点击蓝字 关注我们 石头科技港股IPO获备案：自己套现9亿，让散户耐心的昌敬还能让投资者信任？ 石头科技公告，已经获得了港股 IPO备案。不过现在港股排队的队伍太长了，石头科技是否能够成功，获得投资者的信任还需要证明。 石头科技曾经被市场炒到1494.99元，市值逼近千亿元，控制人昌敬因此也发了财，并套现 9 个亿，然后搞了汽车，但后股价暴跌，甚至今年的大反弹中也 是很熊！ 一、"扫地茅"的陨落：一场无声的崩塌 更致命的是，多元化战略接连受挫。跨界推出的洗衣机业务因亏损严重而裁员收缩；由昌敬主导的另一家创业公司洛轲智能所打造的"极石汽车"，月销量长 期徘徊在600辆以下，远未达盈亏平衡点。投资者开始质疑：这位创始人是否已将重心完全转向造车，而把上市公司当作提款机？ 据知情人士透露，此次港股IPO拟募资约5亿美元。但在全球资本对中概股审慎、ESG治理要求日益严格的当下，若无法向国际投资者证明其商业模式可持 续、管理层专注且透明，这场上市恐难获热烈追捧。 三、一个时代的隐喻：硬科技光环下的信任赤字 石头科技的困境，早已超越单一企业的经营问题，而成为观察中国"硬科技"叙事变迁的一面镜子。五年前，它与大疆、蔚来等企业 ...

转自：北京日报客户端 总部经济是经济全球化和城市化发展到一定阶段的必然产物，已成为城市竞争力和现代化水平的重要标 志。上海是我国内地跨国公司地区总部最集中的城市，总部经济对于上海的经济发展、技术创新、高端 要素集聚等方面发挥着举足轻重的作用。总部经济何以在上海蓬勃发展？带着问题，记者走进上海陆家 嘴、虹桥品汇、张江科学城、洋山港等地一探究竟。 上海的总部企业高度集聚，形成了以跨国公司地区总部为主体，民营企业总部、贸易型总部、外资研发 中心、创新型企业总部等多元化总部形态共同发展的格局。截至2025年9月，上海累计认定跨国公司地 区总部1060家、外资研发中心631家，稳居我国内地首位。从区域分布看，上海总部经济呈现"多中 心"集聚态势：浦东新区集聚了498家跨国公司地区总部，占全市近一半；静安区拥有148家跨国公司地 区总部；虹桥商务区累计引进培育各类市级认定总部机构283家，各区域差异化发展、优势互补。比 如，浦东新区陆家嘴金融城单区域就聚集150家跨国公司地区总部、970家持牌金融机构，金融总部规模 领跑全国，金融服务全面便捷高效。"陆家嘴以全市0.5%的面积贡献了14%的GDP，并集聚了全国70% 的外 ...

Group 1 - The company has not yet established a presence in the AI corpus field [2] - In the AI intelligent agent sector, the company is advancing its strategy through a combination of "strategic investment" and "independent research and development" [2] - The company is making strategic investments in key components of the industry chain, such as the robotic joint module from Zero Difference Cloud Control and the application of inspection robots from Shenzhen Yutuo Intelligent [2] Group 2 - The company has launched the AI Smart Bed 2.0 in collaboration with Tencent Cloud and is providing the core controller with self-developed algorithms for the "Mobile Love Home Desktop Robot" [2] - The company plans to continuously optimize its cooperation strategy in line with technological trends and business needs to promote the upgrade of its intelligent product ecosystem [2] - Significant progress will be disclosed in a timely manner as per regulations [2]

Core Viewpoint - Beijing Stone Technology Co., Ltd. has received IPO approval to issue up to 33,108,000 overseas listed ordinary shares and plans to list on the Hong Kong Stock Exchange, potentially creating an "A+H" share structure [3][15]. Financial Performance - For the first three quarters, the company reported revenue of 12.1 billion RMB, with a net profit of 840 million RMB, reflecting a year-on-year decline of 30% [3][19]. - Revenue projections for 2022, 2023, and 2024 are 6.61 billion RMB, 8.64 billion RMB, and 11.92 billion RMB, respectively, with gross profits of 3.17 billion RMB, 4.68 billion RMB, and 6 billion RMB, indicating gross margins of 47.9%, 54.1%, and 50.4% [3][16][17]. Product and Revenue Breakdown - In 2024, revenue from smart vacuum cleaners and related accessories is expected to be 10.85 billion RMB, accounting for 91% of total revenue, while other smart home cleaning products will contribute 1.07 billion RMB, or 9% [4][18]. - Revenue from domestic sales in 2024 is projected at 5.54 billion RMB (46.4%), while overseas sales are expected to reach 6.39 billion RMB (53.6%), marking overseas revenue as the largest source [5][18]. Shareholding Structure - As of September 30, 2025, the founder Chang Jing holds 20.99% of shares, with significant holdings from other investors including Hong Kong Central Clearing Limited (5.62%) and Ding Di (4.53%) [9][22]. - Xiaomi's Tianjin Jinmi Investment Partnership has reduced its stake, potentially cashing out nearly 200 million RMB based on current share prices [22][26].

