Summary of the Conference Call for萤石网络 (Ezviz) Company Overview - **Company**: 萤石网络 (Ezviz) - **Industry**: Smart Home Technology, focusing on smart cameras and home security products Key Points and Arguments Business Strategy and Revenue - 萤石网络's operator business strategy adjustment led to a slight decline in SHC revenue, with the professional customer channel proportion dropping to around 7% [2][3] - The company adheres to a no-loss principle, actively shrinking this business, expecting the impact in 2025 to be less than in 2024 [2][3] - The company is seeking new growth points through product intelligence upgrades and market segmentation [2] Product Innovations - Product upgrades include AI integration, pixel enhancement, and 3D visual technology [2] - New products launched include the S10 video call camera and Camo pet camera, catering to diverse needs [2][5] - The company has implemented a sub-brand strategy targeting young consumers with the 金小豆 brand and outdoor enthusiasts with IQ Two, offering differentiated product designs and independent app operations [2][6] Smart Home and Cloud Services - The smart home camera (SHC) business faces challenges in 2024 due to overall operator business contraction, but is expected to recover in 2025 [3] - The smart entry business, particularly smart locks, is performing well, with the flagship Y5,000 series expected to maintain rapid growth in 2025 [7] - Cloud services are growing faster than the overall business, with significant growth in 4G value-added services and a gradual transformation of AI smart cloud services [7] Financial Performance and Profitability - 萤石网络 is focusing on profit situations, with detailed scrutiny of operational data [4] - The company aims for overall profitability by 2025, with different assessment standards for various growth curves [8][9] - The company emphasizes the importance of product differentiation and iterative innovation, rather than relying solely on government subsidies [11][12] Market Expansion and Consumer Education - The company is actively expanding into overseas markets, with significant growth opportunities in different countries and regions [20] - C-end value-added services are performing well in overseas markets, particularly in cloud storage [20] - The company is promoting AI smart cloud storage services in developed countries, with good conversion rates [20] Robotics and Future Directions - The robotics business is in the incubation stage, with plans to expand into broader service robot categories [16] - The company is focusing on technological investments, particularly in 3D vision and AI capabilities, to support future product iterations [18] Cost Management - The company expects stable cost trends in 2025, with no significant fluctuations in raw material and production costs [17] Consumer Feedback and Product Performance - The Y5,000 smart lock received 130,000 pre-orders on the launch day, indicating strong market acceptance [25] - The 金小豆 brand products have slightly lower gross margins compared to the main brand but are expected to generate significant revenue through value-added services [14] Additional Important Insights - The company is leveraging partnerships, such as with 海康威视, to enhance its commercial cleaning robot distribution [19] - The company is cautious about resource allocation in new product lines, ensuring a balanced investment across different growth curves [18][22] - The integration of AI technology is seen as a major trend, with plans to enhance video management efficiency for both C-end and SSMB users [13]

Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Industry**: Smart Home and IoT (Internet of Things) Key Points and Arguments Business Segments and Performance - The impact of the operator business contraction on the company has lessened, with this segment now accounting for only 7% of total revenue, primarily driven by camera sales [2][3] - The company is exploring growth opportunities through market segmentation, targeting younger demographics with sub-brands like "Jin Xiaodou" and focusing on portable 4G cameras and visual communication cameras [2][6] - Overseas business growth is outpacing domestic growth, with a significant increase in contribution to overall revenue. The U.S. business is minimally affected by sanctions on Hikvision, focusing on early sales products and cloud value-added services [2][11] Product Innovations and Launches - The flagship product Y5,000 in the smart home entry business features AI capabilities and has received 130,000 pre-orders, aiming for cash flow transformation this year [2][7][8] - The company is expanding its product lines to include smart service robots and wearables as part of its third growth curve, with a focus on integrating hardware and software [2][9] Financial Performance and Strategy - The smart home camera business is expected to see a slight revenue decline in 2024 due to the contraction of the operator business, but its impact on the overall revenue base is expected to be less significant [3] - C-end value-added services, particularly cloud storage and AI services, are showing significant growth in paid user numbers and average revenue per user [4][10] - The company aims to maintain stable gross and net profit margins despite various influencing factors, including channel structure and market competition [4][16] Market Expansion and Future Outlook - The company is actively expanding into overseas markets, particularly in Europe, Central and South America, and Southeast Asia, with plans to diversify product offerings beyond single categories [2][12] - The C-end cloud service strategy will continue to focus on integrating hardware and software, with an emphasis on cloud storage and AI value-added services [10][12] Technological Developments - The AI platform is being enhanced with third-party models to improve interaction capabilities across various products, including cameras and companion robots [14] - The company is testing AI elderly care services, with plans to launch an app in the second half of the year [4][10] Retail and E-commerce Strategy - The company is transitioning its retail strategy, with successful pilot stores achieving profitability, and plans to expand this model in 2026 [15][16] - Online business growth is significant, but high traffic costs are a concern; the company is working to optimize ROI and cost rates in e-commerce [4][16] Additional Important Insights - The company is focusing on emotional value services for younger consumers through its Jin Xiaodou app, which operates independently [2][6] - The introduction of portable products and specific use-case cameras (e.g., for elderly care) indicates a targeted approach to market needs [6][7] - The overall business growth remains steady, with a strong performance in online sales during promotional periods [15]

