Group 1 - The core theme of the CES 2026 event is showcased by Stone Technology, emphasizing "extreme experience, within reach," with the launch of the world's first leg-wheeled robotic vacuum cleaner, G-Rover, among other innovative products [1] - The G-Rover features a revolutionary design with independently adjustable legs that can adapt to various ground conditions, allowing it to navigate complex environments and clean areas previously considered "blind spots" for traditional vacuums [2] - Stone Technology's previous product, the G30 Space Exploration version, introduced a bionic robotic arm, demonstrating the company's commitment to advancing embodied intelligence from the lab to real household applications [2] Group 2 - The Chinese embodied intelligence market is transitioning from a "hundred billion to trillion" level, with projections indicating a market size of 400 billion yuan by 2030 and over a trillion yuan by 2035, positioning embodied intelligence as a key driver for high-quality economic development in China [3] - Stone Technology is enhancing its core capabilities in embodied intelligence through significant investments in research and development, with R&D expenditures reaching 1.028 billion yuan in the first three quarters of 2025, a 60.56% increase year-on-year [5] - The company holds a 21.7% global market share in robotic vacuum shipments, leading the market with 3.788 million units sold in the first three quarters of 2025 [5] Group 3 - Stone Technology is evolving the definition of home robots by integrating advanced technologies that enable a closed-loop capability of "perception-decision-execution," enhancing the user experience [4] - The company has developed a voice model, "RRMind GPT," allowing users to operate devices through voice commands, significantly lowering the operational threshold for consumers [4] - The collaboration with Real Madrid Football Club aims to strengthen Stone Technology's brand positioning in the high-end smart cleaning market, showcasing the fusion of cutting-edge technology and top-tier sports spirit [7] Group 4 - The CES 2026 event signals a shift in home cleaning from single-device performance to a new phase centered around the "system capability reconstruction" led by robotic technology [9] - Stone Technology's comprehensive R&D and manufacturing advantages, along with deep insights into user scenarios, are expected to enhance the quality of life for global users [9]

智通财经APP获悉，据港交所12月31日披露，北京石头世纪科技股份有限公司(简称：石头科技)向港交所主板递交上市申请，中信证券、摩根大通为其联席 保荐人。 | 「編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) | [編纂]股H股(可予[編纂]) | [編纂]數目 | | | --- | --- | --- | --- | | [編纂]數目 | ：「編纂】股H股(可予[編纂]及視乎[編纂] | 行使與否而定) | | | 最高[編纂] : 每股H股[編纂],另加[編纂](編纂]以 | 港元 [ 編 纂];多 繳 股 款 可 予 退 還) | | | | 面值 : 每股H股人民幣1.00元 | [編纂] : [編纂] | | | 公司简介 招股书显示，石头科技(688169.SH)是智能扫地机器人领域的全球领导者。于往绩记录期间，公司90%左右的收入来自销售智能扫地机器人，公司正不断扩 展新的产品类别，于市场上推出其他智能家居清洁产品，如洗地机及洗烘一体机。 公司的智能扫地机器人全球销量从2022年约2,246,000台增至2024年的约3,449,000台，复合增长率为23.9%。于201 ...

据港交所12月31日披露，北京石头世纪科技股份有限公司(简称：石头科技)向港交所主板递交上市申请，中信证券、摩根大通为其联席保荐人。 公司简介 招股书显示，石头科技(688169.SH)是智能扫地机器人领域的全球领导者。于往绩记录期间，公司90%左右的收入来自销售智能扫地机器人，公司正不断扩 展新的产品类别，于市场上推出其他智能家居清洁产品，如洗地机及洗烘一体机。 公司的智能扫地机器人全球销量从2022年约2,246,000台增至2024年的约3,449,000台，复合增长率为23.9%。于2016年至2024年期间，公司智能扫地机器人的 全球销量约为2,000万台。 根据灼识咨询的数据，2024年，石头科技是全球GMV和销量第一的智能扫地机器人品牌。根据同一资料来源，在全球智能扫地机器人市场上，公司于2024 年按GMV计的全球市占率达23.4%。 | 「編纂】的「編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) | | --- | | [編纂]數目 :[編纂]股H股(可予[編纂]) | | [ 編 纂 ] 數 目 ： ［編 纂］ 股 H 股（可 予 [ 編 纂 ] 及 視 乎 [ 編 纂 ] | ...

