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：2025-089 科沃斯机器人股份有限公司 股权激励限制性股票回购注销实施公告 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： ●回购注销原因：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《关于回购注销部分激励对象已 获授但尚未解除限售的限制性股票的议案》。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张克亮等 46 名激励对象由于离职已不再具备《上 市公司股权激励管理办法》及公司《2024 年股票期权与限制性股票激励计划（草 案）》的相关规定继续参与公司激励计划的资格，公司拟对其持有的已获授但尚未解 除限售的合计 243,400 股限制性股票予以回购注销。 ●本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | --- | --- | --- | | 243,400 | 243, ...

Group 1 - iRobot has entered into a restructuring support agreement with its guarantor lenders and major supplier, Shenzhen SJC Robot Co., Ltd, which will acquire iRobot through a court-supervised process, leading to iRobot becoming a wholly-owned private company [1] - iRobot was once the largest player in the robotic vacuum market, holding an 80% global market share at its peak, with cumulative sales exceeding 50 million units [2][5] - The acquisition signifies a shift in the robotic vacuum industry from foreign dominance to a comprehensive leadership by Chinese brands [1][10] Group 2 - iRobot's decline is attributed to its over-reliance on a single product category and lack of innovation, which has made it vulnerable to competition from Chinese manufacturers that have diversified their product offerings [2][4] - The company's early patent barriers have diminished over time, and it has struggled to keep pace with technological advancements, particularly in laser radar and SLAM technology, which have been adopted by competitors [4][5] - iRobot's revenue has been declining, with projected total revenue of $682 million in 2024 and 11 consecutive quarters of losses, exacerbated by its inability to cover supply chain expenses [5][8] Group 3 - Chinese brands like Ecovacs and Roborock have successfully transitioned from being global OEMs to technology leaders, significantly increasing their market presence and revenue through innovation and product diversification [10][11] - Ecovacs has seen a 120.6% increase in overseas revenue, while Roborock has expanded into the laundry care sector, achieving an 86% year-on-year revenue growth in its floor cleaning business [10][11] - The shift in the industry growth logic from "incremental penetration" to "stock competition" indicates that companies must build smart ecosystems to enhance competitiveness [8][10] Group 4 - Chinese companies have invested heavily in R&D, with Ecovacs and Roborock planning to spend nearly $1.5 billion on R&D in 2024, significantly higher than international brands [11][13] - The number of patents related to cleaning robots filed by leading Chinese companies has surpassed 5,000, with a 35% global share of core technology patents, indicating a strong technological foundation [13]

Core Insights - The article emphasizes the increasing importance of air purifiers in homes and offices due to rising health awareness and the need to combat indoor air pollution, particularly formaldehyde [1][45] - It provides a comprehensive guide for selecting effective air purifiers, focusing on key performance indicators and the latest national standards [1][42] Group 1: Air Quality Issues - The report highlights that the formaldehyde exceedance rate in newly renovated homes in China remains high, posing significant health risks, especially to vulnerable groups like pregnant women and children [1][45] - The World Health Organization classifies formaldehyde as a Class 1 carcinogen, linking long-term exposure to serious health issues [1][45] Group 2: Key Selection Criteria - Consumers are advised to focus on four critical indicators when selecting air purifiers: dual CADR values (Clean Air Delivery Rate), dual CCM values (Cumulative Clean Mass), noise levels, and safety certifications [2][46][47] - For spaces around 86 square meters, a formaldehyde CADR value above 500 m³/h is recommended [2][46] Group 3: Top Air Purifier Brands - The article ranks the top ten air purifier brands for 2025 based on authoritative testing data, market share, and user reviews, providing a detailed comparison of their performance [4][48] - STEVOOR A8L is highlighted as a leading model due to its innovative four-stage formaldehyde decomposition technology and high performance metrics [5][49][50] - Other notable brands include Philips, Blueair, Honeywell, Xiaomi, Huawei, Midea, Haier, LEXY, and ECOVACS, each with unique technologies and advantages [10][12][19][22][28][62][71][79] Group 4: Product Features and Advantages - STEVOOR A8L features a formaldehyde CADR of 632 m³/h and a particle CADR of 757 m³/h, with a maximum CCM rating of F4, making it suitable for large spaces [6][50] - Philips air purifiers are recognized for their smart sensing technology and high build quality, with CADR values typically ranging from 400 to 550 m³/h [10][53] - Blueair is noted for its high CADR values and effective filtration technology, suitable for rapid purification in large areas [12][55] - Honeywell utilizes aerospace technology for durability and effective air purification, with CADR values between 500 and 620 m³/h [16][60] - Xiaomi offers high cost-performance ratios and seamless integration with smart home ecosystems [19][62] - ECOVACS introduces a mobile air purification robot, enhancing dynamic air quality management [37][80]

