Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 38.90 CNY [2][8]. Core Views - The company achieved a revenue of 2.83 billion CNY in H1 2025, representing a year-over-year increase of 9.5%. The net profit attributable to the parent company was 300 million CNY, up 7.4% YoY [2][8]. - The smart door lock products showed strong performance, with significant growth attributed to the upgrade from facial recognition locks to AI smart locks, enhancing product competitiveness [2][8]. - The overseas market is expanding, with revenue from international channels reaching 1.06 billion CNY, a 25.4% increase YoY, driven by the development of various distribution channels [2][8]. Financial Summary - For 2025, the company is projected to have total revenue of 6.15 billion CNY, with a growth rate of 13.0% [4]. - The net profit for 2025 is estimated at 585 million CNY, reflecting a growth rate of 16.0% [4]. - The earnings per share (EPS) for 2025 is forecasted to be 0.74 CNY, with a price-to-earnings (P/E) ratio of 48 [4][8]. - The gross margin for H1 2025 was 43.6%, slightly up by 0.2 percentage points YoY, with the smart home product segment contributing to this increase [2][8]. Business Performance - The smart home products and IoT cloud platform generated revenues of 2.26 billion CNY and 550 million CNY respectively, with growth rates of 8.9% and 12.2% YoY [2][8]. - The smart home camera and smart entry products achieved revenues of 1.55 billion CNY and 440 million CNY, with growth rates of 7.2% and 33.0% YoY [2][8]. - The company’s marketing expenses increased, leading to a slight decline in net profit margin to 11.4% in Q2 2025, down 0.3 percentage points YoY [2][8].

Core Insights - The visual doorbell industry is rapidly growing, driven by increasing consumer demand for home security and convenience, with the market size in China projected to grow from 1.5 billion yuan in 2018 to 4.38 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 19.6% [1][10] Industry Overview - Visual doorbells, also known as electronic cat eyes, integrate advanced technologies such as high-definition cameras, smart recognition, and wireless communication, enhancing home security and user convenience [2] - The product is widely used in various settings, including homes, offices, and hotels, and serves as an upgrade to traditional optical cat eyes by providing monitoring capabilities [2] Policy Influence - Recent government policies in China are promoting the development of smart security, with visual doorbells being a key component. Policies include promoting smart security and enhancing community service levels [4][5] - Regulations are in place to ensure that the installation of image capture devices does not infringe on public safety or personal privacy [4] Industry Chain - The visual doorbell industry consists of an upstream supply chain involving materials like metals, plastics, chips, sensors, and displays, a midstream manufacturing segment, and a downstream sales channel including e-commerce platforms and retail stores [6] Market Trends - The global shipment of visual doorbells is expected to reach 25.9 million units by 2024, reflecting a year-on-year increase of 29.5% [8] - The market is primarily concentrated in regions such as Europe, North America, China, Japan, and South Korea, with Europe being the largest consumer market [8] Competitive Landscape - Major global players like Ring, Nest, and Arlo dominate the market, with Ring holding over 60% market share. In China, brands like Hikvision, Xiaomi, and Anjubao are competing effectively, although no single brand has achieved absolute dominance [12] Future Development Trends - The demand for visual doorbells is expected to continue growing due to urbanization, the proliferation of smart home products, and increasing consumer safety concerns [19] - The integration of artificial intelligence will enhance the smart recognition capabilities of visual doorbells, allowing for more accurate identification of visitors and potential intruders [20] - Visual doorbells will increasingly integrate with other smart home devices, creating a more seamless and automated home environment [22]

Core Points - The company has elected Wang Dan as the employee representative director for the second board of directors, with her term starting from the approval date of the employee representative assembly [1][3] - The second board of directors' ninth meeting was held on August 18, 2024, where the board confirmed the election of the chairman as the representative director and the audit committee members [4][7][8] - The company reported a revenue of 282,748.51 million RMB for the first half of 2025, representing a year-on-year growth of 9.45%, and a net profit of 30,244.56 million RMB, up 7.38% [26] - The company has a strong focus on technology innovation, with 1,412 R&D personnel, accounting for 31.15% of total employees, and R&D expenses of 42,275.68 million RMB, which is 14.95% of revenue [34] Company Governance - The company held an employee representative assembly on August 18, 2025, to elect Wang Dan as the employee representative director [1] - The second board of directors' ninth meeting confirmed the election of the chairman as the representative director and the audit committee members [4][7][8] Financial Performance - The company achieved a revenue of 282,748.51 million RMB in the first half of 2025, a 9.45% increase year-on-year [26] - The net profit for the same period was 30,244.56 million RMB, reflecting a growth of 7.38% [26] - The cash flow from operating activities increased by 911% compared to the previous year, amounting to 32,992.25 million RMB [26] R&D and Innovation - The company has 1,412 R&D personnel, representing 31.15% of its total workforce, with R&D expenses of 42,275.68 million RMB, which is 14.95% of its revenue [34] - The company focuses on visual perception technology and has expanded into smart robotics and AI technologies [34][35] Market Position and Strategy - The company is positioned as a leader in the smart home market, with a focus on safety, convenience, and health for users [29] - The company has established a dual-core business model combining smart home products and IoT cloud platform services [28][30]

Group 1 - The company announced that it will hold a staff representative assembly on August 18, 2025 [2] - The assembly will discuss and vote on the election of the second board of directors' staff representative director [2] - Wang Dan has been elected as the staff representative director for the second board of directors [2] Group 2 - Wang Dan will join the current non-staff representative directors to form the second board of directors [2] - The term of the newly elected director will last until the end of the second board's term [2]

