杭州萤石网络股份有限公司 关于与中国电子科技财务有限公司开展金融服务业务的 风险处置预案 第一章 总则 领导小组负责组织开展金融业务风险的防范和处置工作，由财务部具体负责 对财务公司日常监督与管理工作，并及时向领导小组反映情况，以便领导小组按 本预案防范和处置风险。 第三条 风险处置机构职责 （一）领导小组统一领导金融业务风险的应急处置工作，全面负责在财务公 司金融业务风险的防范和处置工作。 （二）公司财务部等有关部门按照职责分工，积极筹划落实各项防范风险措 施，相互协调，共同控制和化解风险。 （三）工作组应督促财务公司及时提供相关信息，关注财务公司经营情况， 并从中国电子科技集团有限公司成员单位或监管部门及时了解信息，做到信息监 第一条 为有效防范、及时控制和化解杭州萤石网络股份有限公司（以下简 称"萤石网络"或"公司"）及下属子公司在中国电子科技财务有限公司（以下 简称"财务公司"）开展金融业务的风险，保障资金安全，根据《企业集团财务 公司管理办法》《关于规范上市公司与企业集团财务公司业务往来的通知（证监 发[2022]48 号）》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》等有关 ...

杭州萤石网络股份有限公司 2024 年度独立董事述职报告（陈俊） 作为杭州萤石网络股份有限公司（以下简称"公司"）的独立董事，2024 年我按照《公司法》《上市公司治理准则》《上海证券交易所科创板股票上市规则》 《上市公司独立董事管理办法》等法律法规，以及《杭州萤石网络股份有限公司 章程》（以下简称"《公司章程》"）《杭州萤石网络股份有限公司独立董事工作制 度》等内部制度的有关规定和要求，认真负责、忠实勤勉地履行独立董事的义务 和职责，积极出席会议，认真审议会议各项议案，充分发挥专业优势和独立作用， 努力维护并有效保障了公司全体股东尤其是中小股东的合法权益。 现将本人 2024 年度的主要工作情况报告如下： 一、2024 年度独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 本人陈俊，厦门大学会计学博士研究生学历，浙江大学工商管理（会计学） 博士后、教授。本人于 2019 年 3 月至今，任浙江大学管理学院财务与会计系主 任、教授、博士生导师，浙江大学财务与会计研究所所长、浙江大学全球创业研 究中心副主任、浙江大学全球浙商研究院上市公司研究中心主任、浙江省总会计 师协会副会长。2021 年 6 月至 ...

杭州萤石网络股份有限公司 2024 年度独立董事述职报告（方刚） 作为杭州萤石网络股份有限公司（以下简称"公司"）的独立董事，2024 年我按照《公司法》《上市公司治理准则》《上海证券交易所科创板股票上市规则》 《上市公司独立董事管理办法》等法律法规，以及《杭州萤石网络股份有限公司 章程》（以下简称"《公司章程》"）《杭州萤石网络股份有限公司独立董事工作制 度》等内部制度的有关规定和要求，认真负责、忠实勤勉地履行独立董事的义务 和职责，积极出席会议，认真审议会议各项议案，充分发挥专业优势和独立作用， 努力维护并有效保障了公司全体股东尤其是中小股东的合法权益。 现将本人 2024 年度的主要工作情况报告如下： 一、2024 年度独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 本人方刚，浙江大学管理科学与工程博士、瑞士洛桑大学信息系统博士研究 生学历，教授。本人于 2011 年 4 月至今，任杭州协睿企业管理咨询有限公司董 事；2011 年 11 月至今，任杭州正蓝图文制作有限公司监事；2015 年 11 月至今， 任杭州佰米智能科技发展有限公司董事；2019 年 11 月至今，任睿华创新管理研 究院 ...