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. has received acceptance for its IPO on the ChiNext board, indicating a significant step in its growth strategy as a manufacturer and service provider in the intelligent visual products and IoT sector [3]. Company Overview - Jiuan Intelligent specializes in intelligent visual products, IoT operation services, and technology solutions, focusing on visual imaging and analysis technology, wireless transmission technology, IoT platform technology, and AI visual application models [3]. - The company operates on an integrated model of "hardware + platform + service" by independently developing, producing, and selling smart hardware products while providing operational services through its IoT cloud platform [3]. Financial Performance - Revenue projections for Jiuan Intelligent are as follows: CNY 484 million in 2022, CNY 645 million in 2023, CNY 780 million in 2024, and CNY 323 million for the first half of 2025 [3]. - Net profit attributable to the parent company is projected to be CNY 34.31 million in 2022, CNY 85.95 million in 2023, CNY 102 million in 2024, and CNY 44.79 million for the first half of 2025 [3]. Key Financial Metrics - Total assets are expected to grow from CNY 2.699 billion in 2022 to CNY 5.976 billion in the first half of 2025 [4]. - The equity attributable to the parent company is projected to increase from CNY 1.862 billion in 2022 to CNY 4.186 billion in the first half of 2025 [4]. - The company's debt-to-asset ratio is expected to rise from 29.75% in 2022 to 33.41% in the first half of 2025 [4]. - Basic earnings per share are projected to increase from CNY 0.69 in 2022 to CNY 0.92 in the first half of 2025 [4]. Shareholding Structure - The controlling shareholder and actual controller of Jiuan Intelligent is Li Yuan, who directly holds 66.04% of the company's shares and indirectly controls an additional 8.25%, totaling 74.29% [4].

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. has received acceptance for its IPO on the ChiNext board, indicating a significant step towards public listing and capital raising [2]. Financial Performance - Jiuan Intelligent's projected revenues for 2022, 2023, 2024, and the first half of 2025 are 484 million, 645 million, 780 million, and 323 million yuan respectively, showing a growth trajectory [2]. - The company's net profit attributable to the parent company for the same periods is projected to be 34.31 million, 85.95 million, 102 million, and 44.79 million yuan respectively [2]. - Total assets are expected to grow from 2.699 billion yuan in 2022 to 5.976 billion yuan by the first half of 2025 [3]. - The company's equity attributable to shareholders is projected to increase from 1.862 billion yuan in 2022 to 4.186 billion yuan by the first half of 2025 [3]. - The net profit margin is expected to improve, with net profit reaching 447.88 million yuan in the first half of 2025, compared to 34.03 million yuan in 2022 [3]. Business Model and Operations - Jiuan Intelligent operates as a manufacturer of intelligent visual products and an IoT service provider, focusing on a "hardware + platform + service" integrated model [2]. - The company has plans to address its current reliance on leased facilities by constructing its own production and office spaces using raised funds and its own capital [3]. Risks and Challenges - The company acknowledges potential risks related to the construction of its new facilities, including delays, unexpected costs, and operational disruptions during the relocation process [4].

Core Viewpoint - Shenzhen Beiliang Technology Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, affecting both the company and its actual controller, Ma Xuejun [1] Group 1: Company Overview - Shenzhen Beiliang Technology Co., Ltd. was established in July 2000 with a registered capital of 859.45419 million RMB, and Ma Xuejun serves as the legal representative [4] - The company operates under the brand "breo," which was launched in 2000 and became the first health smart hardware stock on the Sci-Tech Innovation Board in 2021, specializing in products such as head massagers, eye massagers, and smart neck massagers [4] - Beiliang has opened over 180 direct stores in major airports, high-speed rail stations, and shopping malls both domestically and internationally, with products exported to dozens of countries and regions [4] Group 2: Financial Performance - For the first three quarters of 2025, Beiliang reported total operating revenue of 552 million RMB, a year-on-year decrease of 34.07% [5] - The net profit attributable to shareholders of the parent company was -65.628 million RMB, reflecting a year-on-year decline of 600.98% [5] Group 3: Market Reaction - On December 26, Beiliang's stock price fell by 14.68%, closing at 22.61 RMB per share [2]

格隆汇12月26日丨石头科技(688169.SH)公布，公司正在进行申请发行境外上市股份(H 股)并在香港联合 交易所主板挂牌上市的相关工作。公司于近日收到中国证监会出具的《关于北京石头世纪科技股份有限 公司境外发行上市备案通知书》。备案通知书主要内容如下： 一、公司拟发行不超过33,108,000股境外上市普通股并在香港联合交易所上市。 四、公司自备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进的，应当更新备案材料。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境内企业境外 发行上市有关规定，通过中国证监会备案管理信息系统报告。 三、公司完成境外发行上市后15个工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。 公司在境外发行上市过程中应严格遵守境内外有关法律、法规和规则。 ...

智通财经APP讯，石头科技(688169.SH)发布公告，公司正在进行申请发行境外上市股份(H股)并在香港 联合交易所有限公司(以下简称"香港联合交易所")主板挂牌上市的相关工作。公司于近日收到中国证券 监督管理委员会(以下简称"中国证监会")出具的《关于北京石头世纪科技股份有限公司境外发行上市备 案通知书》(国合函〔2025〕2369号)。 ...

石头科技公告称，公司申请发行境外上市股份（H股）并在港交所主板挂牌上市，近日获中国证监会备 案。公司拟发行不超33,108,000股境外上市普通股并在港交所上市。自备案通知书出具至发行结束，如 发生重大事项，公司应报告。完成发行上市后15个工作日内，也需报告情况。本次境外发行上市尚需满 足多项条件，存在不确定性。 ...