Core Points - The report discusses the issuance of convertible bonds by Ecovacs Robotics Co., Ltd. and the subsequent adjustment of the conversion price due to changes in the company's capital structure [2][30]. Group 1: Bond Issuance Overview - The total amount of the convertible bonds issued is capped at 1.04 billion yuan, with 10.4 million bonds issued at a face value of 100 yuan each [3][4]. - The bonds were approved by the China Securities Regulatory Commission and began trading on December 29, 2021 [3][4]. Group 2: Bond Terms and Conditions - The bonds have a maturity period of six years, from November 30, 2021, to November 29, 2027, with an annual interest rate that increases from 0.3% in the first year to 2.0% in the sixth year [5][6]. - Interest is paid annually, and the bondholders are responsible for any applicable taxes on their interest income [9]. Group 3: Conversion and Adjustment Mechanism - The initial conversion price was set at 178.44 yuan per share, with provisions for adjustments based on stock dividends, capital increases, and cash dividends [11][12]. - The conversion price was adjusted from 174.85 yuan to 174.43 yuan per share effective August 29, 2025, due to changes in the company's stock structure [29]. Group 4: Impact on the Company - The adjustment of the conversion price aligns with the terms outlined in the bond's offering document and does not adversely affect the company's operational or debt repayment capabilities [30]. - The company will continue to monitor the bond's principal and interest repayment situation and other significant matters affecting bondholders' interests [30].

中国国际金融股份有限公司（以下简称"中金公司"）作为科沃斯机器人股份 有限公司公开发行A股可转换公司债券（债券简称：科沃转债，债券代码：113633， 以下简称"本期债券"）的保荐机构和主承销商，持续密切关注对债券持有人权益 有重大影响的事项。根据《公司债券发行与交易管理办法》（2023年修订）《公 司债券受托管理人执业行为准则》《可转换公司债券管理办法》等相关规定、本 期债券《受托管理协议》的约定以及发行人于2025年8月28日披露的《科沃斯机 器人股份有限公司关于"科沃转债"转股价格调整暨转股停牌的公告》，现就本 期债券重大事项报告如下： 一、本期债券核准概况 股票代码：603486 股票简称：科沃斯 债券代码：113633 债券简称：科沃转债 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 第四次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》（2023年修订）、《科沃斯机 器人股份有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）、《科沃斯机器人股份有限公司公开发行A股可转换公司 债 ...

股票代码：603486 股票简称：科沃斯 债券代码：113633 债券简称：科沃转债 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 第四次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》（2023年修订）、《科沃斯机 器人股份有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）、《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》"）等相关公开信息披露文件、第 三方中介机构出具的专业意见等，由本期债券受托管理人中国国际金融股份有限 公司（以下简称"中金公司"）编制。中金公司对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性 和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 （三）债 ...

Group 1 - The small home appliance sector experienced a decline of 1.38% on September 1, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the small home appliance sector showed varied performance, with Xiaoxiong Electric rising by 5.76% to a closing price of 55.48 [1] Group 2 - Ecovacs saw a significant decline of 4.01%, closing at 93.00, with a trading volume of 97,900 shares and a turnover of 932 million yuan [2] - The small home appliance sector experienced a net outflow of 448 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2] - The trading data indicates that the sector is experiencing mixed investor sentiment, with some stocks like Xiaoxiong Electric performing well while others like Ecovacs are underperforming [2]

Core Insights - The global smart vacuum cleaner market is experiencing explosive growth driven by demand, with a significant transformation from a "cleaning tool" to a "home service robot" expected by 2025 [1][6] Group 1: Market Growth - The global vacuum cleaner market shows strong growth, with 2024 shipments expected to reach 20.6 million units, a year-on-year increase of 11.2%, and sales revenue projected to exceed $9.31 billion, a 19.7% increase [2] - In the first quarter of 2025, global shipments reached 5.1 million units, reflecting an 11.9% year-on-year growth, with the top five manufacturers holding a combined market share of 63.4% [2] - The Chinese market is a key driver of global growth, with domestic sales revenue reaching 10.6 billion yuan in the first seven months of 2025, a 40% increase year-on-year, significantly outpacing the industry average [2] Group 2: Competitive Landscape - Chinese vacuum cleaner companies are reshaping the global market landscape, leveraging supply chain efficiency and product cost-effectiveness to expand overseas [4] - In 2025, many Chinese companies reported a surge in overseas orders, particularly in Europe, where orders increased by over 100% [4] - Leading companies like Roborock and Ecovacs are adopting differentiated strategies for overseas expansion, with Roborock holding a 19.3% global market share and leading in 11 European countries [4] Group 3: Technological Advancements - The competition in the industry has shifted from a "scale war" to a "technology war," with product iteration becoming the core driver of growth [5] - Innovations in cleaning efficiency, spatial intelligence, and base station functionality are significantly enhancing user experience [5] - The gradual implementation of "embodied intelligence" technology is expected to further evolve vacuum cleaners into comprehensive home service robots [6]