Core Opinion - The departure of core technical personnel, specifically Mr. Jin Jingyang, will not have a substantial impact on the company's core competitiveness and ongoing operational capabilities [3][4]. Departure Details - Mr. Jin Jingyang resigned for personal reasons and has completed the necessary departure procedures. He no longer holds any position within the company [1]. - Mr. Jin Jingyang was involved in the company's technology research and development during his tenure, and all work handovers have been completed [2]. R&D and Patent Involvement - During his time at the company, Mr. Jin Jingyang participated in the development and application of patents, all of which are considered work-related and owned by the company. There are no disputes regarding intellectual property [2]. - The company has a robust R&D team, with personnel numbers increasing from 1,232 in 2022 to 1,463 projected by the end of 2024, indicating a strong capacity for innovation [2]. Company Measures - The company has ensured that all R&D projects are proceeding normally and that the existing team structure is intact, with sufficient backup personnel to support ongoing and future projects [3]. - The company emphasizes continuous improvement in R&D management and talent acquisition to enhance sustainable innovation capabilities [3]. Underwriter's Verification - The underwriter has verified that Mr. Jin Jingyang's departure will not affect the company's technology development or production operations, confirming that the company's R&D activities remain on track [4].

中国国际金融股份有限公司 核心技术人员离职的核查意见 关于杭州萤石网络股份有限公司 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为杭州萤石网 络股份有限公司（以下简称"萤石网络"或"公司"）首次公开发行股票并在科创板上市项 目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》《科创板上市公司持续监管办法（试行）》及《上海证券交易所上市公司自律 监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的规定，对公司核心 技术人员离职的事项进行了核查，具体核查情况及核查意见如下： （一）核心技术人员具体情况 金静阳先生，1978 年 4 月出生，中国国籍，无境外永久居留权，哈尔滨工业大学 计算机科学与技术本科学历。金静阳先生于 2016 年 1 月至 2017 年 12 月，任杭州萤石 网络有限公司研发总监；2018 年 1 月至今，任杭州萤石软件有限公司研发总监。 截至本核查意见出具日，金静阳先生未直接或间接持有公司股份。 （二）参与的研发项目及专利情况 金静阳先生在职期间参与了公司的技术研发工作，目前已完成工作交接，公司的产 品与技术研发工作均正常 ...

证券代码：688475 证券简称：萤石网络 公告编号：2025-020 杭州萤石网络股份有限公司 关于核心技术人员离职的公告 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： 一、 核心技术人员离职的具体情况 金静阳先生因个人原因辞去所任职务，并于近日办理完毕离职手续。离职后， 金静阳先生不再担任公司任何职务。公司对金静阳先生在任职期间为公司发展所 做出的努力和贡献表示衷心感谢。 （一）核心技术人员具体情况 杭州萤石网络股份有限公司（以下简称"萤石网络"或"公司"）核心 技术人员金静阳先生因个人原因辞去所任职务，并于近日办理完毕离 职手续。离职后，金静阳先生不再担任公司任何职务。 金静阳先生与公司签有《保密协议》《竞业禁止承诺》，不存在涉及专 利等知识产权的纠纷或潜在纠纷，也不存在影响公司知识产权完整性 的情况。 金静阳先生已完成工作交接，公司的产品与技术研发工作均正常进行， 本次核心技术人员离职不会对公司核心竞争力及持续经营能力产生实 质性影响。 金静阳先生，1978 年 4 月出生，中国国籍，无境外永久居 ...

Core Points - The company announced that its core technical personnel, Jin Jingyang, has left for personal reasons and has completed the departure procedures [1] - Jin Jingyang did not hold any shares in the company and has completed the handover of work before leaving [1] - The company's product and technology research and development work is proceeding normally, and this departure will not have a substantial impact on the company's core competitiveness or ongoing operational capabilities [1]

