证券代码：603486 证券简称：科沃斯 公告编号：2026-001 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 2025 年第 四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： 1 公司<2024 年股票期权与限制性股票激励计划首次授予部分激励对象名单>的议案》， 公司监事会对本激励计划的相关事项进行核实并出具了相关核查意见。 3、2024 年 9 月 7 日，公司披露《2024 年股票期权与限制性股票激励计划内幕信 息知情人买卖公司股票情况的自查报告》。 4、2024 年 9 月 2 日至 2024 年 9 月 11 日，公司对首次授予激励对象的名单在公 司内部系统进行了公示，在公示期内，公司监事会未接到与激励计划拟激励对象有关 的任何异议。2024 年 9 月 12 日，公司监事会披露《监事会关于公司 2024 年股票期 权与限制性股票激励计划激励对象名单的审核意见及公示情况说明》。 5、2024 年 ...

Core Viewpoint - The company has announced the issuance of 1.04 billion yuan in "Kewo Convertible Bonds" with an initial conversion price set at 178.44 yuan per share, which will be adjusted due to stock options and restricted stock repurchase [1] Group 1 - The adjustment of the conversion price from 173.81 yuan to 173.80 yuan is a result of the first exercise period of the 2024 incentive plan, where 301,848 shares were exercised and 243,400 shares were repurchased [1] - The "Kewo Convertible Bonds" will cease conversion on a specified date in 2025 and will resume conversion starting from a specified date in 2026 [1] - The adjustment complies with the provisions of the prospectus and does not impact the company's operational or debt repayment capabilities [1]

Financing Information - Shanghai Zhi Shi Intelligent Technology Co., Ltd. (Yao Le Technology) has completed nearly 100 million yuan in Pre-A round financing, with Cloud Road Capital serving as the long-term exclusive financial advisor [1] - The funding round was led by Yinfeng Lanxiu Fund, which is backed by Ecovacs, with participation from Silicon Harbor Capital and Chuhui Capital [1] - The funds will be primarily used for core technology iteration, overseas market expansion, and large-scale hardware production [1] Company Overview - Established in 2015 and located in Xuhui District, Shanghai, Yao Le Technology focuses on the research and development of flexible fabric pressure sensors [1] - The company provides one-stop intelligent sensing solutions, including sensor design, software and hardware, and algorithms, targeting B-end clients while also developing a health sensing product matrix for C-end and overseas markets [1] - The founder and CEO, Lv Liyun, has extensive experience in automotive electronics, having previously worked at Harman as a chief architect engineer [1] Technology Highlights - Yao Le Technology has developed a vertically integrated capability from fiber yarn to finished sensors, introducing the concept of "fabric as a sensor" [2] - The core technology employs a "sandwich" structure with a pressure-sensitive design, allowing for high-density and consistent pressure point measurements [2] - The sensors exhibit skin-like properties, including high sensitivity, stretchability, and fatigue resistance, making them suitable for dynamic wear and long-term use [2] Market Potential - The global smart sensor market is projected to reach $51.42 billion in 2023, with a compound annual growth rate (CAGR) of 19.0% from 2024 to 2030 [4] - The flexible sensor segment is expected to experience explosive growth, with a predicted CAGR of approximately 18.5% from 2024 to 2030 [4] Business Progress - Yao Le Technology has established a clear dual business model targeting both B-end and C-end markets [5] - The company has entered the supply chains of several leading automotive manufacturers, providing intelligent cockpit pressure sensing solutions for high-volume models [5] - Products have achieved stable mass production in automotive and two-wheeler sectors, with expansion into overseas markets including Italy, South Korea, and North America [5] Unique Selling Proposition - The fabric-based tactile sensor solution offers advantages in installation and maintenance, allowing for flexible replacement without modifying the robot's structure [10] - The direct integration of the sensing layer with the fabric surface enhances signal capture speed and accuracy, crucial for precise robotic grasping [10] - The solution supports large-area seamless coverage, addressing issues of signal blind spots and connection failures common in traditional sensor solutions [10] Industry Insights - The automotive sector is a critical area for the growth of flexible intelligent sensors, serving as a testing ground for technology validation and commercialization [7] - The demand for tactile sensing capabilities is expected to rise significantly as robots enter various applications, particularly in environments requiring frequent human interaction [14] Investor Perspectives - Investors highlight Yao Le Technology's competitive advantages in stability, durability, and cost-effectiveness of its fabric tactile solutions, which have gained recognition and bulk procurement from numerous automotive clients [15] - The company is positioned to capitalize on the growing demand for intelligent hardware and flexible sensing solutions across various industries, including automotive, healthcare, and robotics [16]