Core Viewpoint - The stock of Ecovacs Robotics has experienced fluctuations, with a notable increase of 103.95% year-to-date, despite a recent decline in share price and net outflow of funds [1][2]. Financial Performance - For the first half of 2025, Ecovacs achieved a revenue of 8.676 billion yuan, representing a year-on-year growth of 24.37%, and a net profit attributable to shareholders of 979 million yuan, up 60.84% [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.021 billion yuan, with 944 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 34,200, a rise of 5.54%, while the average circulating shares per person decreased by 5.25% to 16,633 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Huaxia CSI Robotics ETF, with notable increases in their holdings [3]. Stock Market Activity - On September 1, the stock price of Ecovacs fell by 2.01% to 94.94 yuan per share, with a trading volume of 518 million yuan and a turnover rate of 0.94% [1]. - The stock has seen a recent decline of 1.41% over the last five trading days, but a significant increase of 15.53% over the past 20 days and 78.39% over the last 60 days [1]. Business Overview - Ecovacs Robotics, established on March 11, 1998, and listed on May 28, 2018, specializes in the research, design, production, and sales of various household service robots and related smart home devices [1]. - The company's main business revenue composition includes service robots (55.89%), smart home appliances (42.96%), and other products (1.15%) [1].

Summary of the Conference Call on China Home Appliance Sector Industry Overview - The China home appliance sector is favored due to its diversified product and geographic exposure, high and stable profitability, and strong management and execution [2][25] - It is one of the most cyclical sectors within the China consumer universe, alongside agrifood, luxury, and durables [2][25] Key Financial Metrics - Year-to-date, the share prices of the big and small home appliance sectors have increased by 1% and 41% respectively, compared to the SHSZ300 index which is up 13% [2] - Retail sales for the home appliance sector increased by 30.4% year-over-year (yoy) for the first seven months of 2025, significantly outpacing overall retail sales growth of 4.8% yoy [5][9] - The sector is projected to trade at 11.8x and 23.3x 2025E P/E for big and small appliances respectively, and 10.5x and 19.5x for 2026E P/E [2] Sales and Subsidy Insights - Approximately 90% of total sales are attributed to consumer purchases benefiting from trade-in subsidies, with an estimated total trade-in sales of RMB 272 billion and total subsidies paid of RMB 54 billion [10][11] - The full-year subsidy budget for 2025 is estimated to be between RMB 80-100 billion, which is expected to support strong sales through the end of 2025, although growth may slow to single-digit or negative rates [5][11] Production Adjustments - Brands are beginning to cut production plans in anticipation of slowing demand, with air-conditioning production plans lowered to 8.1% yoy for July and -11.9% yoy for August [5][16][17] - This trend is also observed in other categories such as refrigerators and washing machines [17] Future Outlook - The fourth quarter of 2025 is expected to be the worst for the sector, with deteriorating industry data likely to pressure share prices [26] - A normalization of domestic demand, an increase in overseas sales, an extension of stimulus policies, and recovery in the property and macroeconomic sectors are anticipated to lead to a fundamental improvement and valuation re-rating for the sector [26] Company Ratings and Price Targets - **Haier Smart Home Co Ltd - H**: Outperform (OW) with a price target of HKD 32.00 [3] - **Roborock Technology - A**: OW with a price target of CNY 270.00, showing a turnaround story with significant growth expected [11] - **Midea Group - A**: Neutral (N) with a price target of CNY 80.00, reflecting strong fundamentals [11] - **Gree Electric Appliances - A**: N with a price target of CNY 50.00, facing market share loss [11] - **Ecovacs Robotics - A**: N with a price target of CNY 82.00, valuation considered stretched [11] Additional Insights - The historical performance of the home appliance sector indicates that after periods of strong growth, sales can decline significantly, as seen in past trade-in subsidy programs [22] - Major players are proactively expanding overseas to support long-term sustainable growth despite domestic challenges [22] This summary encapsulates the key points from the conference call regarding the China home appliance sector, highlighting its current performance, challenges, and future outlook.

