Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The company has shown significant growth in revenue and net profit, with a 2023 revenue of 4.84 billion RMB, representing a year-over-year increase of 12.4%, and a net profit of 563 million RMB, up 68.8% year-over-year [3][4]. - The gross margin has improved significantly, with a 2023 overall gross margin of 42.9%, an increase of 6.5 percentage points compared to the previous year [4]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares, with a dividend payout ratio of approximately 50% [3]. Financial Performance - In Q4 2023, the company achieved a revenue of 1.33 billion RMB, a year-over-year increase of 13.9%, and a net profit of 160 million RMB, up 41.6% year-over-year [3]. - For Q1 2024, the company reported a revenue of 1.24 billion RMB, a year-over-year increase of 14.6%, and a net profit of 130 million RMB, up 37.4% year-over-year [3]. - The forecasted net profits for 2024, 2025, and 2026 are 711 million RMB, 861 million RMB, and 1.022 billion RMB, respectively, with year-over-year growth rates of 26.2%, 21.2%, and 18.6% [4][5]. Business Segmentation - The product mix is heavily weighted towards smart home products, accounting for 81.8% of total revenue, while the IoT platform contributes 17.7% [3]. - The company has seen rapid growth in overseas revenue, which increased by 24.8% year-over-year, compared to 8.1% growth in domestic revenue [4]. Valuation Metrics - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.26 RMB, 1.53 RMB, and 1.82 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 36.81, 30.37, and 25.60 [5][4].

萤[Ta石ble网_Sto络ckN（am6eR8p8tT4yp7e5] ） 公司研究/公司点评 海外及入户引领增长 ——萤石网络 23年报及24一季报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-15 [⚫T ab公le_司Su发m布ma2r3y]年 及24年Q1业绩： ➢ 24Q1：营收 12.4 亿（+15%），归母 1.3 亿（+37%），扣非 1.2 亿 [收Ta盘bl价e_（Ba元se）D ata] 46.50 （+35%）。 近12个月最高/最低（元） 57.78/37.21 ➢ 23Q4：营收 13.3 亿（+14%），归母 1.6 亿（+41%），扣非 1.6 亿 总股本（百万股） 563 （+98%）。 流通股本（百万股） 289 ➢ 23年：营收48.4亿（+12%），归母5.6亿（+69%），扣非5.5亿（+87%）。 流通股比例（%） 51.4 ➢ Q1 收入利润符合预期。另公司拟每10 股派息 5 元转增4 股，对应 总市值（亿元） 262 分红率50%（上年分红率51%）。 流通市值（亿元） 134 [公Ta司ble价_C格ha与r ...

公[T司abl点e_H评ea报der告] ●计算机行业 2024年 4月 13日 [Table_Title] [Table_StockCode] 扣非净利高增，双主业稳健，渠道优化 萤石网络(688475.SH) [Table_InvestRank] 助力未来发展 推荐 维持评级 核心观点： 分析师 [Table_ Sum事m件ar y公] 司发布 2023 年年度报告及 2024 年第一季度报告。2023 全年实 [吴Ta砚b靖le_ Authors] ：（8610）66568589 现营收 48.40 亿元（YoY+12.4%）；实现归母净利润 5.63 亿元 ：wuyanjing@chinastock.com.cn （YoY+68.8%）；实现扣非归母净利润 5.53 亿元（YoY+86.9%）。2024年 分析师登记编码：S0130519070001 一季度实现营收 12.37 亿元（YoY+14.6%）；实现归母净利润 1.25 亿元 （YoY+37.4%）；实现扣非归母净利润 1.22亿元（YoY+34.9%）。  营收净利双增长，毛利率显著提升：2023年公司开拓并优化渠道建设， [市T ...

