资本+品牌+技术三维驱动，石头科技筑牢全球清洁赛道王座

Core Viewpoint - The global smart cleaning equipment market is entering a phase of "scale expansion and intense competition," with Chinese manufacturers moving beyond price wars to compete on R&D capabilities, supply chain resilience, and global layout [1] Group 1: Capital Strategy - Stone Technology's A+H listing is a strategic move to align with its globalization strategy, filling a gap in the global capital operations of Chinese smart cleaning equipment companies [2] - The A-share market provides stable resources and domestic capital support, while the H-share market opens a core channel to connect with global capital, enhancing corporate governance and facilitating overseas business expansion [2] - This dual capital strategy ensures sufficient funding for long-term investments in overseas factories, channel development, and localized innovation, becoming a "ballast stone" for its globalization strategy [2] Group 2: Brand Development - The partnership with Real Madrid is a strategic move to enhance brand recognition in the high-end market, targeting affluent consumers who value brand and quality [3][5] - By integrating the brand's technological attributes with Real Madrid's influence, Stone Technology aims to achieve both short-term sales boosts and long-term brand recognition [5] - This "IP empowerment + value resonance" strategy helps establish differentiated recognition in overseas high-end markets [5] Group 3: Technological Innovation - Stone Technology's G-Rover, showcased at CES 2026, represents a breakthrough in mechanical wheel technology, redefining industry standards and expanding the service capabilities of smart cleaning devices [6][8] - The technology addresses key industry pain points, enabling cleaning across obstacles and multiple levels, thus enhancing user experience [6] - This innovation positions Stone Technology as a leader in smart cleaning, aligning with the evolving consumer logic of "technological innovation + pain point resolution" [8] Group 4: Integrated Strategy - The three strategic pillars of capital, brand, and technology create a virtuous cycle: capital supports R&D, technology drives brand premiumization, and brand influence boosts market share [9] - Stone Technology holds a 21.7% global market share in smart vacuum cleaners, leading the industry by a 7.6 percentage point margin over the second place [9] - The company's comprehensive strategy enables it to break through in global high-end markets, moving beyond reliance on "cost-performance" advantages to leverage "capital + brand + technology" [9]