Core Insights - Stone Technology achieved explosive growth in 2024, with revenue from "other smart appliances," including washing machines, reaching 1.07 billion yuan, a year-on-year increase of 93.13% [1] Group 1: Technology Innovation - The company developed the molecular sieve low-temperature drying technology, which is a third type of drying technology that separates water molecules from air through physical adsorption, maintaining a drying temperature around 50°C [2] - The Z1 Plus washing machine received the highest certification from the International Woolmark Company, making it the first dual-green label wash-dry integrated machine under 10,000 yuan [2] Group 2: Marketing Strategy - The marketing strategy combines "technology visualization" and "emotional resonance," with celebrity endorsements like Wang Xinling boosting sales of high-end models [3] - The collaboration with Hello Kitty targets Gen Z's aesthetic economy, attracting more female consumers and achieving top sales in its price segment [3] Group 3: Market Trends - The washing machine market is trending towards large capacity and segmented washing, with Stone Technology's product lines covering various price segments to meet diverse consumer needs [4] - During the 2025 "618" shopping festival, the Z1 Plus washing machine ranked first in sales for its category, highlighting its competitive edge in the high-end market [4] Group 4: Financial Performance - The washing machine segment has become a key part of Stone Technology's "clean appliance four-wheel drive" strategy, with revenue from this segment increasing to 9% of total revenue in 2024 [5] - The company has invested 2.906 billion yuan in R&D from 2016 to the third quarter of 2024, with R&D expenses accounting for 9.14% of total revenue in 2024 [5] Group 5: Industry Outlook - The Chinese washing machine market is evolving, with a focus on larger diameters and cleaning ratios, driven by policies encouraging upgrades [5] - Stone Technology's innovative molecular sieve low-temperature drying technology positions it well to capitalize on the ongoing industry upgrade trend [6]

Industry Overview - The washing machine industry in China is entering a mature phase, yet it continues to show growth driven by technological innovation and upgraded consumer demands [1] - In 2024, the total retail volume of washing machines in China is projected to reach 42.79 million units, a year-on-year increase of 7.3%, with retail sales amounting to 101.4 billion yuan, up 7.6% [1] - The growth is fueled by consumers' pursuit of improved living quality and the implementation of the "old-for-new" national subsidy policy [1] Consumer Trends - Consumers are increasingly seeking advanced features beyond basic washing functions, focusing on health, smart control, and energy efficiency [1] - The demand for drying functions has become mainstream, with many households opting for washer-dryer combos or all-in-one machines [1] Market Competition - Domestic brands such as Haier, Midea, and Little Swan are forming a competitive triad, while foreign brands like Siemens and Panasonic maintain a presence due to their brand influence and technological advantages [1] - Emerging brands like Roborock and Xiaomi are disrupting the traditional market landscape [1] Technological Innovation - Roborock has introduced the Zeo-cycle® molecular sieve low-temperature drying technology, which offers a third option for drying, addressing limitations of traditional drying methods [2][4] - This technology allows for efficient moisture absorption at lower temperatures, protecting delicate fabrics and achieving certifications for high-end fabric care [4] Product Launch and Performance - The Roborock Z1 Plus washing machine has gained recognition for its innovative features, including a steam wrinkle removal system and advanced washing technology [5] - During the recent 618 shopping festival, Roborock's washing machine category saw a significant year-on-year growth of 173% in GMV, with the Z1 Plus achieving top sales in its price segment on major e-commerce platforms [8] Future Market Projections - The Chinese washing machine market is expected to reach 51.28 million units and 109.5 billion yuan by 2025, with growth rates of 2.0% and 3.6% respectively [9] - The entry of new players like Roborock is anticipated to inject fresh energy into the industry, fostering technological advancements and leading to a new wave of industrial transformation [9]