证券日报网讯2月6日，萤石网络在互动平台回答投资者提问时表示，公司已在2025年第三季度报告中披 露了2025年第三季度末的股东人数，具体请参见相关定期报告。 ...

（编辑 王雪儿） 证券日报网讯 2月6日，萤石网络在互动平台回答投资者提问时表示，公司拥有自主研发的面向垂直物 联场景的、支持端云协同的MoE具身大模型"萤石蓝海大模型"。萤石蓝海大模型更专注于垂直物联场 景，接入的物联设备多种多样，能够感知物理世界空间信息，处理多模态数据并进行识别与理解，最终 指导设备做出响应。 ...

证券日报网讯 2月6日，萤石网络在互动平台回答投资者提问时表示，公司在全球140多个国家和地区开 展业务，销售相关产品并提供服务。公司在海外主要通过线上和线下渠道进行销售。线上渠道方面，公 司通过亚马逊等跨境电商以及所在国本地电商进行销售。线下渠道方面，公司会选择区域代理商作为核 心经销商，根据不同区域和国家的特点，通过本地化营销团队，拓展经销商、街边店、电工五金等分销 渠道；同时对于连锁零售业发达的地区和国家，有侧重地发展线下连锁KA零售渠道。 （文章来源：证券日报） ...

关键词：宠物摄像机行业产业链、宠物摄像机行业销量、宠物摄像机行业竞争格局、宠物摄像机行业发 展趋势 一、宠物摄像机行业相关概述 宠物摄像机是指专为宠物设计的电子设备，具备实时监控、双向语音、远程互动、异常提醒、夜视成像 等功能。既能帮助主人随时掌握宠物状态、保障居家宠物的安全，也可通过远程互动丰富宠物独处时的 生活，增进主人与宠物之间的情感联结。 内容概要：随着国内养宠人群的不断增加，宠物已成为越来越多家庭的重要成员，人们对宠物生活的关 注和投入也在逐步上升。养宠观念实现了向"享受型"转变，宠物摄像机的出现，满足了宠物主人随时了 解宠物动态、观察宠物行为的需求，在宠物市场中具有广阔的应用空间。数据显示，2025年中国宠物摄 像机销量从2022年的96.4万台增长至109.14万台。这一增长一方面是因为双职工家庭及"空巢宠物主"群 体扩大，催生了对于宠物远程监护的需求；另一方面是新一代消费者生活观念转变，对借助科技产品进 行养宠展现出了较高意愿。预计未来随着宠物经济的持续繁荣和消费者需求的不断变化，宠物摄像机行 业将迎来更多的发展机遇。 相关上市企业：萤石网络（688475）、小米集团-W（01810）、中兴通 ...

（来源：CSHIA） 宠物用品行业的智能化困局 传统宠物用品已越来越难匹配养宠人群对可视化看护、健康指标监测等深层智能化需求。 当下，借助智能设备实现家庭智慧化养宠，往往依托于视频或联网模组能力。而行业内的模组方案商普遍陷入两大困局：一方面，缺乏养宠场景的深耕经 验，对宠物习性与养宠人群核心诉求缺乏精准洞察，无法针对性满足实际养宠需求；另一方面，缺失 AI 与视频技术沉淀，无法提供原子化的能力帮助品 牌构建专属竞争优势。 围绕精细化科学养宠、人宠共居品质升级、人宠双向情感价值提升的核心方向，萤石开放平台打造可覆盖喂食、清洁、饮水、逗宠、户外等全场景的智慧 养宠方案，携手合作伙伴打造宠物智能全品类产品。 智能喂食器：从喂粮工具到AI健康管家 自动喂养+远程互动 萤石开放平台，携手合作伙伴打造智能宠物喂食器，让毛孩子不再宅家挨饿。设备可支持主人提前预设喂食计划，精准满足定时定量喂养需求，也具备远 程一键投喂功能。还可搭载预置语音呼唤功能，在发起投喂指令的同时，触发语音互动。 当"毛孩子"成为越来越多家庭的重要成员，养宠需求已从基础喂养升级为科学陪伴的精细化体验，这也为宠物智能用品行业带来了全新挑战。萤石开放平 台 ...

每经AI快讯，东海证券1月29日发布研报称，给予萤石网络（688475.SH）"买入"评级。评级理由主要包 括：1）智能摄像机业务稳健发展，持续探索细分应用领域；2）智能入户表现亮眼，第二增长曲线渐入 佳境；3）蓝海大模型2.0注重垂直场景应用落地，赋能产品提升竞争力；4）物联网云平台业务稳步成 长。风险提示：需求不及预期风险、行业竞争加剧风险、新品研发不及预期风险、汇率风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 （记者 王晓波） ...

