Recently, Stone Technology (688169.SH) released the third quarter report of 2021. In the third quarter, Stone Technology achieved a net profit attributable to shareholders of listed companies of 364 million yuan, down 17.01% year-on-year; and a net profit attributable to shareholders of listed companies, net of non-recurring gains and losses, of 319 million yuan, down 19.79% year-on-year.
Wind data shows that in the more than half a year since March, important shareholders of Stone Technology have successively reduced their holdings through 30 times, accumulatively reducing their holdings by 5.66 million shares, with a reference market value of more than 3.5 billion yuan. Among them, in addition to investors and venture capital funds, there are also Tianjin Jinmi Investment Partnership (Limited Partnership) and Shunwei Ventures III (Hong Kong) Limited of the "Xiaomi Department".
On March 29, Stone Technology officially announced xiao Zhan as the brand spokesperson. In terms of knowledge, how to view Xiao Zhan's endorsement of stone technology? Netizens analyzed that they really did not understand how Stone Technology did user analysis, market research and public opinion monitoring. Some netizens questioned the "Shanghai e-Interaction", which said that "the company cannot only use controversial artists to harvest traffic for temporary interests, thereby causing long-term harm to the company's brand.".
On June 21 this year, the stock price of Stone Technology hit a new high since its listing, reaching 1494.99 yuan, becoming the highest priced stock second only to Moutai in Guizhou. However, the stock price showed a downward trend after that.
At present, Stone Technology has not yet returned to the "Thousand Dollar Club". At the close of trading on November 1, the stock price of Stone Technology closed at 977.99 yuan, with a total market value of 65.320 billion yuan.
1 Financial Observatory
Author Sinin
Net profit fell 17% in the third quarter of this year
In the third quarter of 2021, Stone Technology achieved operating income of 1.479 billion yuan, an increase of 22.88% year-on-year; net profit attributable to shareholders of listed companies of 364 million yuan, down 17.01% year-on-year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses of 319 million yuan, down 19.79% year-on-year.
In the first three quarters of this year, Stone Technology achieved operating income of 3.827 billion yuan, an increase of 28.43% year-on-year; net profit attributable to shareholders of listed companies was 1.016 billion yuan, an increase of 12.98% year-on-year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 893 million yuan, an increase of 7.35% year-on-year.
Less than 5 months after listing, core technical personnel resigned
The company's main business is the design, research and development, production (realized by entrusted processing and production methods) and sales of intelligent hardware such as intelligent cleaning robots, and its main products are intelligent sweeping robots and handheld vacuum cleaners.
Stone Technology was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on February 21, 2020. Less than 5 months before the listing, on July 2, 2020, Stone Technology announced that yuan bo, a core technical personnel, recently resigned from his position for personal reasons and completed the relevant resignation procedures, and Yuan Bo will no longer hold any position in the company.
Yuan Bonan, born in October 1980, Chinese nationality, no right of permanent residence abroad, master's degree. From September 2004 to July 2007, he studied embedded system engineering at the School of Software and Microelectronics of Peking University and obtained a master's degree in engineering. From January 2007 to September 2009, he worked in Beijing Qian Technology Co., Ltd. as a R&D manager. From October 2009 to January 2012, he worked as a software engineer at Feitu Technology (Beijing) Co., Ltd., and from January 2012 to March 2015, he worked in Shenzhen Gionee Communication Equipment Co., Ltd. as the head of the drive group. He joined the company in March 2015 as Director of System Software.
Stone Technology said that Yuan Bo joined the company in March 2015 and has since served as the company's director of system software. During his time at the company, Yuan Bo was responsible for system architecture and drive development.
Xiao Zhan endorsed Netizens questioned
On March 29, Stone Technology officially announced xiao Zhan as the brand spokesperson.
In terms of knowledge, how to view Xiao Zhan's endorsement of stone technology?
Netizens analyzed that they really did not understand how Stone Technology did user analysis, market research and public opinion monitoring. "Take the money earned from old users, find stars who are disgusted by both old users and target user groups, and please non-target user groups that have no purchasing power."
