Roborock(SH:688169) Ge Long Hui·2026-01-08 01:00Core Viewpoint - Stone Technology has reported a significant revenue increase of 72.3% year-on-year, surpassing 10 billion yuan, while net profit has declined by 29.51%, indicating a "revenue growth without profit increase" scenario driven by global channel investments, market share expansion across all price ranges, and ongoing technological advancements [1][2] Financial Performance - As of September 30, 2025, Stone Technology achieved total revenue of 12.055 billion yuan, a 72.3% increase compared to the previous year, exceeding the total revenue of 11.918 billion yuan for the entire year of 2024 [1] - The net profit attributable to shareholders decreased by 29.51% to 1.038 billion yuan, with a net profit margin narrowing to 8.6% and overall gross margin dropping from 54% to 43.7% [1] Growth Drivers - The revenue growth is attributed to a dual focus on deepening the domestic market and expanding overseas channels, resulting in a balanced growth model [4] - Domestic revenue reached 5.51 billion yuan, accounting for 45.7% of total revenue, with a year-on-year growth of 71.3% [4] - Overseas revenue was 6.546 billion yuan, a 73.2% increase, making up 54.3% of total revenue, showcasing a balanced dual-engine growth strategy [5] Profitability Challenges - The decline in profit is primarily due to strategic adjustments rather than a deterioration of core profitability [6][7] - Product structure adjustments led to a higher sales proportion of mid-range and entry-level vacuum cleaners, reducing the overall gross margin from 55.7% to 44.5% [7] - Increased costs from tariffs and international logistics, along with strategic investments in promotions and channel expansion, further compressed profit margins [7][8] Strategic Investments - The company has made significant strategic investments, with sales expenses increasing by 103.4% to 3.18 billion yuan and R&D expenses rising by 60.6% to 1.028 billion yuan, accounting for 34.8% of total revenue [8] - These investments are aimed at building a global channel network, enhancing brand exposure, and advancing cutting-edge technologies, indicating a long-term focus on market share and competitive strength [8] Long-term Value Creation - Despite short-term profit pressures, Stone Technology's high-margin new products, such as floor washing machines, have seen a revenue increase of 356.6% to 2.19 billion yuan, with a gross margin improvement [10] - The introduction of outdoor cleaning products, including lawn mowing robots, is expected to generate significant revenue growth, with initial orders already reaching tens of thousands [10] - The commercialization of advanced technologies, such as the G30Space robot, demonstrates the company's ability to innovate and expand its product offerings, potentially enhancing profitability [11] Market Outlook - The company is positioned to benefit from the industry's growth, with expectations to surpass 15 billion yuan in annual revenue by 2026 [12] - Stone Technology's current performance reflects typical characteristics of a growth-oriented technology company during a scale expansion phase, with significant market demand and operational capabilities [12] - The focus on long-term value through global expansion, technological innovation, and scale effects is crucial for capital market investors to understand the company's core investment logic [12]