Group 1: Industry Trends - 2025 marks a pivotal year for the global technology industry, transitioning from "smart connectivity" to "intelligent autonomy" [1] - Hardware products are entering a new era of "edge AI explosion," driven by advancements in AI technology, the proliferation of 5G-A, and sustainable development [1] - The transformation of smart hardware is shifting from "single hardware parameters" to a "full-scenario intelligent ecosystem" [1] Group 2: Consumer Electronics and Innovations - Seamless integration between different types of devices is becoming more common, enhancing user experience across smartphones, computers, and tablets [1] - The rise of smart home appliances, automotive technology, and drones is significantly transforming lifestyles and industrial models [1] - The automotive sector is redefining its role, moving beyond being just a transportation tool to becoming part of a broader economic opportunity in low-altitude airspace [1] Group 3: 2025 EDGE Awards - The 2025 EDGE Awards will recognize outstanding technological products that have made significant contributions in functionality, design, user experience, and market performance [3] - Award-winning products are expected to address industry pain points, optimize user experiences, and explore new scenarios, setting market benchmarks and driving innovation [3] - The awards will highlight the most innovative products of the year, showcasing the profound impact of technological innovation on human life [3]

Group 1: Market Strategy and Economic Outlook - The report suggests that the market is entering a cyclical transition, similar to Japan in 1978, with a recommendation to continue investing in sectors that are expected to reach new highs [1][10] - The anticipated "spring rally" in the A-share market is supported by favorable economic policies and the return of cross-border capital, which could lead to a "Davis Double" effect in the consumer sector [3][21] - The report emphasizes the importance of cyclical recovery in the economy, with a focus on sectors such as non-ferrous metals, new consumption, and high-end manufacturing [10][21] Group 2: Company-Specific Insights - The report on Ecovacs (科沃斯) forecasts revenues of 18.923 billion, 21.973 billion, and 24.919 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.954 billion, 2.306 billion, and 2.777 billion CNY, indicating significant growth potential [2][13] - Ecovacs is expected to benefit from improvements in its cleaning business, the development of its consumer robotics matrix, and synergies from its supply chain layout [13] - The report highlights the potential for the liquid cooling industry to experience significant growth in 2026, with a focus on companies that have technological barriers and can enter major domestic and international supply chains [4][26] Group 3: Industry Trends and Projections - The liquid cooling market is projected to reach a conservative estimate of 6.9 billion to an optimistic 9.7 billion USD by 2026, driven by advancements in GPU technology and increasing demand for efficient cooling solutions [23][24] - The report indicates that the domestic liquid cooling server market is expected to exceed 10 billion USD by 2028, with a compound annual growth rate of 47.6% from 2023 to 2028 [25] - The consumer electronics sector is experiencing a recovery, with a focus on innovative products and market expansion, particularly in the context of the upcoming CES 2026 [32][34]

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The home appliance industry is experiencing pressure in both domestic and international sales, with iRobot announcing bankruptcy restructuring, which will be acquired by Chinese manufacturer Shanjun Robotics [2][5] - In November, the retail sales of home appliances and audio-visual equipment reached 100 billion yuan, a year-on-year decline of 19.4%, while the cumulative annual sales reached 1,074.9 billion yuan, with a year-on-year increase of 14.8% [5] - The production and sales data for home air conditioners in November showed a production of 10.577 million units, a year-on-year decrease of 36.7%, and sales of 10.492 million units, a year-on-year decrease of 31.8% [5] Summary by Sections Investment Recommendations - Key drivers for investment include overseas expansion and smart home technology, recommending leading companies in the robotic vacuum sector: Roborock (21.1X 2025 PE) and Ecovacs (21.5X) [5] - Companies with stable performance and upward potential include Ninebot (20.6X), Anfu Technology (41.7X), Hailong Cold Chain (14.6X), and Beiding Co. (30.4X) [5] - For companies with robust operations and high dividends, recommendations include TCL Electronics (12.2X), Hisense Visual (12.9X), Midea Group (13.5X), and Haier Smart Home (12.2X) [5] - Companies diversifying into new sectors include Rongtai Health (18.7X) and Wanlong Magnetic Plastic (18.9X) [5] Market Performance - The retail sales growth rate further narrowed in November, with the total retail sales of consumer goods reaching 43,898 billion yuan, a year-on-year increase of 1.3% [5] - The domestic market faces pressure from the decline in national subsidies and high base effects, while the export market is constrained by high base effects and inventory reduction in some overseas markets [5] Company Developments - iRobot has announced its bankruptcy and will be acquired by Shanjun Robotics, with the restructuring process expected to be completed by February 2026 [5] - The founder of Chasing Technology, Yu Hao, plans to acquire 54.90% of Jiamei Packaging, with a total transaction value of approximately 2.282 billion yuan [5]