Group 1 - The CES 2026 will take place from January 6 to January 9, focusing on AI as it transitions into practical applications, marking the year as the beginning of AI technology integration and industrialization [2][9] - A total of 4,112 companies will participate in CES 2026, with major players like AMD, Lenovo, Hisense, and TCL showcasing innovations across various sectors, including chips, hardware, and vertical applications [2][3] - The event will highlight the integration of AI in various industries, including automotive and supply chains, demonstrating deep connections and applications across the entire industry chain [2][6] Group 2 - NVIDIA's CEO Jensen Huang will not deliver a keynote this year but will participate in discussions about AI's impact on consumer electronics and infrastructure [3][7] - AMD is expected to unveil its next-generation mobile processor, the Ryzen AI 400 series, featuring 12 Zen 5 cores and enhanced NPU capabilities [6][4] - Siemens' CEO will present advancements in industrial AI, showcasing how AI, digital twins, and automation are transforming manufacturing and infrastructure [6][9] Group 3 - The home appliance sector will see significant AI integration, with major companies like Hisense and TCL leading the charge in redefining the future of home electronics [10][11] - Hisense will introduce the world's first display technology upgraded to a "four-core architecture," along with a humanoid robot capable of multi-language interaction [10][11] - The cleaning appliance market, particularly robotic vacuums, is dominated by Chinese brands, while iRobot faces bankruptcy, highlighting a shift in market leadership [13][19] Group 4 - The CES 2026 will feature a strong presence of embodied intelligence products, with over 50% of exhibitors being Chinese companies, showcasing advancements in humanoid robots and smart assistants [20][22] - New AI-native devices, including AI glasses and AI headphones, will be introduced, indicating a shift towards AI as the next generation of consumer electronics [24][26] - The event will also host discussions on the future of technology, including topics like AI's role in industrial transformation and the commercialization of embodied intelligence [30][28]

Group 1: CES 2026 Overview - CES 2026 will take place from January 6 to January 9, 2026, in Las Vegas, showcasing the latest innovations in technology and serving as a window to predict future trends in the tech industry [2] - A total of 4,112 companies will participate, with China and the US being the main players, despite Apple's absence [2] - The central theme of CES 2026 will revolve around AI, transitioning into the stage of practical applications and integration across various industries, including consumer electronics and automotive sectors [2] Group 2: Key Company Highlights - Nvidia, AMD, and Intel are expected to showcase significant advancements in AI technology, with AMD's stock having risen over 75% in the past year [5] - AMD will unveil its next-generation mobile processor, the Ryzen AI 400 series, featuring 12 Zen 5 cores and enhanced NPU capabilities [5] - Intel will introduce the third-generation Core Ultra series processors, boasting a 50% performance improvement over the previous generation [5] Group 3: AI Integration in Consumer Electronics - AI is increasingly embedded in consumer electronics, with major home appliance companies demonstrating deep applications of AI to enhance product efficiency [9] - Hisense will launch the world's first upgraded display technology featuring a "four-core architecture" and AI image processing capabilities [9] - TCL will present a wide range of display products, including the world's first printed OLED screen for automotive displays [10] Group 4: Robotics and Smart Home Innovations - The robotics sector is seeing a surge in companies showcasing products capable of complex tasks, with a significant presence from Chinese firms at CES 2026 [19] - New products include flying vacuum cleaners and stair-climbing robots, indicating advancements in smart home technology [14][16] - Companies like Ecovacs and Roborock are expected to unveil new models in the cleaning appliance category, with Ecovacs CEO scheduled to give a keynote speech [12] Group 5: AI-Driven New Devices - CES 2026 will feature a variety of AI-native devices, including AI glasses and headphones, with numerous companies participating in this emerging market [23] - XREAL will showcase its latest AI glasses, while other firms will present innovative AR products [25] - Lightwear AI, a new wearable device, will be introduced, aiming to redefine human-computer interaction in the AI era [26] Group 6: Industry Discussions and Networking - TiMedia will host multiple roundtable discussions on topics such as AI's impact on industries and the commercialization of embodied intelligence [31] - A high-end networking event, "China Innovation Night," will take place, bringing together leaders from global tech brands and AI ecosystems [31] - The event will also feature the release of the "2026 CES Innovation List," recognizing outstanding achievements in technology and design [31]