上 市 公 司 计算机 2024 年04月 15 日 萤石网络 (688475) 公 司 研 究 ——业绩符合预期，云/智能入户/海外业务亮点纷呈 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司发布2023年报及24Q1季报：2023全年收入48.4亿元，同比增长12.4%；归母净 利润5.63亿元，同比增长68.8%。24Q1收入12.4亿元，同比增长14.6%，归母净利润 证 市场数据： 2024年04月12日 1.25亿元，同比增长37.4%，业绩符合市场预期。 券 收盘价（元） 46.5 研 一年内最高/最低（元） 57.78/37.21  云业务 C端有望提速。2023年云业务收入 8.56亿元，同比增长 27.8%。其中 C 端增值 究 市净率 4.9 服务同比增长18%，B端开发者客户服务收入同比增长40%。B端PaaS物联网云平台以 报 息率（分红/股价） - 告 流通A股市值（百万元） 13444 AI和音视频能力为核心，助力千行百业数字化和智能化升级，实现了快速增长；而C端在 上证指数/深证成指 3019.47/9228.24 AI大模型加持下，智能算 ...

萤石网络（688475.SH）2023年年报及2024年一季报点评 盈利质量持续优化，迈向 AI 终端与机器人最佳 TO C 平台 2024年04月13日 ➢ 事件：2024年4月12日，萤石网络发布2023年度报告和2024年一季度 推荐 维持评级 报告，2023年实现营收48.40亿元，同比增长12.39%；归母净利润5.63亿元， 当前价格： 46.50元 同比增长68.80%。2024年一季度实现营收12.37亿元，同比增长14.61%，归 母净利润为1.25亿元。 ➢ “聚焦核心优势+精益管理+结构优化”多重驱动盈利能力提升。2023年， [Table_Author] 萤石网络持续聚焦核心优势，持续拓展和优化渠道建设；受益于精益化供应链管 理，原材料成本下降，物联网云平台业务、境外业务占比提升，渠道结构和产品 结构优化等多方面综合因素，盈利能力持续优化。2023 年公司毛利率 42.85% （去年同期为36.42%），净利率为11.63%（去年同期为7.73%）。 ➢ 以 AI 和萤石物联网云平台为核心的产品矩阵持续创新。智能家居摄像机是 公司现金牛业务，2023 年实现营收 29.90 亿元，销售 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [3][18]. Core Insights - The company achieved a total revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%, and a net profit of 562.94 million yuan, up 68.8% year-on-year [6][12]. - The cloud platform business showed a revenue increase of 27.8% year-on-year, significantly outpacing the overall revenue growth, driven by an increase in device connections and user numbers [7][8]. - The gross margin improved to 42.85% in 2023, up 6.44 percentage points year-on-year, with net profit margin reaching 11.63%, an increase of 3.9 percentage points [8][12]. Financial Performance Summary - Revenue for 2024 is projected to reach 5.74 billion yuan, with a growth rate of 18.58% [2][12]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares and a stock bonus of 4 shares per 10 shares, resulting in a dividend payout ratio of 49.96% [6][12]. - The company’s net profit for 2024 is estimated at 721.07 million yuan, reflecting a growth of 28.09% [2][12]. Product and Market Development - The smart home product segment, particularly smart entry products, saw significant growth, with revenue increases of 49.5% and 52.2% for smart entry and other smart home products, respectively [7][8]. - The company has launched several series of facial recognition smart locks, enhancing its market position in the smart lock industry [7][8]. - The overseas sales increased by 24.8% year-on-year, contributing to a rise in the overseas revenue share to 31.4% [7][8]. Cost and Margin Analysis - The company’s gross margin for 2023 was 42.85%, with improvements across various product lines, particularly in smart home cameras, which saw a gross margin increase of 7.6 percentage points [8][12]. - The company has focused on optimizing its product structure and supply chain management, leading to a reduction in raw material costs and an increase in overseas business contributions [8][12]. Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 971 million yuan, an increase of 31.95% year-on-year [9][12]. - The company’s total assets reached 8.19 billion yuan in 2023, with a debt ratio of 32.06% [3][12].

证券研究报告 公 2024年04月14日 司 报 告 萤石网络(688475) │ 行 业： 计算机/计算机设备 公 投资评级： 买入（维持） 司 2023A&2024Q1 业绩点评： 当前价格： 46.50元 年 报 用户基数快速扩张，双主业优势显著 目标价格： 56.56元 点 事件： 评 基本数据 萤石网络披露 2023 年报与 2024 年一季报：公司 2023 年实现营收 48.40 总股本/流通股本(百万股) 562.50/289.13 亿，同比+12.39%，业绩 5.63 亿，同比+68.80%，扣非业绩 5.53 亿，同比 +86.90%；其中2023年四季度实现营收13.32亿，同比+13.87%，业绩1.61 流通A股市值(百万元) 13,444.31 亿，同比+41.11%，扣非业绩 1.64 亿，同比+97.00%。公司 2023 年度拟现 每股净资产(元) 9.59 金分红2.81亿，分红率49.96%。公司2024年一季度实现营收12.37亿， 资产负债率(%) 32.06 同比+14.61%，业绩1.25亿，同比+37.38%，扣非业绩1.22亿，同比+34.94%。 一年内最 ...

