| 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2025-038 | | --- | --- | --- | | 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 关于因实施 2024 年度权益分派调整"科沃转债"转股 价格的公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,科沃斯机器人股份有限公司（以下简称"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 | 可转债转股复牌 | | | 2025/6/5 | 2025/6/6 | 修正前转股价格：175.17 元/股 修正后转股价格：174.72 元/股 派送股票股利或转增股本：P1=P0/（1+n）； 增发新股或配股：P1=（P0+A×k）/ ...

□本报记者王宇露 中加基金表示，当前市场缺乏热点与主线，短期市场资金难以形成合力，以主题行情为主，市场或继续 保持上有压力、下有支撑的震荡格局。中长期维度来看，内需、科技、出海三个方向可能迎来机会，如 有超跌或偏低位机会可积极布局。行业上，对于偏防御的红利类行业，建议配置一定比例，杠铃策略短 期继续有效；进攻性行业方面，继续重点关注科技方向，包括港股互联网、机器人、低空经济等方向。 此外，公募产品被动化趋势或进一步强化，较为低估的指数权重股仍可能迎来配置资金的进一步流入。 上周品牌工程指数多只成分股逆市上涨。具体来说，信立泰上涨14.96%，排在涨幅榜首位；泰格医药 上涨12.48%，居次席；石头科技上涨11.47%；三只松鼠（300783）和苏泊尔（002032）分别上涨7.69% 和6.07%；小熊电器（002959）、亿纬锂能（300014）涨逾5%；海大集团（002311）、达仁堂 （600329）、海天味业（603288）涨逾4%；药明康德（603259）、沪硅产业涨逾3%；美的集团 （000333）、宁德时代（300750）、绝味食品（603517）、迈瑞医疗（300760）、中航沈飞（60076 ...

Group 1 - The company plans to distribute a cash dividend of 0.45 yuan per share (including tax) to all shareholders, totaling approximately 258.88 million yuan, which accounts for 32.12% of the net profit attributable to shareholders for the year [1][2] - The convertible bonds "Kewo Convertible Bonds" will suspend conversion from May 29, 2025, until the equity registration date due to the implementation of the 2024 profit distribution plan [1][2] - The company will adjust the conversion price of the "Kewo Convertible Bonds" in accordance with the relevant provisions in the bond issuance prospectus after the profit distribution plan is implemented [2] Group 2 - The company will disclose the relevant implementation announcement of the profit distribution and the adjustment of the conversion price for "Kewo Convertible Bonds" on May 30, 2025 [2] - Holders of convertible bonds wishing to enjoy the profit distribution can convert their bonds until May 28, 2025 [2] - The company will maintain the per-share distribution ratio unchanged even if there are changes in the total share capital due to various corporate actions [2]

| 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2025-036 | | --- | --- | --- | | 转债代码：113633 | 转债简称：科沃转债 | | 转股价格调整暨转股连续停牌的提示性公告 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。 重要内容提示： 科沃斯机器人股份有限公司 关于实施 2024 年度权益分派时"科沃转债" （一）公司于 2025 年 4 月 24 日召开第三届董事会第二十六次会议，并于 2025 年 5 月 16 日召开 2024 年年度股东大会，审议通过了《2024 年年度利润分配方案》， 公司拟向全体股东每股派发现金红利 0.45 元（含税）。截至 2025 年 4 月 24 日， 公司总股本 575,295,394 股，以此计算合计拟派发现金红利 258,882,927.30 元（含 税），占本年度归属于公司股东净利润的 32.12%。本年度不进行资本公积金转增股 本，不进行送股。具体内容详见公司于 2025 年 4 月 26 日在上海证券交易所网站 （www.ss ...

