Roborock(SH:688169) Sou Hu Cai Jing·2025-07-30 05:53Core Viewpoint - Stone Technology, once hailed as a leading tech company in A-shares, is now at a critical juncture, facing significant challenges including a sharp decline in market value and controversies surrounding its founder's actions [1][4]. Group 1: Company Background and Market Position - Stone Technology was founded in 2014 by Chang Jing, leveraging a deep partnership with Xiaomi, which helped it launch the successful "Mijia Robot Vacuum" [2]. - The company went public on the STAR Market in 2020, reaching a historical peak in stock price, but has since seen its market value shrink by nearly 60% [2][4]. Group 2: Financial Performance - Despite a continuous increase in revenue, the company is experiencing a decline in profitability, with a 3.64% drop in net profit and an 11.26% decrease in net profit excluding non-recurring items in 2024 [2]. - In Q1 2025, revenue grew by 86% year-on-year, but net profit fell sharply by 32.92%, highlighting the pressure on profitability due to rising marketing costs and fluctuating gross margins [2]. Group 3: Challenges and Controversies - The company is facing intense competition in the vacuum cleaner market, alongside losses and layoffs in its washing machine business and poor sales in its electric vehicle project [1][5]. - Chang Jing's controversial stock sell-off, totaling nearly 900 million yuan, has sparked public outrage and damaged both his personal reputation and the company's image [4]. - The diversification into electric vehicles and washing machines has not met expectations, leading to further scrutiny of the company's strategic focus [4][5]. Group 4: Future Prospects - Stone Technology has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming to seek new funding avenues for its global strategy and potential value re-evaluation [1][4]. - The success of this IPO remains uncertain, given the current market sentiment and the company's ongoing challenges [5].