Core Viewpoint - The family service robot industry in China is experiencing rapid growth due to increasing demand driven by an aging population, rising labor costs, and advancements in robotics technology, with the market expected to reach 127.56 billion yuan by 2024, becoming a significant blue ocean market [1][10]. Industry Overview - Family service robots are specialized robots designed to perform household tasks, including cleaning, education, entertainment, elderly care, and security monitoring [2][4]. - The industry is categorized into three segments: upstream (core components and technology supply), midstream (production and manufacturing), and downstream (application scenarios) [4]. Domestic Market - China is facing a significant aging population, with 220 million people aged 65 and older by the end of 2024, representing 15.6% of the total population, leading to a growing demand for family service robots, particularly in elderly care [6][10]. - The family service robot market is projected to grow to approximately 300 billion yuan by 2027, indicating a promising development outlook [10]. Competitive Landscape - The market is divided into four tiers: - Tier 1 includes leading companies like Ecovacs, Roborock, Xiaomi, and others, with Ecovacs holding about 40% market share [12]. - Tier 2 consists of brands like Midea and Haier, with a combined market share of around 10% [12]. - Tier 3 includes mid-level companies with a smaller market share [12]. - Tier 4 comprises smaller players with limited innovation capabilities [12]. Development Trends - **Technological Innovation**: The integration of AI, IoT, and big data is driving the evolution of family service robots, enhancing their capabilities in navigation, voice recognition, and user interaction [18]. - **Expanding Application Scenarios**: The functionality of family service robots is broadening from basic cleaning to include education, health care, and home security, creating new market opportunities [19][20]. - **Intensifying Market Competition**: The increasing number of entrants into the family service robot market is leading to heightened competition, prompting established companies to invest more in R&D and improve product quality [21].

Core Insights - The global smart cleaning market is experiencing rapid growth, with an annual growth rate exceeding 20% [1] - The demand for integrated home solutions is increasing, making private domain operations a key driver for brands to break low-frequency consumption barriers and explore user lifetime value [1] Company Overview - Ecovacs Robotics holds over 15% market share in the global smart home appliance sector and focuses on technological innovation to reshape home cleaning experiences [3] - The company’s flagship products, including the "Deebot" vacuum cleaner and "Winbot" window cleaning robot, integrate AI and IoT technologies, becoming the preferred choice for millions of households [3][4] Strategic Partnership - Ecovacs has formed a strategic partnership with Huibo Technology to enhance private domain operations through the integration of "smart hardware + data intelligence" [1][6] - The collaboration aims to build a new paradigm for private domain operations in the home appliance industry, providing consumers with a more precise and warm smart living service experience [1][8] Digital Transformation Goals - The partnership will focus on four main areas: 1. Integrating all-channel data and user insights to break down data silos and create precise user profiles [7] 2. Constructing intelligent operational scenarios around the user lifecycle to enhance user engagement and repurchase rates [7] 3. Deeply integrating live streaming with private domain ecosystems to optimize user value extraction [7] 4. Empowering frontline staff with digital tools for real-time user insights to improve service responsiveness and personalization [7] Future Vision - The strategic collaboration aims to establish a "user operation closed-loop ecosystem" over the next three years, enhancing product technology and data operations to redefine the interaction logic and value chain of smart cleaning services [8][9] - The partnership is expected to drive significant innovation in the smart home service landscape, merging leading cleaning technology with data intelligence to create a more intelligent and emotionally resonant service experience for global households [9]

