393亿“机器人一哥”，要IPO了

Core Viewpoint - The global vacuum cleaner robot industry is experiencing a resurgence, with Stone Technology, once a market leader with a market value of 393 billion yuan, officially starting its IPO journey in Hong Kong, potentially becoming the world's first publicly listed vacuum cleaner robot company [1][12]. Group 1: Company Background - Stone Technology, known as the "king of vacuum cleaner robots," attracted significant investment from top venture capital and private equity firms, including Xiaomi Group, and achieved a peak market value of over 1 trillion yuan in 2021 [1][2]. - The company faced challenges as the global market shifted, leading to a decline in its market value to 393 billion yuan, despite efforts to expand its market share and enter the capital-intensive fields of embodied intelligence and humanoid robots [1][10]. Group 2: Recent Developments - In a recent move, Stone Technology showcased its embodied intelligence robot in a documentary, indicating a strategic shift as it prepares for its Hong Kong IPO [2][11]. - The company has launched the "P10 Pro" vacuum cleaner robot, priced at 3,999 yuan, which quickly became a bestseller, contributing to a 15.54% year-on-year increase in overall sales [8][12]. Group 3: Financial Performance - For the first three quarters of 2025, Stone Technology reported revenue of 12.066 billion yuan, a year-on-year increase of 72.22%, but net profit decreased by 29.51% [12]. - The company is facing cash flow challenges, with a net cash flow from operating activities of -1.06 billion yuan due to rising raw material and R&D costs, highlighting the urgency for funding through the upcoming IPO [12].