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]

Core Viewpoint - The legal opinion letter issued by JunHe Law Offices confirms that the incentive plan for 2024 stock options and restricted stock of Ecovacs Robotics Co., Ltd. has obtained the necessary approvals and complies with relevant regulations [5][12]. Group 1: Legal Framework and Compliance - The legal opinion is based on the Company Law, Securities Law, and the Management Measures for Equity Incentives issued by the China Securities Regulatory Commission [2][4]. - The law firm has verified the authenticity and completeness of the documents provided by the company, ensuring that there are no omissions or misrepresentations [3][5]. Group 2: Incentive Plan Details - The incentive plan includes the granting of a total of 3.3976 million stock options at a price of 31.86 CNY per option and 1.5581 million restricted shares at a price of 19.75 CNY per share to 507 and 484 incentive recipients, respectively [6][9]. - The plan's approval and authorization have been confirmed, and it adheres to the relevant provisions of the Management Measures and the incentive plan [5][12]. Group 3: Adjustments and Conditions - Adjustments to the exercise price of stock options and the granting price of restricted shares will be made in accordance with the company's dividend distribution, ensuring that the adjusted prices remain positive [7][8]. - The granting of stock options or restricted shares is contingent upon meeting specific conditions, including the absence of negative audit opinions and compliance with legal regulations [10][11]. Group 4: Conclusion and Next Steps - The law firm concludes that the incentive plan has met all necessary conditions and approvals, and the company must fulfill its information disclosure obligations and complete stock granting registrations [12][13].

序号 姓名 职务 科沃斯机器人股份有限公司董事会 科沃斯机器人股份有限公司 （预留授予日） 一、股票期权激励计划预留部分的分配情况 获授的股票期 占预留授予股 占预留授予 序号 姓名 职务 权数量 票期权总数的 公告日股本 （万份） 比例 总额的比例 中层管理人员、核心技术（业务）人 员以及公司其他骨干员工（506 人） 总计 339.76 100.00% 0.59% 注：1、上述任何一名激励对象通过全部在有效期内的股权激励计划获授的本公司股票 累计未超过本激励计划草案公告时公司股本总额的 1%。公司全部在有效期内的股权激励计 划所涉及的标的股票总数累计未超过本激励计划草案公告时公司股本总额的 10%。 司 5%以上股份的股东或实际控制人及其配偶、父母、子女。 二、其他激励对象名单 序号 姓名 职务 三、限制性股票激励计划预留部分的分配情况 获授的限制性 占预留授予限 占预留授予 序号 姓名 职务 股票数量 制性股票总数 公告日股本 （万股） 的比例 总额的比例 中层管理人员、核心技术（业务）人 员以及公司其他骨干员工（483 人） 总计 155.81 100.00% 0.27% 注：1、上述任何一名激励对象 ...

Investment Rating - The report gives a "Buy" rating for major companies in the home appliance sector, including Midea Group, Gree Electric, and Haier Smart Home, indicating a positive outlook for these stocks [6]. Core Insights - The report highlights the strong performance of cleaning appliances during the 618 sales event, driven by government subsidies for trade-ins and the introduction of new products while maintaining price levels. Sales of robotic vacuum cleaners reached 3.3 billion yuan, with a year-on-year growth of 27% [5]. - Stone Technology and Ecovacs have emerged as leading brands in the cleaning appliance market, with Stone Technology holding a 32.76% market share in sales for robotic vacuum cleaners and 24.54% for washing machines [5]. - The report identifies three main investment themes: the white goods sector, export opportunities, and core components, recommending companies like Hisense, Midea, and Gree for their strong fundamentals and growth potential [5]. Summary by Sections Cleaning Appliances - The 618 sales event saw significant growth in cleaning appliances, particularly robotic vacuum cleaners, which experienced a 35% increase in sales volume year-on-year [5]. - High-performance models with good cost-effectiveness are preferred by consumers, with the price range of 3500-4000 yuan accounting for the largest market share [5]. Investment Opportunities - The report suggests that the white goods sector is poised for growth due to favorable real estate policies and the potential for government trade-in incentives to stimulate demand [5]. - Companies recommended for investment include Midea Group, Gree Electric, and Haier Smart Home, which are characterized by low valuations, high dividends, and stable growth [5]. Key Companies and Valuations - Midea Group: Buy rating, with projected net profits of 42.48 billion yuan for 2025 [6]. - Gree Electric: Buy rating, with projected net profits of 35.12 billion yuan for 2025 [6]. - Haier Smart Home: Buy rating, with projected net profits of 21.55 billion yuan for 2025 [6].

Group 1 - The report emphasizes three main investment themes: new consumption, national subsidies driving demand, and the challenges posed by tariffs [1][4] - National subsidies have significantly supported domestic demand, with approximately 50% of the annual budget utilized by June 20, 2025, leading to over 1.3 trillion yuan in sales driven by the "old for new" policy [1][14] - The report highlights the strong performance of the home appliance sector during the 618 shopping festival, with total sales reaching 1.1 billion yuan, accounting for 13% of the overall e-commerce sales [20][21] Group 2 - New consumption trends are emerging, particularly in AI and robotics, with companies like Roborock, Ninebot, and Ecovacs leading the way in innovative product offerings [2][23] - The report notes a shift in the kitchen small appliance market from price competition to value competition, driven by new consumer demographics [28][33] - The performance of small household appliances is expected to rebound, with companies like Ecovacs and Roborock showing significant revenue growth in recent quarters [24][25] Group 3 - The report indicates that national subsidies are expected to continue without interruption, with additional funding batches scheduled for July and October 2025 [3][42] - The competitive landscape is intensifying, with brands like Xiaomi and Gree engaging in price wars to maintain market share, particularly in the air conditioning segment [3][47] - The report suggests that companies with strong cash flow and high dividend rates, such as Gree Electric and Midea Group, are well-positioned to benefit from the ongoing subsidy programs [4][5] Group 4 - The tariff situation poses risks and opportunities for companies engaged in overseas manufacturing, with firms like Ousheng Electric and Dechang benefiting from global supply chain restructuring [4][12] - The report highlights the importance of innovation in the small appliance sector, with AI hardware and smart home devices experiencing rapid growth [25][34] - Companies are encouraged to focus on high-end product offerings and global market expansion to mitigate the impacts of domestic competition and tariff challenges [4][50]