2025年的夏天，成都荷花池市场人头攒动。来自泰国的游客阿琳提着装满蜀绣和川剧脸谱的购物袋，用不太流利的中文向店主比划："便宜！退税！还要 买！"不远处，哈萨克斯坦游客艾米娜正试穿一件红色汉服，兴奋地对着手机直播："看！我在中国买到了真正的'东方美学'！" 这样的场景，正在中国各大城市轮番上演。从北京的王府井到上海的南京路，从广州的十三行到成都的荷花池，外国游客的购物车里塞满了"中国造"——从 传统手工艺品到智能家电，从国潮服饰到地方特产。据国家移民管理局数据，2025年上半年，入境外国游客达2694万人次，同比增长96%；其中，仅成都航 空口岸入境外国人就达79万余人次，较去年同期增长58.5%。而"扫货中国"的背后，是一场由政策红利、文化自信与消费升级共同驱动的全球购物革命。 1. 免签"朋友圈"持续扩容，入境门槛大幅降低 自2024年起，中国对38个国家实行单方面免签政策，对54个国家实施240小时过境免签，并将停留时间延长至10天。2025年6月，沙特、阿曼、科威特、巴林 四国被纳入免签名单，至此，中国单方面免签"朋友圈"已扩展至47国。国家移民管理局数据显示，2025年端午节假期，适用免签政策入境的 ...

出品：新浪上市公司研究院 文/夏虫工作室 核心观点：公司此次港股二次上市又是否可能迎来价值重估？石头科技股价大幅缩水背后究竟是不是投 资者在用脚投票？首先，劲敌环伺，行业格局仍在重塑，与此同时，内卷式降价或在上演，公司面临收 入越大利润越薄的"尴尬"境地，其用利润换市场的模式是否可持续性？其次，公司董事长及大股东小米 系等资本纷纷高位减持套现，投资者信任或亟待重塑。 近日，石头科技港股主板上市迎来新进展，即已经提交上市申请材料。 上述如此优秀数据表现，公司究竟是遭遇投资者用脚投票还是另有更深层次原因？ 据公告显示，石头科技本次发行的H股股数不超过本次发行后公司总股本的15%（超额配售权行使 前），所募集资金在扣除发行费用后，计划用于（包括但不限于）：国际化业务拓展；产品研发拓展及 产品组合扩充；运营资金补充及公司一般业务用途等。 公开资料显示，石头科技于2014年7月在北京成立，主营业务为智能扫地机器人等智能硬件的设计、研 发、生产和销售，主要产品包括智能扫地机器人、洗地机、洗烘一体机及其他智能电器。公司2020年2 月登陆科创板上市。 上市后不久，公司股价持续上涨，其市值一度突破千亿大关，可谓风光无限。然而 ...

6月27日，北京石头世纪科技股份有限公司（以下简称"石头科技"）正式向港交所递交招股书，摩根大 通及中信证券为联席保荐人。若此次成功上市，石头科技将成为"A+H"上市公司。据招股书显示，其此 次IPO募资将主要用于拓展国际化业务、加强产品研发及丰富产品组合，同时补充运营资金以支持公司 长期发展。 不过，南都记者注意到，石头科技近年业绩情况并不理想，虽然营收逐年增长，但其净利润却出现一定 程度下滑，而作为对比，同样聚焦扫地机器人的科沃斯尽管营收净利双增，却未见港股二次上市计划。 另外，近年石头科技创始人昌敬和多名股东不断减持，2023年曾位列第三大股东的顺为资本，也已于去 年退出前十大股东行列。 冲击港股二次上市，石头近年增收不增利 近日，南都记者获悉，石头科技正式在港交所提交招股书，此次上市联席保荐人为摩根大通和中信证 券。此次赴港已是石头科技二次上市，公开资料介绍，石头科技成立于2014年，是一家专注于智能清洁 机器人及其他智能电器研发和生产的公司。2020年，其在科创板上市。 而提及此次IPO募资用途，石头科技在招股书中介绍，主要将用于拓展国际业务及提升品牌知名度；加 强研发能力及扩阔产品组合；投资扩大海 ...