Core Insights - The Ministry of Industry and Information Technology, Ministry of Civil Affairs, and National Health Commission have jointly released the "Smart Health and Elderly Care Products and Services Promotion Directory (2024 Edition)," recognizing the "Non-contact Sleep Companion" and "Remote Smart Care for Home Elderly" by Hangzhou Hikvision Digital Technology Co., Ltd. as benchmark cases for smart elderly care [1][9] Group 1: Product Recognition - The "Non-contact Sleep Companion" and "Remote Smart Care for Home Elderly" have been included in the national promotion directory, highlighting the innovative achievements of Hikvision in the smart elderly care sector [1][9] - The inclusion signifies a commitment to providing safer and more convenient technological solutions for an aging society [1] Group 2: Product Features - The "Non-contact Sleep Companion" utilizes non-contact radar sensors to monitor vital signs such as heart rate, breathing, and movement without the need for wearable devices, generating sleep health reports [4] - It features a bed exit alert function that notifies family members or community service personnel if an elderly person does not return to bed after a certain period, reducing nighttime risks for seniors living alone [4] Group 3: Comprehensive Care Solutions - The remote smart care service integrates various safety and smart elderly care products, including AI cameras, fall detection radars, emergency buttons, infrared detectors, and the Non-contact Sleep Companion, utilizing IoT technology and AI algorithms for comprehensive monitoring [5][7] - The system can quickly respond to incidents such as falls or emergencies, providing notifications and daily activity records to help families understand the elderly's status [7] Group 4: Future Commitment - Hikvision has been recognized as a leading enterprise in the health and elderly care industry in Zhejiang Province and aims to continue innovating and investing in R&D to enhance its products and services [9] - The company is dedicated to injecting vitality into the smart health and elderly care industry, ensuring that technological warmth benefits more elderly individuals and their families [9]

Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.13% as of May 22, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Xunwei Communication (300136) up 3.30%, Wenta Technology (600745) up 2.63%, and Silan Microelectronics (600460) up 2.33% [1] - The Consumer Electronics ETF (561600) also fell by 0.13%, with a latest price of 0.78 yuan, but showed a 1.42% increase over the past month [1] - The ETF's trading volume was 287.16 million yuan with a turnover rate of 1.49% [1] - Over the past two weeks, the ETF's scale increased by 16.72 million yuan, ranking it in the top 1/5 among comparable funds [1] - The ETF's share count rose by 26 million shares in the same period, also placing it in the top 1/5 among comparable funds [1] - Recent capital inflow was balanced, with a total of 22.05 million yuan attracted over the last 10 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) declined by 0.06% as of May 22, 2025, with varied performance among its constituent stocks [2] - Top performers included Kunlun Wanwei (300418) up 7.89%, New Yisheng (300502) up 1.87%, and Shitou Technology (688169) up 1.82% [2] - The AI ETF (512930) decreased by 0.15%, with a latest price of 1.31 yuan, but recorded a 2.26% increase over the past month [2] - The ETF's trading volume was 28.19 million yuan with a turnover rate of 1.44% [3] - The latest scale of the AI ETF reached 1.95 billion yuan [3] - Recent net capital inflow was 1.31 million yuan, with a total of 32.98 million yuan attracted over the last five trading days [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 4.44 million yuan and a margin balance of 90.18 million yuan [3] Group 3: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 0.79% as of May 22, 2025, with mixed results among its constituent stocks [4] - Leading gainers included High Xin Retail (06808) up 10.24%, Kunlun Wanwei (300418) up 6.48%, and Youzu Network (002174) up 4.86% [4] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but showed a 3.46% increase over the past month [4] - The index comprises 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [13] - The top ten weighted stocks in the index account for 56.94% of the total weight, with Alibaba-W (09988) having the highest weight at 14.37% [13]

Core Points - The company announced a cash dividend of 0.35 RMB per share, totaling 275.625 million RMB, approved at the annual shareholders' meeting on May 9, 2025 [1] - The dividend distribution will be based on the total share capital of 787.5 million shares [1] - The announcement confirms that there will be no differentiated dividend distribution [1] Dividend Distribution Details - The cash dividend of 0.35 RMB per share is inclusive of tax [1] - The relevant dates for the dividend distribution include the record date, ex-dividend date, and payment date, which are specified but not detailed in the document [1] - Shareholders who have not completed designated trading will have their dividends held by China Securities Depository and Clearing Corporation until they complete the necessary transactions [1] Taxation Information - For individual shareholders holding shares for less than one month, the actual tax burden is 20% on the full dividend amount [3] - For shares held between one month and one year, the tax burden is reduced to 10% [3] - For shares held over one year, dividends are exempt from personal income tax [3] - The company will not withhold personal income tax at the time of dividend distribution; tax will be calculated based on the holding period when shares are sold [3] Additional Tax Considerations - For natural person shareholders with restricted shares, dividends received post-lifting of restrictions will be taxed according to the holding period [4] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied to dividends [5] - Hong Kong investors will also face a 10% withholding tax, with provisions for tax treaty benefits if applicable [5][6] - Other institutional investors will be responsible for their own tax obligations without withholding by the company [6]

证券代码：688475 证券简称：萤石网络 公告编号：2025-019 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 9 日的2024年年度股东大会审议通过。 二、 分配方案 杭州萤石网络股份有限公司2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/27 | 2025/5/28 | 2025/5/28 | 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本787,500,000股为基数，每股派发现 金红利0.35元（含税），共计派发现金红利275,625,000元。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.35元（含税） 相关日期 1. 发放年度：2024年年度 2 ...