IPO News | Stone Technology (688169.SH) reports that the Hong Kong Stock Exchange has sold about 20 million units of intelligent sweeping robots

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on December 31, Beijing Stone Century Technology Co., Ltd. (Stone Technology for short) submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities and J.P. Morgan Chase as co-sponsors.

Company profile

According to the prospectus, Stone Technology (688169.SH) is a global leader in the field of intelligent sweeping robots. During the track record period, about 90% of the company's revenue came from sales of intelligent sweepers. The company is continuously expanding new product categories to launch other smart home cleaning products on the market, such as floor washers and all-in-one washers and dryers.

The company's global sales volume of intelligent sweeping robots increased from about 2,246,000 units in 2022 to about 3,449,000 units in 2024, with a compound growth rate of 23.9%. From 2016 to 2024, the company sold approximately 20 million units of its intelligent sweeping robots worldwide.

According to Insight Consulting's data, in 2024, Stone Technology will be the world's GMV and the number one selling smart sweeper robot brand. According to the same source, in the global smart vacuum robot market, the company's global market share in terms of GMV reached 23.4% in 2024.

As of September 30, 2025, the company's products have been sold in 15 official Stone Technology stores and 96 self-operated stores on major e-commerce platforms around the world. The total number of the company's distributors around the world has also nearly doubled between 2022 and 2024. As of September 30, 2025, the company's products have entered households in more than 170 countries and regions.

The smart home cleaning products market is experiencing rapid growth. Among the main categories of smart home cleaning products, smart sweepers stand out as the largest market segment and have strong growth potential.

According to Insight Consulting's data, the global market size of intelligent sweepers in terms of GMV will reach US$25.2 billion in 2029. The compound growth rate from 2024 to 2029 is 22.0%, which is higher than the 5.8% compound growth rate of the global household cleaning products market.

Financial data

revenue

In 2022, 2023, 2024 and the nine months ended September 30, 2025, the company achieved revenue of approximately 6.611 billion yuan (RMB, same below), 8.639 billion yuan, 11.918 billion yuan, and 12.055 billion yuan, respectively.

profit

In 2022, 2023, 2024 and the nine months ended September 30, 2025, the company recorded annual profit of approximately $1,183 billion, $2,051 billion, $1,977 billion and $1,038 million respectively.

Industry Overview

The global market size of household cleaning products in terms of GMV increased from US$105.5 billion in 2020 to US$122.1 billion in 2024, with a compound growth rate of 3.7%. It is expected to grow to US$162 billion in 2029, with a compound growth rate of 5.8% from 2024 to 2029.

Smart sweeping robot market

Among the main categories of smart home cleaning products, smart sweepers are the largest market segment and have strong growth potential.

The global market size of intelligent sweeping robots in terms of GMV increased from US$4.4 billion in 2020 to US$9.3 billion in 2024, with a compound growth rate of 20.6%. It is expected to further increase to US$25.2 billion in 2029, and a compound growth rate of 22.0% from 2024 to 2029.

Global sales of intelligent sweepers increased from 14.3 million units in 2020 to 20.6 million units in 2024, with a compound growth rate of 9.6%, and are expected to further increase to 43.2 million units in 2029, with a compound growth rate of 15.9% from 2024 to 2029.

In terms of market size, mainland China, the United States, Japan, South Korea, and Germany are the top five smart vacuum robot markets in 2024.

The competitive landscape

The global smart robot vacuum market is relatively concentrated. In 2024, the five major brands of intelligent sweeping robot products accounted for a total of 73.1% and 61.5% of the market in terms of GMV and sales volume, respectively. In 2024, the company's intelligent sweeping robots will account for 23.4% of the market share in terms of GMV and 16.7% of the market share in terms of sales volume. Both indicators rank first in the global intelligent sweeping robot industry.

Board Information

The board of directors of the company will be composed of 8 directors, including 3 executive directors, 1 non-executive director and 4 independent non-executive directors. The term of directors is 3 years, and they can be re-elected at the end of their term of office. According to relevant Chinese laws and regulations, the term of an independent non-executive director shall not exceed six years.

Shareholding structure

As of December 23, 2025, Mr. Chang Jing held 20.99% of the company's shares.

Intermediary team

Co-sponsors: J.P. Morgan Securities (Far East) Limited; CITIC Securities (Hong Kong) Limited.

Company Legal Adviser: Regarding Hong Kong and US law: Jiali (Hong Kong) Law Firm; relating to Chinese law: Commerce Law Firm.

Co-sponsor Legal Advisers: Related to Hong Kong and US Law: Mimax Law Firm; Related Chinese Law: Jingtian Gongcheng Law Firm.

Auditor and reporting accountant: Ernst & Young.

Industry Advisor: Insight Industry Consulting Co., Ltd.

Compliance Advisor: Ligao Corporate Finance Co., Ltd.