2024 年第一季度报告 单位：元 币种：人民币 证券代码：688475 证券简称：萤石网络 杭州萤石网络股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、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。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | |-----------------------------------------------|-------------------------|--------------------------------------| | 项目 | 本报告期 | 本报告期比上年 同期增减变动幅 度 (%) | | 营业收入 | 1,236,90 ...

Financial Performance - Revenue for 2023 reached RMB 4,839,744,865.55, a year-on-year increase of 12.39%[17] - Net profit attributable to shareholders of the listed company in 2023 was RMB 562,940,763.10, up 68.80% year-on-year[17] - Net cash flow from operating activities in 2023 was RMB 970,566,189.69, a 31.95% increase compared to the previous year[17] - Total assets at the end of 2023 were RMB 8,192,575,262.24, a 14.05% increase from the previous year[17] - Basic earnings per share (EPS) for 2023 was RMB 1.00, a 35.14% increase year-on-year[18] - Revenue in Q4 2023 was RMB 1,331,566,781.68, the highest among all quarters[21] - Net profit attributable to shareholders in Q4 2023 was RMB 161,474,601.53[21] - Non-recurring gains and losses in 2023 amounted to RMB 9,626,637.74[24] - The company achieved a total operating revenue of 4.84 billion yuan, a year-on-year increase of 12.39%[27] - Net profit attributable to shareholders of the listed company reached 563 million yuan, a year-on-year increase of 68.80%[27] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 553 million yuan, a year-on-year increase of 86.90%[27] - Revenue for the reporting period reached 4,839.74 million yuan, a year-on-year increase of 12.39%[104] - Net profit attributable to shareholders of the listed company was 562.94 million yuan, a year-on-year increase of 68.80%[104] - Total assets as of December 31, 2023, were 8,192.58 million yuan, an increase of 14.05% compared to the beginning of the year[104] - Shareholders' equity attributable to the listed company was 5,264.99 million yuan, an increase of 8.31% compared to the beginning of the year[104] - Operating costs increased by 1.01% to 2,765.81 million yuan[105] - Sales expenses increased by 28.42% to 696.73 million yuan[105] - Management expenses increased by 9.35% to 160,961,654.03 yuan[106] - R&D expenses increased by 21.18% to 730,711,983.10 yuan[106] - Net cash flow from operating activities increased by 31.95% to 970,566,189.69 yuan[106] - Net cash flow from investing activities decreased by 134.63% to -790,312,038.70 yuan[106] - Smart home products revenue increased by 10.09% to 3,959,904,032.54 yuan[108] - IoT cloud platform revenue increased by 27.79% to 856,346,920.23 yuan[108] - Domestic revenue increased by 8.14% to 3,303,772,752.78 yuan[109] - Overseas revenue increased by 24.79% to 1,512,478,199.99 yuan[109] - Online sales revenue increased by 22.52% to 1,218,073,349.35 yuan[109] - Production of smart home cameras increased by 22.56% to 19,429,258 units[111] - Smart home camera direct material costs decreased by 8.60% to 1,554,185,110.32 yuan, accounting for 84.66% of total costs[113] - Smart home product outsourcing processing fees decreased by 40.02% due to increased production capacity at the Chongqing base[113] - IoT cloud platform costs increased by 10.82% to 204,754,529.05 yuan, accounting for 7.45% of total costs[113] - Top five customers accounted for 28.16% of total sales, with the top customer contributing 14.39% of sales[115][116] - Top five suppliers accounted for 22.56% of total procurement, with the top supplier contributing 7.65%[117][118] - R&D expenses increased by 21.18% to 730,711,983.10 yuan due to increased investment in new products and technologies[119][120] - Operating cash flow increased by 31.95% to 970,566,189.69 yuan, driven by sales growth[121][122] - Investment cash flow decreased by 134.63% to -790,312,038.70 yuan due to increased capital expenditure in the Chongqing base and smart home product industrialization projects[121][122] - Accounts receivable increased by 20.11% to 860,351,858.04 yuan, accounting for 10.50% of total assets[123] - Other receivables increased by 174.80% to 23,816,037.03 RMB, mainly due to uncollected export tax refunds[124] - Inventory increased by 17.69% to 694,770,094.37 RMB, driven by adjustments in stockpiling strategy and increased safety stock[124] - Other current assets rose by 65.64% to 80,551,686.20 RMB, primarily due to increased VAT input tax credits from procurement and construction projects[124] - Construction in progress surged