展望未来，马建军透露，科沃斯正持续加大对新兴品类的投入，擦窗机器人、割草机器人以及明年即将 上市的泳池机器人均进入良性增长阶段。"任何一家企业都无法仅依靠单一品类实现长期增长。投资未 来，是我们始终坚持的方向。"他总结道，从产品洞察到迭代速度，再到垂直整合，这三大能力构成了 科沃斯穿越周期、赢得竞争的关键支点。 责任编辑：常福强 马建军指出，在过去十余年中，中国家用服务机器人行业虽不断扩容，但全球年出货量仅约1500至2000 万台，渗透率不足10%，"这意味着行业仍存在巨大的增量空间。"他认为，真正的竞争不在"内卷"，而 在于企业如何通过产品创新持续提升用户体验、扩大市场规模。 他强调，行业竞争的核心在于快速迭代与垂直整合。"扫地机器人产品的生命周期仅为6至9个月，一款 产品的研发周期可能半年到一年，唯有掌握制造和核心零部件能力，才能在高速更迭中保持领先。"科 沃斯自建制造体系，具备从电机、电池到传感器的自研能力，为产品更新提供了坚实支撑。 专题：2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 陈秀颖 在上海证券交易所国际投 ...

Core Insights - The article discusses how Chinese companies can develop a global strategy amidst significant geopolitical changes, transitioning from "going out" to "integrating in" [1] Group 1: Global Strategy Development - The roundtable at the 2025 Forbes China Horizon Summit featured insights from industry leaders on the evolving global strategy of Chinese enterprises [3] - Companies must deeply integrate into local communities and understand local government policies to succeed in foreign markets [3][4] - The concept of "In your country for your country" emphasizes the need for Chinese companies to adapt their structures to align with global trends [4] Group 2: Combining Chinese Wisdom with Western Management - The integration of Chinese strategic thinking with Western management practices can provide a new foundation for globalization [6] - Chinese wisdom emphasizes harmony and emotional connections, which can enhance flexibility in dynamic market environments [6] - Successful global strategies should leverage both Chinese and Western strengths to navigate complex challenges [6] Group 3: Balancing Standardization and Localization - MAXHUB's approach to globalization involves phased strategies, focusing on local market needs while maintaining standardization for efficiency [9] - Localized teams are crucial for understanding market demands and addressing specific consumer pain points [9] - Continuous investment in R&D is essential for transforming from "Made in China" to "Created in China" [10] Group 4: Navigating Geopolitical Challenges - The rise of global protectionism necessitates that Chinese companies adjust their strategies when entering markets like Europe and the U.S. [10] - Building local partnerships and understanding cultural nuances are vital for long-term success in foreign markets [10][12] Group 5: Creating a Win-Win Ecosystem - The concept of "co-win" is central to MAXHUB's overseas business strategy, focusing on creating real value for local partners [13] - Cultural exchanges and collaborations with international partners enhance understanding and strengthen the global position of Chinese brands [13][14] - Differentiated communication strategies are essential for resonating with diverse cultural markets [14]