On the Shanghai e-interactive, some netizens proposed that "the state has recently vigorously rectified the chaos of traffic stars and rice circles, hoping that the company will re-evaluate the value of traffic star endorsements and possible brand image risks, and carefully select spokespersons on the basis of extensive investigation and democratic decision-making of standardized processes".
Some netizens also proposed that "the company cannot only use controversial artists to harvest traffic for temporary interests, thus causing long-term harm to the company's brand."
It is reported that SSE e-Interactive is a communication platform established by the Shanghai Stock Exchange and used by all participants in the Shanghai Securities Market free of charge. It aims to guide and promote the information communication between listed companies, investors and other market participants, and build a centralized and convenient interactive channel.
Stone Technology also said that the company will continue to improve the brand operation system in the future, increase brand publicity investment, and further consolidate and enhance brand awareness. In 2021, the company will vigorously promote the brand operation system, while continuing to increase and strengthen the overall brand publicity, adjust and optimize the advertising structure, in addition to signing spokespersons, variety show implantation, will also expand and strengthen the promotion and publicity in Internet media, new media, self-media platforms, and more extensively carry out cooperation with major media agencies and units.
IPO super-raised funds to be used for marketing services and brand building The purchase of real estate is a related party transaction
The issue price of Stone Technology was 271.12 yuan per share, and the total amount of funds raised was 4.519 billion yuan, deducting 150 million yuan of issuance expenses, and the net amount of funds raised was 4.368 billion yuan. It should be noted that the amount of super-raised funds raised by Stone Technology reached 3.066 billion yuan.
On August 15, 2020, Stone Technology issued an announcement on the use of part of the super-raised funds to build a new investment project. In order to give full play to the efficiency of the use of the raised funds, according to the actual situation and strategic development goals of the company, the company intends to use the super-raised funds raised by the initial public offering of shares of 1.022 billion yuan for investment and construction of marketing services and brand construction projects. The use of the super-raised funds for marketing services and brand construction projects has been deliberated and approved by the eighteenth meeting of the first board of directors and the thirteenth meeting of the first board of supervisors of the company, and the amount of 52.50 million yuan invested in the construction property purchase plan of the headquarters marketing center in the investment project of the raised funds constitutes a related party transaction.
Project construction content: The company purchased the site as a domestic marketing headquarters, leased office space overseas, recruited sales personnel, carried out marketing promotion activities and brand building activities. The total investment amount of the project is 1.022 billion yuan. The project construction period is planned to be 3 years.
On the same day, Stone Technology also issued an announcement on the purchase of real estate and related party transactions. In order to meet the needs of the company's business development, the company intends to purchase from Zilin Real Estate the 1-11th floor of the 7# office building located in the development project of Qiliqu Nanbei Village, Shahe Town, Changping District, Beijing, with an area of 16,367.08 square meters for the construction of the office building, a total appraisal value of 942 million yuan for the 1-11 floors of the 7# office building, and the transaction price is determined by negotiation on the basis of the appraisal value to be 942 million yuan.
The Company intends to sign the "Beijing Commercial Housing Pre-sale Contract" with Zilin Real Estate, investing RMB942 million to purchase real estate, of which no more than RMB479.5 million is planned to be spent on the raised funds (of which RMB427 million is the site purchase plan in the Company's initial public offering to raise funds for investment projects, which has been deliberated and approved by the Company's Fourth Extraordinary General Meeting of Shareholders in 2019, in line with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange 52.5 million yuan is the planned expenditure of the company's newly built marketing services and brand construction projects with super-raised funds.
Zilin Real Estate is controlled by Xiaomi Group and is a related party to Tianjin Jinmi Investment Partnership (Limited Partnership) and Shunwei Ventures III (Hong Kong) Limited, which are more than 5% shareholders of the Company.
Shareholders continue to reduce their holdings
According to the investor network, Wind data shows that since March, in the past six months since March, important shareholders of Stone Technology have successively reduced their holdings through 30 times, accumulatively reducing their holdings of 5.66 million shares, with a reference market value of more than 3.5 billion yuan. Among them, in addition to investors and venture capital funds, there are also Tianjin Jinmi Investment Partnership (Limited Partnership) and Shunwei Ventures III (Hong Kong) Limited of the "Xiaomi Department".