by 231.00% to 1,217,719,113.72 RMB, mainly due to increased investments in the Chongqing base for fluorite intelligent manufacturing and smart home product industrialization projects[124] - Accounts payable increased by 67.26% to 1,307,459,168.11 RMB, driven by higher procurement and construction project payments[124] - Long-term loans grew by 40.18% to 319,337,031.25 RMB, mainly due to increased investments in smart home product industrialization projects[124] - Overseas assets amounted to 185,451,385.27 RMB, accounting for 2.26% of total assets[125] - Restricted assets totaled 43,464,551.25 RMB, including 19,687,501.25 RMB in cash for various guarantees and 23,777,050.00 RMB in intangible assets pledged for long-term loans[126] Dividend and Shareholder Information - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) and a capital reserve of 4 shares per 10 shares, totaling 281,250,000 yuan (tax included), accounting for 49.96% of the net profit attributable to shareholders in 2023[5] - The total share capital of the company is 562,500,000 shares as of December 31, 2023, and will increase to 787,500,000 shares after the capital reserve transfer[5] - The company's stock is listed on the Shanghai Stock Exchange's STAR Market under the stock code 688475[14] - The company's 2022 annual report and financial statements were approved at the annual general meeting held on May 9, 2023[136] - The company's Chairman and General Manager, Jiang Haiqing, held 1,316,000 shares throughout 2023 with no changes, and received a pre-tax remuneration of 2.4595 million yuan[140] - Guo Xudong, a director, increased his shareholding by 25,000 shares through secondary market transactions, ending the year with 25,000 shares[140] - Guo Hangbiao, Vice President, Board Secretary, and Financial Officer, increased his shareholding by 21,045 shares through secondary market transactions, ending the year with 100,020 shares[140] - The total shareholding of directors, supervisors, and senior management increased by 45,545 shares in 2023, reaching 1,441,020 shares at year-end[141] - The total pre-tax remuneration for directors, supervisors, and senior management in 2023 was 14.554 million yuan[141] - Ge Difeng, R&D Director, reduced his shareholding by 500 shares through secondary market transactions, ending the year with 0 shares[141] - The company's independent directors each received a pre-tax remuneration of 150,000 yuan in 2023[140] - The company's Vice Presidents received pre-tax remunerations ranging from 1.1754 million yuan to 1.4046 million yuan in 2023[140] - The company's R&D Directors received pre-tax remunerations ranging from 780,200 yuan to 1.0293 million yuan in 2023[141] - The total actual remuneration for directors, supervisors, and senior management at the end of the reporting period was 8.53 million RMB[150] - The total actual remuneration for core technical personnel at the end of the reporting period was 6.02 million RMB[150] - The company plans to distribute a cash dividend of 5 RMB per 10 shares, totaling 281.25 million RMB, which accounts for 49.96% of the net profit attributable to ordinary shareholders[175] - The company's cash dividend policy requires a minimum of 10% of the distributable profit to be distributed annually, with a cumulative cash dividend ratio of at least 30% over three years[171] - The company's cash dividend policy is differentiated based on development stage and capital expenditure plans, with cash dividend ratios ranging from 20% to 80%[172] - The company's decision-making process for profit distribution involves board approval, independent director opinions, and shareholder communication, ensuring transparency and protection of minority shareholders' interests[173] - The company's cash dividend policy is compliant with regulatory requirements and has clear standards, decision-making procedures, and mechanisms in place[174] Corporate Governance and Leadership - The company's direct controlling shareholder is Hangzhou Hikvision Digital Technology Co., Ltd. (002415.SZ), and its ultimate controlling shareholder is China Electronics Technology Group Corporation[10] - The company's registered address is No. 399 Danfeng Road, Binjiang District, Hangzhou, Zhejiang Province, and its office address is No. 630 Qizhi Street, Binjiang District, Hangzhou, Zhejiang Province[11] - The company's annual report is disclosed on the Shanghai Stock Exchange website (http://www.sse.com.cn/)[13] - The company's auditor is Deloitte