Group 1 - The company will hold a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 19, 2025, from 15:00 to 16:00 [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key personnel attending the briefing include the Chairman, General Manager, Board Secretary, and independent directors [2] Group 2 - Investors can submit questions for the briefing from May 12 to May 16, 2025, through the Roadshow Center website or via the company's email [3] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center [3]

证券代码：688475 证券简称：萤石网络 公告编号：2025-018 杭州萤石网络股份有限公司 关于召开 2024 年度暨 2025 第一季度业绩说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 05 月 12 日（星期一）至 05 月 16 日（星期五）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@ezviz.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 杭州萤石网络股份有限公司（以下简称"公司"）已于 2025 年 4 月 12 日发布 公司 2024 年年度报告及 2025 年第一季度报告，为便于广大投资者更全面深入地 了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 05 月 19 日（星期一）15:00-16:00 举行 2024 年度暨 2025 第一季度业绩说明 会，就投资者关心的问题进行交流。 ...

关于 杭州萤石网络股份有限公司 国浩律师（杭州）事务所 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 2024 年年度股东大会之 法律意见书 1 法律意见书 致：杭州萤石网络股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州萤石网络股份有限 公司（以下简称"公司"）的委托，指派律师列席公司 2024 年年度股东大会（以 下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公 司法"》）、《中华人民共和国证券法》（以下简称"《证券法》"）和上海证 券交易所发 ...

证券代码：688475 证券简称：萤石网络 公告编号：2025-017 杭州萤石网络股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 本次股东大会由公司董事会召集，董事长蒋海青先生主持，会议采用现场投 票和网络投票相结合的表决方式。本次股东大会的召集和召开程序、召集人资格 和出席会议人员的资格、会议的表决程序和表决结果均符合《中华人民共和国公 司法》及《杭州萤石网络股份有限公司章程》的规定。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 9 日 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （二） 股东大会召开的地点：浙江省杭州市滨江区启智东街 188 号 B 楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 重要内容提示： | 1、出席会议的股东和代理人人数 | 161 | | --- | --- | | 普通股股东人数 | 161 | | 2、出席会议的股东所持有的表决权数量 | 651,793,950 | | 普通股股东所持有表决权数量 | ...

Group 1: AI Industry - The CSI Artificial Intelligence Theme Index (930713) decreased by 1.97% as of May 9, 2025, with mixed performance among constituent stocks [1] - The AI Artificial Intelligence ETF (512930) fell by 2.01%, with a latest price of 1.32 yuan, but saw a cumulative increase of 7.00% over the past two weeks [1] - Leveraged funds have been actively investing, with the AI Artificial Intelligence ETF experiencing net purchases for three consecutive days, reaching a maximum single-day net purchase of 488.18 thousand yuan [1] Group 2: Consumer Electronics Industry - The CSI Consumer Electronics Theme Index (931494) declined by 2.23% as of May 9, 2025, with significant drops in stocks like Chipone (688521) and SMIC (688981) [4] - The Consumer Electronics ETF (561600) decreased by 2.49%, with a latest price of 0.78 yuan, but had a cumulative increase of 4.56% over the past two weeks [4] - The Consumer Electronics ETF saw a notable increase in shares, growing by 10 million shares in the past month, ranking first among comparable funds [4] Group 3: Online Consumption Industry - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 1.45% as of May 9, 2025, with stocks like Miniso (09896) and Alibaba-W (09988) showing mixed results [6] - The Online Consumption ETF (159793) decreased by 1.43%, with a latest price of 0.9 yuan, but had a cumulative increase of 5.57% over the past two weeks [6] - The Online Consumption ETF had a low turnover rate of 0.65%, with a trading volume of 23.55 thousand yuan [6] Group 4: Data and AI Development - The State-owned Assets Supervision and Administration Commission (SASAC) has launched the first batch of high-quality data sets for the AI industry, focusing on sectors like transportation logistics and green low-carbon initiatives [8] - SASAC aims to promote the "AI+" initiative among state-owned enterprises, enhancing AI technology innovation and industry development [8] - The initiative will leverage the vast data resources of state-owned enterprises to create reliable data circulation infrastructure and explore compliant data asset trading models [8] Group 5: Technology Sector Outlook - Analysts indicate that the domestic technology industry is rapidly rising, with key technological breakthroughs driving strong performance in tech stocks [9] - The CSI Artificial Intelligence Theme Index includes 50 stocks related to AI, with the top ten stocks accounting for 50.64% of the index [9][11] - The CSI Consumer Electronics Theme Index also comprises 50 stocks, with the top ten stocks representing 53.78% of the index [12][14] - The CSI Hong Kong-Shanghai Online Consumption Theme Index features 50 stocks, with the top ten stocks making up 56.94% of the index [15][17]

