Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report emphasizes that the company is positioned to benefit from AI and cloud services, indicating a dual driving force for growth. Despite a prolonged stock price correction, the revenue remains stable, and the company is expected to see improvements in profit margins as operational adjustments and cost pressures ease in 2025. The hardware business, particularly in cameras, home entry systems, and robots, is anticipated to achieve scale effects, making it a key area of focus [6][7]. Financial Performance Summary - For Q4 2024, the company reported revenue of 1.48 billion yuan (up 11.1% year-on-year) and a net profit attributable to shareholders of 130 million yuan (down 20.0% year-on-year). The full year 2024 revenue is projected at 5.44 billion yuan (up 12.4% year-on-year) with a net profit of 500 million yuan (down 10.5% year-on-year) [6][9]. - The revenue forecast for 2024-2026 is adjusted to 5.44 billion yuan, 6.30 billion yuan, and 7.17 billion yuan respectively, with year-on-year growth rates of 12.4%, 15.8%, and 13.8% [6][9]. Revenue Analysis - The camera business is expected to show slight growth in 2024, benefiting from online subsidies. The home entry business, particularly smart locks, is experiencing significant growth, with online sales increasing by 145% for the company's brand, positioning it as a market leader. The robot and smart wearable segments are also expected to grow, with a focus on cleaning robots and AI-driven elderly care solutions. The cloud services sector is anticipated to grow faster in the B2B segment compared to B2C [6][9]. Profitability Analysis - The net profit margin for Q4 2024 was 8.7%, showing a recovery from previous quarters. The year-on-year decline in net profit margin is attributed to the increased proportion of lower-margin new businesses and the impact of marketing expenses related to new product launches and overseas expansion. The report indicates that profitability is expected to improve in 2025 as the company achieves breakeven in high-growth segments [6][9].

Financial Performance - In 2024, the company achieved total operating revenue of RMB 544,193.99 million, a year-on-year increase of 12.41%[6] - The total profit for 2024 was RMB 53,938.21 million, representing a year-on-year decrease of 5.02%[6] - The net profit attributable to the parent company was RMB 50,392.77 million, down 10.52% compared to the previous year[6] - The net profit attributable to the parent company after deducting non-recurring gains and losses was RMB 48,341.83 million, a decrease of 12.63% year-on-year[6] - The company's basic earnings per share decreased to RMB 0.64, down 11.11% from RMB 1.00 in the previous year[4] - The company's weighted average return on equity decreased by 1.75 percentage points to 9.41%[4] Assets and Equity - The company's total assets at the end of the reporting period were RMB 835,375.97 million, an increase of 1.84% from the beginning of the period[6] - The equity attributable to the parent company increased by 4.34% to RMB 549,330.70 million compared to the beginning of the period[6] - The company's share capital increased by 40% due to the implementation of a rights issue during the reporting period[9] Business Strategy - The company focused on expanding its product lines, including smart home cameras, smart locks, and cleaning robots, while increasing marketing expenses[7]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is positioned to benefit from the AI and cloud integration strategy, with a strong product matrix that supports revenue growth [2][4]. - The introduction of various AI-enabled products, such as the RK3 home service robot and the S10 video call camera, is expected to enhance user engagement and service offerings [2][3]. - The IoT cloud platform has over 250 million devices connected, indicating significant market penetration and potential for future growth [4]. Financial Projections - Revenue is projected to grow from 4.84 billion in 2023 to 7.87 billion in 2026, with annual growth rates of 12.4%, 13.2%, 17.0%, and 22.7% respectively [5][10]. - Net profit is expected to increase from 563 million in 2023 to 960 million in 2026, with growth rates of 68.8%, 1.9%, 25.0%, and 33.8% respectively [5][10]. - Earnings per share (EPS) are forecasted to rise from 0.71 in 2023 to 1.22 in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 56 to 33 [5][10]. Product Development - The company has launched multiple series of facial recognition video smart locks, leading the industry into a new era of dual-camera and facial recognition technology [3]. - The TAMO mobile care camera and the BS1 commercial cleaning robot showcase the company's innovation in smart home and commercial cleaning solutions [2]. Market Positioning - The company aims to establish itself as a global IoT cloud service provider, leveraging its extensive device connectivity and service capabilities to cater to both consumer and business clients [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is positioned to benefit from the AI and cloud integration strategy, with a focus on developing AI terminals and a comprehensive product matrix that supports revenue growth [2][4]. - The company has launched several innovative products, including the RK3 home service robot and the S10 video call camera, which enhance user interaction and service capabilities [2][3]. - The IoT cloud platform has seen significant growth, with over 250 million devices connected by the end of 2023, indicating strong market penetration and service capability [4]. Financial Projections - Revenue is projected to grow from 4.84 billion in 2023 to 7.87 billion in 2026, with annual growth rates of 12.4%, 13.2%, 17.0%, and 22.7% respectively [5][10]. - Net profit attributable to shareholders is expected to increase from 563 million in 2023 to 960 million in 2026, reflecting growth rates of 68.8%, 1.9%, 25.0%, and 33.8% [5][10]. - Earnings per share (EPS) are forecasted to rise from 0.71 in 2023 to 1.22 in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 56 to 33 [5][10]. Product Development - The company has introduced multiple series of facial recognition video smart locks, leading the industry into a new era of dual-camera and facial recognition technology [3]. - The TAMO mobile care camera and the BS1 commercial cleaning robot showcase the company's commitment to advanced technology and automation in its product offerings [2]. Market Positioning - The company aims to establish itself as a global IoT cloud service provider, leveraging its platform to serve both consumer and business clients effectively [4].