Core Insights - The home appliance industry shows resilient growth with a 3.6% year-on-year revenue increase in Q3, totaling 366.3 billion yuan, despite a slowdown due to the reduction of national subsidies and high export bases [13][14][22] - The overall net profit for the industry increased by 4.4% year-on-year, reaching 30.1 billion yuan, with a slight improvement in net profit margin by 0.1 percentage points [13][14][22] Segment Analysis White Goods - The white goods segment reported a revenue of 268.7 billion yuan in Q3, reflecting a 5.0% year-on-year growth, with a net profit margin of 9.5% [30][31] - Major players like Midea and Haier showed strong performance, with Midea's revenue growing by 9.9% and Haier's by 9.5% [33][34] Kitchen Appliances - The kitchen appliance segment experienced a revenue decline of 4.8% in Q3, totaling 5.96 billion yuan, with a net profit margin of 8.4% [37][44] - Traditional kitchen appliance companies like Boss and Vanward maintained relatively stable performance, while integrated stove companies faced significant pressure [43][44] Black Goods - The black goods segment saw a revenue decrease of 3.6% in Q3, amounting to 47.29 billion yuan, but net profit increased by 41.9% to 1.4 billion yuan [45][53] - Companies like Hisense maintained stable growth, benefiting from balanced domestic and international operations [52][53] Small Appliances - The small appliance segment achieved a revenue growth of 6.3% in Q3, reaching 30.62 billion yuan, with a net profit margin of 6.7% [54][59] - Emerging categories within small appliances contributed significantly to revenue growth, with companies like Roborock and Xiaobear showing strong performance [59] Lighting and Components - The lighting and components segment reported stable revenue of 13.73 billion yuan in Q3, with a slight decline in net profit margin to 4.6% [3][28] - The segment faced challenges due to declining downstream demand and tariff impacts [3][28] Investment Recommendations - Recommended stocks include Midea Group, Haier, TCL, and Gree in the white goods sector, while Hisense is suggested for black goods, and Roborock and Xiaobear for small appliances [4][5] Key Data Tracking - The home appliance sector's relative return in October was +0.70%, indicating positive market performance [3][4] - Raw material prices showed increases in October, with copper and aluminum prices rising by 5.7% and 7.6% respectively [3][4]

产品力提升拉动份额回升，公司营收实现优质增长。2025 年前三季度公司营收同比增长25.93%，其中 单三季度公司营收同比增长29.26%，相较2025 上半年进一步提速，预计主要系科沃斯品牌大幅增长推 动。分产品来看，扫地机方面，2024Q3 开始公司推出首款滚筒活水洗地机器人产品X8 Pro Plus，在后 续持续完善价格带布局并积极出海，对应在内外销均取得较优销售反馈，产品力提升有效拉动份额回升 以及规模增长，内销线上跟踪来看，据奥维云网数据，2025 年Q3 科沃斯线上扫地机销额同比增长 127%，销额份额则由2024 年Q3 的20.3%提升至29.7%，同比+9.3pct；外销跟踪来看，2025 年Q3 科沃斯 对应APP 下载量在美国/德国/法国等主要市场分别同比增长40%/36%/27%。洗地机方面，据奥维云网数 据，2025 年Q3 添可线上销额同比增长40%，份额达35%，仍居于行业第一位置。此外，公司积极布局 割草机器人、泳池机器人等新兴品类，考虑到对应赛道如割草机器人景气度优异，预计对应也为公司营 收带来较为可观增量。 事件描述 公司披露2025 年三季报：前三季度公司营业收入同比增长 ...

Core Points - The National Market Supervision Administration has officially approved the national standard GB/T46495-2025 for commercial cleaning robots, which will be implemented on May 1, 2026, marking the first national-level performance testing and technical specification standard for commercial cleaning robots in China [1] - The standard addresses long-standing industry issues such as inconsistent product performance, varying testing methods, and lack of user selection criteria, establishing clear technical requirements for cleaning robots in various commercial scenarios [3] - The standard not only covers basic cleaning performance indicators but also emphasizes safety and environmental friendliness, including electrical, mechanical, information safety, and electromagnetic compatibility requirements, as well as innovative noise control standards [5] - Ecovacs, as a leader in intelligent cleaning services, has deeply participated in the entire process of the national standard's development, contributing several core technical solutions [6] - Ecovacs' commercial cleaning products, such as the M1 commercial floor scrubber and K1VAC commercial vacuum cleaner, have met the national standard's technical requirements, serving as practical examples for the standard's implementation [8] - The release of the national standard signifies a key milestone for the industry, transitioning from "wild growth" to "high-quality development," and reflects Ecovacs' strategic shift from a "product provider" to a "standard leader" and "ecosystem builder" [8] - Moving forward, Ecovacs will focus on upgrading intelligent services, enhancing safety and reliability, and deepening scenario customization, while collaborating with the industry chain to accelerate the implementation of the standard [10] - The establishment of a quality and standardization institute in Suzhou Wu Zhong District aims to promote standardization across various sectors, contributing to the high-quality and international development of the industry [11][13]

