石头科技-2025 年初步业绩：海外表现稳健，国内盈利能力改善成焦点；买入

3 March 2026 | 7:17AM CST Equity Research Beijing Roborock Technology (688169.SS): 2025 prelim results: Solid results in overseas, domestic profitability turn-around in focus; Buy Roborock reported 2025 preliminary results post market close on Feb 27, in-line with its previous announcement of no less than Rmb1,340mn net profits. Total revenue/net profit in 2025 was Rmb18,616mn/Rmb1,360mn, growing by 55.8%/-31.2% yoy. This implies +33%/-36% revenue/profits yoy growth in 4Q25, which was +4%/-3% vs. GSe. Regio ...