Summary of Conference Call Notes on YingShi Network Company Overview - **Company**: YingShi Network - **Industry**: Smart Home and IoT (Internet of Things) Key Points and Arguments Business Transformation and Strategy - YingShi Network is actively transforming into a new retail model to balance online and offline channels, while expanding its KA (Key Account) channels in Europe [2][4] - The company plans to push for new retail store transformations starting in 2024, aiming for balanced development between online and offline sales [2][3] Financial Performance and Revenue Streams - Online business revenue growth is expected to be strong in Q4 2024 due to favorable policies and e-commerce platform operations [2] - The camera business remains a significant cash flow source, although its growth has slowed due to operator channel contraction [5] - Smart home devices are projected to become the second cash flow business by 2025, with increased focus on profitability assessments for these products [3][5] Product Development and AI Integration - YingShi Network employs a matrix R&D approach, integrating AI functionalities across its product lines, particularly in cameras and smart home devices [4][6] - The Blue Ocean Model enhances hardware and cloud services through edge-cloud collaboration, improving user experience and reducing costs [6] - The company aims to deepen its video visual capabilities and expand into broader IoT applications, providing advanced AI solutions [7] Market Position and Competitive Landscape - The company faces competition from major players like Huawei and Xiaomi, focusing on video and visual technology combined with AI interaction [9] - YingShi Network is learning from competitors' marketing strategies to enhance its market performance [8] Cloud Services and Revenue Structure - The B-end (business) cloud service revenue is growing faster than the C-end (consumer) services, with a balanced revenue structure expected to continue [12][15] - The company’s cloud services are positioned as a PaaS platform, offering flexibility and scalability compared to competitors like Hikvision [15][16] Future Outlook and Innovations - The company is exploring smart wearable devices, with plans to release more products targeting health monitoring for the elderly and children [8] - Innovations in robotic products, including commercial robots and cleaning robots, are expected to contribute to revenue growth [11][12] Challenges and Risks - Short-term profit improvements are not anticipated due to significant supply chain impacts and external uncertainties [19] - The company is managing costs through procurement and inventory management, but overall trends remain influenced by larger market cycles [18] Additional Insights - The average revenue per user (ARPU) has improved due to the introduction of more value-added services, with AI expected to further enhance this metric [13][23] - The company is focused on maintaining a competitive edge through continuous innovation and optimization of its product offerings [9] This summary encapsulates the key insights from the conference call regarding YingShi Network's strategies, market positioning, product development, and financial outlook.

