来源：风云IPO 当你在"短视频社交平台"TikTok刷到深圳智能手表的种草短视频，或是在另一个"社交平台"Instagram为 义乌网红收纳盒点赞时，或许不会意识到，自己正身处一场精密策划的跨境营销风暴中。 这些精准广告的背后，藏着一套成熟的投放逻辑。而操盘这一切的，正是"中国品牌出海中介人"——北 京蓝色光标数据科技集团股份有限公司（下称"蓝色光标"、300058.SZ）。 蓝色光标早在2010年就登陆A股、坐稳中国最大营销传播集团宝座。如今，公司正向港交所递交《招股 书》，拟开启A+H双重上市之路。截至2026年1月26日，公司A股股价报收于20.74元/股，市值达744.61 亿元。 图源：罐头图库 然而，亮眼的市值与营收数据背后，却是蓝色光标难以言说的"增收不增利"困局：一边是年营收608亿 元的狂飙突进，一边是毛利率近乎腰斩、净利润下滑的表现。这次，公司能否顺利赴港呢？ 01# 绑定阿里、科沃斯 "出海广告一哥"布局A+H。 作者|刘俊群 编辑|刘钦文 TikTok种草的幕后推手冲IPO 蓝色光标成立于1996年，从一家公关公司起步，2010年登陆A股，经过30年的发展，公司已是市值超 744亿元 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-018 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"科沃转债"可选择回售的第九次提示性公告 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： 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于 本公司可转换公司债券（以下简称"科沃转债"）当期转股价格的70%，且"科沃转 债"处于最后两个计息年度。根据《科沃斯机器人股份有限公司公开发行A股可转换 公司债券募集说明书》（以下简称《募集说明书》）的约定，"科沃转债"的有条件 回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和《募集说明书》的约定，就回售有关事项向全体"科沃 1 ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 回售期：2026年1月21日至2026年1月27日 ● 回售资金发放日：2026年1月30日 ● 回售期内"科沃转债"停止转股 ● 本次回 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [3] Core Insights - The home appliance sector's fund holding ratio remains low at 2.40% for Q4 2025, with a slight increase of 0.08 percentage points from the previous quarter, which is still at a low level compared to historical data since 2010 [6][9] - The white goods segment saw an increase in holdings, while the vacuum cleaner segment experienced a reduction in allocation [17][21] - There is a divergence in northbound holdings, with some companies like Hisense Home Appliances and Bull Group seeing increases, while others like Vatti and Roborock saw declines [42] Summary by Sections Home Appliance Sector Fund Holding Ratio - The fund holding ratio for the home appliance sector in Q4 2025 is 2.40%, ranking 12th among all sectors, with a cumulative increase of 4.09% in the CITIC home appliance index, also ranking 12th in absolute returns [6][9][14] White Goods Increase and Vacuum Cleaner Reduction - The fund holding ratios for sub-segments in Q4 2025 are as follows: white goods at 1.88% (+0.24 percentage points), small appliances at 0.71% (+0.08 percentage points), upstream appliances at 0.27% (-0.16 percentage points), black goods at 0.08% (-0.03 percentage points), kitchen appliances at 0.03% (-0.01 percentage points), and lighting at 0.03% (stable) [17][21] Northbound Holdings Divergence - The northbound holdings for the home appliance sector showed mixed results in Q4 2025, with increases for Hisense Home Appliances (+0.78 percentage points), Bull Group (+0.41 percentage points), and Yitian Smart (+0.41 percentage points), while declines were noted for Vatti (-2.31 percentage points), Roborock (-1.69 percentage points), and XGIMI (-1.47 percentage points) [42][44] Investment Recommendations - The report recommends leading white goods companies such as Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances, as well as TV leader Hisense Visual and cleaning appliance leaders Roborock and Ecovacs [57]