Core Viewpoint - The company "Top Configuration Robot" has recently completed a seed round financing of several tens of millions, which will be used for technology iteration, product series improvement, and market channel expansion [1] Company Overview - "Top Configuration Robot" is headquartered in Shenzhen and focuses on the common process of screw tightening in industrial manufacturing, developing specialized robots, intelligent tightening tools, and workstations [1][2] - The global screw tightening market exceeds 100 billion, facing challenges such as low efficiency and quality control in manual tightening, rising labor costs, and difficulties in data traceability [1] Product and Technology - The company has developed a SCARA robot equipped with self-developed intelligent tightening tools, achieving a positioning accuracy that leads the industry and improving single screw tightening efficiency by 15%-30% compared to market solutions [2] - The tightening tools monitor torque, angle, and pressure in real-time, with a control precision of 1%, matching international first-tier brand performance indicators [2] - The software architecture is modular and user-friendly, supporting rapid deployment with the fastest setup time of one hour [2] Market Strategy - In 2024, the company plans to promote a channel marketing model to expand the reach of its products, having already developed nearly a hundred channel partners [3] - The focus will be on enhancing performance, pricing, and usability, with plans to improve component reusability and customization flexibility [3] Investment Perspective - The investor, Meihua Venture Capital, believes in the transformative power of technology in the AI tightening robot field, recognizing the company's potential due to its leading technology and market understanding [4] - The AI tightening technology not only improves precision and efficiency but also provides intelligent and automated solutions for the manufacturing industry, addressing the urgent demand for high-quality production [5]

行业报告 | 行业研究周报 家用电器 证券研究报告 泳池清洁机器人加速放量，蓝海市场未来可期——25W20 周度研究 周度研究聚焦：泳池清洁机器人加速放量，蓝海市场未来可期 泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理 池水、池壁、池底的沙尘、杂质和污垢等。泳池清洁机器人最大优势在于其 能实现水下自主清理功能，其构造包括结构件、传动件、控制件与清洁件， 通过多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁滚刷 等部件的配合实现池水与池底池壁的清洁功能。 全球泳池数量持续增长，泳池机器人需求量大。据嘉程资本统计，2021 年 全球有 2888 万个泳池，每年呈持续增长态势。据嘉程资本预测，到 2026 年，会增至 3692 万个泳池，2021-2026 年复合增速在 5%。主要集中在欧美 市场，尤其以美国为主。美国泳池数量在 2021 年就已达到 1060 万个，到 2022 年增至 1900 多万个，包含了私家泳池和公共泳池，其中私家泳池占比 70%以上。我们认为随着全球泳池数量的持续增长，泳池机器人的需求量也 相应释放，其市场足够庞大。 泳池机器人加速渗透，已经从最开始的导入 ...

行业报告 | 行业研究周报 家用电器 证券研究报告 泳池清洁机器人加速放量，蓝海市场未来可期——25W20 周度研究 周度研究聚焦：泳池清洁机器人加速放量，蓝海市场未来可期 泳池清洁机器人是一种自动化的泳池清洁设备，能在泳池中自动行走以清理 池水、池壁、池底的沙尘、杂质和污垢等。泳池清洁机器人最大优势在于其 能实现水下自主清理功能，其构造包括结构件、传动件、控制件与清洁件， 通过多传感器融合算法实现水下智能定向移动，通过电机、水泵与清洁滚刷 等部件的配合实现池水与池底池壁的清洁功能。 全球泳池数量持续增长，泳池机器人需求量大。据嘉程资本统计，2021 年 全球有 2888 万个泳池，每年呈持续增长态势。据嘉程资本预测，到 2026 年，会增至 3692 万个泳池，2021-2026 年复合增速在 5%。主要集中在欧美 市场，尤其以美国为主。美国泳池数量在 2021 年就已达到 1060 万个，到 2022 年增至 1900 多万个，包含了私家泳池和公共泳池，其中私家泳池占比 70%以上。我们认为随着全球泳池数量的持续增长，泳池机器人的需求量也 相应释放，其市场足够庞大。 泳池机器人加速渗透，已经从最开始的导入 ...

