证券代码：603486 证券简称：科沃斯 公告编号：2026-028 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●累计转股情况：自 2022 年 6 月 6 日至 2026 年 3 月 31 日，累计已有 450,000 元 科沃转债转换为科沃斯机器人股份有限公司（以下简称"公司"）A 股股份，累计转 股股数为 2,422 股，占科沃转债转股前公司已发行股份总额的 0.0004220%。 ●未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的科沃转债金额为 1,039,550,000 元，占科沃转债发行总量的 99.9567%。 ●本季度转股情况：自 2026 年 1 月 1 日至 2026 年 3 月 31 日期间，科沃转债转 股的金额为 11,000 元，因转股形成的股份数量为 57 股，占科沃转债转股前公司已发 行股份总额的 0.00000993%。 一、可转债发行上市概况 （一）可转债 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-027 转债代码：113633 转债简称：科沃转债 科沃斯机器人股份有限公司 关于 2024 年股票期权与限制性股票激励计划 2026 年第 一季度自主行权结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 科沃斯机器人股份有限公司（以下简称"公司"）2024 年股票期权与限制性股 票激励计划（以下简称"本次激励计划"或"本激励计划"）首次授予股票期权第一 个行权期可行权股票期权数量为 2,961,250 份，行权期为 2025 年 9 月 20 日-2026 年 9 月 19 日（行权日须为交易日），行权方式为自主行权。本激励计划 2026 年第一季 度股票期权激励对象行权且完成股份过户登记数量为 600 股。截至 2026 年 3 月 31 日， 本激励计划第一个行权期累计行权且完成股份过户登记数量为 2,808,476 股，占该期 可行权股票期权总量的 94.84%。 ● 本次行权股票上市流通时间：本次激励计划激励对象行权所 ...

| 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2026-024 | | --- | --- | --- | | 转债代码：113633 | 转债简称：科沃转债 | | 科沃斯机器人股份有限公司 关于 2026 年度开展外汇衍生品交易额度预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、交易情况概述 （一）交易目的 公司海外销售回款主要以美元、欧元等为主，因此当外汇汇率出现较大波动 的情况下，将对公司的经营业绩造成影响。随着公司海外收入规模不断扩大、占 比持续提升，为了有效规避外汇市场风险，降低汇率波动对公司正常经营的潜在 不良影响，公司拟开展外汇衍生品交易业务。上述业务均以生产经营为基础，以 套期保值为目的开展，不进行单纯以盈利为目的的投机和套利交易，不影响公司 主营业务发展。 | 交易目的 | □获取投资收益 套期保值（合约类别：□商品；外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易品种 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2026-026 | | --- | --- | --- | | 转债代码：113633 | 转债简称：科沃转债 | | 科沃斯机器人股份有限公司 关于召开2026年第一次临时股东会的通知 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 股东会召开日期：2026年4月15日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自2026 年 4 月 15 日 至2026 年 4 月 15 日 召开的日期时间：2026 年 4 月 15 日 9 点 30 分 召开地点：江苏省苏州市吴中区友翔路 18 号 ...

科沃斯机器人股份有限公司关于公司 及全资子公司开展外汇衍生品交易业务的可行性分析报告 一、开展外汇衍生品交易业务的情况概述 （一）交易目的 公司海外销售回款主要以美元、欧元等为主，因此当外汇汇率出现较大波 动的情况下，将对公司的经营业绩造成影响。随着公司海外收入规模不断扩大、 占比持续提升，为了有效规避外汇市场风险，降低汇率波动对公司正常经营的 潜在不良影响，公司拟开展外汇衍生品交易业务。上述业务均以生产经营为基 础，以套期保值为目的开展，不进行单纯以盈利为目的的投机和套利交易，不 影响公司主营业务发展。 （二）交易金额 本次开展外汇衍生品交易预计动用的交易保证金和权利金上限为折合不超 过 3 亿元人民币，任一交易日持有的最高合约价值折合不超过 16.5 亿美元。期 限内任一时点的交易金额（含前述交易的收益进行再交易的相关金额）不超过 已审议额度。 （三）资金来源 资金来源为公司自有资金，不涉及募集资金。 （四）交易方式 1、交易品种：包括但不限于远期、期权、外汇期货等业务，币种覆盖但不 限于美元、欧元等外币币种。 2、交易工具：选用定价和市场易于计算、风险能有效评估的外汇期货、外 汇远期、外汇期权等简单易管 ...