Group 1: Macro Insights - The Federal Reserve maintained interest rates and emphasized increasing uncertainty, with market expectations for rate cuts in June and July at 20% and 80% respectively, and a total of three cuts expected for the year [4] - The current economic environment presents a dual challenge of stagnation versus inflation, with short-term liquidity crises and long-term recession concerns [4] Group 2: TMT Sector Analysis - The TMT sector shows high levels of crowding, suggesting a cautious approach as the market may continue to favor lower-performing sectors [5] - The industry rotation model indicates that cyclical sectors like non-ferrous metals, steel, food and beverage, and building materials are in a strong trend with low crowding, while TMT remains crowded [5] Group 3: Coal Industry Overview - As of Q1 2025, the coal industry is experiencing a significant downturn, with coal prices returning to levels seen in early 2021, and the average price of Q5500 coal at 657 RMB/ton, down 111 RMB/ton since the beginning of the year [14][15] - The total profit of large coal enterprises in Q1 2025 was 803.8 billion RMB, a year-on-year decrease of 47.7%, with over half of coal companies reporting losses [17] - Major coal companies like China Shenhua and Shaanxi Coal have substantial cash reserves, indicating strong dividend-paying capabilities despite the industry's challenges [7][9] Group 4: Media Sector Performance - The media sector showed a significant recovery in Q1 2025, with notable performances in gaming and cinema, and a positive outlook for the year [22] - The film industry, particularly, is expected to benefit from a strong lineup of releases, although some major films underperformed [26] Group 5: Home Appliance and Electric Vehicle Industry - The electric two-wheeler market is expected to see growth driven by brand and channel advantages, with a projected increase in demand primarily from replacement sales [22][23] - The home appliance sector is focusing on expanding smart product offerings and enhancing international market presence, with significant revenue growth reported in smart home products [28] Group 6: Medical and Biopharmaceutical Sector - Companies like Xinhua Medical and Anjisi are showing steady growth, with Xinhua Medical reporting a slight increase in revenue and profit, while Anjisi's revenue grew by 25.14% in 2024 [36][38] - The biopharmaceutical sector is focusing on diversifying revenue streams and expanding into international markets, with significant growth expected in the coming years [35][40] Group 7: Investment Recommendations - Key recommendations include investing in leading coal enterprises like China Shenhua and Zhongmei Energy, as well as companies showing potential for recovery like Qinfa [19][20] - In the media sector, companies with strong content pipelines and market positions are recommended for investment [26]