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： ●回售价格：100.26元人民币/张（含当期应计利息、含税） ●回售资金发放日：2026年1月30日 ●回售期内"科沃转债"停止转股 ●本次回售不具有强制性，"科沃转债"持有人有权选择是否进行回售。 ●本次满足回售条款而"科沃转债"持有人未在上述回售期内申报并实施回售的，计息年度即2025年11月 30日至2026年11月29日不能再行使回售权 ●风险提示：可转债持有人选择回售等同于以100.26元人民币/张（含当期应计利息、含税）卖出持有 的"科沃转债"。截至目前，"科沃转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带 来损失，敬请可转债持有人注意风险。 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于本公司可转换公司债券 （以下简称"科沃转债"）当期转股价格的70%，且"科沃转债"处于最后两个计息年度。根据《科沃斯机 器人股份有限公司公开发行A股可转换公司债券募集说明书》（以下简称《募集说明书》）的约 定，"科 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-017 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"科沃转债"可选择回售的第八次提示性公告 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： ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 本次回售不具有强制性，"科沃转债"持有人有权选择是否进行回售。 一、回售条款及回售价格 （一）有条件回售条款 在本次可转债最后两个计息年度内，如果公司A股股票收盘价在任何连续三十个交易日低于当期转股价 格的70%时，本次可转债持有人有权将其持有的本次可转债全部或部分以面值加上当期应计利息回售给 公司。若在上述交易日内发生过转股价格因发生派送股票股利、转增股本、增发新股（不包括因本次发 行的可转债转股而增加的股本）、配股以及派发现金股利等情况而调整的情形，则在调整日前的交易日 按调整前的转股价格和收盘价格计算，在调整日及之后的交易日按调整后的转股价格和收盘价格计算。 如果出现转股价格向下修正的情况，则上述"连续三十个 ...

中国可选消费 China (Overseas) Discretionary 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliances Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus 研究报告 Research Report 25 Jan 2026 | [Table_Info] | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 市盈率 P/E | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | | | 泡泡玛特 | Outperform 354.00 | 24 | 16 | 安踏体育 | Outperform 104.11 | 14 | 14 | | 华住酒店集团有限 | Outperform 52.00 | 23 | 18 | 公司 | | | | | 李宁 | Outperform 19.99 | 16 | 15 | 名创优品 | Outperform 26.60 | 1 ...

Investment Rating - The report assigns an "Overweight" rating to the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - December retail sales for home appliances showed a year-on-year decline of 18.7%, indicating ongoing pressure despite a high base in the previous year [2][4]. - The European Union has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and leading companies in both black and white appliances are recommended for their stable operations and high dividends, including Midea Group (13.1X PE), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It emphasizes the core drivers of smart home appliances' overseas expansion, recommending leading robotic vacuum manufacturers Roborock (20.3X) and Ecovacs (22.5X) [4]. - Companies with stable performance and upward potential include Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - The report also notes that home appliance companies are diversifying into new areas, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - In December 2025, the production of home air conditioners was 14.782 million units, down 18.7% year-on-year, with domestic sales at 5.397 million units, down 26.7% [2][4]. - The total domestic sales for the year reached 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4]. - The overall retail sales for home appliances in December 2025 amounted to 97.1 billion yuan, with a cumulative annual total of 1,169.5 billion yuan, reflecting an 11.0% year-on-year increase [2][4].

