Company and Industry Summary Company Overview - The conference call primarily discusses the performance and strategies of a technology company specializing in smart home products, particularly focusing on cameras, smart locks, and robots. Key Points Financial Performance - Q3 revenue growth remains strong, but profit margins are under pressure due to high base effects from the previous year, where profits grew by 60-70% [2][3] - Cost pressures are attributed to the fading of last year's cost advantages and changes in product mix and channel strategies [2][3] - Management expects continued pressure on expenses in the upcoming quarters, particularly due to one-time costs related to new office relocation and increased management expenses [3][39] Market Trends and Consumer Behavior - The company has observed a positive impact from promotional events like Double Eleven, with significant consumer interest driven by multiple discounts [5][6] - Online market share for the company has improved, with notable performance in smart cameras and smart locks, although competition remains fierce [5][6] - The company ranks among the top brands in sales during major shopping events, indicating strong brand recognition and consumer demand [6] Product Development and Innovation - The company is transitioning towards more interactive and AI-integrated products, with a focus on enhancing user experience through features like pet tracking and smart home integration [17][18][20] - The introduction of AI capabilities is seen as a significant trend, with ongoing development of a proprietary AI model aimed at improving product functionality [17][18] - The company is also focusing on expanding its product lines to include more smart home devices, with a strong emphasis on online sales channels [15][16] Competitive Landscape - The company differentiates itself from competitors like Xiaomi by emphasizing its proprietary technology and R&D capabilities, particularly in video and AI [21][22] - The competitive environment is intensifying, especially in overseas markets, where the company is adapting its strategies to local conditions [29][30] International Expansion - The company faces challenges in the U.S. market due to sanctions affecting its parent company, limiting its ability to compete effectively [7][8] - In Europe, the company is leveraging local teams to establish relationships and navigate market dynamics, with a focus on both online and offline sales channels [31][32] Future Outlook - The company anticipates that its smart home product lines, particularly smart locks, will achieve breakeven in Q4, with expectations for profitability in the following year [37] - Continued investment in marketing and channel development is planned to support long-term growth, despite short-term pressures on profitability [38] Risks and Considerations - The company acknowledges the risks associated with fluctuating market conditions and competitive pressures, particularly in the context of international operations [7][8][29] - Management is focused on balancing investment in growth with maintaining financial health, particularly in light of rising operational costs [39] Additional Insights - The shift towards online sales and the need for a more retail-oriented approach are critical for the company's future success, reflecting broader trends in consumer behavior [15][16] - The integration of AI into product offerings is expected to enhance customer engagement and drive sales, although quantifying its impact remains challenging [19][20][34]

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 | | ...

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 监事会议事规则 杭州萤石网络股份有限公司 监事会议事规则 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"） 监事会的运作，保障监事会依法履行职责，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 监事会为公司法定的内设监督机构，是公司的重要组成部分，对股 东大会负责。 第三条 监事会依法对公司的董事、高级管理人员及公司的经营活动实施监 督，维护公司和股东的合法权益。 杭州萤石网络股份有限公司 监事会议事规则 监事会定期会议每 6 个月至少召开一次，由监事会主席负责召集。 第二章 监事会的组成 第四条 监事会由 3 名监事组成，设监事会主席 1 人。 监事会包括股东代表监事、公司职工代表监事，其中公司职工代表监事至少 占监事会成员的 1/3。 监事会设监事会办公室，处理监事会日常事务。监事会主席兼任监事会办公 室负责人，保管监事会印章。监事会主席可 ...

一、监事会会议召开情况 杭州萤石网络股份有限公司（以下简称"公司"）第二届监事会第五次会议， 于2024年11月18日以电子邮件及专人送达方式向全体监事发出书面通知，于2024 年11月21日以通讯表决的方式召开。会议由监事会主席王丹女士召集并主持。会 议应出席监事3名，实际出席监事3名。会议召开符合有关法律、法规、规章和公 司章程的规定。 二、监事会会议审议情况 证券代码：688475 证券简称：萤石网络 公告编号：2024-040 杭州萤石网络股份有限公司 第二届监事会第五次会议决议公告 本公司监事会、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。 杭州萤石网络股份有限公司 监 事 会 2024 年 11 月 22 日 （一）以3票赞成、0票反对、0票弃权，审议通过《关于修订<监事会议事规 则>的议案》 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则》《上市公司章程指引》等规定，公司拟对《杭州萤石网 络股份有限公司监事会议事规则》进行修订。 具 体 内 容 详 见 公 司 于 2024 年 ...

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：2024-039 杭州萤石网络股份有限公司 第二届董事会第五次会议决议公告 本公司董事会、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。 股东大会会议通知详见公司于2024年11月22日在上海证券交易所网站 （www.sse.com.cn）上披露的《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》。 特此公告。 一、董事会会议召开情况 杭州萤石网络股份有限公司（以下简称"公司"）第二届董事会第五次会议， 于2024年11月18日以电子邮件及专人送达方式向全体董事发出书面通知，于2024 年11月21日以通讯表决方式召开。会议由董事长蒋海青先生召集并主持。会议应 出席董事7名，实际出席董事7名。会议召开符合有关法律、法规、规章和公司章 程的规定。 二、董事会会议审议情况 （一）以7票赞成、0票反对、0票弃权，审议通过《关于修订<公司章程>及 部分治理制度的议案》 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则》《上市公司章 ...

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].