Stone Technologies' net profit in 2025 drops by 31.19%! Has Chairman Chang Jing been distracted by Ji Shi Automobile?

Operator Finance Network Zhang Shaoxia / Text

Recently, Stone Technology disclosed its 2025 performance forecast. The financial report shows that the company’s annual revenue reached 18.616 billion yuan, a year-on-year increase of 55.85%, setting a new record; however, net profit attributable to the parent dropped sharply by 31.19% to 1.36 billion yuan, indicating a significant decline in profitability, though the company remains highly profitable.

According to Stone Technology’s 2025 performance forecast and Xinhua News Agency, domestically, under Chang Jing’s strategic deployment, the company relied on the “trade-in” policy to improve its full-price product matrix, with sales of mid-to-low-end vacuum cleaners soaring to 55%. In overseas markets, led by Liu Jian, the company has deepened its globalization efforts, with products now covering over 170 countries and regions worldwide. In 2025, overseas revenue accounted for more than 54%.

However, it is noteworthy that the financial report shows the company’s gross profit margin dropped from 54.0% in 2024 to 43.73% in the third quarter of 2025. Sales expenses in the first three quarters surged by 103.42%, far exceeding revenue growth. In response to the profit decline, Chang Jing stated at the third-quarter performance briefing of 2025, “Short-term fluctuations in gross profit margin are a temporary phenomenon caused by investments in the globalization strategy, which is an active strategic adjustment.”

Even more concerning is that during Chang Jing’s tenure as chairman, he also led the Jishi Auto project as the founder, which inevitably raises investor concerns about his ability to manage multiple responsibilities. According to company announcements, from 2023 to 2024, Chang Jing reduced his holdings of Stone Technology shares twice through centralized bidding and inquiry transfers, cashing out approximately 888 million yuan. His share reductions occurred when the stock price was relatively high.

How much focus will Chang Jing continue to devote to Stone Technology? Operator Finance Network will keep monitoring.

(Editor: Yang Dandan)

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