Core Viewpoint - The family service robot industry in China is experiencing rapid growth due to increasing demand driven by an aging population, rising labor costs, and advancements in robotics technology, with the market expected to reach 127.56 billion yuan by 2024, becoming a significant blue ocean market [1][10]. Industry Overview - Family service robots are specialized robots designed to perform household tasks, including cleaning, education, entertainment, elderly care, and security monitoring [2][4]. - The industry is categorized into three segments: upstream (core components and technology supply), midstream (production and manufacturing), and downstream (application scenarios) [4]. Domestic Market - China is facing a significant aging population, with 220 million people aged 65 and older by the end of 2024, representing 15.6% of the total population, leading to a growing demand for family service robots, particularly in elderly care [6][10]. - The family service robot market is projected to grow to approximately 300 billion yuan by 2027, indicating a promising development outlook [10]. Competitive Landscape - The market is divided into four tiers: - Tier 1 includes leading companies like Ecovacs, Roborock, Xiaomi, and others, with Ecovacs holding about 40% market share [12]. - Tier 2 consists of brands like Midea and Haier, with a combined market share of around 10% [12]. - Tier 3 includes mid-level companies with a smaller market share [12]. - Tier 4 comprises smaller players with limited innovation capabilities [12]. Development Trends - **Technological Innovation**: The integration of AI, IoT, and big data is driving the evolution of family service robots, enhancing their capabilities in navigation, voice recognition, and user interaction [18]. - **Expanding Application Scenarios**: The functionality of family service robots is broadening from basic cleaning to include education, health care, and home security, creating new market opportunities [19][20]. - **Intensifying Market Competition**: The increasing number of entrants into the family service robot market is leading to heightened competition, prompting established companies to invest more in R&D and improve product quality [21].

具体来看，招股书显示，石头科技的收入来源包括直销及通过电商平台与其他经销商的广泛网络。广告 及营销开支占总销售费用比重较高，2022年至2024年，该项开支从8.33亿元增长至19.23亿元，占总收入 的比重也从12.6%上升至16.1%。2025年一季报显示，石头科技2025年一季度销售费用9.51亿元，占总营 收的比重进一步提升至27.7%，与此同时，一季度归母净利为2.67亿元，同比大减32.92%。 不过，招股书显示，广告及营销开支占总销售费用比重较高反映公司对提升品牌能见度及扩大客户群的 战略投入。尽管这些投入短期可能增加总经营开支，但公司认为其对扩大市场份额至关重要，并预期长 期将实现更显著的规模经济效应。 在募资用途上，拓展国际业务及提升品牌知名度也被写在第一位，具体包括进行多渠道品牌推广及市场 营销活动，通过本地化的多渠道活动提升品牌知名度和受众转换率；扩展全球直销及分销渠道；扩大自 营电商商店的规模，提升平台流量，提升重点市场（如美国、欧洲及亚太地区）的当地营运能力等。 应对地缘政治风险 布局海外产能 在增收不增利之外，地缘政治风险是摆在石头科技面前的另一大隐忧。海外市场对石头科技重要性十 ...

