400亿，“扫地茅”又要IPO了

Core Viewpoint - Stone Technology is set to go public again on the Hong Kong Stock Exchange, following its successful listing on the STAR Market in 2020, with a focus on enhancing its global brand recognition and capital structure [1][5]. Financial Performance - Stone Technology reported revenues of RMB 66.11 billion, RMB 86.39 billion, and RMB 119.18 billion for the years 2022, 2023, and 2024 respectively, with net profits of RMB 11.84 billion, RMB 20.51 billion, and RMB 19.77 billion for the same years [1][2]. - In Q1 2025, the company achieved revenue of RMB 34.28 billion, marking an 86.22% year-on-year increase [3]. Market Position - Stone Technology is the leading brand in the Chinese smart vacuum cleaner market, with a market share of 23.4% in GMV and 16.7% in sales volume as of 2024 [3][5]. - The company has expanded its global presence, with products sold in over 170 countries and regions, and a significant increase in global sales of smart vacuum cleaners from approximately 224.6 million units in 2022 to about 344.9 million units in 2024, reflecting a compound annual growth rate of 24.9% [2][5]. Research and Development - In 2024, Stone Technology invested RMB 9.71 billion in R&D, a 56.93% increase from the previous year, with a workforce of 1,043 in the R&D team, accounting for 40.74% of total employees [2]. - The company launched several new products in 2024, including the P20 Pro and G20S Ultra vacuum cleaners, which feature innovative technologies and improved cleaning capabilities [2]. International Revenue Growth - The company reported a 51.06% year-on-year increase in overseas revenue, which reached RMB 63.88 billion, surpassing domestic revenue for the first time [5]. - The primary markets for smart vacuum cleaners include China, the USA, Japan, South Korea, and Germany, collectively accounting for about 65% of the global market share [5]. Industry Trends - The global smart home cleaning products market is projected to grow from USD 6 billion in 2020 to USD 15.1 billion in 2024, with a compound annual growth rate of 25.8% [6]. - The smart vacuum cleaner segment is expected to reach USD 25.2 billion by 2029, with a compound annual growth rate of 22.0% from 2024 to 2029, indicating strong growth potential [6]. Competitive Landscape - The smart vacuum cleaner industry is facing increased competition and price wars, with many products seeing significant price reductions [7]. - Stone Technology is exploring new growth avenues by expanding into overseas markets and diversifying its product offerings to maintain its competitive edge [7].