Roborock(SH:688169) Nan Fang Du Shi Bao·2025-07-02 13:32Core Viewpoint - Stone Technology has officially submitted its application for a Hong Kong IPO, aiming to raise funds for international business expansion, brand awareness enhancement, R&D capability strengthening, and overseas production capacity investment [2][4]. Group 1: Financial Performance - In 2024, Stone Technology reported a revenue of 11.945 billion yuan, a year-on-year increase of 38.03%, but the net profit attributable to shareholders decreased by 3.64% to 1.977 billion yuan [2]. - The company's operating costs surged by 49.38% from 3.987 billion yuan to 5.956 billion yuan, primarily due to increased sales revenue and rising tariff costs [2]. - In Q1 2025, revenue reached 3.428 billion yuan, a significant year-on-year increase of 86.22%, while net profit fell by 29.28% to 242 million yuan [3]. Group 2: Sales and Marketing Expenses - Advertising and marketing expenses have risen significantly, from 833 million yuan in 2022 to 1.923 billion yuan in 2024, accounting for 16.1% of total revenue [3]. - In Q1 2025, sales expenses reached 951 million yuan, representing 27.7% of total revenue, indicating a continued increase in marketing investments [3]. Group 3: International Expansion and Brand Awareness - The company plans to enhance brand visibility and audience conversion through multi-channel marketing activities and expand global direct sales and distribution channels [4]. - Stone Technology aims to increase the scale of its self-operated e-commerce stores and improve operational capabilities in key markets such as the U.S., Europe, and Asia-Pacific [4]. Group 4: Geopolitical Risks and Overseas Production - Geopolitical risks, particularly related to U.S.-China trade tensions, pose significant challenges for Stone Technology, with overseas sales primarily targeting North America, Europe, and Asia-Pacific [5][6]. - The company reported that overseas revenue in 2024 was 6.677 billion yuan, with a notable decline in gross margin due to increased tariff costs [5]. - To mitigate geopolitical risks, Stone Technology is exploring overseas production to enhance supply chain resilience and reduce reliance on domestic manufacturing [6].