内销承压增速回落，外销改善自主品牌更优 家用电器 投资评级:看好(维持) 最近 12 月市场表现 -13% -8% -2% 3% 9% 15% 家用电器 沪深300 分析师 孙谦 SAC 证书编号：S0160525060001 sunqian@ctsec.com 分析师 于雪娇 SAC 证书编号：S0160525080005 yuxj@ctsec.com 相关报告 1. 《36W2025 周报》 2025-09-15 2. 《 红 利 为 正 ， 新 品 类 为 奇 》 2025-09-11 3. 《34W2025 周报》 2025-08-28 证券研究报告 行业投资策略报告 / 2025.11.07 核心观点 2025 年家电行业三季报总结 请阅读最后一页的重要声明！ ❖ 白电板块：3Q2025 空冰洗内销增幅有所下滑。据产业在线，空冰洗 3 Q2025 外销有所下滑，外销量分别同比-13%/-5%/-1%（Q2 分别为-8% /-4%/+12%）；内销端，空冰洗单三季度内销量分别同比+6%/-4%/-4%， 增幅有所下滑（Q2 分别同比+12%/+8%/+8%）。 ❖ 小家电板块：清洁电器增长迅速，传统小 ...

Core Points - Company announced the cancellation of 86,875 stock options that were granted but not exercised due to the departure of 7 incentive targets who no longer meet the incentive conditions [2] - The cancellation was approved during the fourth board meeting held on October 24, 2025, and the application for cancellation was submitted to the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [2] - The cancellation process was completed on November 7, 2025, following the confirmation from the regulatory body [2]

沪指11月7日下跌0.25%，申万所属行业中，今日上涨的有14个，涨幅居前的行业为基础化工、综合， 涨幅分别为2.39%、1.45%。跌幅居前的行业为计算机、电子，跌幅分别为1.83%、1.34%。家用电器行 业位居今日跌幅榜第三。 资金面上看，两市主力资金全天净流出403.96亿元，今日有6个行业主力资金净流入，基础化工行业主 力资金净流入规模居首，该行业今日上涨2.39%，全天净流入资金59.43亿元，其次是电力设备行业，日 涨幅为1.01%，净流入资金为42.53亿元。 主力资金净流出的行业有25个，电子行业主力资金净流出规模居首，全天净流出资金102.12亿元，其次 是计算机行业，净流出资金为100.05亿元，净流出资金较多的还有汽车、非银金融、机械设备等行业。 家用电器行业今日下跌1.17%，全天主力资金净流出22.90亿元，该行业所属的个股共94只，今日上涨的 有31只；下跌的有61只。以资金流向数据进行统计，该行业资金净流入的个股有39只，其中，净流入资 金超千万元的有7只，净流入资金居首的是美的集团，今日净流入资金6361.82万元，紧随其后的是天银 机电、康盛股份，净流入资金分别为5821. ...

Group 1 - The small home appliance sector experienced a decline of 1.91% on November 7, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] - A detailed table of individual stock performance in the small home appliance sector is provided [1] Group 2 - The small home appliance sector saw a net outflow of 167 million yuan from main funds, while retail funds had a net inflow of 87.45 million yuan and speculative funds had a net inflow of 79.47 million yuan [2] - A detailed table of fund flows for individual stocks in the small home appliance sector is included [2]

证券代码：603486 证券简称：科沃斯 公告编号：2025-087 科沃斯机器人股份有限公司 关于部分股票期权注销完成的公告 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。 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董事会 2025 年 11 月 8 日 科沃斯机器人股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第 四届董事会第五次会议，审议通过了《关于注销部分已授予但尚未行权的股票期权 的议案》，鉴于公司 2024 年股票期权与限制性股票激励计划首次授予和预留授予的 7 名激励对象因离职已不再符合激励条件。根据公司《2024 年股票期权与限制性股 票激励计划（草案）》的规定，公司拟注销上述已授予但尚未行权的股票期权合计 86,875 份。具体内容详见公司于 2025 年 10 月 25 日在上海证券交易所网站 （www.sse.com.cn）上披露的《关于注销部分已授予但尚未行权的股票期权的公告》 （公告编号：2025-081）。 公司已向中国证券登记结算有限责任公司上海 ...