Core Points - The company has issued a total of 10,400,000 convertible bonds with a total value of RMB 104 million, which are set to mature on November 29, 2027 [3][4] - The initial conversion price for the convertible bonds was set at RMB 178.44 per share, which has been adjusted multiple times, with the latest price being RMB 175.41 per share [5][10] - As of June 30, 2025, a total of RMB 426,000 worth of convertible bonds have been converted into 2,300 shares, representing 0.0004008% of the company's total shares before conversion [2][14] - The remaining unconverted convertible bonds amount to RMB 1,039,574,000, which is 99.9590% of the total issuance [2][14] Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds on November 30, 2021 [3] - The bonds were listed on the Shanghai Stock Exchange on December 29, 2021, under the name "科沃转债" [4] Conversion Situation - From April 1, 2025, to June 30, 2025, the company converted RMB 31,000 worth of convertible bonds into 176 shares, which is 0.0000307% of the total shares before conversion [2][14] - Cumulatively, from June 6, 2022, to June 30, 2025, the total conversion amount reached RMB 426,000, resulting in 2,300 shares [2][14] Share Capital Changes - The company has made several adjustments to the conversion price due to changes in share capital resulting from various stock incentive plans [6][10][12]

证券代码：603486 证券简称：科沃斯 公告编号：2025-050 转债代码：113633 转债简称：科沃转债 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： ●累计转股情况：自 2022 年 6 月 6 日至 2025 年 6 月 30 日，累计已有 426,000 元 科沃转债转换为科沃斯机器人股份有限公司（以下简称"公司"）A 股股份，累计转 股股数为 2,300 股，占科沃转债转股前公司已发行股份总额的 0.0004008%。 ●未转股可转债情况：截至 2025 年 6 月 30 日，尚未转股的科沃转债金额为 1,039,574,000 元，占科沃转债发行总量的 99.9590%。 ●本季度转股情况：自 2025 年 4 月 1 日至 2025 年 6 月 30 日期间，科沃转债转 股的金额为 31,000 元，因转股形成的股份数量为 176 股，占科沃转债转股前公司已 发行股份总额的 0.0000307%。 一、可转债发行上市概况 （一）可转债发行情况 科沃斯机器人股份有限公司 可转债转股结果暨股份 ...

Investment Rating - The report indicates a positive investment outlook for the cleaning appliance industry, particularly for robotic vacuum cleaners, with expectations of continued market growth and increased penetration rates [1][6][7]. Core Insights - The cleaning appliance market in China experienced a significant growth of 35.9% in sales and 20.2% in volume from January to April 2025, driven by national subsidies [1][5]. - The robotic vacuum cleaner market is projected to surpass a 50% market share by 2025, with a sales growth of 54.6% and volume growth of 45.2% in the first four months of 2025 [1][6]. - The competitive landscape shows a strong concentration among top brands, with the top five brands holding approximately 95% of the market share, highlighting a pronounced "Matthew Effect" [1][8]. Summary by Sections Market Performance - The overall home appliance market maintained a growth rate of 4.8% in early 2025, influenced by national subsidies, although a decline is expected in the latter half of the year due to previous overconsumption [2][4]. - Sales of cleaning appliances reached 12.9 billion yuan in the first four months of 2025, with a notable increase in the sales of robotic vacuum cleaners [1][5]. Product Trends - The robotic vacuum cleaner market is seeing a shift towards lower price segments, with models priced below 3,000 yuan capturing a significant share, potentially reaching 50% with the influence of subsidies [7][17]. - The report highlights a trend towards modular design, product integration, and embodied intelligence in robotic vacuum technology, with improvements in height, thickness, and smart recognition capabilities [12][13]. Brand Dynamics - Stone Technology has emerged as a leading player, achieving a market share of 27.2% in early 2025, which increased to 30% during the 618 shopping festival [8][18]. - Other brands are also expanding their product lines beyond cleaning appliances, indicating a diversification strategy among leading companies [8][9]. Sales Channels and Strategies - The report notes the growing influence of platforms like Douyin (TikTok) on sales, with significant investments from leading brands in these channels [18]. - The competitive pricing strategies among leading brands are highlighted, with a focus on maintaining market share in a declining price environment [20][21].