转债代码：113633 转债简称：科沃转债 证券代码：603486 证券简称：科沃斯 公告编号：2026-025 科沃斯机器人股份有限公司 第四届董事会第八次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 表决结果：同意 9 票、反对 0 票、弃权 0 票。 2、审议通过《关于公司及全资子公司开展外汇衍生品交易业务的可行性分析 报告》 表决结果：同意 9 票、反对 0 票、弃权 0 票。 1 3、审议通过《关于提请召开公司 2026 年第一次临时股东会的议案》 公司董事会同意于 2026 年 4 月 15 日召开公司 2026 年第一次临时股东会。具体 内容详见公司披露在上海证券交易所网站（www.sse.com.cn）及指定媒体的《关于 召开 2026 年第一次临时股东会的通知》。 2026 年 3 月 30 日，科沃斯机器人股份有限公司（以下简称"公司"）第四届 董事会第八次会议在公司会议室召开。本次会议的会议通知已于 2026 年 3 月 27 日 通过书面形式发出，本次会议采用现场 ...

Investment Rating - The report maintains an "Outperform" rating for the smart lawn mower industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The smart lawn mower industry is experiencing high growth potential, with significant room for penetration. In 2024, the global demand for lawn mowers is expected to reach 20.18 million units, with a sales value of $8.45 billion, and the penetration rate for smart lawn mowers is projected to be only 9% [8][20]. - The growth drivers for the industry include policy demands for lawn maintenance, product and technology iterations, price reductions, and improved after-sales services. Emerging brands are rapidly gaining market share overseas, leveraging technological advantages and cross-border channels [8][19]. - The competitive landscape is expected to shift due to the EU's anti-dumping investigations, which may raise market entry barriers and lead to a concentration of market share among leading manufacturers [9]. Summary by Sections 1. New Era: Entering a Borderless Intelligent Era - The smart lawn mower market is projected to exceed 600,000 units in the long term, with a significant increase in demand driven by the transition from fuel-powered to lithium battery products [20][37]. - The market is characterized by a rich variety of products and strong offline channel influence, with offline sales channels accounting for 65% of the market in 2023 [27][28]. 2. EU Anti-Dumping - The impact of potential tariffs from the EU is expected to be manageable, with leading manufacturers likely to benefit from lower tax rates due to their technological advantages [9][19]. - Historical cases of anti-dumping measures in the EU and the US suggest that larger firms with significant market presence can mitigate tariff impacts through price adjustments and capacity transfers [9]. 3. Related Companies - Key companies to watch in this sector include Ninebot, Ecovacs, Roborock, and QuanFeng Holdings, which are well-positioned due to their technological and channel advantages [9][19]. - The report highlights the rapid growth of emerging brands in the smart lawn mower category, particularly Mammotion and Navimow, which have significantly increased their market shares in major e-commerce platforms [8][19]. 4. Market Dynamics - The smart lawn mower segment is still in the early stages of technological innovation, with a low penetration rate compared to robotic vacuum cleaners, indicating substantial growth potential [8][19]. - The report outlines that the North American market, with a penetration rate of approximately 3%, presents significant growth opportunities compared to Europe, where penetration rates range from 20% to 40% [8][48].

Group 1 - The core investment strategy for the home appliance industry includes three dimensions: dividend-friendly strategy, high-growth strategy, and overseas expansion strategy [1] - Major recommendations for high dividend and low valuation stocks include Haier Smart Home, Midea Group, and Gree Electric Appliances [1] - The market for smart home appliances is projected to reach approximately $147.5 billion by 2025, with a compound annual growth rate of 22% from 2016 to 2026 [1] Group 2 - The Chinese smart home appliance market has grown from 200 billion yuan in 2016 to 500 billion yuan in 2022, indicating significant growth potential [2] - By 2025, China's retail sales of smart home appliances are expected to reach approximately 450 billion yuan, accounting for 43.58% of the global market [3] - Chinese brands hold a shipment share of 38% to 40% in the global smart home appliance market, maintaining the leading position [3]