Group 1 - The National Robot Industry Index (980022) has shown a slight increase of 0.11% as of December 31, 2025, with notable gains from companies such as Boke Co., Ltd. (688160) up by 9.51% and iFlytek (002230) up by 2.68% [1] - The Ministry of Industry and Information Technology, along with three other departments, has issued the "Implementation Plan for Digital Transformation in the Automotive Industry," which aims to accelerate the application of artificial intelligence in key areas, promoting the large-scale use of intelligent robots in processes like welding, spraying, and assembly [1] - Huajin Securities indicates that by 2025, humanoid robots will enter a critical stage of industrialization, transitioning from the "0-1" phase to the "1-10" phase, with the demand for complex scene interactions driving an increase in component requirements [1] Group 2 - The top ten weighted stocks in the National Robot Industry Index (980022) as of November 28, 2025, include companies such as Double Ring Transmission (002472) and Ecovacs (603486), collectively accounting for 40.47% of the index [2] - The Robot ETF Penghua (159278) closely tracks the National Robot Industry Index, reflecting the price changes of listed companies related to the robot industry on the Shanghai and Shenzhen stock exchanges [1][3]

Core Insights - The report maintains a positive outlook on the home appliance sector, particularly focusing on the cost reduction potential of aluminum replacing copper in air conditioning systems [2][5] - The adoption of aluminum-copper technology is seen as a significant step towards reducing production costs amid rising copper prices and resource scarcity [10][15] Group 1: Aluminum-Copper Technology Impact - The use of aluminum instead of copper in air conditioning units can lead to substantial cost savings, with estimates suggesting a reduction of 208 to 277 RMB per unit when replacing 50% of copper, and up to 416 to 554 RMB when replacing 100% [11][12] - Copper currently constitutes about 26% to 33% of the cost in standard air conditioning units, with high-end models reaching over 40% [11][12] - The global market has seen significant adoption of aluminum-copper products, particularly in Japan where approximately 40% to 50% of air conditioners use aluminum heat exchangers [15][16] Group 2: Domestic Market Challenges - Despite the cost advantages, the domestic promotion of aluminum-copper air conditioners faces challenges, including inferior thermal conductivity and corrosion resistance compared to copper [19][20] - Consumer perception is a major barrier, as negative opinions about aluminum's reliability persist, complicating market acceptance [19][20] - The first domestic aluminum-copper air conditioner was launched by Wanbao in collaboration with JD.com, targeting the mid-to-low-end market, which may help accelerate industry-wide material transitions [16][17] Group 3: Industry Performance and Trends - The home appliance sector has shown mixed performance, with the overall index increasing by 0.44%, while specific segments like white goods and black goods experienced varied changes [21][22] - Recent data indicates a decline in domestic sales growth for air conditioners, refrigerators, and washing machines, reflecting broader market challenges [33][47] - The report highlights the importance of monitoring raw material prices, with copper and aluminum prices showing significant fluctuations that could impact production costs [29][31]