Group 1 - The core viewpoint is that Chinese brands are entering a "global growth" phase, transitioning from initial export through processing to establishing brand awareness and localizing in overseas markets [1][3][4] - The growth of Chinese brands is driven by both internal and external factors, including international policy uncertainties and changing global consumer demands [4][7] - Chinese companies need to innovate products, upgrade technology, and enhance brand resilience to achieve global value growth [7][10] Group 2 - External factors affecting global growth include international policy uncertainties and changes in global supply and demand relationships [9][10] - Recent events, such as anti-dumping investigations by the EU and reciprocal tariff demands from the US, highlight the need for Chinese brands to strengthen their influence and pricing power in international markets [9][10] - The global consumer market is evolving, with increasing demands for personalization and scenario-based needs, requiring Chinese companies to enhance their brand awareness and consumer service capabilities [10][21] Group 3 - Internal drivers for global growth include national initiatives and self-driven efforts by enterprises, such as the "China Manufacturing 2025" initiative promoting digital and intelligent transformation [12][53] - Chinese companies are achieving technological breakthroughs and innovations in certain sectors, which need to be translated into brand premium through global expansion [12][53] - The global expansion paths for Chinese companies vary, with strategies including price advantages in Southeast Asia, entering North America first, and gradually expanding to other regions [19][21] Group 4 - The integration of the entire industry chain is essential for efficiency and resilience, as seen in the Chinese electric vehicle sector, which is moving from "selling globally" to "rooting globally" [52][60] - Localized production bases are being established in regions like Thailand, Indonesia, and Europe, enhancing the collaboration of the entire supply chain [60][61] - The ability to control the supply chain is crucial for brand success in the global market, as companies must adapt to diverse and complex market conditions [66][67] Group 5 - The rise of content e-commerce, exemplified by platforms like TikTok, is reshaping how brands engage with consumers, emphasizing social connections and community-driven marketing [67][72] - "Omni-channel management" is becoming a core competitive advantage, allowing companies to integrate data across platforms for better marketing and operational decisions [72][73] - Emerging technologies like AI are driving significant improvements in product capabilities and supply chain optimization, enhancing the overall competitiveness of Chinese brands [73][76] Group 6 - Service ecosystems are increasingly important for Chinese companies going global, as they require specialized capabilities in areas like cloud services, logistics, and digital marketing [81][85] - Payment systems, influencer marketing, and cloud services are critical components of the global expansion strategy for Chinese brands [85][87][92] - The collaboration between service providers and brands is expected to deepen, leading to enhanced growth effects for both parties [81][84]

导语：石头科技创始人兼董事长昌敬同时也是新能源汽车企业极石汽车的创始人，但他似乎越来越将更多精力放在极石汽车上，令 投资者大有石头科技"被冷落"、"成弃子"之感。 6月27日，北京扫地机器人龙头企业 石头科技 正式递表港交所。 作 者 | ZeR0 来源 | 智东西 2014年7月， 石头科技由昌敬在北京创办，最初是小米生态链企业之一，2020年2月在上交所科创板上市，最新市值为 404亿元 。 此次递表港交所，正值石头科技阵痛期。 自2024年10月8日起，石头科技 股价经历大幅波动，从 高点至今下跌34%，距离2021年最高点 下跌近60%。 过去半年，石头科技及其 执行董事、董事长、总经理兼CEO昌敬争议缠身。 一方面，石头科技近年业绩不佳，收入增速放缓，利润下滑；另一方面，昌敬频繁减持、沉迷造车等行为，引发投资者强烈不满。 昌敬同时也是新能源汽车企业极石汽车的创始人，但他似乎越来越将更多精力放在 极石汽车上，令投资者大有石头科技"被冷落"、"成弃 子"之感。 石头科技曾在2023年初多次发布股东减持公告：1月， 持股8.73%的 顺为计划减持≤6%的股份，持股6.86%的天津金米计划减持 ≤2%的股 ...

