On the evening of April 26, Stone Technology (688169.SH) released its financial report for the first quarter. The report showed that the company's revenue for the first quarter was 1,841 billion yuan, up 58.69% year on year, and net profit to mother was 399 million yuan, up 95.23% year on year. Net cash flow from operating activities was 233 million yuan, an increase of 70.32% over the previous year. Regarding the sharp increase in performance, the company explained that during the reporting period, the company's advantages of actively developing domestic and overseas markets were further continued and expanded in the early stages. Through deep channel cultivation and rational layout, sales of the company's products increased significantly compared to the same period last year, and improvements in operating performance and profitability also simultaneously led to an increase in net cash inflows from operating activities.

Stone Technology is driven by technological innovation. In the first quarter of 2024, the company's R&D expenses reached 195 million yuan, an increase of 47.66% over the previous year. This high proportion of investment in research and development ensures that the company's product strength continues to lead the industry. The company said that during the reporting period, the company continued to strengthen investment in independent product development and innovation, and continuously enhance the brand's core competitiveness.

It is worth noting that since this year, Stone Technology's promotion of new products has accelerated markedly, and the effects of new products have been released rapidly, contributing significantly to the company's revenue. The first quarter is the traditional low season for cleaning appliances. Due to the relatively high price of sweeping robots, many potential consumers will choose to buy at major promotion points on platforms such as 618 and Double Eleven. However, Stone Technology's market performance in the first quarter of this year was extremely impressive. Recently, a weekly household appliance industry report published by Open Source Securities shows that after being sold in stock with the final payment of 3.18, the Shitou P10S Pro sold over 100 million units in the past two weeks, far surpassing new products from other brands.

The popularity and popularity of the Stone P10S Pro shows the success of Stone Technology's product strategy. In recent years, when the price war in the industry is showing signs, Stone Technology has reduced product costs through innovation, promoted market heating up with the decentralization and popularization of high-end technology and technology cost reduction, guaranteed the company's profitability, and at the same time allowed users to use better products at more economical prices, promote breakthroughs and increases in category penetration rate, and help the sweeping robot industry break through development bottlenecks. In the first quarter, Stone Technology launched 4 new robot vacuum products. This promotion far exceeded the speed of previous years, and formed the G, V, and P series for different market groups.

In the traditional low season for smart cleaning appliance sales, Stone Technology's performance exceeded market expectations, which not only meant that Stone Technology's new product strategy worked this year, but also showed the strong market appeal and growth potential of Stone Technology in domestic and overseas markets. Recently, Stone Technology has also been actively deploying new floor scrubbers and all-in-one washers and dryers. With the company's highly competitive new products this year, compounding the continuous growth of its domestic and overseas market channels, the company's performance can be expected to grow at a high level throughout the year.

Stone Technology is a representative of Chinese sweeping robots going overseas to compete in the global market. Currently, it is the most influential cleaning appliance company in the world. Recently, research data released by Euromonitor International, a world-renowned market research agency, showed that Stone Technology's sweeping robot achieved the highest sales volume in the world in 2023.

According to reports, in overseas markets, Stone Technology is focusing on developing the US, European and Asia-Pacific markets, actively exploring emerging markets, and gradually establishing a global distribution network. The company has also set up local branches and overseas companies in major overseas markets to continuously improve the level of channel construction and operation in the global market, and continuously enhance its influence in the global market.