Core Insights - The company reported a total revenue of 5.442 billion in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders was 504 million, down 10.52% year-on-year [1] - The company is expanding its overseas market and experiencing significant growth in its cloud platform business, with revenues from smart home products and IoT cloud platform reaching 4.347 billion and 1.052 billion respectively in 2024, showing year-on-year increases of 9.76% and 22.87% [2] - The company's gross margin for 2024 was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net profit margin of 9.26%, down 2.37 percentage points year-on-year [3] - The company is expected to benefit from the upgrade and optimization of the smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million for 2025-2027, reflecting growth rates of 33.9%, 21.7%, and 16.2% respectively [4] Financial Performance - In Q4 2024, the company achieved a single-quarter revenue of 1.479 billion, up 11.05% year-on-year, with a net profit of 129 million, down 20.03% year-on-year [1] - For Q1 2025, the company reported a revenue of 1.38 billion, a year-on-year increase of 11.59%, and a net profit of 138 million, up 10.42% year-on-year [1] - The gross margin for Q4 2024 was 39.95%, down 1.38 percentage points year-on-year, while Q1 2025 saw a gross margin of 42.55%, a slight decrease of 0.18 percentage points year-on-year [3] Product and Market Development - The company is accelerating its smart product layout, expanding into new categories such as smart cameras, smart locks, cleaning robots, and smart wearables, while also enhancing its domestic and international retail channels [2] - The company's ecosystem has evolved into a "2+5+N" structure, transitioning from an IoT cloud platform to a dual-core driven "AI + YingShi IoT Cloud" model, which includes five major AI interaction product lines [2] - In 2024, the company achieved domestic and overseas revenues of 3.487 billion and 1.912 billion respectively, with year-on-year growth of 5.54% and 26.42% [2]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a total revenue of 5.442 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders decreased by 10.52% to 504 million yuan [1] - The company is expanding its overseas market and enhancing its smart product matrix, focusing on smart home products and IoT cloud platforms, which saw revenue growth of 9.76% and 22.87% respectively in 2024 [2] - The company is expected to benefit from the upgrade and optimization of its smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 33.9%, 21.7%, and 16.2% [4] Financial Performance - In 2024, the company's gross margin was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net margin of 9.26%, down 2.37 percentage points [3] - The company reported a total revenue of 1.38 billion yuan in Q1 2025, with a year-on-year growth of 10.42% [1] - The company’s operating expenses in Q4 2024 included a sales expense ratio of 16.61%, a management expense ratio of 2.44%, and a research and development expense ratio of 13.18% [3] Revenue Breakdown - In 2024, the company's smart home products generated revenue of 4.347 billion yuan, while the IoT cloud platform contributed 1.052 billion yuan [2] - The revenue from smart home cameras, smart locks, and cleaning robots showed significant growth, with increases of 47.87%, 43.73%, and 265.12% respectively [2] - The company’s domestic and overseas revenue reached 3.487 billion yuan and 1.912 billion yuan respectively in 2024, with year-on-year growth of 5.54% and 26.42% [2]

消息面上，5月7日早，央行在国新办举行的新闻发布会上宣布，降准0.5个百分点，向市场提供长期流 动性约1万亿元，并降低政策利率0.1个百分点。同时增加3000亿元科技创新和技术改造再贷款。无论是 降准降息还是科技创新再贷款，都对依靠融资进行研发投入的科技成长股形成利好，人工智能科技主线 有望爆发。 5月7日，A股市场有望高开，万得全A指数现涨0.74%，人工智能题材股全面爆发。科创板人工智能指 数成份股中，有方科技、天准科技涨超5%，萤石网络、云从科技-UW、芯海科技、当虹科技涨超2%， 中邮科技、金山办公涨超1%。科创板人工智能ETF（588930）过去20个交易日超7000万元，市场热度 较高。 科创板人工智能ETF（588930）跟踪的科创板人工智能指数布局30只科创板人工智能龙头，覆盖AI产业 链上游算力芯片、中游大模型云计算、下游机器人等各类创新应用，聚焦电子、计算机、机械设备、家 电、通信五大行业，前五大成份股合计权重47%，或具有较高的AI主题纯度和更高的弹性。 广发证券表示，AI板块的投资价值在于其基础设施的不断完善和用户基础的持续扩大，这两大因素共 同促进了AI在多个领域的创新应用。例如，在 ...

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFlytek, and AI hardware companies like Yingshi Network and Hongsoft Technology, as well as software companies like Kingsoft Office and Wanjing Technology for potential investment opportunities [2] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power sustaining high levels and application accelerating upward [11][10] - The release of Alibaba's Qwen3 series models, which includes various models with significantly reduced deployment costs, positions it as a leading player in the open-source model space [11] - The impact of Trump's tariff policy on the computer industry is expected to be minimal, with domestic demand likely to benefit from supportive policies [11] - The report highlights the increasing urgency for domestic substitution and self-control in the context of sanctions, focusing on sectors like Xinchuang, Huawei's supply chain, industrial software, and military information technology [11] Summary by Sections Industry Perspective - The report emphasizes the high and stable prosperity of the AI industry chain, intelligent driving, software outsourcing, and the Huawei supply chain, while noting the upward trend in sectors like Xinchuang and military IT [11][10] Market Performance - From April 28 to May 3, 2025, the computer industry index rose by 2.47%, outperforming the CSI 300 index by 2.90 percentage points, ranking second among 31 industry indices [16] Key Events Outlook - Upcoming events include the VR/AR Expo in Shanghai and the Google I/O Developer Conference, which are expected to present opportunities in related industry chains [29][30]