Group 1: Industry Insights - In 2024, Saudi ports processed a total of 320.78 million tons of cargo, marking a significant year-on-year increase of 14.45% [2] - Qatar's GWC has introduced an innovative logistics solution called Flow Port, aimed at facilitating Chinese manufacturers' access to the Saudi market by reducing customs and port delays [2] - The cross-border logistics network established by Cainiao in the Gulf region allows for package delivery within three days, enhancing logistics efficiency [4] Group 2: Company Developments - WeRide, an autonomous driving technology company, has reportedly submitted a confidential application for a Hong Kong IPO, although the company declined to comment on the matter [3] - Stone Technology has filed for an IPO in Hong Kong, with plans to use the raised funds for international business expansion, R&D enhancement, and increasing production capacity [3] - Stand Robot has submitted its prospectus for a Hong Kong listing, aiming to become the first industrial humanoid robot company publicly listed [4] Group 3: Financial Performance - Alibaba reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% year-on-year to 125.976 billion yuan [6] - E-Control Smart Driving achieved a total revenue of 986 million yuan in 2024, reflecting a 264% increase compared to 2023 [18] - The annual revenue of Yushu Technology has surpassed 1 billion yuan, indicating strong growth in the tech sector [6] Group 4: Market Expansion - Geely Auto has officially entered the Greek market with the launch of its electric SUV, Geely International EX5, in Athens [5] - Saint Bella has successfully listed on the Hong Kong Stock Exchange, becoming the first global company focused on high-end maternal care services [7] - Farmer Spring has officially entered the Hong Kong market, with plans to distribute its products across over 3,500 sales points [7]

国补政策红利叠加大促优惠，今年618家电市场热力十足。凭借又好又便宜的消费体验和低价策略、国 补使用流程上的持续优化以及快捷高效的物流配送体系，京东在家电市场依然强势领跑，规模增速均稳 居行业第一。第三方数据显示，5月30日以来，京东家电品类销售额占整体市场的51%，远超淘天、抖 音等其他电商平台；从销售增速来看，京东家电品类同样交出亮眼成绩单，以超50%的销售增速保持行 业领先。 家电换新趋向绿色、智能、健康 新风空调、多筒洗衣机等趋势品类受关注 今年618，消费者倾向于选择更绿色、智能、健康的家电产品，呈现出从换"新"到换"优"的趋势。调研 显示，近半数消费者(48.3%)购买了更绿色节能的家电，如一级能效冰箱、洗衣机；超过三成消费者 (33.6%)选择了更智能的产品，如智能门锁、智能扫地机器人、智能晾衣架；关注健康的消费者占比 30.6%，购买了如保鲜抗菌冰箱、高效除螨杀菌洗衣机等产品。 一项618家电消费调研结果同样验证了京东在家电品类上的绝对领先优势，59.5%的消费者表示家中家 电产品有90%以上是通过京东买的，"买家电只上京东"；还有21.7%表示80%以上的家电来自京东，"京 东家电的品质、物 ...

以下文章来源于和讯商业 ，作者康嘉林 和讯商业 . 商业世界的故事、逻辑、认知。由"和讯商业"团队出品。 6 月 6 日，石头科技宣布将赴港上市。 石头科技的主营业务是智能扫地机器人，在这个品类盛行的那段日子，石头科技在中国市场和海外市场都曾拿下过第二名的好成绩，并顺利在 2020 年登陆科创 板，因为股价一飞冲天， 还收获了"扫地茅"（扫地机器人界的茅台）的美誉。 国内扫地机器人市场风云变幻，蓝海变红，行业收缩，也就是三四年光景。如今，懒人家居三件套之一的扫地机器人， 彻底 失了 " 中产们 " 的欢心，他们在网上 大倒苦水，吐槽 "祖宗"、"鸡肋"的声音不断，不少人低价挂在了二手交易平台上， 坚决 断舍离。 当中产都不愿做冤大头，冷静触底直接传导到品牌的终端销售上。今年一季度，尽管石头科技营业收入同比增长了 86.22% ，净利润却同比下降了 32.92% 。 创始人昌敬则将主要心思放在了他的造车项目 ——极石汽车上， 自 2023 年起，他先后两次减持石头科技股票，累计套现 8.88 亿元。 让石头科技的智能故事， 变得难言性感。 中产，不伺候了 在厂商 6 · 18 销售季铺天盖地的广告营销下，打工人 ...