Roborock(SH:688169) Xin Lang Cai Jing·2025-12-26 11:14Core Viewpoint - Beijing Stone Technology Co., Ltd. has received IPO approval to issue up to 33,108,000 overseas listed ordinary shares and plans to list on the Hong Kong Stock Exchange, potentially creating an "A+H" share structure [3][15]. Financial Performance - For the first three quarters, the company reported revenue of 12.1 billion RMB, with a net profit of 840 million RMB, reflecting a year-on-year decline of 30% [3][19]. - Revenue projections for 2022, 2023, and 2024 are 6.61 billion RMB, 8.64 billion RMB, and 11.92 billion RMB, respectively, with gross profits of 3.17 billion RMB, 4.68 billion RMB, and 6 billion RMB, indicating gross margins of 47.9%, 54.1%, and 50.4% [3][16][17]. Product and Revenue Breakdown - In 2024, revenue from smart vacuum cleaners and related accessories is expected to be 10.85 billion RMB, accounting for 91% of total revenue, while other smart home cleaning products will contribute 1.07 billion RMB, or 9% [4][18]. - Revenue from domestic sales in 2024 is projected at 5.54 billion RMB (46.4%), while overseas sales are expected to reach 6.39 billion RMB (53.6%), marking overseas revenue as the largest source [5][18]. Shareholding Structure - As of September 30, 2025, the founder Chang Jing holds 20.99% of shares, with significant holdings from other investors including Hong Kong Central Clearing Limited (5.62%) and Ding Di (4.53%) [9][22]. - Xiaomi's Tianjin Jinmi Investment Partnership has reduced its stake, potentially cashing out nearly 200 million RMB based on current share prices [22][26].