（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 自2025年6月向港交所递交招股书失效后，近日石头科技再度交表。 增收不增利成为其前三季度的财务特点之一。前三季度，石头科技不仅毛利率下滑、广告费用等支出也增长迅速。 与此同时，石头科技还出现了现金流净额入不敷出等问题。其中，存货及销售返利增长或成为导致相关问题的重要原 因。 增收不增利 近日，石头科技再度递表港交所。其招股书显示，2025年前三季度，石头科技收入为120.55亿元，同比增长72.31%；但 其归母净利润却同比下滑，前三季度为10.38亿元，同比下滑29.51%。 在电商平台，A30 Pro售价2199元，P20 Ultra售价3999元。 而其高端产品G30 Space探索版在石头某平台自营旗舰店售价6999元，显示已售出五万+台。这款产品搭载了三维机械 臂，官方称其可以智能移取拖鞋、袜子等轻量障碍物。 一位行业人士曾告诉搜狐财经，三维机械臂等产品更偏向企业炫技，"企业做出来，大家都知道这是技术展示，能表明企 业有能力研发，但也不指望能卖多少。" 分品类来看，石头科技的智能扫地机器人及相关配件业务贡献收入超8成，营收98.65亿元，同比增长5 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a total revenue of 7.9 billion yuan for H1 2025, representing a year-on-year increase of 79%, while the net profit attributable to shareholders decreased by 40% to 700 million yuan [6] - Domestic sales grew significantly due to new product launches and government policies promoting consumption, while overseas sales benefited from structural adjustments and channel expansions [7] - The gross margin decreased to 44.6%, down 9.3 percentage points year-on-year, primarily due to the expansion of lower-end product lines and tariff impacts [8] - The company is a leading player in the smart vacuum cleaner market, with strong R&D capabilities and rapid product iteration supporting long-term performance [9] Financial Summary - For H1 2025, domestic and overseas revenues were 4 billion yuan and 3.9 billion yuan, respectively, with year-on-year growth rates of 86% and 72% [7] - The company's gross margin for H1 2025 was 44.6%, with a net profit margin of 8.6% [8] - The company’s net profit forecast for 2025-2027 has been revised down to 1.7 billion, 2.1 billion, and 2.5 billion yuan, respectively [9] - The current price corresponds to a P/E ratio of 28, 23, and 19 for the years 2025, 2026, and 2027, respectively [9] Key Financial Metrics - The company’s total assets are projected to reach 18.4 billion yuan by 2025, with a debt-to-asset ratio of 22% [22][23] - The expected return on equity (ROE) for 2025 is 11.7% [23] - The sales expense ratio is expected to rise to 25% by 2025, reflecting increased investment in sales channels and marketing [24]