In February this year, Stone Technology officially ushered in the first time after the listing of the science and technology innovation board to lift the ban on restricted shares. The Financial Observation Station also combed and found that since 2021, the shareholders of Stone Technology have continued to reduce their shares.
On February 23, Stone Technology released the announcement of the shareholder and director supervisor Gao's share reduction plan. The shareholding reduction plan involves 10 shareholders and intends to reduce its holdings through inquiry transfer, centralized bidding or block trading. The total number of shares in the Company held by the Company through centralized bidding or block trading shall not exceed 7,397,544 shares, and the total number of shares to be reduced shall not exceed 11.10% of the total share capital of the Company. Among them, Stone Times, Ding Di, Gao Rong, Qiming, Mao Guohua, Wu Zhen, Wan Yunpeng and Zhang Zhichun have a reduction period of 3 months, and the total number of shares to be reduced through centralized bidding or block trading does not exceed 5,564,210 shares, and the total proportion of the number of shares to be reduced does not exceed 8.35%; the total number of shares to be reduced by Tianjin Jinmi and Shunwei is 6 months, and the total number of shares to be reduced by centralized bidding or block trading does not exceed 1,833,333 shares. The total proportion of the number of shares to be reduced in the total share capital of the company shall not exceed 2.75%.
On April 16, 2021, Stone Technology released the announcement of the results of the shareholders' centralized bidding to reduce their shares. As of April 14, 2021, shareholder Shunwei has reduced his holdings in the company by a total of 500,000 shares, accounting for 0.75% of the total share capital of the company, through centralized bidding, and the shareholder Shunwei's reduction plan has been implemented.
Prior to the implementation of the share reduction plan, Shunwei held 6,425,500 shares in the company, accounting for 9.64% of the total share capital of the company. The above shares are derived from the shares held by the Company prior to the initial public offering and have been listed and circulated since 22 February 2021.
On June 2, 2021, Stone Technology announced the results of the reduction of shares by directors and supervisors. As of the date of this announcement, Wu Zhen has reduced his holdings by 0 shares through centralized bidding and 115,541 shares by block trading, with a cumulative reduction of 397,396 shares. Wan Yunpeng has reduced its holdings by a total of 1599 shares through centralized bidding and 91,888 shares through block trading, and a cumulative reduction of 179,937 shares. Zhang Zhichun has reduced his holdings by 0 shares through centralized bidding and 92,888 shares by block trading, with a cumulative reduction of 179,937 shares. Wu Zhen, Wan Yunpeng and Zhang Zhichun completed the implementation of the reduction plan.
On June 12, Stone Technology released the announcement of the results of shareholder reduction of shares.
On June 9, 2021, shareholder QM27 Limited ("Qiming") reduced its holdings in the Company by a total of 666,667 shares, accounting for 1% of the total share capital of the Company, through centralized bidding and block trading. Qiming's shareholding reduction plan has been implemented. On June 10, 2021, Tianjin Jinmi reduced its holdings in the company by a total of 1,333,333 shares, accounting for 2% of the total share capital of the company, through centralized bidding and block trading. Tianjin Jinmi's shareholding reduction plan has been implemented.
On June 17, Stone Technology released the announcement of the expiration of the implementation period of the East Reduction Plan and the result of the reduction of shares. As of the disclosure date of this announcement, Stone Times has cumulatively reduced its holdings in the company by 1,488,120 shares, accounting for 2.23% of the total share capital of the company; Ding Di has reduced its holdings in the company by 198,500 shares, accounting for 0.30% of the total share capital of the company; Gao Rong has reduced its holdings in the company by 666,666 shares, accounting for 1% of the total share capital of the company. The time period for the reduction plan has expired.
The reduction continues.
On June 18, Stone Technology announced the shareholder reduction plan. The shareholding reduction plan involves 4 shareholders and intends to reduce its holdings through centralized bidding or block trading. The total number of shares in the Company held by the Company through centralized bidding or block trading shall not exceed 2,200,314 shares, and the total number of shares to be reduced shall not exceed 3.30% of the total share capital of the Company. Among them, the total number of shares to be reduced by Stone Times, Ding Di, Gao Rong and Qiming is 3 months, and the total number of shares to be reduced through centralized bidding or block trading does not exceed 2,200,314 shares, and the total proportion of the number of shares to be reduced in the total share capital of the company does not exceed 3.30%.