Core Insights - The company reported a revenue of 1.38 billion yuan for Q1 2025, representing a year-on-year growth of 11.59% [1] - The net profit for the same period was 138 million yuan, showing a year-on-year increase of 10.42% [1] Financial Performance - Revenue for Q1 2025: 1.38 billion yuan, up 11.59% year-on-year [1] - Net profit for Q1 2025: 138 million yuan, up 10.42% year-on-year [1]

Core Insights - The company is transitioning into the AI+ era with a dual focus on smart home products and cloud platform services, establishing itself as a leading provider in the domestic smart home solutions and IoT cloud platform market [1] Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 3.963 billion yuan, representing a year-on-year growth of 12.93%, while the net profit attributable to shareholders was 375 million yuan, down 6.69% year-on-year [1] - The company's cloud platform business accounted for nearly 20% of total revenue by the first half of 2024, with a gross margin of 76%, significantly higher than that of smart home products [2] - Revenue projections for 2024-2026 are estimated at 5.515 billion yuan, 6.378 billion yuan, and 7.349 billion yuan respectively, with net profits of 573 million yuan, 710 million yuan, and 886 million yuan [3] Group 2: Market Position and Strategy - The company has established a strong product matrix and intelligent cloud platform, creating ecological barriers that enhance its market position [2] - The company ranks first globally in consumer camera shipments as of the first half of 2024, benefiting from its technological advantages in audio-visual AI algorithms and a robust supply chain [2] - The development of AI technology and new demand is expected to further enhance the number of paid users and average revenue per user (ARPU) on the cloud platform [2] Group 3: Future Outlook - The company anticipates greater growth potential as it expands its ecosystem and responds to downstream demand [1] - The overseas business accounted for approximately 33% of total revenue in the first half of 2024, with a year-on-year growth rate of 30%, indicating a strong potential for overall performance growth [2] - The company is positioned to benefit from a relatively low valuation compared to peers, with a buy rating assigned for its future growth prospects [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company is positioned as a leader in the smart home sector, leveraging a dual business model of "smart home + cloud platform" to enter the AI+ era [1][13]. - The smart home market presents vast opportunities, with AIoH (AI of Things) becoming a focal point for future development [2][34]. - The company's product matrix and intelligent cloud platform create ecological barriers, with AI expected to enhance ARPU (Average Revenue Per User) [3][40]. Summary by Sections Company Overview - The company, originally part of Hikvision's internet business center, has evolved into a leading provider of smart home solutions and IoT cloud services since its inception in 2013 [1][13]. Business Model and Growth - The company has established a "2+5+N" ecosystem, focusing on AI and cloud services, and offers a tiered payment model to cater to diverse consumer needs [20]. - Revenue has shown stable growth, with a reported operating income of 39.63 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 12.93% [25]. Market Potential - The smart home market is characterized by the integration of various technologies to create efficient residential management systems, with a shift towards products that can operate autonomously [34]. Product and Technology Advantages - The company benefits from Hikvision's technological heritage, maintaining a leading position in audio-visual AI algorithms and a robust supply chain management system [3][41]. - The cloud platform has become a significant revenue source, accounting for nearly 20% of total income with a gross margin of 76% [3][45]. Financial Projections - Projected revenues for 2024-2026 are estimated at 55.15 billion, 63.78 billion, and 73.49 billion yuan, respectively, with corresponding net profits of 5.73 billion, 7.10 billion, and 8.86 billion yuan [4][5].

证券代码：688475 证券简称：萤石网络 公告编号：2025-003 杭州萤石网络股份有限公司 关于实际控制人的全资子公司增持 公司股份进展的公告 本公司董事会、全体董事及相关股东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"或"萤石网络"）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"），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 2025 年 2 月 27 日收盘，电科投资通过上海证券交 易所交易系统以 ...

