Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of dividends and globalization in the home appliance sector [1] - Domestic sales of color TVs and washing machines have shown good performance in offline channels since 2026, while online sales of some small appliances have also performed well [6][10] - Export performance has been strong since 2026, with a notable increase in home appliance exports to emerging markets [19][24] - The report suggests that despite growth pressures due to high base effects from the previous year, leading brands are showing resilience and growth potential [38] Summary by Sections Domestic Sales - In January-February 2026, offline sales of color TVs and washing machines performed well, while online sales faced pressure. For color TVs, online sales were 1.973 million units with a revenue of 6.94 billion yuan, showing a year-on-year decline of 29.7% and 14.5% respectively. Offline sales were 534,000 units with a revenue of 3.45 billion yuan, showing a year-on-year increase of 25.1% and 27.8% [10] - For refrigerators, online sales were 2.019 million units with a revenue of 5.22 billion yuan, down 17.0% and 4.9% year-on-year, while offline sales were 523,000 units with a revenue of 3.10 billion yuan, up 8.8% and down 0.6% year-on-year [10] - Air conditioning sales faced overall pressure, with online sales of 1.254 million units and a revenue of 3.89 billion yuan, down 37.3% and 35.3% year-on-year [10] Export Performance - Since 2026, the export performance has been strong, with total domestic exports in January-February 2026 amounting to 4.6 trillion yuan, a year-on-year increase of 19%. In USD terms, the total export was 0.7 trillion USD, up 22% year-on-year [19] - Home appliance exports in January-February 2026 were 119.2 billion yuan, reflecting a year-on-year increase of 9% [19] Investment Recommendations - The report recommends focusing on companies such as TCL Electronics, Midea Group, Gree Electric, Haier Smart Home, Hisense Visual, Ecovacs, and Roborock, highlighting their strong dividend yields and defensive attributes in the current market environment [38]

科沃斯机器人股份有限公司 证券投资管理制度 第一章 总 则 第一条 为规范科沃斯机器人股份有限公司（以下简称"公司"）的证券投资 行为，有效防范投资风险，保障资金安全，提高资金使用效率，根据《中华人民 共和国证券法》《上海证券交易所股票上市规则》（以下简称《上市规则》）《上海 证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等法律、法规、 规范性文件及《科沃斯机器人股份有限公司章程》（以下简称《公司章程》）的有 关规定，结合公司实际情况，制定本制度。 第二条 本制度所称"证券投资"，是指公司在控制风险的前提下，以提高资 金使用效率为目的，进行的包括新股配售或者申购、股票及存托凭证投资、债券 投资、基金投资以及上海证券交易所（以下简称"上交所"）认定的其他投资行为。 第三条 公司证券投资应遵循"合法、审慎、安全、有效"的原则，以不影 响公司正常经营和主营业务发展为前提，与公司资产结构相适应，严格控制投资 风险。 第四条 公司证券投资的资金必须为自有资金，严禁使用募集资金、银行信 贷资金等不符合国家法律法规、中国证券监督管理委员会和上交所规定的资金直 接或间接进行证券投资。 第五条 本制度适用于公司及 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-021 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 关于公司及控股子公司开展期货套期保值业务的公 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。 重要内容提示： 交易主要情况 | 交易目的 | □获取投资收益 套期保值（合约类别：商品；□外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易品种 | 仅限于与公司生产经营有直接关系的期货品种，包括但不限 | | | | 于碳酸锂等。 | | | | 预计动用的交易保证金和权利金 | 不超过4,500 | | 交易金额 | 上限（单位：万元人民币） | | | | 预计任一交易日持有的最高合约 | 不超过30,000 | | | 价值（单位：万元人民币） | | | 资金来源 | 自有资金 □借贷资金 □其他：___ | | | 交易期限 | 自董事会审议通过之日起12个月内 | | 已履行及拟履行的审议程 ...

科沃斯机器人股份有限公司关于公司 及全资子公司开展外汇衍生品交易业务的可行性分析报告 一、开展外汇衍生品交易业务的情况概述 （一）交易目的 公司海外销售回款主要以美元、欧元等为主，因此当外汇汇率出现较大波动 的情况下，将对公司的经营业绩造成影响。随着公司海外收入规模不断扩大、占 比持续提升，为了有效规避外汇市场风险，降低汇率波动对公司正常经营的潜在 不良影响，公司及全资子公司拟开展外汇衍生品交易业务。上述业务均以生产经 营为基础，以套期保值为目的开展，不进行单纯以盈利为目的的投机和套利交易， 不影响公司主营业务发展。 公司采用远期合约、外汇期货等外汇衍生产品，对冲进出口合同预期收付汇 及手持外币资金的汇率波动风险，其中远期合约等外汇衍生产品是套期工具，进 出口合同预期收付汇及手持外币资金是被套期项目。套期工具与被套期项目在经 济关系、套期比率、时间上都满足套期有效性、且不被信用风险主导。套期工具 的公允价值或现金流量变动都能抵销被套期风险引起的被套期项目公允价值或现 金流量变动的程度，可实现套期保值的目的。 （二）交易金额 此次开展的外汇衍生品交易业务任一时点的余额折合不超过 11.5 亿美元， 包括预计占用 ...