Core Insights - Stone Technology achieved over 100 million yuan in sales within the first hour of the 2025 Double Eleven pre-sale, solidifying its position as the leading brand in the domestic cleaning robot market [1][11] - The company's diverse product matrix, including smart vacuum cleaners, washing machines, and lawn mowers, has contributed to its strong market performance and brand recognition [3][6] Sales Performance - During the first hour of the Double Eleven pre-sale, Stone Technology's products topped multiple sales charts, including the P20 Ultra Plus and G30 Space exploration version [1][3] - The company has maintained a leading market share of 15.2% globally in the cleaning robot sector, with a 20.7% share in the core vacuum cleaner category [5][6] Product Innovation - Stone Technology has expanded its product offerings from indoor cleaning robots to outdoor lawn mowers, positioning itself in the emerging market of smart home cleaning solutions [6][7] - The introduction of the G30 Space exploration version and the RockMow Z1 lawn mower showcases the company's commitment to innovation and addressing consumer needs [8][10] Market Trends - The global smart home cleaning robot market saw a shipment of 15.35 million units in the first half of 2025, with lawn mowers experiencing a significant year-on-year growth of 327.2% [6][7] - The shift from traditional to smart, boundary-less lawn mowers indicates a growing trend in the industry, presenting new growth opportunities for Stone Technology [7][8] Brand Strategy - Stone Technology's focus on user-centered product development has established a strong brand moat, making it the first choice for consumers when addressing cleaning needs [8][10] - The company's multi-category strategy has been recognized by various securities firms, indicating a clear long-term growth path and successful brand positioning [10][11]

Group 1: AI Video Generation Industry - Aishi Technology has completed a Series B financing round totaling over $60 million, led by Alibaba, with participation from various investment institutions [1][3] - The company has surpassed 100 million global users, and its self-developed video generation model, PixVerse V5, ranks first in the Artificial Analysis video evaluation [1][3] - The platform has extended its free user event until September 12, allowing domestic users to use the PixVerse Agent for dynamic content creation at no cost [1] Group 2: Market Trends and Challenges - The financing highlights the strategic importance of AI video technology in the capital market, indicating a surge in public creative demand [3] - Despite the growth, the industry faces challenges such as stability in generation quality, content controllability, and ethical risks [3] - Aishi Technology is encouraged to leverage this financing to accelerate algorithm optimization, build a developer ecosystem, and establish a compliance governance system [3] Group 3: Instant Delivery Sector - Ele.me has initiated a new measure for rider rights protection by signing the "2025 Annual Platform Algorithm and Labor Rules Agreement" with rider representatives [4] - The agreement aims to gradually eliminate the penalty for late deliveries and shift towards a positive incentive mechanism, enhancing rider health through upgraded fatigue prevention systems [4] Group 4: Smart Home Cleaning Market - IDC's latest report indicates that the global robotic vacuum market is undergoing significant changes, with Chinese brand Yunzhihui entering the top five globally for the first time [4] - Yunzhihui achieved a shipment volume of 524,200 units, capturing an 8.5% market share, surpassing established US brand iRobot [4] - The brand's rapid expansion is attributed to its focus on emerging markets and differentiated market strategies [4]

Core Viewpoint - Stone Technology is set to go public again on the Hong Kong Stock Exchange, following its successful listing on the STAR Market in 2020, with a focus on enhancing its global brand recognition and capital structure [1][5]. Financial Performance - Stone Technology reported revenues of RMB 66.11 billion, RMB 86.39 billion, and RMB 119.18 billion for the years 2022, 2023, and 2024 respectively, with net profits of RMB 11.84 billion, RMB 20.51 billion, and RMB 19.77 billion for the same years [1][2]. - In Q1 2025, the company achieved revenue of RMB 34.28 billion, marking an 86.22% year-on-year increase [3]. Market Position - Stone Technology is the leading brand in the Chinese smart vacuum cleaner market, with a market share of 23.4% in GMV and 16.7% in sales volume as of 2024 [3][5]. - The company has expanded its global presence, with products sold in over 170 countries and regions, and a significant increase in global sales of smart vacuum cleaners from approximately 224.6 million units in 2022 to about 344.9 million units in 2024, reflecting a compound annual growth rate of 24.9% [2][5]. Research and Development - In 2024, Stone Technology invested RMB 9.71 billion in R&D, a 56.93% increase from the previous year, with a workforce of 1,043 in the R&D team, accounting for 40.74% of total employees [2]. - The company launched several new products in 2024, including the P20 Pro and G20S Ultra vacuum cleaners, which feature innovative technologies and improved cleaning capabilities [2]. International Revenue Growth - The company reported a 51.06% year-on-year increase in overseas revenue, which reached RMB 63.88 billion, surpassing domestic revenue for the first time [5]. - The primary markets for smart vacuum cleaners include China, the USA, Japan, South Korea, and Germany, collectively accounting for about 65% of the global market share [5]. Industry Trends - The global smart home cleaning products market is projected to grow from USD 6 billion in 2020 to USD 15.1 billion in 2024, with a compound annual growth rate of 25.8% [6]. - The smart vacuum cleaner segment is expected to reach USD 25.2 billion by 2029, with a compound annual growth rate of 22.0% from 2024 to 2029, indicating strong growth potential [6]. Competitive Landscape - The smart vacuum cleaner industry is facing increased competition and price wars, with many products seeing significant price reductions [7]. - Stone Technology is exploring new growth avenues by expanding into overseas markets and diversifying its product offerings to maintain its competitive edge [7].