昌敬套现9亿转身，“扫地茅”褪色！石头科技港股IPO能否破局中年危机？

Core Viewpoint - Stone Technology, once a leading player in the sweeping robot market, is facing a mid-life crisis characterized by significant stock price decline, shareholder exits, and operational challenges as it prepares for a Hong Kong IPO [1][5][22]. Financial Performance - In Q3 2025, Stone Technology reported a revenue increase of 72.2% year-on-year, but its net profit attributable to shareholders decreased by 29.51%, highlighting a situation of rising revenue without corresponding profit growth [2]. - The company's stock price has dropped over 60% from its peak of 384.06 CNY per share to 152.79 CNY as of December 1, 2025 [4][20]. Market Position and Competition - The sweeping robot market has become increasingly competitive, with Stone Technology's market share at 23.69%, closely trailing behind competitor Ecovacs at 24.8% [12]. - Traditional home appliance giants like Midea and Haier are entering the sweeping robot market, intensifying competition and pressuring profit margins [11]. Sales and Marketing Expenses - Sales expenses have risen significantly, reaching 31.8 billion CNY in the first three quarters of 2025, surpassing the total for the previous year, with a daily expenditure of approximately 11.65 million CNY [9]. - The sales expense ratio for Stone Technology was 26.34%, nearly three times that of traditional appliance companies like Midea and Haier [9]. New Business Ventures - In 2023, Stone Technology announced its entry into the major appliance market with a smart washing machine, aiming to find a "second growth curve" [13]. - However, reports of significant layoffs (over 70%) in the washing machine division surfaced in June 2025, indicating challenges in this new venture [14]. Shareholder Behavior - Founder Chang Jing has sold shares worth nearly 900 million CNY through block trades in 2023 and 2024, raising concerns among investors [19]. - Other major shareholders have also exited, with total cash-outs exceeding 8.36 billion CNY since 2021, leading to a loss of confidence among smaller investors [20]. Strategic Outlook - The company's intention to pursue a dual listing in Hong Kong is seen as a necessary move for survival amid its strategic transformation, although it raises questions about the sustainability of its business model [22][24]. - Analysts suggest that while a Hong Kong listing could enhance international visibility and funding opportunities, it does not address the underlying issues affecting the company's fundamentals [23][24].