On October 9, Stone Technology announced the results of shareholder reductions. On June 18, 2021, the Company disclosed the "Announcement of the Shareholder Reduction Plan of Beijing Stone Century Technology Co., Ltd.", the shareholders of the Company, Ding Di, Gao Rong and Qiming, plan to reduce their holdings through centralized bidding or block trading according to market conditions, and the total number of shares reduced by the above shareholders through centralized bidding or block trading does not exceed 666,667 shares, and the total proportion of the number of shares to be reduced does not exceed 1% of the total share capital of the company, of which, by means of centralized bidding, None of the shares to be reduced in block transactions shall exceed 666,667 shares, and the proportion shall not exceed 1% of the total share capital of the Company. The reduction period of the centralized auction is 3 months after the disclosure of the 15 trading days of the reduction plan, and the reduction period of the block trading method is 3 months after the disclosure of the 3 trading days of the reduction plan. On August 24, 2021, the Company disclosed the "Announcement on the Progress of shareholders' Reduction of Shares of Beijing Stone Century Technology Co., Ltd.", as of the disclosure date of the Announcement of the Progress of the Reduction of Shares, Based on the total share capital of 66,666,667 shares, Ding Di has reduced its holdings in the Company by 39,000 shares, accounting for 0.06% of the total share capital of the Company; Qiming has reduced its holdings in the Company by 189,592 shares, accounting for 0.28% of the total share capital of the Company; Gao Rong has not implemented the reduction.
On October 26, Stone Technology "double-clicked" issued an announcement on the shareholder reduction plan. The shareholding reduction plan involves 3 shareholders and intends to reduce its holdings through centralized bidding or block trading. The total number of shares in the Company held by the Company through centralized bidding or block trading shall not exceed 2,003,713 shares, and the total number of shares to be reduced shall not exceed 3% of the total share capital of the Company. Among them, The period of this reduction of Ding Di, Gao Rong and Qiming is 3 months, and the total number of shares to be reduced by each of them through centralized bidding or block trading shall not exceed 667,904 shares, and the total number of shares to be reduced shall not exceed 1% of the total share capital of the company.
The stock price has not yet returned to the "thousand dollar club"
As of September 30, 2021, the inventory amount of Stone Technology was 610 million yuan, compared with only 381 million yuan at the end of last year.
On June 21 this year, the stock price of Stone Technology hit a new high since its listing, reaching 1494.99 yuan, becoming the highest priced stock second only to Moutai in Guizhou. However, the stock price showed a downward trend after that. At present, Stone Technology has not yet returned to the "Thousand Dollar Club".
According to the financial report of China Visit network, in terms of market share, Stone Technology ranks second in China's sweeping robot industry, only lagging behind Coworth. However, the share of Stone Technology in the domestic market is much lower than that of Coworth. The data shows that the domestic market share of Cobos in 2021H1 and 2020 is 43.68% and 41.98%. The domestic market share of Stone Technology in 2021H1 and 2020 is only 12.01% and 10.75%. In terms of market share, Stone Technology was almost "crushed" by Coworth.
Searching for "sweeping robots" through Jingdong Mall, among the top ten sweeping robots ranked in terms of sales, Coworth, the biggest competitor of Stone Technology, has as many as 5 products in the top ten sales, and 2 evaluations have reached "200,000 +"; Mijia and Ruimi have 2 products ranked in the top ten sales, and 1 evaluation has reached "200,000 +"; Stone Technology has only 3 products ranked in the top ten sales, and the largest evaluation is only "20,000 +".
Overseas markets account for about half of stone technology's revenue, of which the European market accounted for the highest proportion. But in overseas markets, Stone Technology faces a more formidable rival, iRobot, which accounts for about half of the global sweeping robot market. At the same time, in the overseas market, Coworth's market share is also ahead of Stone Technology.