财务数据显示，石头科技这家曾被誉为"扫地茅"的清洁电器公司正陷入"增收不增利"的尴尬境地。2025 年前三季度，石头科技营收同比增长72%，而归母净利润反而下降30%。 与此同时，石头科技奔赴港股IPO的征程并非坦途。中国证监会国际部对其发出补充材料要求，直指数 据安全、控股股东认定不清、外资准入资质三大合规"硬伤"。 更令人担忧的是，创始人昌敬同时运营新能源车公司极石汽车，精力分散引发投资者关切。曾经凭借技 术优势在资本市场高歌猛进的石头科技，如今正面临严峻的转型阵痛。 财务迷思：营收狂奔背后的盈利困境 从财务数据看，石头科技的状况令人困惑。 一方面，公司营收规模持续扩张，显示出市场需求的旺盛和公司产品的竞争力；另一方面，利润水平却 大幅下滑，揭示出公司经营质量的隐忧。 仔细分析，今年前三季度，公司营收同比增长72.22%至120.66亿元。但同期归属于上市公司股东的净利 润却同比下降29.51%至10.38亿元。 其中第三季度，石头科技营收为41.63亿元，同比增长60.71%；而归母净利润仅为3.60亿元，同比微增 2.51%。营收大增但净利几乎持平。 石头科技在三季度报告中解释，营收大增主要得益于国内 ...

Core Insights - The global home cleaning equipment industry is recovering in Q3 2025, driven by consumer recovery and technological advancements, with Stone Technology outperforming the industry average [2] - Stone Technology reported approximately 4.2 billion yuan in revenue for Q3, with a year-on-year growth rate exceeding 60%, significantly surpassing the overall market growth rate of about 28% [2] - The company maintains a leading position in key categories such as robotic vacuums and floor washers, establishing itself as a "growth benchmark" during the industry's recovery phase [2] Industry Overview - The home cleaning equipment industry is transitioning from "single-category competition" to "multi-scenario ecological competition," with Stone Technology forming a product matrix that includes robotic vacuums, floor washers, washing machines, and lawn mowers [3] - The dual growth engine of "core categories stabilizing + emerging categories breaking through" is effectively mitigating risks associated with reliance on a single product category [3] Product Performance - Stone Technology ranks second in the domestic floor washer market, with a 21 percentage point increase in market share year-on-year, and online retail sales exceeding 424 million yuan, reflecting a staggering year-on-year growth of 1227.61% [4] - The rapid growth of the floor washer business is attributed to product innovation and precise adaptation to user needs, exemplified by the A30 Pro Steam model, which features advanced cleaning capabilities [4][6] Emerging Business Opportunities - The global market for home lawn mowers is expected to exceed 8 billion USD by 2025, with a compound annual growth rate of 28%, presenting significant growth opportunities for Stone Technology [8] - The RockMow Z1 smart lawn mower has garnered attention for its innovative technology and design, indicating strong market potential [6][8] International Market Strategy - Stone Technology has transitioned from "product export" to "brand export + localized operations," leveraging product strength to penetrate international markets and establish a competitive edge [8][13] - The company has built a comprehensive overseas sales network, collaborating with major retailers and adapting products to meet regional consumer preferences [13][14] Market Position - As of Q3 2025, Stone Technology holds a 15.2% market share in the global smart home cleaning robot sector, ranking first, with the robotic vacuum market share exceeding 20.7% [9][12] - The company's products are available in over 170 countries and regions, serving more than 20 million households, which strengthens its global presence and brand recognition [14] Future Outlook - Stone Technology's growth narrative is anchored in technological innovation and user demand, with the rapid rise of floor washers and the breakthrough in lawn mowers contributing to future growth [15] - The ongoing expansion in the global home cleaning equipment market and continuous technological advancements position Stone Technology to maintain its leadership in the "smart cleaning" and "home ecosystem" sectors [15]