| 证券代码：603486 | 证券简称：科沃斯 公告编号：2026-022 | | --- | --- | | 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及全资子公司 增加外汇衍生品业务交易品种和交易场所的公告 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。 重要内容提示： | 交易目的 | □获取投资收益 套期保值（合约类别：□商品；外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易品种 | 主要包括远期、期权、外汇期货等业务 | | | 交易金额 | 预计动用的交易保证金和权利金 上限（单位：万元人民币） | 5,700 | | | 预计任一交易日持有的最高合约 价值（单位：亿美元） | 11.5 | | 资金来源 | 自有资金 □借贷资金 □其他：___ | | | 交易期限 | _2025_年_5_月_16_日至_2026__年_5_月_15_日 | | 交易主要情况 已履行及拟履行的审议 ...

科沃斯机器人股份有限公司 关于公司及控股子公司开展期货套期保值业务的可行性分 析报告 一、开展期货套期保值业务的情况概述 本次开展期货套期保值业务的保证金和权利金投资金额在任何时点不超过 4,500 万元人民币或等值金额的其他货币，任一交易日持有的最高合约价值不超 过 30,000 万元人民币或等值金额的其他货币。期限内任一时点的交易金额（含 前述交易的收益进行再交易的相关金额）不超过已审议额度。 （三）资金来源 期货套期保值业务的资金来源为公司的自有资金，不涉及募集资金。 （四）交易方式 交易场所：只限于合法运营的期货交易所、商品交易所及合法运营的大型 券商、银行等。 交易品种：与公司及控股子公司生产经营有直接关联的碳酸锂等商品的期 货合约及其组合。 （五）交易期限 自董事会审议通过之日起12个月内。 （一）交易目的 近年来，作为公司及控股子公司的核心业务之一，上游原材料碳酸锂价格波 动，直接影响了锂电池正极材料及电解液的成本，其受市场供需、行业政策、宏 观经济等因素影响，波动较为频繁且幅度较大。近期，对应现货价格呈现上涨趋 势，若未来继续上涨，将大幅增加公司的采购成本，压缩利润空间，甚至影响正 常的生产经 ...

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：2026-023 科沃斯机器人股份有限公司 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 2026 年 3 月 20 日，科沃斯机器人股份有限公司（以下简称"公司"）第四届 董事会第七次会议在公司会议室召开。本次会议的会议通知已于 2026 年 3 月 19 日 通过书面形式发出，本次会议采用现场结合通讯表决方式召开，会议应到董事 9 名， 实到董事 9 名（其中：以通讯表决方式出席会议 4 名）。符合召开董事会会议的法 定人数。会议由钱东奇先生主持，公司高级管理人员列席了会议。会议的召集、召 开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定，表决 形成的决议合法、有效。会议审议并通过了如下议案： 二、董事会会议审议情况 1、审议通过《关于公司及控股子公司开展期货套期保值业务的议案》 本次开展期货套期保值业务的保证金和权利金投资金额在任何时点不超过 4,50 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [2][48]. Core Insights - The AWE2026 exhibition highlighted the significant trends of "embodiment + AI" in home appliances, showcasing advancements in executing household tasks and enhancing user experience [7][48]. - The integration of AI is expected to make home appliances smarter and more humanized, with products featuring advanced perception and decision-making capabilities [26][48]. - New product categories such as consumer-grade 3D printing and smart mobility are emerging, indicating further growth potential for the industry [32][48]. Summary by Sections AWE2026 Showcases "Embodiment + AI" Trends - The AWE2026 event, held from March 12-15, 2026, in Shanghai, attracted over 1,200 exhibitors and 200,000 visitors, focusing on AI technology and smart living scenarios [7][48]. - The exhibition featured a dual-zone model, emphasizing both consumer electronics and upstream core components [7]. Embodiment Enhances Appliance Execution - Home appliances are increasingly capable of executing household tasks effectively, with companies like Haier and Hisense showcasing robots designed for various domestic scenarios [9][48]. - Haier's family service robots demonstrate advanced capabilities, such as recognizing and sorting food items, while Hisense introduced humanoid robots for commercial and domestic use [9][48]. AI Enhances Intelligence and Humanization - AI models are being integrated into home appliances to improve their decision-making and service capabilities, with products like Haier's AI Eye 2.0 and Boss Appliances' AI cooking glasses leading the way [26][48]. - The report anticipates that as AI capabilities evolve, appliances will become more intuitive and user-friendly [26][48]. Emerging Product Categories Worth Noting - The report highlights the growth of consumer-grade 3D printing, with companies like Anker and JD.com launching innovative products aimed at expanding the market [32][48]. - In smart mobility, new products such as electric scooters and water flying vehicles were introduced, showcasing advancements in personal transportation [37][48]. Investment Recommendations - The report recommends investing in leading companies with competitive advantages, including Midea Group, Haier Smart Home, Hisense, and Gree Electric for white goods; Hisense Visual for TVs; and Roborock and Ecovacs for cleaning appliances [48].

