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 第三次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年七月 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准科沃斯机 器人股份有限公司公开发行可转换公司债券的批复》（证监许可[2021]3493号） 文核准，科沃斯获准公开发行面值总额不超过104,000万元可转换公司债券（以 下简称"本期债券"、"科沃转债"）。 科沃斯于2021年11月30日公开发行1,040万张可转换公司债券，每张面值100 元，募集资金总额为104,000万元，扣除发行费用（不含税）合计1,035.98万元后， 实际募集资金净额为102,964.02万元。上述募集资金到位情况已经信永中和会计 师事务所（特殊普通合伙）验资并出具了XYZH/2021XAAA20259号《验证报告》。 经上交所自律监管决定书[2021]488号文同意，公司104,000万元可转换公司 债券于2021年12月29日起在上交所挂牌交易，债券简称"科沃转债"，债券代码 "113633"。 二 ...

Core Insights - The article discusses the recommendations for home cleaning machines, particularly floor washing machines, highlighting various brands and models that are favored by different AI models [1][23][24]. Brand Recommendations - DeepSeek recommends brands such as Roborock, Ecovacs, and Dreame for their cleaning machines [1]. - Yuanbao suggests Panasonic, Ecovacs, and Roborock as top choices [1]. - Doubao highlights Ecovacs, Yunji, Roborock, and Dreame as preferred options [1]. - Quark also recommends Roborock, Ecovacs, Dreame, and Yunji [1]. Price and Model Options - Basic model: Panasonic MC-RS555 (¥2999) + antibacterial mop (¥200), total budget ¥3200 [7]. - Flagship model: Ecovacs T80 (¥4299) + silver ion antibacterial module (¥499), total budget ¥4800 [7]. - Lazy model: Roborock G20S (¥4599) + automatic dust collection base (¥699), total budget ¥5300 [7]. Consumer Behavior and AI Influence - A survey by Accenture shows that 72% of consumers frequently use generative AI tools, with half relying on AI recommendations for purchases [23]. - 10% of consumers consider AI as the most trustworthy source for purchase decisions [23]. - The emergence of Generative Engine Optimization (GEO) is noted, focusing on how brands can ensure visibility in AI recommendations [24]. AI Brand Recognition Rankings - In the cleaning appliance category, Roborock ranks first for floor washing machines, followed by Dreame and Yunji [24]. - The AI recognition index for Roborock is 99.3, indicating strong brand awareness and preference [26]. - Ecovacs and Midea also feature prominently in the rankings, showcasing their competitive positioning in the market [26]. Marketing Implications - Brands are encouraged to understand how AI interprets products and to embed relevant features in their marketing content to enhance visibility [35]. - The article emphasizes the need for brands to adapt to the evolving landscape of AI-driven consumer interactions to avoid being overlooked [23][24].

Core Viewpoint - The article discusses the establishment and growth of the Suzhou Wuzhong District Robot Industry Investment Fund, which aims to accelerate the incubation of technology enterprises, the transformation of scientific achievements, and the optimization of industrial chains in the region. The district is striving to become the "National Robot Industry Cluster No. 1" with significant capital investment driving this initiative [1][4]. Group 1: Fund Establishment and Scale - The Suzhou Wuzhong District Robot Industry Investment Fund was officially launched on July 1, with a total scale of 1.1 billion yuan [1]. - The district has previously established a 10 billion yuan robot industry fund group and a 5 billion yuan special fund for robots at the beginning of the year [1][4]. - The investment funds are structured using a "mother fund + direct investment" model, focusing on key industrial clusters such as "robotics + artificial intelligence" [1][4]. Group 2: Investment Strategy and Collaboration - The investment strategy involves collaborating with leading enterprises like Ecovacs and Zhimi Technology to expand Corporate Venture Capital (CVC) funds, enhancing the local robot industry's supply chain [4][5]. - The funds aim to address industry pain points by investing in early-stage and mature companies within the robotics sector [5][6]. - A partnership with Harbin Institute of Technology has led to the establishment of a 300 million yuan youth talent fund for intelligent robotics, aiming to bridge the gap between research and industry [6]. Group 3: Policy and Market Environment - The district's government report emphasizes the importance of nurturing "patient capital" and enhancing technology financial services to support early, small, and long-term investments in hard technology [8]. - The investment approach includes extending investment periods and implementing tiered profit-sharing mechanisms to encourage market-driven General Partners (GPs) to invest [8][9]. - The focus on supporting small and medium-sized enterprises and attracting investment is increasingly becoming a key evaluation criterion for state-owned capital investment institutions [8]. Group 4: Industry Development and Future Plans - By the end of 2024, the district expects to have over 1,100 "robotics + artificial intelligence" related enterprises, including 14 listed companies and 166 enterprises with over 100 million yuan in revenue [4]. - The district has established a complete innovation chain from basic research to application development and industrialization, with a significant share of the national service robot production [10]. - In the second half of the year, the focus will remain on the robotics industry, with plans to add three new direct investment management funds and recruit specialized teams for various industries, including robotics [11].