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly on leading companies in the white and black goods sectors, highlighting their low valuations, high dividends, and stable growth potential [2][3]. Core Insights - The report identifies three main investment themes: 1. **Dividend and Growth**: Leading companies in the white and black goods sectors are characterized by low valuations, high dividends, and stable growth, providing a high safety margin and significant price elasticity. The impact of the trade-in policy is expected to continue positively into 2026 [2][3]. 2. **Technological Transition**: Key upstream component manufacturers are diversifying into emerging technology sectors such as robotics, data center temperature control, and semiconductors, seeking cross-industry transformation [2][3]. 3. **Market Demand**: Both domestic and international markets show promising demand, with established companies expanding production bases globally to mitigate trade fluctuations and capture growth in emerging markets [2][3]. Sales Data Summary - **Air Conditioning**: In December 2025, online retail sales volume was 720,000 units, a year-on-year decrease of 38.5%, while offline sales volume was 162,000 units, down 42.9%. The average online retail price decreased by 4.2% to 2,981 yuan per unit, and the offline average price fell by 20.1% to 3,801 yuan per unit [2][3][35]. - **Kitchen Appliances**: - **Range Hoods**: Online sales volume was 443,000 units, down 16.8%, while offline sales were 57,000 units, down 32.1%. The online average price increased by 14.4% to 1,739 yuan per unit, while the offline average price decreased by 14.4% to 3,813 yuan per unit [3][41]. - **Dishwashers**: Online sales volume was 49,000 units, down 10.2%, and offline sales were 5,000 units, down 44.2%. The online average price decreased by 1.1% to 4,245 yuan per unit, while the offline average price increased by 1.4% to 7,990 yuan per unit [3][41]. Company Updates - **Yitian Intelligent**: Forecasts a net loss of 186 to 152 million yuan for 2025, compared to a profit of 26.54 million yuan in 2024 [5][11]. - **Roborock Technology**: Launched new products including the G30S Pro and P20 Ultra, featuring advanced cleaning technologies and high efficiency [5][12]. - **Stock Performance**: The home appliance sector outperformed the CSI 300 index, with notable gains from companies like Aojiahua (10.1%) and Hisense Visual (5.7%) [5][6][8]. Macro Economic Environment - As of January 23, 2026, the USD to RMB exchange rate was 6.9929, reflecting a decrease of 0.51% since the beginning of the year [46][48]. - In December 2025, the total retail sales of consumer goods reached 45,135.90 billion yuan, a year-on-year increase of 0.86% [48][49].

证券代码：603486 证券简称：科沃斯 公告编号：2026-017 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"科沃转债"可选择回售的第八次提示性公告 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： 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于 本公司可转换公司债券（以下简称"科沃转债"）当期转股价格的70%，且"科沃转 债"处于最后两个计息年度。根据《科沃斯机器人股份有限公司公开发行A股可转换 公司债券募集说明书》（以下简称《募集说明书》）的约定，"科沃转债"的有条件 回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和《募集说明书》的约定，就回售有关事项向全体"科沃 1 ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 回售期：2026年1月21日至2026年1月27日 ● 回售资金发放日：2026年1月30日 ● 回售期内"科沃转债"停止转股 ● 本次回 ...

Investment Rating - The report assigns an "Accumulate" rating for the home appliance industry [4]. Core Insights - The report highlights a slight decline in fund holdings in the home appliance sector, with a 2.6% allocation in actively managed equity funds for Q4 2025, down 0.2 percentage points from Q3 [2][4]. - The report notes that the production of household air conditioners in December 2025 was 14.782 million units, a year-on-year decrease of 18.7%, with domestic sales down 26.7% and exports down 13.2% [2][4]. - The report mentions that the EU has mandated registration for imports of robotic lawn mowers from China, with potential anti-dumping duties estimated between 21.4% and 57.4% [2][4]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, and recommends several companies for investment based on their stable operations and high dividends, including Midea Group (13.1X), Haier Smart Home (11.4X), TCL Electronics (12.7X), and Hisense Visual (12.7X) [4]. - It highlights the core drivers for smart home appliances' overseas expansion, recommending leading robotic vacuum companies Roborock (20.3X) and Ecovacs (22.5X) [4]. - The report also recommends companies with stable performance and upward potential, such as Ninebot (19.9X), Anfu Technology (56.8X), Hailong Cold Chain (15.9X), and Beiding Co. (35.3X) [4]. - Additionally, it points out companies expanding into new business lines, recommending Rongtai Health (21.3X) and Wanlong Magnetic Plastic (21.9X) [4]. Market Data - The report provides data on the top five holdings in the home appliance sector, with Midea Group valued at 19.9 billion, Haier Smart Home at 6 billion, and others showing varying changes in market value [4]. - It notes that the overall retail sales of home appliances in December 2025 were 97.1 billion, a year-on-year decrease of 18.7% [2][4]. - The report indicates that the total domestic sales volume for the air conditioning industry in 2025 was 10.521 million units, a slight increase of 0.7% year-on-year, while total exports were 9.318 million units, down 3.4% [2][4].