Investment Rating - The report maintains a positive outlook on the small home appliance industry, indicating a "Buy" rating for investment opportunities [12]. Core Insights - The continuation and expansion of national subsidy policies in 2025 are expected to boost demand in the small appliance market, leading to improved performance for companies in this sector [4][10]. - The small appliance sector is characterized by a diverse range of sub-industries, with significant growth observed in cleaning appliances and water purifiers [4][19]. - The competitive landscape shows a concentration in the cleaning appliance and kitchen small appliance segments, while the water appliance market remains relatively fragmented [8][30]. Industry Overview - The small appliance sector is diverse and fragmented, with major segments including cleaning appliances, water purifiers, rice cookers, and countertop steam ovens. Sales figures from October 2024 to March 2025 show significant growth, with coffee machines, cleaning appliances, water purifiers, juicers, and air purifiers leading in year-on-year sales growth [7][19]. - The sales scale for cleaning appliances reached 290 billion, water purifiers at 143 billion, rice cookers at 79 billion, and countertop steam ovens at 50 billion during the same period [19]. Competitive Landscape - In the cleaning appliance sector, leading brands dominate, particularly in the robotic vacuum segment, where the top five brands account for 96% of online sales. The average price for these products ranges from 2,300 to 4,000 yuan [8][30]. - The kitchen small appliance market exhibits an oligopolistic competition structure, with brands like Supor, Midea, and Joyoung holding significant market shares in rice cookers and pressure cookers [8][30]. - The water appliance market is expanding due to national subsidies, with a notable difference in online and offline market dynamics for water purifiers [8][30]. Company Performance - The report highlights that in Q1 2025, leading companies in the kitchen small appliance sector experienced notable revenue growth, with brands like Beiding and Joyoung showing significant improvements [9]. - In the cleaning appliance sector, major players like Roborock and Ecovacs reported substantial revenue increases, driven by strong domestic sales of robotic vacuums [9][10]. - The performance of companies in the small appliance sector is expected to improve due to the ongoing support from national subsidy policies [10]. Investment Recommendations - The report suggests focusing on the sustainability of revenue growth for small appliance companies, as the national subsidy policies are likely to continue driving demand in 2025 [10].

证券研究报告 可选消费 淡季不淡，看好 618 需求弹性 华泰研究 2025 年 5 月 21 日│中国内地 动态点评 4 月扫/洗地机线上零售额同比持续高增，看好 618 需求弹性 5 月 11 日，石头官宣 P20 自清洁扫拖机器人将于 5 月 13 日上市，支持机 械臂自适应调节、98.8%沿边覆盖率。石头科技京东自营旗舰店海报显示， 享受国补和 618 补贴后 P20 到手价 2142 元起，P20 ULTRA 到手价 3060 元起，P20 填补了石头在 2000-2500 元价位段的产品空白，与 P20 ULTRA 高低搭配，满足不同市场的消费群体。我们认为，随着扫地机价格的下探， 新一波需求有望在今年 618 期间集中释放。 投资建议 根据奥维云网数据，4 月扫地机线上销售量为 30.10 万台，同比+74.49%；销 售额为 10.06 亿元，同比+80.59%。洗地机线上销售量为 33.53 万台，同比 +82.34%；销售额为 6.85 亿元，同比+82.45%。以旧换新补贴叠加春季新品 营销，4 月扫地机、洗地机线上零售额延续前期的高增长态势。5 月 13 日京东、 天猫 618 活动正 ...

Core Viewpoint - The report outlines the issuance and management of the convertible bonds by Ecovacs Robotics Co., Ltd., detailing the bond's approval, issuance, terms, and conditions, as well as the company's governance changes that do not impact its operational or debt repayment capabilities [2][3][15]. Group 1: Bond Issuance Details - The total amount approved for the issuance of convertible bonds is up to 1.04 billion yuan [3]. - A total of 10.4 million convertible bonds were issued at a face value of 100 yuan each, raising a net amount of approximately 1.03 billion yuan after deducting issuance costs [3][4]. - The bonds were listed for trading on the Shanghai Stock Exchange starting December 29, 2021, under the name "科沃转债" and code "113633" [3][4]. Group 2: Bond Terms and Conditions - The bond has a maturity period of 6 years, from November 30, 2021, to November 29, 2027 [5]. - The interest rates for the bond are structured to increase annually, starting at 0.3% in the first year and reaching 2.0% in the sixth year [5]. - The initial conversion price for the bonds is set at 178.44 yuan per share, with provisions for adjustments based on various corporate actions [6][7]. Group 3: Corporate Governance Changes - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee of the board of directors [15]. - This decision was ratified during the 2024 annual general meeting held on May 16, 2025, and aligns with the company's governance framework [15][16]. - The changes are reported to have no adverse effects on the company's daily operations or its ability to meet debt obligations [15].