日前，石头科技发布2025年半年报。半年报显示，公司上半年实现营收79.03亿元，同比增长78.96%；实现净利润6.78亿元。公司上半年的研发费 用为6.85亿元，同比增长67.28%、占总营收比重为8.67%。 对于上半年的业绩变化，石头科技于财报中表示，主要原因是报告期内国内销售受国补政策推动，持续增长；在海外持续推进品牌建设，精细化 渠道布局、营销策略，完善产品全价格段布局，拓展新市场，触达新用户，提升品牌和产品的影响力，使产品销量规模及市场占有率与上年同期 相比显著提高。 结合财报不难发现，无论石头科技各项财务指标如何波动变化，其研发费用始终居于高位、公司长期坚持研发导向的策略从未动摇。在赛道一众 玩家在高度内卷营销和价格的红海市场中，石头科技为何依旧苦练研发基本功，选择比其他玩家多承受一份高额支出的重担？ 谜底就在谜面之上：研发驱动才是石头科技的核心竞争力。 技术力，是石头科技整个业务逻辑的起点 相比业绩本身的稳健增长，更具价值的，是石头科技手握持续增强的"技术标杆"。近十年来，石头科技的研发费用占营收的比重始终居于高位、 对研发的投入在整个消费电子领域也长期处于领先地位。 以石头科技2024年年 ...

Core Insights - The company reported a significant increase in revenue for the first half of 2025, achieving 7.903 billion yuan, a year-on-year growth of 78.96%, but net profit declined by 39.55% to 678 million yuan [2] - The company has experienced a continuous decline in net profit for four consecutive quarters, with notable year-on-year decreases in the third and fourth quarters of 2024 and the first and second quarters of 2025 [2] - The net cash flow from operating activities was negative 823 million yuan, a decline of 179.84% year-on-year, attributed to increased procurement costs and higher sales and R&D expenses [2] Financial Performance - Revenue for the first half of 2025 reached 7.903 billion yuan, up 78.96% year-on-year [2] - Net profit attributable to shareholders was 678 million yuan, down 39.55% year-on-year [2] - Non-recurring net profit was 499 million yuan, a decrease of 41.96% year-on-year [2] - The company reported a negative cash flow from operating activities of 823 million yuan, a decline of 179.84% year-on-year [2] Market Strategy - The company capitalized on the domestic "trade-in" policy, optimizing its product matrix and pricing strategy to achieve rapid growth [2] - The company expanded its offline presence, surpassing 300 stores, enhancing user experience and brand loyalty [2] - The company is actively exploring new e-commerce channels, such as Douyin, to expand brand influence through quality content marketing [2] Global Expansion - The company adheres to a global development strategy, with products available in over 170 countries and regions, serving more than 20 million households [3] - Local operational teams have been established in key markets, including the U.S., U.K., Japan, and Germany, improving market responsiveness and service capabilities [3] - The company maintained its position as the global leader in shipment volume in the first quarter of 2025, according to IDC data [3] Product Innovation - The company launched several innovative products in the first half of 2025, including the P20Ultra robot vacuum and G30Space exploration version, showcasing its technological leadership [3] - R&D investment reached 685 million yuan, a year-on-year increase of 67.28%, with the R&D team expanding to 1,364 members, a growth of 73.54% [3] - The company secured 580 new domestic and international patents, establishing a robust technology protection system [3] Future Outlook - The company plans to continue focusing on technological innovation and global expansion to enhance market competitiveness [4] - With the deepening of overseas market penetration and the ongoing release of high-end products, the company expects steady growth in performance [4] Corporate Governance - The company announced the resignation of Vice General Manager Qian Qijie for personal reasons and appointed Urqi as the new Vice General Manager [5] - The company approved a capital increase of 500 million USD to its wholly-owned subsidiary, Stone Century Hong Kong Limited, to support its international business expansion [5] - Following the capital increase, the registered capital of Stone Hong Kong will increase from approximately 11.31 million USD to approximately 61.31 million USD, with the company retaining 100% ownership [5]