Roborock(SH:688169) Nan Fang Du Shi Bao·2025-06-09 09:50Core Viewpoint - The company, Stone Technology, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global brand recognition and competitiveness, optimize its capital structure, and expand financing channels amid improving US-China trade relations [1][4]. Group 1: Company Overview - Stone Technology was established in July 2014 in Beijing, focusing on the design, research, production, and sales of smart hardware, primarily smart vacuum cleaners and other intelligent appliances [4]. - The company became the first stock of smart vacuum cleaners in the A-share market after listing on the Sci-Tech Innovation Board in February 2020 [4]. Group 2: Financial Performance - In 2024, Stone Technology reported a revenue of 11.945 billion yuan, a year-on-year increase of 38.03%, but a net profit attributable to shareholders of 1.977 billion yuan, a decrease of 3.64% [4]. - The company's operating costs surged by 49.38% to 5.956 billion yuan, attributed to increased sales revenue and rising tariff costs [4]. - In Q1 2025, the company achieved a revenue of 3.428 billion yuan, a significant year-on-year increase of 86.22%, while the net profit decreased by 29.28% to 242 million yuan due to higher sales and R&D expenses [5]. Group 3: Market Dynamics - The overseas market is crucial for Stone Technology, with significant sales in North America, Europe, and the Asia-Pacific region, particularly in the US [5]. - In 2024, the company's overseas revenue reached 6.677 billion yuan, but the gross margin decreased by 6.74 percentage points, significantly more than the 1.56 percentage point decline in domestic revenue gross margin [5]. Group 4: Shareholder Structure - As of Q1 2025, the chairman and general manager, Chang Jing, holds 21.03% of the company's shares, while other top ten shareholders hold no more than 5% each [7]. - Notably, major shareholders from the Xiaomi ecosystem have reduced their stakes, with Tianjin Jinmi's holding dropping from 4.49% to 2.93% [7]. Group 5: Stock Performance and Investor Sentiment - Following the increase in tariffs by the US, Stone Technology's stock price fell significantly, dropping 25.79% from 247.40 yuan to 183.60 yuan between April 2 and April 16 [6]. - However, with the recent easing of US-China trade relations, the stock price rebounded to 220.25 yuan by June 9, resulting in a market capitalization of 40.714 billion yuan [6].