Roborock(SH:688169) Sou Hu Cai Jing·2026-01-13 08:07Core Viewpoint - Stone Technology, once a star in the robotic vacuum industry, is at a critical juncture for its Hong Kong listing, having received the overseas listing filing notice from the China Securities Regulatory Commission, indicating the start of its "A+H" dual-platform capital operation. This move comes as the company faces challenges in both performance growth and market trust [1] Financial Performance - In 2024, the company's revenue is projected to exceed 11.9 billion yuan, with a year-on-year growth rate of 38%, but net profit is expected to decline by 3.64% year-on-year [2] - The divergence in revenue and profit trends is expected to worsen in the first three quarters of 2025, with revenue surging by 72% year-on-year while net profit plummets by nearly 30% [2] - Sales expenses have surged, with a 73% year-on-year increase to 2.967 billion yuan in 2024, where advertising and promotion costs account for 65% of this figure [2] - Gross margin has declined from 55% in 2023 to 43.7% by the third quarter of 2025, indicating a loss of pricing power [2] - Return on equity has halved from 31.85% in 2020 to 16.3% in 2024, and operating cash flow has decreased by 20% year-on-year to 1.734 billion yuan [2] - Inventory levels have surged from 1.49 billion yuan at the beginning of 2024 to 3.716 billion yuan by the end of the third quarter, with inventory turnover dropping to 4.93 times per year, indicating a prolonged sales cycle [2] Strategic Challenges - The company's "de-distribution" reform in overseas markets has led to a 77% year-on-year increase in overseas business costs, significantly outpacing revenue growth [3] - The expansion into new product lines faces stiff competition, particularly in the washing machine sector dominated by Haier and Midea, which hold 90% of the market share, while the smart vacuum and accessories still contribute over 90% of revenue in 2024 [3] - The concentrated business structure raises concerns about the difficulty of strategic transformation [3] Market Trust Issues - The capital market is witnessing a trust crisis, with the actual controller, Chang Jing, having cashed out over 900 million yuan through various means since 2023, resulting in a 2.27 percentage point decrease in his shareholding [4] - Controversially, after reducing his holdings, he publicly urged investors to "be patient," which has sparked discussions on social media [4] - The shareholding ratio of Xiaomi-related investment institutions has dropped from 6.17% to 2.49% over three years, with cumulative profits exceeding 4 billion yuan [4] - Consumer trust is also eroding, with over 3,000 complaints on the Black Cat Complaint platform related to product quality and after-sales response [4] Industry Context - The robotic vacuum market is undergoing a deep adjustment period, characterized by slowed technological iteration, increased product homogeneity, and ongoing price wars, all of which are compressing profit margins for companies [5] - Stone Technology's decision to list in Hong Kong comes at a time when it must navigate domestic market growth challenges while facing scrutiny from international capital markets [5] - Balancing scale expansion with profit quality and rebuilding investor confidence will be crucial for the company's capital journey [5]