establishing a sustainable cash flow through cloud services, which currently account for 20% of total revenue [8][27]. 5. Market Position and Competitive Advantage - Yingshi Network benefits from a well-established offline channel and after-sales service system, which enhances its ability to respond to fragmented market demands. The company is also making strides in overseas markets, particularly in Europe and Southeast Asia [8][19]. 6. Financial Projections - The report forecasts earnings per share (EPS) of 0.72 CNY, 0.89 CNY, and 1.15 CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 0.1%, 24.9%, and 28.2% [29][30].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a steady revenue growth with a total revenue of 3.963 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.93%. However, the net profit attributable to the parent company was 375 million yuan, down 6.69% year-on-year, and the net profit after deducting non-recurring gains and losses was 368 million yuan, down 5.45% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 1.379 billion yuan, a year-on-year increase of 12.70%, but the net profit attributable to the parent company fell by 34.87% year-on-year [5][6]. - The company's gross margin declined by 2.29 percentage points year-on-year in Q3 2024, and the sales expense ratio reached a historical high of 17.05%, reflecting increased investment in new product promotions [5][6]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 3.963 billion yuan, up 12.93% year-on-year, while the net profit attributable to the parent company was 375 million yuan, down 6.69% year-on-year [5]. - In Q3 2024, the company reported a revenue of 1.379 billion yuan, a 12.70% increase year-on-year, but the net profit attributable to the parent company decreased by 34.87% [5][6]. Cost and Expense Analysis - The gross margin in Q3 2024 decreased by 2.29 percentage points year-on-year, and the sales expense ratio increased significantly to 17.05%, marking the highest level since the company went public [5][6]. - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for Q3 2024 were 17.05%, 4.05%, 14.24%, and -0.24% respectively, with notable increases in sales expenses [5][6]. Market Position and Growth Strategy - The company maintains a strong position in the smart home camera market, ranking first globally in shipment volume for consumer cameras in H1 2024 [6]. - The company is expanding its product matrix in the smart home sector and has launched new products, including the RS20 Pro Ultra cleaning robot, which is expected to drive further growth [6]. - The company is actively expanding into overseas markets, showcasing its products at international exhibitions to enhance brand recognition [6]. Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 622 million yuan, 767 million yuan, and 945 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 44.7, 36.2, and 29.4 times [7].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a Q3 revenue of 1.379 billion yuan, representing a year-on-year increase of 12.70%, while the net profit attributable to shareholders was 93 million yuan, down 34.87% year-on-year [5] - For the first three quarters, the company achieved a cumulative revenue of 3.963 billion yuan, up 12.93% year-on-year, and a net profit of 375 million yuan, down 6.69% year-on-year [5] - The decline in net profit is attributed to product structure adjustments, rising raw material costs, and intensified external competition, which led to a decrease in gross margin [5][6] - The company is actively expanding into the home and commercial cleaning robot markets and enhancing e-commerce and new retail channels, resulting in increased expenses [5] Financial Performance Summary - Q3 