Touche Tohmatsu Certified Public Accountants LLP, located at 30/F, 222 Yan'an East Road, Huangpu District, Shanghai[16] - The company's sponsor for continuous supervision is China International Capital Corporation Limited, located at 27-28/F, China World Tower 2, No. 1 Jianguomenwai Avenue, Chaoyang District, Beijing[16] - Jiang Haiqing has served as the Chairman and General Manager of the company since June 2021, with extensive experience in engineering and management roles at Hikvision and other related entities[142] - Guo Xudong has been the Senior Vice President of Hikvision since July 2002 and has held various leadership roles in domestic marketing and sales[142] - Jin Yan has been the Senior Vice President and Financial Controller of Hikvision since July 2004 and has served as a director of the company since June 2021[142] - Pu Shiliang has been the Senior Vice President and President of the Research Institute at Hikvision since April 2006 and has served as a director of the company since June 2021[142] - Chen Jun has been a professor and director at Zhejiang University's School of Management since March 2019 and has served as an independent director of the company since June 2021[142] - Fang Gang has been a professor and executive director of the MBA Education Center at Hangzhou Dianzi University since April 2009 and has served as an independent director of the company since June 2021[143] - Ge Weijun has been a professor at Fudan University Law School since January 2022 and has served as an independent director of the company since January 2022[143] - Wang Dan has been the Comprehensive Director of the company since January 2021 and has served as the Chairman of the Supervisory Board since June 2021[143] - Xu Lirong has been the Employee Supervisor at Hikvision since March 2018 and has served as a supervisor of the company since June 2021[143] - Yang Ying has been a Quality Assurance Expert at Hikvision since January 2002 and has served as a supervisor of the company since June 2021[143] - Chen Guanlan has been serving as the company's Vice President since April 2023, with extensive experience in software engineering and product management at companies like NetEase and Hikvision[144] - Jin Jingyang has been the R&D Director at EZVIZ Software since January 2018, with a background in software development at Huawei and UTStarcom[144] - Ming Xu has been the R&D Director at EZVIZ Software since January 2018, with prior experience at Ricoh Software Technology and Shanda Interactive Entertainment[144] - Li Kai has been the Product Director at EZVIZ Software since January 2018, with a history of roles in design and development at companies like ZTE and Hikvision[144] - Li Fubing has been the Product Director at EZVIZ Software since January 2018, with a background in engineering at Alibaba and Hikvision[144] - Su Hui has been the R&D Director at EZVIZ Software since January 2018, with experience as an algorithm engineer at Hikvision[144] - Zheng Jianping has been the Product Director at EZVIZ Software since January 2018, with a history in hardware development at Hikvision[144] - Ge Difeng has been the R&D Director at EZVIZ Software since January 2018, with experience in embedded software engineering at Hikvision and other tech firms[144] - Guo Xudong has been serving as Senior Vice President at Hangzhou Hikvision Digital Technology Co., Ltd. since March 2021[146] - Pu Shiliang has been serving as Senior Vice President at Hangzhou Hikvision Digital Technology Co., Ltd. since March 2018[146] - Chen Guanlan was appointed as a senior executive (Vice President) following the approval of the 19th meeting of the first board of directors[151] - The company's 2023 annual director compensation standards were reviewed and approved by the Remuneration and Assessment Committee, ensuring compliance with laws and regulations[149] - The 2023 remuneration and performance assessment plan was unanimously agreed upon by the company, aligning with market salary levels and actual business conditions[150] - The company held 6 board meetings in 2023, with 5 conducted via telecommunication and 1 combining both on-site and telecommunication methods[156] - All board members attended all 6 meetings, with no absences or consecutive missed meetings[155] - The company's board committees include Audit, Nomination, Compensation, and Strategy, each with specific members and responsibilities[158] - The company's strategic committee met once in 2023 to review