证券代码：603486 证券简称：科沃斯 公告编号：2025-049 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 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 通过了《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的邹晓静等 77 名激励对象 因离职已不再符合《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 489,300 股限制性股票予以回购注销。 ●本次注销股份的有关情况 二、本次限制性股票回购注销情况 （一）本次回购注销限制性股票的原因及依据 象因辞职、公司裁员而离职，自情况发生之日起，其已获授但尚未行权的期权不得 行权，由公司注销，已获授但尚未解除限售的限制性股票不得解 ...

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：2025-049 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 4 月 24 日召开了第三届董事会第二十六次会议及第三届监事会第十九次会议，审议 通过了《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的邹晓静等 77 名激励对象 因离职已不再符合《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 489,300 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 | | --- | --- | --- | | 489,30 ...

Group 1 - The core viewpoint is that the robotics industry is entering a new era of embodied intelligence, with humanoid robots at the intersection of robotics and artificial intelligence, potentially opening up a trillion-dollar market [2] - The Robot ETF (562500) has seen significant growth, with a recent increase in scale by 11.43 billion, leading the comparable funds [1] - The Robot ETF has achieved a new high in shares, reaching 16.815 billion, marking a significant milestone in the past year [1] Group 2 - Recent developments include the launch of humanoid robots by Yuejiang Technology in Japan, which are capable of high-precision tasks such as electronic component welding [1] - The Robot ETF is the only robot-themed ETF in the market with a scale exceeding 100 billion, covering various segments including humanoid robots, industrial robots, and service robots [2] - The industry is experiencing breakthroughs in application, cost, and software, indicating a pivotal moment for industrialization in the robotics sector [2]

Core Viewpoint - The home appliance industry is expected to experience significant retail growth during the 2025 618 shopping festival, driven by low-priced small appliances and sustained growth in major appliance categories, with leading companies benefiting from policy incentives and leading the upgrade of product structures [1][2]. Group 1: Retail Growth and Performance - The overall retail performance of the home appliance industry has significantly improved, with online sales accelerating during the 618 shopping festival, showing a weighted average year-on-year growth of +15% across 20 representative categories [2]. - High-priced major appliances saw volume growth, while average prices remained stable, with air conditioners, washing machines, and black appliances experiencing retail growth rates exceeding 20% [2]. - Low-priced small appliances also showed strong performance, with online average prices for products like rice cookers, pressure cookers, and air fryers increasing by over 10% year-on-year [2]. Group 2: Leading Brands and Product Upgrades - Leading brands performed exceptionally well during the 618 shopping festival, with Midea's retail sales growing over 20% and Gree's air conditioner sales leading the market, particularly the "Wind Does Not Blow" series, which saw a 240% year-on-year increase [3]. - In the black appliance sector, Hisense maintained a 24% market share in television sales, with strong performance in the high-end market [3]. - The cleaning appliance segment saw strong growth, with Ecovacs and Roborock leading in sales, achieving first and second place in the 618 shopping festival [3]. Group 3: Subsidy Policies and Market Outlook - The continuation of the national subsidy program for appliance replacements is expected, with approximately 500 billion yuan in subsidy funds utilized by the end of May, indicating a faster-than-expected pace [4]. - An additional 138 billion yuan in central funds will be allocated in July and October 2025, ensuring a steady release of demand in the home appliance sector [4]. - The home appliance industry is anticipated to maintain stable demand release in the second half of 2025, supported by a more balanced use of subsidy funds [4].

Group 1 - The board of directors of Ecovacs Robotics held its second meeting, with all 9 directors present, and the meeting was deemed legally valid [1] - The board decided not to adjust the conversion price of the "Kewo Convertible Bonds" despite triggering the downward adjustment clause, maintaining the current conversion price at 174.72 yuan per share [1] - The board will reconsider the adjustment of the conversion price if the clause is triggered again after December 29, 2025 [1] Group 2 - The remuneration and assessment committee approved the proposal for adjustments to the 2024 stock option and restricted stock incentive plan, which was submitted to the board for review [2] - Legal opinions and independent financial advisory reports were provided regarding the adjustments to the incentive plan [3] - The voting results for the proposals showed unanimous support, with 8 votes in favor and no opposition [2][3]