证券代码：603486 证券简称：科沃斯 公告编号：2026-012 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 关于公司股票期权限制行权期间的提示性公告 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。 科沃斯机器人股份有限公司董事会 2026 年 1 月 20 日 1 二、本次限制行权期间 本次限制行权期为 2026 年 1 月 26 日至 2026 年 1 月 30 日，在此期间股票期权 （期权代码：1000000749）的全部激励对象将被限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申请 办理限制行权相关事宜。 特此公告。 根据中国证监会《上市公司股权激励管理办法》《科沃斯机器人股份有限公司 2024 年股票期权与限制性股票激励计划（草案）》（以下简称"2024 年激励计划"） 以及中国证券登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定， 并结合科沃斯机器人股份有限公司（以下简称"公司"）2025 年年度业绩预告披露 计划，现对 2024 年激励计划 ...

Investment Rating - The industry investment rating is "Overweight" [4][11]. Core Insights - The report highlights favorable real estate policies and Meta's plan to increase smart glasses production to 20 million units by the end of 2026, indicating a strong market demand [2][3]. - Several home appliance companies have released their performance forecasts for 2025, showing a mix of growth and decline in net profits [2][3]. Summary by Sections Investment Recommendations - The report suggests that national subsidies are expected to transition smoothly, with leading black and white appliance companies demonstrating stable operations and high dividends, making them cost-effective investments. Recommended companies include: - Midea Group (2025 PE: 13.2X) - Haier Smart Home (2025 PE: 11.4X) - TCL Electronics (2025 PE: 10.8X) - Hisense Visual (2025 PE: 12.0X) [4][5]. - The core driver for smart home appliances is overseas expansion, with recommendations for leading robot vacuum companies: - Roborock (2025 PE: 20.8X) - Ecovacs (2025 PE: 22.7X) [4][5]. - Companies with stable performance and upward potential include: - Ninebot (2025 PE: 19.1X) - Anfu Technology (2025 PE: 53.2X) - Hailong Cold Chain (2025 PE: 15.2X) - Beiding Co. (2025 PE: 31.2X) [4][5]. - Appliance companies are diversifying into new areas, with recommendations for: - Rongtai Health (2025 PE: 21.1X) - Wanlong Magnetic Plastic (2025 PE: 21.9X) [4][5]. Performance Forecasts - Stone Technology expects a net profit of no less than 1.34 billion, a 31% decline year-on-year for 2025. - Beiding Co. anticipates a revenue of 950 million, a 26% increase year-on-year, with a net profit of 111 million, up 59.1% year-on-year. - Dechang Co. forecasts a net profit between 160 to 200 million, a decline of 51% to 61% year-on-year, with a non-recurring net profit forecasted between 145 to 185 million, down 53% to 63% year-on-year [2][4].

Core Points - The company has announced a conditional redemption for its convertible bonds, "Kewo Convertible Bonds," due to the stock price falling below 70% of the conversion price for 30 consecutive trading days [2] - The redemption price is set at 100.26 RMB per bond, including accrued interest and tax [9] - The redemption period is from January 21, 2026, to January 27, 2026, with funds to be disbursed on January 30, 2026 [10] Redemption Terms - Holders of "Kewo Convertible Bonds" have the right to redeem their bonds at the specified price if the company's stock price remains below the conversion price threshold during the last two interest years [2] - The calculation for accrued interest is based on the bond's face value, interest rate, and the number of days in the interest period [3][4] - The interest rate for the fifth year is 1.8%, leading to an accrued interest of approximately 0.26 RMB per bond [4] Redemption Process - Bondholders can choose to redeem part or all of their unconverted bonds, and the redemption is not mandatory [5] - The redemption application must be submitted through the Shanghai Stock Exchange trading system during the specified period [6][8] - If the application is unsuccessful on the first day, bondholders can continue to apply on subsequent days within the redemption period [7] Trading During Redemption - "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [12] - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [12]

证券代码：603486 证券简称：科沃斯 公告编号：2026-010 转债代码：113633 转债简称：科沃转债 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 ...