Core Insights - In 2025, the company achieved total revenue of 5.901 billion yuan, representing a year-on-year growth of 8.44% [1] - The net profit attributable to the parent company was 567 million yuan, with a year-on-year increase of 12.43% [1] - As of the end of the reporting period, total assets reached 9.068 billion yuan, an increase of 8.55% from the beginning of the period [1] - The equity attributable to the parent company was 5.79 billion yuan, up 5.4% from the beginning of the period [1] Performance Drivers - The company focused on its core strengths, enhancing technology research and development, and advancing the development of smart consumer IoT products and cloud platform services [3] - Continuous introduction of competitive innovative products and services helped to solidify the business landscape and drive steady growth in overall operating performance [3] - The company expanded and improved domestic and international channel construction, optimized channel and product structures, and enhanced operational efficiency through lean management [3] Company Background - Established in 2015, the company specializes in the design, research and development, production, and sales of smart home products, as well as IoT cloud platform services [3] - The chairman of the company is Jiang Haiqing, whose salary for 2024 is 2.392 million yuan, a decrease of 68,000 yuan from 2023 [3] - Other executives, including vice presidents Li Xingbo, Chen Guanlan, and Jin Shengyang, also experienced salary reductions, while the financial director Guo Hangbiao received a salary of 1.204 million yuan, an increase of 29,000 yuan from the previous year [3]

Group 1 - The core viewpoint of the news is that Hangzhou Yingshi Network Co., Ltd. reported steady growth in its 2025 performance, with total revenue reaching 5.901 billion yuan, a year-on-year increase of 8.44%, and net profit attributable to shareholders increasing by 12.43% to 567 million yuan [1][2][3] - As of the end of 2025, the company's total assets amounted to 907 million yuan, reflecting an 8.55% growth from the beginning of the year, while equity attributable to shareholders increased by 5.40% to 579 million yuan [1] - The company has focused on core advantages, enhancing technology research and development, and advancing the development of smart consumer IoT products and cloud platform services, leading to a steady increase in overall operating performance [1][3] Group 2 - In 2025, the company upgraded its self-developed blue ocean large model in two aspects: foundational algorithm capabilities and specialized vertical scene models, leveraging its IoT technology advantages [2] - The integration of AI, large models, and edge computing is driving the evolution of smart hardware from "single devices" to "scene-based solutions," providing stable growth opportunities in segments like smart video and smart home [2] - The company is expanding its product matrix centered on video vision and AI interaction while also introducing various application scenarios through ecosystem openness, enhancing its core business's scene coverage and monetization potential [3]

Core Insights - The company reported a total operating revenue of 590.12 million yuan for the year 2025, representing an 8.44% increase compared to 544.19 million yuan in the previous year [3] - The total profit reached 62.62 million yuan, marking a 16.1% year-on-year growth [3] - The net profit attributable to the parent company was 56.66 million yuan, up 12.43% from 50.39 million yuan in the prior year [3] Financial Performance - Basic earnings per share for 2025 were 0.72 yuan, a 12.50% increase from 0.64 yuan in the previous year [3] - The weighted average return on equity improved to 10.08%, up 0.67 percentage points from 9.41% year-on-year [3] - Total assets at the end of 2025 reached 906.78 million yuan, an 8.55% increase from 835.37 million yuan at the beginning of the reporting period [3] - Shareholder equity attributable to the parent company was 578.98 million yuan, a 5.4% increase from 549.33 million yuan at the start of the period [3] - The net asset value per share increased to 7.35 yuan, up 5.3% from 6.98 yuan at the beginning of the year [3] Growth Drivers - The company attributed its performance growth to a focus on core strengths, enhancing technology research and development, and advancing the innovation of smart consumer IoT products and cloud platform services [4] - Continuous introduction of competitive products and services, along with the expansion and optimization of domestic and international channel structures, contributed to improved operational efficiency and profitability [4]

Summary of Earnings Call for萤石网络 (Yingstone Network) Company Overview - **Company Name**: 萤石网络 (Yingstone Network) - **Fiscal Year**: 2025 Key Financial Metrics - **Total Revenue**: 59.01 billion yuan, an increase of 8.44% year-on-year [1] - **Total Profit**: 6.26 billion yuan, an increase of 16.1% year-on-year [1] - **Net Profit Attributable to Shareholders**: 5.67 billion yuan, an increase of 12.43% year-on-year [1] - **Net Profit Excluding Non-recurring Items**: 5.20 billion yuan, an increase of 7.6% year-on-year [1] Quarterly Performance - **Q4 Revenue Estimate**: Approximately 16.08 billion yuan, an increase of 8.72% year-on-year [1] - **Q4 Net Profit Estimate**: Approximately 1.44 billion yuan, an increase of 11.69% year-on-year [1] - **Cumulative Net Profit for First Three Quarters**: 4.22 billion yuan, an increase of 12.68% year-on-year [1] Core Insights - The company demonstrated steady growth in overall performance, with a consistent upward trend in net profit and revenue [1] - The Q4 results indicate a continuation of the double-digit growth trend established in the previous quarters, reflecting a recovery in profitability [1] Additional Important Information - The performance metrics suggest a robust financial health and operational efficiency within the company, which may present potential investment opportunities [1]