Market Overview - The small home appliance sector increased by 0.26% on August 29, with Ecovacs leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ecovacs (603486) closed at 96.89, up 3.68% with a trading volume of 67,400 shares and a transaction value of 646 million [1] - Beiyikang (6610Z8) closed at 41.86, up 2.60% with a trading volume of 34,000 shares and a transaction value of 144 million [1] - Biyi Co. (603215) closed at 21.93, up 2.29% with a trading volume of 94,200 shares and a transaction value of 205 million [1] Underperformers - Fujia Co. (603219) closed at 19.32, down 8.17% with a trading volume of 206,000 shares and a transaction value of 407 million [2] - Xiaoxiong Electric (002959) closed at 52.46, down 3.58% with a trading volume of 76,800 shares [2] - Lek Electric (603355) closed at 23.08, down 3.35% with a trading volume of 68,400 shares and a transaction value of 158 million [2] Capital Flow - The small home appliance sector experienced a net outflow of 210 million from institutional investors, while retail investors saw a net inflow of 96.66 million [2] - The sector's capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow Analysis - Biyi Co. (603215) had a net inflow of 13.51 million from institutional investors, but a net outflow of 13.99 million from retail investors [3] - Ousheng Electric (301187) saw a net inflow of 11.66 million from institutional investors, with a net outflow of 15.37 million from retail investors [3] - Jiyang Co. (002403) experienced a net outflow of 2.40 million from institutional investors, while retail investors contributed a net inflow of 7.55 million [3]

Group 1 - The recent performance of leading technology stocks has shown a fundamental-driven tech market, particularly in the AI sector, with notable companies like Cambricon, New Yisheng, and Tuowei Information reporting impressive earnings [1] - Cambricon reported a revenue of 2.881 billion yuan for the first half of the year, a year-on-year increase of 4347.82%, with a net profit of 1.038 billion yuan, marking a turnaround from losses [1] - New Yisheng's half-year report indicated a revenue of 10.437 billion yuan, a year-on-year growth of 282.64%, with a net profit of 3.942 billion yuan, reflecting a significant increase of approximately 355% [1] Group 2 - The AI ETF (515070) tracks the CS AI Theme Index (930713) and includes stocks that provide technology, basic resources, and applications in the AI sector, focusing on the midstream and upstream of the AI industry chain [2] - The top ten weighted stocks in the AI ETF include leading domestic technology companies such as Cambricon-U, Hikvision, and iFLYTEK, among others [2]

Group 1 - The theme of the "Aowei Cloud Network 2025 Digital Ecosystem Conference" is "Breaking Boundaries, Reconstructing, and Setting Sail Anew," highlighting the deep transformation of the domestic home appliance industry due to slowing growth and homogenized competition [1] - Aowei Cloud Network (AVC) Chairman Yang Dongwen emphasized that the competition logic in the digital age has fundamentally changed, with "ecological collaborative operations" becoming a new trend [1] - Ecovacs CFO Ma Jianjun stated that the core challenge in the industry is not competition but how to expand the market, focusing on technological innovation to explore new paths [1] Group 2 - Panasonic's Chairman and General Manager Lin Yibin shared the importance of localization, stating that it helps solve the confusion of past solitary operations by establishing a cross-category collaborative division [1] - Fotile Group Vice President Chen Hao discussed the company's innovation philosophy, investing 5% of annual sales revenue in R&D, ranking first globally in kitchen appliance patents with 1510 inventions [2] - The conference included a special session on "Precise Chain Movement to Break Through Growth," gathering leading brands and channel representatives to address opportunities and challenges in the home appliance market post-subsidy era [2] Group 3 - AVC launched two major tool matrices focused on AI empowerment and revenue generation, introducing four targeted digital products to address the core demands of "cost reduction and efficiency enhancement" and "revenue increase and customer expansion" [3] - The conference has been held five times and is recognized as one of the most forward-looking and leading industry meetings in the home appliance sector, supported by various local appliance associations [3] - The event gathered over 100 brand guests and more than 150 representatives from channel and home decoration enterprises, including major brands like Haier, Hisense, and TCL [3]