Industry Overview - The pool cleaning robot is an automated device designed to clean pool water, walls, and floors, utilizing a multi-sensor fusion algorithm for intelligent underwater navigation [1][58] - The global pool market is expected to grow steadily, with the total number of pools projected to increase from approximately 32.9 million in 2024 to 39.3 million by 2029, representing a CAGR of 3.6% [2][59] - Pool cleaning expenditure is anticipated to rise from $9 billion in 2019 to $12.9 billion in 2024, and further to $16.7 billion by 2029, driven by increased pool ownership and enhanced safety standards [10][64] Market Dynamics - The demand for pool robots is primarily driven by the need to replace manual cleaning methods, with a current penetration rate of only 26.2%, indicating significant growth potential [13][67] - The global shipment of pool cleaning robots is expected to reach 6.6 million units by 2029, a nearly 50% increase from 2024, with a retail value projected to rise from $2.48 billion to $4.21 billion [14][68] - Cordless pool robots are gaining market share due to their convenience and flexibility, with expected shipments of 4.4 million units by 2029, accounting for 65.9% of the market [16][69] Competitive Landscape - The market is highly concentrated, with the top five manufacturers holding over 70% of the market share, including brands like Maytronics and Fluidra, which are experiencing a decline in market share [3][60] - Chinese brands are rapidly gaining market share through technological innovation and supply chain advantages, with companies like Wangyuan Technology and Yuanding Intelligent leading the charge [4][61] - The competitive landscape includes a mix of high-end, mid-range, and low-end manufacturers, all focusing on cordless and intelligent product iterations [3][60] Key Players - Wangyuan Technology is a leading player with a comprehensive product matrix, focusing on cordless models and achieving significant technological breakthroughs in underwater acoustic positioning and AI vision [4][61][34] - Yuanding Intelligent, operating under the Aiper brand, is recognized as one of the fastest-growing smart cleaning brands globally, with projected revenues of approximately 3 billion RMB in 2024 [4][41] - Xingmai Innovation targets the high-end market with its AquaSense series, emphasizing smart features and user experience, and has achieved substantial sales in the European and American markets [4][43] Investment Insights - The market for pool cleaning robots is expected to experience rapid growth driven by improvements in economic efficiency and reliability, with Chinese manufacturers poised to leverage their technological advancements and supply chain depth [5][62] - The ongoing trend towards cordless and intelligent products presents a significant opportunity for companies to capture market share in this expanding industry [5][62]

| 证券代码：603486 | 证券简称：科沃斯 公告编号：2025-90 | | --- | --- | | 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 证券停复牌情况：适用 因2024 年股票期权与限制性股票激励计划股票期权自主行权和限制性股票回 购注销引起的"科沃转债"转股价格调整,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113633 | 科沃转债 | 可转债转股停 | 2025/12/31 | 全天 | 2025/12/31 | 2026/1/5 | | | | 牌 | | | | | 经中国证券监督管理委员会（以下简称"中国证监会"）（证监许可【2021】 3493 号）的核准，公司于 2021 年 11 月 30 日公开发行了 10,400,000 张可转换公 司债券，每张面值 100 元，发行总额为人民币 104,000 万元。经上海证券交易所 自律监管决定书【2021】 ...

Group 1 - The small home appliance sector increased by 0.6% compared to the previous trading day, with Ousheng Electric leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index closed at 13604.07, up by 0.49% [1] - Key stocks in the small home appliance sector showed varied performance, with Ousheng Electric rising by 8.11% to a closing price of 27.59 [1] Group 2 - The small home appliance sector saw a net inflow of 11.36 million yuan from main funds, while retail investors experienced a net outflow of 20.32 million yuan [2] - The stock performance of various companies indicated a mixed trend, with some stocks like Ousheng Electric and Dechang Co. showing significant gains, while others like Beiyikang and Feimiao Electric faced declines [2][3] - The main fund inflows were led by companies such as Yuan Shida and Dechang Co., while retail investors predominantly withdrew from these stocks [3]