Core Insights - The article discusses the emergence of embodied intelligent robots in the home appliance sector, highlighting their evolving roles from emotional support to practical household tasks [4][5][6]. Group 1: Industry Trends - The 2026 AWE showcased a shift from traditional home appliances to embodied intelligent robots, with major home appliance companies leading the charge [4]. - Companies are focusing on household services as the core objective for robots, demonstrating functionalities like home patrol, elder protection, and basic chores [4]. Group 2: Company Innovations - **Chasing**: Introduced a "wheelchair robot" capable of navigating the home and assisting elderly users, featuring a multifunctional bionic hand for controlling other appliances [8][11]. - **Ecovacs**: Launched the "Bajie" robot, designed to act as a user's avatar at home, capable of performing tasks like organizing and cleaning, although it currently faces speed and stability issues [14][18]. - **Haier**: Presented a penguin-shaped companion robot that can monitor elderly individuals for falls and remind them to take medication, along with a cleaning robot that addresses traditional cleaning challenges [20][23]. - **TCL**: Showcased the AiMe robot, which features a modular design allowing for interaction and emotional support, while also being able to change its appearance [29][32]. - **Hisense**: Unveiled the Savvy robot, which can interact with other home appliances to perform tasks like laundry and adjusting home conditions based on user activities [35][36]. - **MOVA**: Introduced a flying vacuum robot that can navigate multiple floors, addressing the need for efficient cleaning across levels [40]. - **Leshare Technology**: Developed the M1 robot, which can autonomously charge and is designed for quiet operation during nighttime, with future capabilities for monitoring and companionship [44][46]. - **Tesla**: Announced the upcoming Optimus V3 robot, expected to begin production in 2026, which will utilize advanced AI and technology from Tesla's electric vehicles [50][51]. - **FOTILE**: Demonstrated a kitchen robot system capable of cooking tasks, although it is currently a prototype without plans for mass production [61][65].

Core Insights - The rapid growth of AI large model technology is driving a new wave of technological upgrades in the consumer electronics industry, with AI becoming a fundamental logic throughout the industry chain [1] - The AWE2026 showcased various AI-enabled products, marking a significant paradigm shift where devices evolve from merely executing commands to actively understanding and perceiving [1] - Ecovacs' performance at AWE2026 is particularly noteworthy, presenting a comprehensive matrix of home service robots that cover cleaning, management, and companionship, indicating a clear path for the commercialization of embodied intelligence [1] Industry Overview - The global service robot market is at a critical turning point, transitioning from "functional tools" to "intelligent services," with the Chinese embodied intelligence market expected to grow to 915 billion yuan by 2025 and surpass 1 trillion yuan in 2026 [2] - There is a growing demand for "full-scene, proactive intelligent services," with embodied intelligence recognized as a core technological direction to fill this gap [2] - The "Bajie" robot, equipped with OpenClaw, represents a significant breakthrough in the commercialization of embodied intelligence, capable of performing intricate tasks and engaging in real-life interactions with users [2][3] Product Development - Ecovacs' product matrix showcases a strategic evolution from tools to companions, with the "Mao Tuan Er" robot extending embodied intelligence into emotional companionship, providing a stable and warm presence for users unable to keep real pets [4][5] - The flagship cleaning robot, "Deebot X12," utilizes advanced cleaning technologies to achieve deep cleaning and comprehensive coverage, while the "Deebot T90 PRO" addresses battery life concerns for larger homes [5] - The "Window Cleaning W3" robot completes the service loop by transitioning from a single function to a full-service solution, addressing the last pain points in window cleaning [5] Technological Foundation - Ecovacs' strategic upgrade to a full-scene robot company is supported by a dual-driven research and development model, combining external investments and internal research [6][7] - The company has built a comprehensive technology system over 20 years, covering perception, decision-making, and execution, which supports the development of embodied intelligence technologies [6] - Strategic investments in AI chips, collaborative robotics, and partnerships with cloud services enhance Ecovacs' technological capabilities and support the development of embodied intelligence products [6][7] Industry Implications - Ecovacs' transition from a cleaning robot brand to an explorer of full-scene home service robots sets a clear benchmark for the industry, emphasizing that the core value of embodied intelligence lies in solving user pain points [8] - The company's comprehensive layout model demonstrates that the future direction of service robots is to cover all family scene needs rather than being limited to a single application [8] - The inclusion of embodied intelligence in national strategic plans highlights its significance as a key driver for future productivity and competitive advantages, positioning Ecovacs as a major player in the global market [8]