and approve the organizational structure adjustment plan[161] - The nomination committee met once in 2023 to approve the appointment of senior management personnel[162] - The compensation committee met once in 2023 to approve the 2023 salary and performance assessment plan[163] - The company's board approved the 2023 semi-annual report and the special report on the storage and use of raised funds[154] Research and Development - R&D investment accounted for 15.10% of revenue in 2023, an increase of 1.10 percentage points from the previous year[19] - The company released multiple new AI multi-lens cameras, including pet care cameras and 4G/battery-powered cameras, enhancing visual, scene-based, and intelligent upgrades[29] - The company launched several series of facial recognition video smart locks, leading the industry into the dual-camera + facial recognition era[30] - The company introduced the HP7 smart intercom product for overseas markets, which won the Plus X Award and German Design Award[30] - The company released two new cleaning robots, the RS20 Pro for home use and the BS1 for commercial use, both incorporating AI visual capabilities and innovative technologies[32][34] - The BS1 commercial cleaning robot uses a pure visual positioning and navigation system, replacing the mainstream LiDAR solution, improving stability and adaptability in complex environments[34] - The company upgraded its companion robot products in 2023, enhancing external perception, cloud collaboration, and cross-device communication capabilities, while exploring more usage scenarios and applications[36] - The company launched a non-intrusive sleep companion using millimeter-wave detection technology to monitor elderly users' nighttime health data, including respiratory rate, heart rate, and body movements, providing scientific sleep reports[37] - The company's open platform served over 310,000 customers by the end of 2023, with new AI digital human components introduced for roles like customer service, hosts, and receptionists[40] - The company upgraded its ERTC platform in 2023, improving compatibility, stability, and network resilience, supporting scenarios like remote diagnosis, online training, and video customer service[41] - The company introduced cloud legacy services in 2023, enabling low-cost reuse of old devices through multi-standard protocols and device hosting[42] - The company enhanced its IoT private cloud in 2023, adding video privacy protection features like face mosaic and stick figure replacements to prevent privacy leaks[43] - The company has restructured its intelligent algorithm engineering department to build a heterogeneous AI inference engine, improving the self-developed proportion of AI interaction capabilities[69] - The company has set up multiple product R&D departments focusing on smart home products and cloud services, ensuring effective management of the R&D cycle[70] - The company invested RMB 731 million in R&D in 2023, accounting for 15.10% of its revenue, with a year-on-year increase of 21.18%[79][82] - The company added 90 authorized invention patents and 3 software copyrights in 2023, bringing the total to 219 invention patents and 83 software copyrights by the end of 2023[79][81] - The company's R&D team consists of 1,352 employees, representing 31.94% of the total workforce[79] - The company is developing next-generation visual and voice interaction technologies, forming a dual-core technology system of "multi-dimensional perception + AI interaction"[79] - The company is advancing robot technology, focusing on intelligent sensing, VSLAM, obstacle avoidance, and intelligent recognition and classification[79] - The company is leveraging AI large model technology to develop differentiated and innovative products and value-added services, enhancing user experience in the smart home sector[76] - The company has invested a total of 37,000.00 million yuan in R&D projects, with a cumulative investment of

% EZVIZ萤石 萤石网络 2023 环境、社会及管治报告 股份代号: 688475 CONTENTS | 关于萤石网络 | 04 | | --- | --- | | 公司简介 | 04 | | 奖项荣誉 | 06 | | 管理层致辞 | 08 | | ESG 绩效摘要 | 10 | | 专题:科技有温度 | 12 | | 全屋智能,悦享生活 | 12 | | 用心洞察,智慧守护 | 14 | | 开篇: ESG 管理 22 | | | --- | --- | | ESG 管理理念 | 22 | | 公司治理 | 24 | | 合规运营 | 26 | | 利益相关方沟通 | 28 | | 科技赋能,绿色发展 | 30 | 携手共进，美好同行 | 56 | | --- | --- | --- | --- | | 1.1 低碳产品 | 31 | 3.1 多元包容 | 57 | | 1.2 绿色生产 | 35 | 3.2 员工成长 | 59 | | 1.3 绿色运营 | 41 | 3.3 健康安全 | 61 | | | | 3.4 员工关爱 | 63 | | 安全可信，品质保障 | 43 | 和谐生态,共生共荣 ...