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, "Kewo Convertible Bonds," allowing bondholders to sell their bonds back to the company at a specified price during a designated period [2][5]. Group 1: Redemption Terms - Redemption Price: 100.26 RMB per bond (including accrued interest and tax) [1][9]. - Redemption Period: From January 21, 2026, to January 27, 2026 [1][8]. - Payment Date for Redemption Funds: January 30, 2026 [1][10]. - Bondholders have the right to choose whether to redeem their bonds; the redemption is not mandatory [1][5]. Group 2: Conditions for Redemption - The conditional redemption clause is activated if the company's stock price remains below 70% of the bond's conversion price for 30 consecutive trading days during the last two interest years [2]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the right to redeem for the current interest year [1][3]. Group 3: Interest Calculation - The interest rate for the fifth year (November 30, 2025, to November 29, 2026) is set at 1.8%, with the accrued interest calculated to be approximately 0.26 RMB per bond [4]. Group 4: Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the redemption period [6]. - If a redemption request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [7]. Group 5: Trading During Redemption Period - "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [12]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period, after which an announcement will be made [12].

Market Overview - The small home appliance sector experienced a decline of 1.25% on January 15, with Beiyikang leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - The following stocks in the small home appliance sector showed notable performance: - ST Dehao (002005) closed at 2.94, up 1.73% with a trading volume of 192,900 shares and a turnover of 57.32 million yuan [1] - Lek Electric (603355) closed at 35.44, up 1.06% with a trading volume of 52,200 shares and a turnover of 184 million yuan [1] - Beiyikang (6610Z6) closed at 45.55, down 6.49% with a trading volume of 42,000 shares and a turnover of 198 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 202 million yuan from institutional investors, while retail investors had a net inflow of 201 million yuan [2] - The following stocks had significant capital flow: - Supor (002032) had a net outflow of 9.75 million yuan from institutional investors [3] - Rainbow Group (003023) had a net inflow of 6.16 million yuan from institutional investors [3] - Li Ren Technology (001259) experienced a net outflow of 2.42 million yuan from institutional investors [3]

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。 转债"持有人公告如下： 证券代码：603486 证券简称：科沃斯 公告编号：2026-009 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"可选择回售的第二次提示性公告 本公司董事会及 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Consumer Appliances Sector - **Outlook**: The major appliance sector is entering a post-subsidy downcycle in H225-27, with expectations of subdued domestic demand in H126 due to fading subsidy benefits. However, demand may stabilize in H226 and potentially turn around in 2027 [2][11]. Core Insights - **Domestic Demand**: Anticipated declines in shipments for air conditioners (AC), washing machines (WM), refrigerators, and range hoods by 5%, 2%, 4%, and 5% YoY respectively in 2026, as trade-in subsidies continue to impact the market [2]. - **Average Selling Price (ASP)**: Expected to remain stable in 2026, with potential product mix downgrades offset by industry-wide price hikes led by Midea due to rising copper prices [2][36]. - **Consumer Survey Findings**: A UBS Evidence Lab survey indicated limited upside in white goods demand for 2026, with a median household budget for home appliances expected to drop by 11% YoY, particularly in tier-1 cities where the decline is projected at 27% [3][27]. Export Challenges and Opportunities - **Exports**: Global white goods demand is projected to grow by 1.5% YoY in 2026, but Chinese exports of AC, WM, and refrigerators are expected to decline by 4.0%, 0.2%, and 4.3% YoY respectively. Exports to Europe and the US are likely to remain muted due to US tariffs and capacity relocation [4][16]. - **Emerging Markets**: There is potential for demand growth in emerging markets and the US, particularly with lower interest rates [4][16]. Stock Recommendations - **Buy Ratings**: Midea, Haier, Hisense, and Roborock are recommended for their potential to consolidate market share and grow margins through price hikes. Midea is favored for its overseas demand exposure, Haier for its margin upside from US rate cuts, and Roborock as a beneficiary of trade-in subsidies [5][10]. - **Sell Rating**: Gree is viewed as vulnerable to domestic headwinds [5]. Earnings Forecast Adjustments - **Earnings Forecasts**: Adjustments made due to lower-than-expected domestic appliance sales and rising raw material prices, particularly copper. Price targets for major appliance companies have been revised upwards as valuations are rolled forward to 2027 [7][8]. Consumer Behavior Insights - **Purchase Intentions**: The survey revealed a decline in purchase intentions across most categories, with notable increases for TVs and cleaning appliances. The largest declines were seen in AC and WM, likely due to prior subsidy usage [3][27]. - **RVC Market**: Purchase intentions for leading robot vacuum cleaner brands (Ecovacs, Roborock, Dreame) have increased, indicating a shift towards these products due to improved affordability and consumer education [3][44]. Additional Insights - **Subsidy Impact**: The impact of trade-in subsidies has been significant, with 128 million units purchased in 2025. However, the demand pull-forward effect suggests limited upside for 2026 [19][26]. - **Market Trends**: The importance of smart features and integration with smart home platforms is rising among consumers when selecting RVCs, indicating a trend towards more technologically advanced products [45]. This summary encapsulates the key points from the conference call, highlighting the current state and future outlook of the China consumer appliances sector, along with consumer behavior trends and stock recommendations.

