Roborock(SH:688169) Shen Zhen Shang Bao·2025-09-16 03:38Core Insights - Beijing Stone Technology Co., Ltd. (Stone Technology) is preparing for a Hong Kong IPO and has received feedback from the China Securities Regulatory Commission (CSRC) regarding the need for additional documentation related to overseas issuance and data security concerns [1] Group 1: Regulatory Feedback - The CSRC has requested Stone Technology to clarify its business scope, particularly regarding its value-added telecommunications services and whether it complies with the 2024 Negative List for foreign investment [1] - The company must provide details on its websites, apps, and mini-programs, including the scale of user data collection and storage, and measures for data protection before and after the IPO [1] - There is a need to explain inconsistencies in the identification of the controlling shareholder and provide a conclusive legal opinion on this matter [1] Group 2: Financial Performance - Stone Technology has experienced continuous revenue growth since its 2020 listing, with annual revenue increasing from 4.53 billion to 11.94 billion from 2020 to 2024, achieving a doubling of scale [2] - Despite revenue growth, the company reported a decline in net profit for 2024, with a net profit of 1.977 billion, down 3.64% year-on-year, and a non-recurring net profit of 1.620 billion, down 11.26% [2] - In the first half of 2025, revenue reached 7.903 billion, a year-on-year increase of 78.96%, but net profit fell by 39.55% to 678 million, with a significant drop in cash flow from operating activities to -823 million [2] Group 3: Customer Complaints - There has been a continuous stream of complaints on the Black Cat Complaint platform regarding Stone Technology, primarily related to product quality issues such as cleaning efficiency and path navigation, as well as after-sales service challenges like repair difficulties and refusal to replace products [3]