Investment Rating - The investment rating for the company is "Buy" [4][6][8] Core Views - The company is driven by AI and cloud platform initiatives, with a focus on accelerating the deployment of smart home hardware [2][5] - Revenue is projected to grow steadily, with expected figures of 54.42 billion yuan in 2024, 62.18 billion yuan in 2025, and 70.12 billion yuan in 2026, reflecting a compound annual growth rate [2][6] - The company is currently in a growth phase, investing heavily in marketing and channel expansion, which is anticipated to enhance profitability in the future [6][7] Financial Projections - Main revenue figures (in billion yuan): - 2022A: 43.06 - 2023A: 48.40 - 2024E: 54.42 - 2025E: 62.18 - 2026E: 70.12 [2][7] - Net profit attributable to shareholders (in billion yuan): - 2022A: 3.33 - 2023A: 5.63 - 2024E: 5.04 - 2025E: 6.07 - 2026E: 7.60 [2][7] - Earnings per share (EPS) projections: - 2022A: 0.42 - 2023A: 0.71 - 2024E: 0.64 - 2025E: 0.77 - 2026E: 0.97 [2][7] Market Position and Strategy - The company is focusing on expanding its smart home ecosystem, with key products including smart cameras, smart locks, and service robots [5][6] - The smart camera segment is expected to recover due to policy support and promotional events, while the smart lock segment is experiencing significant growth in both domestic and international markets [4][5] - The company is leveraging user behavior data to enhance its service offerings, creating a more integrated experience for consumers [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [4][8]. Core Insights - The company is experiencing robust revenue growth driven by AI and cloud platform services, with projected revenues of CNY 54.42 billion in 2024, representing a year-on-year increase of 12.41% [4][6]. - Despite revenue growth, net profit is expected to decline by 10.52% year-on-year to CNY 5.04 billion in 2024, primarily due to increased expenses [4][6]. - The company is actively expanding its market presence and product categories, which has led to higher marketing expenditures, but this is anticipated to enhance profitability in the long run [6]. Financial Projections - Revenue projections for the company are as follows: CNY 54.42 billion in 2024, CNY 62.18 billion in 2025, and CNY 70.12 billion in 2026 [4][7]. - Net profit estimates are CNY 5.04 billion for 2024, CNY 6.07 billion for 2025, and CNY 7.60 billion for 2026 [4][7]. - Earnings per share (EPS) are projected to be CNY 0.64 in 2024, CNY 0.77 in 2025, and CNY 0.97 in 2026 [4][7]. Business Strategy and Market Position - The company is focusing on enhancing its full-home smart ecosystem, with significant growth in smart camera and smart door lock segments [4][5]. - The smart camera segment, despite facing challenges, is expected to recover due to policy support and promotional events [4][5]. - The company is also expanding its offerings in the service robot market, targeting both consumer and business applications, which shows promising growth potential [4][5].

Company and Industry Summary Industry or Company Involved - The discussion primarily revolves around the robotics and smart home technology industry, with a focus on AI companion robots, cleaning robots, and smart home devices such as smart locks and cameras. Core Points and Arguments 1. **Marketing and Brand Influence**: The company emphasizes the importance of marketing investments in building brand influence, noting that while marketing expenses for new products are significant, the gross margins remain strong, indicating a competitive advantage in the market [1] 2. **AI Companion Robots**: There is a growing interest in AI companion robots, with the company acknowledging its current limited layout in this area but expressing plans for future development, particularly with products like the desktop robot "阿K" [2][3] 3. **Commercialization of Robots**: The company notes that while there is high visibility for companion robots at exhibitions, their commercialization is still in the exploratory phase, with ongoing development of AI capabilities and integration of new technologies [3] 4. **B2B Testing Feedback**: Positive feedback has been received from B2B testing, particularly in commercial areas, indicating a successful collaboration with partners like 海康 [4] 5. **Market Performance**: The company reports that the cleaning robot segment is performing well, especially in Europe, which is identified as a significant market for vacuum robots, while the North American market remains challenging due to restrictions [5] 6. **Cloud Services Growth**: The cloud services segment is experiencing faster growth compared to overall business, with expectations for continued expansion in 2024, although there are concerns about potential slowdowns in certain areas [6][7] 7. **AI Integration**: The integration of AI capabilities into products is seen as a major trend, with the company focusing on enhancing product capabilities and user interaction through AI [8][9] 8. **C-end Value-added Services**: The growth of C-end value-added services is attributed to multiple factors, including service composition and user engagement, with expectations for improved profitability as scale effects kick in [11][13] 9. **Smart Wearable Products**: The company is exploring smart wearable products that enhance user interaction with home devices, leveraging video and AI technologies [15][16] 10. **Online Sales Channels**: There is a notable increase in online sales in the domestic market, with e-commerce accounting for over 40% of sales, while overseas growth is slower due to varying market conditions [17][19] 11. **Global Expansion Strategy**: The company is actively expanding its overseas presence, particularly in emerging markets like Southeast Asia and developed markets such as Australia and New Zealand, with plans to increase revenue contributions from these regions [20] 12. **Cost Management**: The company anticipates a slight improvement in expense ratios in Q4, although marketing expenses remain high due to promotional activities [21] Other Important but Possibly Overlooked Content - The company is focusing on a balanced approach to product development, ensuring that hardware and software teams collaborate effectively to enhance cloud service contributions [10] - The discussion highlights the importance of adapting strategies to different regional markets, particularly in overseas expansions, to align with local consumer behaviors and preferences [18]