Core Insights - The report focuses on the rising demand for home energy storage driven by increasing energy prices in Europe [4] - The economic viability of home storage systems is enhanced due to rising electricity prices and significant price fluctuations [4][8] - Policy support in Europe is strengthening the foundation for long-term growth in home energy storage [4][14] - The market for home energy storage is expanding, with residential storage expected to account for 57% of total installed capacity by 2024 [4][15] - The competitive landscape is diversifying, with different brands dominating various segments of the home storage market [4][29] Group 1: Demand Drivers - Rising energy costs are pushing up electricity prices, with Dutch TTF natural gas futures increasing nearly 75% since late February, leading to higher generation costs [4][8] - The peak-to-valley price difference in electricity is widening, particularly in Spain, where it has expanded by approximately 25% [9] - The upward pressure on electricity prices and increased volatility are creating more opportunities for arbitrage in home storage systems, enhancing their economic appeal [9] Group 2: Policy Support - The EU has introduced measures to improve energy affordability for residents, while the UK has launched the "Warm Home Plan" to support energy upgrades for households [14] - These policies indicate that the growth of home energy storage is not solely reliant on short-term price spikes but is supported by a broader framework for energy transition [14] Group 3: Market Expansion - According to SolarPower Europe, the cumulative installed capacity of home energy storage in Europe is projected to grow from 44.7 GWh in 2025 to 98.8 GWh by 2029 [15] - The overall battery storage market in Europe is expected to maintain rapid growth, with annual additions nearing 120 GWh by 2029 [15][18] Group 4: Product Structure - Home energy storage systems are categorized into three main types: whole-home systems, balcony storage, and portable storage [11][12] - Balcony storage is gaining traction due to its low installation barriers and cost, with a projected 97% year-on-year growth in installations in Germany for 2024 [23] Group 5: Competitive Landscape - The market for whole-home storage is dominated by leading brands such as BYD and Huawei, while the balcony storage segment is led by consumer electronics brands like Anker and Ecoflow [26][29] - BYD is expected to increase its market share in the European residential storage market to 21% by 2025 [27]

Investment Rating - The report provides an investment rating of "In line with the market" for the home appliance industry, indicating a neutral outlook compared to the Shanghai and Shenzhen 300 Index [2]. Core Insights - The global smart home appliance market is projected to reach approximately $147.5 billion by 2025, with a compound annual growth rate (CAGR) of 22% from 2016 to 2026. By 2026, the market is expected to touch $180 billion, maintaining strong double-digit growth [8][13]. - China's smart home appliance market has seen significant growth, expanding from 200 billion yuan in 2016 to 500 billion yuan in 2022, with a market penetration rate of 12.66% in 2016, rising to 65% for smart TVs and 38.5% for smart air conditioners by 2022 [19][21]. - The competitive landscape of the global smart home appliance market is characterized by a tripartite structure of "Chinese giants + Korean duopoly + Western legacy brands," with Chinese brands holding a 38% to 40% share of global shipments [31]. Summary by Sections Global Smart Home Appliance Market - The smart home appliance market is defined as appliances that incorporate microprocessors, sensors, and network communication technologies, enabling them to have autonomous sensing, decision-making, and remote control capabilities [9]. - The market is expected to grow significantly, driven by the adoption of the Matter protocol and advancements in generative AI [13]. Chinese Smart Home Appliance Market - China's retail sales of smart home appliances are projected to reach approximately 450 billion yuan (around $642.86 billion) by 2025, accounting for 43.58% of the global market [19]. - There is substantial room for growth in market penetration for products like robotic vacuums and smart kitchen appliances, which remain lower in China compared to the U.S. [21][22]. High-Growth Niche Markets - The robotic vacuum market is expected to see a rise in shipments from 11 million units in 2019 to 24.12 million units by 2025, with a sales value of $11.5 billion [26]. - The high-end kitchen appliance market is projected to grow from $38 billion in 2020 to $50.2 billion in 2024, with China being a significant contributor to this growth [27]. Supply Chain Dynamics - The supply side of the smart home appliance market is dominated by Chinese brands, which have a significant advantage in terms of supply chain efficiency and cost [31]. - Major players in the smart appliance market include Haier, Midea, Samsung, and LG, with Haier leading in global market share for large home appliances [31][36]. Profitability Analysis - Companies are categorized into three tiers based on gross margin: - **Technology Leaders** (high gross margin of 45-55%): Companies like Roborock and Boss Electric benefit from technological barriers and high-end market positioning [56]. - **Scale Leaders** (mid-high gross margin of 25-30%): Companies like Gree and Haier leverage scale and supply chain advantages [62]. - **Mid-Pressure** (low gross margin of 14-22%): Companies like Samsung and LG face pressure from intense competition and cost structures [64]. Investment Recommendations - The report suggests a three-pronged investment strategy focusing on dividend-friendly stocks, high-growth opportunities in robotic vacuums and high-end kitchen appliances, and international expansion strategies [68]. - Recommended stocks include Haier Smart Home, Midea Group, and Gree Electric for their low valuations and high dividend yields [74].