460亿“扫地茅”，又要IPO了

Core Viewpoint - The article discusses the upcoming IPO of Stone Technology on the Hong Kong Stock Exchange, highlighting its significance in the smart hardware sector and the broader trend of A-share companies seeking dual listings in Hong Kong [2][13]. Company Overview - Stone Technology, founded in 2014 by Chang Jing and his team, has become a leader in the global robotic vacuum cleaner market, achieving a market capitalization of over 460 billion yuan [2][3][6]. - The company transitioned from being a manufacturer for Xiaomi to establishing its own brand, significantly increasing its independent revenue from 10% to 90% within three years [6][10]. Financial Performance - In Q1 2025, Stone Technology reported a revenue of 3.428 billion yuan, a year-on-year increase of 86%, but net profit decreased by 32.92% to 267 million yuan [7][10]. - The overall gross margin fell to 45.48%, a decline of 11.02 percentage points year-on-year, indicating pressure on profitability despite revenue growth [8][10]. Market Dynamics - The global smart cleaning market has become increasingly competitive, with significant price pressures from both domestic and international competitors [10][11]. - Stone Technology holds a 57% market share in the North American high-end vacuum cleaner segment, while the European market has seen a growth rate of 120% [7][10]. Strategic Moves - The upcoming dual listing in Hong Kong is seen as a strategic move to tap into international capital and enhance the company's global presence [15][18]. - Approximately 40% of the funds raised from the IPO will be allocated to building a global after-sales service network, which includes establishing repair centers in 15 countries [17]. Industry Trends - The article notes a shift in the smart cleaning industry towards more advanced technologies, with Stone Technology investing in AI and robotics to maintain its competitive edge [17]. - The trend of A-share companies seeking listings in Hong Kong reflects a broader need for Chinese firms to engage in global capital operations amid changing market conditions [18].