Investment Rating - The report maintains a positive investment outlook for companies focusing on overseas markets, particularly in the Americas and emerging markets, despite challenges in domestic sales [4][5]. Core Insights - The report emphasizes the importance of "going abroad" as a key strategy for growth, with expectations for better investment returns from overseas-focused companies in 2026, especially as domestic demand faces pressures from policy and market conditions [4][5]. - It identifies three main factors suppressing domestic sales of durable goods: the depletion of government subsidies, high base effects, and weak housing transaction demand [5][6]. - The report suggests that companies with strong operational performance and low valuations, as well as those benefiting from policy or technological catalysts, are potential investment opportunities [5][6]. Summary by Sections 2025 Review - The report notes that the home appliance and light industry sectors have underperformed compared to the CSI 300 index, primarily due to weakening domestic demand and external tariff disruptions [9][11]. - It highlights that the home appliance sector has faced challenges from declining government subsidies and ongoing tariff issues, leading to a significant drop in export performance [9][10]. 2026 Outlook - The report anticipates that domestic housing demand will continue to decline, with new housing starts and sales expected to drop by 4.8% in 2026 [36][39]. - It predicts that the overseas sales performance of home appliance and furniture companies may improve in the second quarter of 2026, driven by base effects and potential recovery in the U.S. housing market [78][80]. - The report emphasizes that companies with significant exposure to the U.S. and emerging markets are likely to benefit from improving demand conditions [80][81]. Recommended Stocks - The report recommends furniture companies with a presence in the U.S., Latin America, and Europe, such as Kuka Home, which are expected to benefit from a recovery in U.S. housing transactions [7]. - It also suggests consumer electronics and home appliance companies with operations in Latin America, North America, and Southeast Asia, including Anker Innovations and Haier Smart Home, ranked by their exposure to these markets [7]. - Lastly, it highlights export-oriented companies in Europe, such as Ecovacs and Roborock, noting that while growth potential is strong, profitability may be pressured by increased competition [7].

Investment Rating - The report assigns an "Accumulate" rating for the company [6][17]. Core Insights - The company has shown strong profitability in recent quarters, with concerns about the impact of national subsidies and increased competition in the floor cleaning robot market. However, the ongoing operational improvement cycle is expected to mitigate some of these risks [1][15]. - The high gross margin of the company's roller products is attributed to lightweight design upgrades and rapid iteration speed, which provide pricing power. There is potential for further optimization in both short-term and long-term perspectives [1][2]. - The third-party platform business and collaboration within the robotics industry chain are expected to provide additional long-term efficiency improvements [2][56]. Summary by Sections Performance Review - The company has improved its gross and net profit margins significantly in Q1-Q3 of 2025 compared to 2023 [1][25]. - Concerns exist regarding the potential slowdown in domestic sales due to subsidy reductions and increased competition in the cleaning robot market [27]. Roller Product Margins - The high gross margin of roller products is primarily due to their lightweight design and the company's rapid product iteration, which allows for premium pricing [1][32]. - Short-term benefits are expected from an increased proportion of high-margin roller products and enhanced overseas market penetration [1][43]. - Long-term optimization opportunities exist as the company addresses existing pain points in cleaning robots, which could lead to further margin improvements [52]. Third-Party Platform and Robotics Industry Synergy - The company has the capability to build a platform that enhances revenue flexibility and profitability through supply chain localization and cost reduction [2][56]. - Strategic investments in the robotics industry chain are expected to yield direct investment returns and provide cost efficiency and innovation opportunities for the core business [2][58]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 189.23 billion, 219.73 billion, and 249.19 billion yuan, respectively, with year-on-year growth rates of 14.39%, 16.12%, and 13.41% [2][17]. - Net profit forecasts for the same years are 19.54 billion, 23.06 billion, and 27.77 billion yuan, with corresponding growth rates of 142.4%, 18.0%, and 20.4% [2][17].

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].

Group 1 - The National Robot Industry Index (980022) has seen a strong increase of 1.61%, with notable gains from constituent stocks such as Aerospace Intelligent Equipment (300455) up 6.84%, and Double Ring Transmission (002472) up 3.79% [1] - The Robot ETF Penghua (159278) has risen by 1.30%, with the latest price reported at 1.01 yuan, and has experienced a significant scale growth of 16.18 million yuan over the past week [1] - The Robot ETF Penghua has achieved a new high in shares, reaching 1.104 billion shares, and has seen a total net inflow of 57.84 million yuan over the last three days [1] Group 2 - Yushu Technology has launched the first humanoid robot application store, aiming to modularize and standardize humanoid robot functionalities, indicating a positive outlook for the humanoid robot industry chain [2] - The humanoid robot products are expected to begin mass production and sales in 2026, with anticipated shipment volumes showing exponential growth compared to 2025 [2] - The top ten weighted stocks in the National Robot Industry Index account for 40.47% of the index, including companies like Double Ring Transmission (002472) and Ecovacs (603486) [2]