Core Viewpoint - The company announces the conditional redemption terms for its convertible bonds, "Kewo Convertible Bonds," allowing bondholders to sell their bonds back to the company at a specified price during a designated period in early 2026 [2][5]. Group 1: Redemption Terms - Redemption Price: 100.26 RMB per bond (including accrued interest and tax) [9]. - Redemption Period: From January 21, 2026, to January 27, 2026 [8]. - Payment Date for Redemption Funds: January 30, 2026 [10]. - Bondholders have the right to choose whether to redeem their bonds; the redemption is not mandatory [5][6]. Group 2: Conditions for Redemption - The redemption clause is activated if the company's stock price is below 70% of the bond's conversion price for 30 consecutive trading days during the last two interest years [2]. - If bondholders do not exercise their redemption rights during the specified period, they will lose the right to redeem for the current interest year [2][3]. Group 3: Interest Calculation - The interest rate for the fifth year (November 30, 2025, to November 29, 2026) is set at 1.8%, with the accrued interest calculated to be approximately 0.26 RMB per bond [4]. Group 4: Trading During Redemption Period - "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [12]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period [12]. Group 5: Contact Information - For inquiries, bondholders can contact the company's securities department at 0512-83880000-2 [13].

Core Viewpoint - The company announces the first notice regarding the optional redemption of its convertible bonds, "Kewo Convertible Bonds," allowing bondholders to choose whether to redeem their bonds at a specified price [1][2]. Group 1: Redemption Terms - Redemption Price: The redemption price is set at 100.26 RMB per bond, which includes accrued interest and tax [2][12]. - Non-Mandatory Redemption: The redemption is not mandatory; bondholders have the right to choose whether to redeem [2][8]. - Conditions for Redemption: The redemption rights can only be exercised if the company's stock price falls below 70% of the conversion price for 30 consecutive trading days during the last two interest years [2][3]. Group 2: Redemption Period and Process - Redemption Period: The redemption period is from January 21, 2026, to January 27, 2026 [5][11]. - Payment Date: The payment date for the redeemed bonds is set for January 30, 2026 [13]. - Trading During Redemption: The "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [15]. Group 3: Interest Calculation - Accrued Interest Calculation: The accrued interest for the fifth year is calculated to be approximately 0.26 RMB per bond, leading to the total redemption price of 100.26 RMB [7][6].