Roborock(SH:688169) Sou Hu Cai Jing·2025-06-09 12:42Core Viewpoint - Stone Technology plans to list on the Hong Kong Stock Exchange to enhance its international strategy and raise funds for business expansion, product development, and operational needs [1][3]. Group 1: Company Overview - Stone Technology announced its intention to issue and list on the main board of the Hong Kong Stock Exchange, appointing Ernst & Young for the H-share issuance and listing audit [3]. - The company was first publicly listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on February 21, 2020, with Chang Jing as the largest shareholder, holding 21.03% of the total share capital as of March 31, 2025 [3]. - The main business of Stone Technology includes the design, research and development, production, and sales of smart hardware, primarily focusing on smart vacuum cleaners, washing machines, and other smart appliances [3]. Group 2: Financial Performance - In 2022, the company achieved a revenue of 6.629 billion yuan, a year-on-year increase of 13.56%, with a net profit of 1.183 billion yuan. In 2023, revenue rose to 8.654 billion yuan, up 30.55%, with a net profit of 2.051 billion yuan [6]. - For 2024, the projected revenue is 11.945 billion yuan, reflecting a growth of 38.03%, while the net profit is expected to be 1.977 billion yuan [6]. - The Q1 2024 report indicated a revenue of 3.428 billion yuan, a significant year-on-year increase of 86.22%, although net profit decreased by 32.92% [6]. Group 3: Market Strategy and Position - Stone Technology has increased its marketing expenditures significantly, with sales expenses reaching 680 million yuan in Q3 2024, representing a year-on-year increase of 55% and a quarter-on-quarter increase of 135% [7]. - The company maintains a leading position in product innovation, introducing features such as dual mechanical arm mop modules and chassis lifting functions [7]. - In 2024, Stone Technology's domestic revenue was 5.531 billion yuan, a year-on-year increase of 25.39%, while overseas revenue reached 6.388 billion yuan, up 51.06%, indicating that overseas business now exceeds domestic revenue [7]. Group 4: Market Context and Considerations - The decision to list in Hong Kong is influenced by the favorable market outlook and the significant share of overseas business, which has a solid user and investor base [7]. - The Hong Kong market's high degree of internationalization and relatively free capital flow aligns well with Stone Technology's business model [7].