证券代码：688475 证券简称：萤石网络 公告编号：2025-001 杭州萤石网络股份有限公司（以下简称"公司"或"萤石网络"）于 2024 年 10 月 18 日接到公司实际控制人中国电子科技集团（以下简称"电科集团"） 的全资子公司中电科投资控股有限公司（以下简称"电科投资"）关于增持公 司股份计划的通知，基于对公司未来发展前景的信心和对公司价值的认同， 计划自 2024 年 10 月 19 日起 6 个月内，通过上海证券交易所交易系统以集 中竞价、大宗交易等交易所允许的方式增持本公司股份，合计增持金额不低 于人民币 2 亿元（含），不高于人民币 4 亿元（含）。具体内容详见公司于 2024 年 10 月 19 日在上海证券交易所网站（www.sse.com.cn）披露的《萤石 网络关于实际控制人的全资子公司增持公司股份计划的公告》。 增持计划实施进展：截至本公告披露日，本次增持计划时间已过半，受增持 主体资金规划等因素影响，增持主体通过上海证券交易所交易系统以集中竞 价方式累计增持公司股票 1,318,099 股，占公司总股本的 0.1674%，合计增持 金额 39,626,649.92 元（不含交易 ...

中国国际金融股份有限公司 关于杭州萤石网络股份有限公司 部分募投项目延期的核查意见 一、募集资金基本情况 根据上海证券交易所科创板股票上市委员会 2022 年第 46 次审议会议审核同意并 经中国证券监督管理委员会作出的《关于同意杭州萤石网络股份有限公司首次公开发行 股票注册的批复》（证监许可〔2022〕2840 号）同意，公司首次向社会公开发行 11,250 万股股份，发行价格为 28.77 元/股，募集资金总额为 3,236,625,000.00 元，扣除发行费 用后，公司募集资金净额为人民币 3,121,365,252.83 元（不包括发行费用相关增值税进 项税额 ） ， 其 中，计 入 股 本 人 民 币 112,500,000.00 元 ， 计 入资 本 公 积 人 民 币 3,008,865,252.83 元。上述资金到账情况已经德勤华永会计师事务所（特殊普通合伙）出 具的德师报（验）字（22）第 00614 号《验资报告》验证。 为规范本次募集资金的存放、使用与管理，根据《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》《上海证券交易所科创板上市公司自律监管指 引第 1 号 ...

证券代码：688475 证券简称：萤石网络 公告编号：2024-048 杭州萤石网络股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 重要内容提示： 二、使用暂时闲置募集资金进行现金管理的基本情况 （一）投资目的 本次使用暂时闲置募集资金进行现金管理是在确保不影响募集资金投资项 目建设、不变相改变募集资金使用用途、不影响公司正常运营及确保资金安全并 有效控制风险的前提下，为了提高资金使用效率，利用公司闲置募集资金进行现 金管理，以更好地实现公司募集资金的效益，维护公司全体股东的利益。 （二）投资额度及期限 在保证不影响公司募集资金投资计划正常进行的前提下，公司及全资子公司 萤石软件和萤石重庆拟使用最高额度不超过人民币 100,711.07 万元（含本数）的 暂时闲置募集资金进行现金管理，使用期限自公司董事会审议通过之日起 12 个 月内有效。在前述额度及期限范围内，公司及全资子公司萤石软件和萤石重庆可 以循环滚动使用。 （三）投资产品品种 杭州萤石网络股份有限公司（以下简 ...

证券代码：688475 证券简称：萤石网络 公告编号：2024-044 杭州萤石网络股份有限公司 第二届董事会第六次会议决议公告 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。 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"）第二届董事会第六次会议， 于2024年12月17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12月20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《关于部分募投项目延期 的议案》 本次部分募投项目延期是公司根据募投项目实施的实际情况而做出的谨慎 决定，有利于保证募投项目的建设成果更好地满足公司发展规划的要求。本次募 投项目延期事项仅涉及募投项目达到预定可使用状态时间的变化，未改变募投项 目的投资内容、投资总额、实施主体，不会对募投项目的实施造成实质性的影响， 不存在改变或变相改变募集资金用 ...

本次股票上市流通日期为 2024 年 12 月 30 日。 一、本次上市流通的限售股类型 证券代码：688475 证券简称：萤石网络 公告编号：2024-049 杭州萤石网络股份有限公司 首次公开发行战略配售限售股上市流通公告 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： 本次股票上市类型为首发战略配售股份（限售期 24 个月）；股票认购方式 为网下，上市股数为 4,725,000 股。本公司确认，上市流通数量等于该限售 期的全部战略配售股份数量。 本次股票上市流通总数为 4,725,000 股。 根据中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意 杭州萤石网络股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕2840 号），同意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 公开发行股票的注册申请。公司首次向社会公众公开发行人民币普通股（A 股）股 票 112,500,000 股，并于 2022 年 12 月 28 日在上海证券交易所科创板上市，发行 完成后 ...