Core Viewpoint - The company is adjusting the conversion price of its convertible bonds due to the repurchase and cancellation of restricted stocks, which will affect the bondholders' rights and interests [1][3][4]. Group 1: Stock Repurchase and Cancellation - The company plans to repurchase and cancel 489,300 shares of restricted stock held by 77 employees who no longer qualify for the stock incentive plan due to their departure [3][4]. - The cancellation of these shares has been completed, and the company has received the necessary registration proof from the China Securities Depository and Clearing Corporation [4]. Group 2: Adjustment of Conversion Price - The previous conversion price of the "Kewo Convertible Bonds" was 174.72 CNY per share, which has been adjusted to 174.85 CNY per share [2][4]. - The adjustment will take effect on July 8, 2025, with the bonds being suspended from conversion on July 7, 2025, and resuming on July 8, 2025 [2][4]. Group 3: Regulatory Compliance - The adjustment of the conversion price is in accordance with the terms outlined in the company's prospectus for the convertible bonds, ensuring compliance with relevant regulations [4].

Core Insights - The global lawn care market is experiencing a dichotomy, with leading companies like Ninebot and Ecovacs reporting over 180% year-on-year growth in their lawn mower robot businesses, while several startups are failing due to funding issues and production challenges [1][2] - The market is transitioning from an exploratory phase to a competitive elimination phase, where comprehensive capabilities in production, distribution, and branding are critical for survival [1] Production Challenges - Many startups struggle with the transition from prototype to mass production, as highlighted by the failure of Senhe Innovation, which faced issues with production yield and delivery delays due to its complex design [2] - Effective mass production requires not just a good prototype but also the ability to produce thousands of identical units efficiently, which many startups fail to achieve [2] Competitive Landscape - Established companies like Ninebot and Ecovacs leverage their experience in related fields to excel in supply chain management and cost control, allowing them to offer competitive pricing [3] - Ninebot's self-developed RTK positioning system has significantly reduced costs, enabling it to sell products at a lower price point compared to competitors [3] Channel Strategy - Control over distribution channels is crucial, with approximately 80% of sales for high-priced durable goods occurring offline, necessitating a strong physical presence [4][5] - Traditional garden tool giants have established extensive distribution networks, creating high barriers for new entrants [5] Market Penetration Tactics - Chinese manufacturers are increasingly focusing on online channels to build brand awareness before expanding into offline markets, with companies like Ninebot and Ecovacs utilizing existing sales networks to penetrate new markets [6] - Successful entry into physical retail often relies on personal relationships and thorough market research, as demonstrated by Ecovacs' rapid entry into German retail chains [6] Brand Development - Leading companies are shifting focus from merely selling products to establishing a brand presence and emotional connection with consumers [7][8] - Mammotion's innovative features, such as "3D lawn printing," exemplify how products can transcend their functional roles to become lifestyle symbols, enhancing brand value [8][9] - Building a brand that resonates with local culture and values is essential for long-term success, as seen in Mammotion's sponsorship of local sports events and community engagement [9]

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 | 证券代码：603486 | 证券简称：科沃斯 | 公告编号：2025-051 | | --- | --- | --- | | 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"科沃转债"转股价格调整暨转股停牌的公告 因科沃斯机器人股份有限公司（以下简称"本公司"或"公司"）限制性股票 回购注销引起的"科沃转债"转股价格调整,本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 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 间 | | | | 113633 | 科沃转债 | 可转债转股停牌 | 2025/7/7 | 全天 | 2025/7/7 | 2025/7/8 | 经中国证券监督管理委员会（以下简称"中国证监会"）（证监许可【2021】 3493 号）的核 ...

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 ...