Group 1 - The company announced the convening of its first extraordinary general meeting of shareholders in 2025 on August 18, 2025 [2] - The meeting approved several proposals, including the cancellation of the supervisory board, adjustment of the board of directors' size, and amendments to the articles of association along with business registration changes [2]

Group 1 - The company, Yingzi Network, announced the approval of two key resolutions during the ninth meeting of its second board of directors [2] - The resolutions include the election of a director to represent the company in executing company affairs [2] - The resolutions also confirm the members and the convener of the board's audit committee [2]

附件：王丹女士简历 王丹女士担任职工代表董事后，公司董事会中兼任公司高级管理人员以及由 职工代表担任的董事人数总计未超过公司董事总数的二分之一。 特此公告。 杭州萤石网络股份有限公司 董事会 证券代码：688475 证券简称：萤石网络 公告编号：2025-030 杭州萤石网络股份有限公司 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、准确性和完整性承担法律责任。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易 所科创板股票上市规则》等法律法规、规范性文件和《杭州萤石网络股份有限公 司章程》 （以下简称"《公司章程》"）的相关规定，杭州萤石网络股份有限公司 （以下简称"公司"）于 2025 年 8 月 18 日召开职工代表大会，会议经民主讨论、 表决，审议通过了《关于选举公司第二届董事会职工代表董事的议案》，同意选 举王丹女士为公司第二届董事会职工代表董事（简历详见附件）。王丹女士将与 公司现任非职工代表董事共同组成公司第二届董事会，任期自本次职工代表大会 审议通过之日起至第二届董事会任期届满之日止。 王丹女士，1977 年 4 月 ...

Core Viewpoint - The report outlines the ongoing supervisory work conducted by China International Financial Co., Ltd. for Hangzhou Yingshi Network Co., Ltd. after its IPO, emphasizing compliance with regulations and the company's operational performance [1][2][3]. Group 1: Supervisory Work - The sponsor has established a comprehensive and effective supervisory work system and developed corresponding work plans for ongoing supervision [1]. - A continuous supervision agreement has been signed between the sponsor and the company, clarifying the rights and obligations of both parties during the supervision period [1][2]. - The sponsor conducts ongoing supervision through daily communication, regular or irregular visits, on-site inspections, and due diligence [1]. Group 2: Compliance and Governance - The sponsor has verified the design, implementation, and effectiveness of the company's internal control systems, ensuring compliance with relevant regulations [3]. - The company is urged to strictly adhere to information disclosure requirements, and the sponsor reviews disclosure documents to ensure they do not contain false records or misleading statements [3][4]. Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of 282,748.51 million RMB, a 9.45% increase from the previous year [12]. - The net profit attributable to shareholders was 30,244.56 million RMB, reflecting a 7.38% year-on-year growth [12]. - The net cash flow from operating activities reached 32,992.25 million RMB, a significant increase of 911.00% compared to the previous year [12]. Group 4: Core Competitiveness - The company maintains strong core competitiveness, focusing on visual perception technology and AI-driven IoT services [13][14]. - The company has developed a dual-core business model of "smart home + IoT cloud platform services," establishing a comprehensive service capability [13]. - The company has launched a new line of smart wearable products, enhancing its core AI product matrix [14]. Group 5: Risk Factors - The company faces risks related to consumer demand, technological innovation, and competition within the smart home and IoT sectors [6][7][8]. - The company is exposed to operational risks due to reliance on key components like integrated circuits, which are critical for smart home products [8][9]. - Global geopolitical uncertainties may impact the company's international operations and market expansion [9][10]. Group 6: Fund Utilization - The company raised 3,236,625,000.00 RMB through its IPO, with 2,453,710,490.74 RMB utilized by June 30, 2025 [17][18]. - The remaining funds are managed in a dedicated account, ensuring compliance with regulatory requirements [18][19]. - The company has adhered to its fundraising management system, ensuring proper use and disclosure of funds [18].

Group 1 - The second board meeting of Hangzhou Yingshi Network Co., Ltd. was held on August 18, 2024, with all 8 directors present, complying with legal and regulatory requirements [1] - The board unanimously elected Chairman Jiang Haiqing as the representative director to execute company affairs, with the term lasting until the end of the second board's term [1] - The election did not result in any changes to the company's legal representative [1] Group 2 - The board confirmed the members and the convener of the audit committee, consisting of Chen Jun, Ge Weijun, and Jin Yan, with Chen Jun serving as the convener [2] - The term for the audit committee members is set from the date of this board meeting until the end of the second board's term [2]

| 股东类型 | | 同意 | | 反对 | | 比例 | 弃权 | 比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | 比例（%） | 票数 | | | | 票数 | | | | | | | （%） | | | （%） | | 普通股 | | 634,797,294 | 99.7974 | 1,285,894 | 0.2022 | 2,934 | | 0.0005 | （二） 关于议案表决的有关情况说明 本次股东大会会议议案 1 为特别决议议案，已经出席本次会议有表决权的股 东所持表决权股份总数三分之二以上通过；议案 2 为普通决议议案，已经出席本 次会议有表决权的股东所持表决权股份总数过半数以上通过。 | 证券代码：688475 证券简称：萤石网络 公告编号：2025-029 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 杭州萤石网络股份有限公司 | | | | | | | | | | 本公司董事会及全体董事保 ...