gross margin decreased by 2.29 percentage points to 42.01%, with the expense ratios for sales, management, R&D, and finance increasing year-on-year [6] - The net profit margin for Q3 decreased by 4.93 percentage points to 6.75% [6] - For the first three quarters, the gross margin was 42.88%, down 0.55 percentage points year-on-year, with a net profit margin of 9.46%, down 1.98 percentage points [6] Investment Recommendations - The company has entered the "AI+" phase, focusing on core advantages and enhancing underlying technology research and development [7] - Continuous innovation in smart home products and IoT cloud platform services is expected to contribute more to revenue as the product structure is optimized [7] - The forecast for the company's net profit in 2024 is 570 million yuan, with a valuation range of 32.40 to 36.00 yuan based on a PE ratio of 45-50x [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][4][9] Core Views - The company has shown steady revenue growth in the third quarter, with a year-on-year increase of 12.93%, reaching 3.963 billion yuan. However, the net profit attributable to shareholders decreased by 6.69% to 375 million yuan [4][9] - The actual controller's subsidiary plans to increase its stake in the company, indicating confidence in its future development and long-term investment value [4][9] - The company is actively expanding its product offerings and channels, particularly in the smart home sector, leveraging AI technology to enhance its product matrix [8][9] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 3.963 billion yuan, a 12.93% increase year-on-year. The net profit attributable to shareholders was 375 million yuan, down 6.69% year-on-year, and the net profit after deducting non-recurring gains and losses was 368 million yuan, down 5.45% year-on-year [3][4] - In the third quarter alone, the company reported operating revenue of 1.379 billion yuan, with a year-on-year growth rate of 12.70%. However, the net profit attributable to shareholders fell by 34.87% to 93 million yuan, primarily due to product structure adjustments and increased competition [4][5] - The gross profit margin for the third quarter was 42.01%, a decrease of 2.29 percentage points compared to the same period last year, while the net profit margin dropped by 4.93 percentage points to 6.75% [5][9] Future Outlook - The company is expected to benefit from the ongoing penetration of smart home technology and the comprehensive empowerment of AI, which will further open up growth opportunities [9] - The earnings forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 566 million yuan, 721 million yuan, and 881 million yuan respectively [9][12]

先各位朋友大家下午好这里是银氏网络的专场交流会议先欢迎大家的参与我们今天是很荣幸邀请到银氏网络的董益也是我们的老朋友乔靖文乔总也非常感谢您百忙之中抽出时间我之前是华安大交汇组的首席邓新我们是考虑公司先前已经发布了采报 然后今天接的也都是全部都是买房的这个机构就近期的这个经营情况吧咱们做一个定向沟通那开始的时候呢公司这边希望提示一下接触的各位投资者就是今天的这个交流希望大家主要共资用如果有这个资讯或者录音的话不要外传也谢谢大家的一个配合那要不首先时间就交给宋文栋吧那辛苦您几分钟要不就您觉得比较重要的我看到了 好 谢谢曾欣总各位在线的话 把声音静一下 好 那我先开始各位投资人大家下午好欢迎大家参加银市网络2027年3季度的一个业绩解读会我是董蜜乔靖伦今天我们还是像往常一样把会议分成两个部分首先向大家简单汇报公司的一个经营情况接下来时间我们做互动的交流 2020年前三季度国内运营商策略调整智能家居摄像头采购量大幅收缩消费者消费产品方式和习惯都在不断动态变化的过程中市场进行加剧面对各种外部经营挑战公司保持合理的投入为中长期成长和发展提供动力康石技术研发积极布局智能锁家用和商用清洁机器人等新品市场 同时积极发展电商和新 ...

2024 年 11 月 3 日 公司研究 营收持续高增，实控人增持展现信心 ——萤石网络（688475.SH）2024 年三季报点评 要点 公司发布公告， 2024Q1-Q3，公司实现营业收入 39.63 亿元，同比+12.93%； 实现归母净利润 3.75 亿元，同比-6.69%。3Q24，公司实现营业收入 13.79 亿元， 同比+12.7%；实现归母净利润 0.93 亿元，同比-34.9%。归母净利润下滑主要系 产品结构调整、竞争加剧等因素影响导致毛利率有所下降；同时，公司积极布局 家用和商用清洁机器人等新品市场及拓展电商和新零售渠道，导致各项费用投入 有所增加。 2024Q1-Q3，公司毛利率为 42.88%，同比-0.55pct；净利率为 9.46%，同比 -1.98pct。2024Q3，公司毛利率为 42.01%，同比-2.29pct；净利率为 6.75%， 同比-4.93pct。毛利率同比有所下降，主要受到产品结构调整、竞争加剧等因素 影响所致。 以智能家居和物联网公有云为双主业,打造"2+5+N"体系。2024 年上半年，萤 石生态体系已全面升级为"2+5+N"，以 AI 和萤石云的双核驱动， ...