证券代码：603486 证券简称：科沃斯 公告编号：2025-033 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 关于董事会完成换届选举及聘任 高级管理人员、证券事务代表的公告 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。 科沃斯机器人股份有限公司（以下简称"公司"）召开了第四届工会委员会暨 第四次职工代表大会，选举产生了职工代表董事；公司于 2025 年 5 月 16 日召开了 2024 年年度股东大会，选举产生了公司第四届董事会其他非职工代表董事，完成了 换届选举。 在完成董事会换届选举后，公司于同日召开了第四届董事会第一次会议，会议 审议通过了《关于选举公司第四届董事会董事长的议案》《关于选举公司第四届董 事会副董事长的议案》《关于选举董事会战略与 ESG 委员会委员的议案》《关于选 举董事会审计委员会委员的议案》《关于选举董事会薪酬与考核委员会委员的议 案》《关于选举董事会提名委员会委员的议案》《关于聘任公司总经理的议案》 《关于聘任公司副总经理的议案》《关于聘任公司董事会秘书的议案》《关于 ...

证券代码：603486 证券简称：科沃斯 公告编号：2025-031 转债代码：113633 转债简称：科沃转债 1、审议通过《关于制定<科沃斯机器人股份有限公司内部审计制度>的议案》 本议案已经公司董事会审计委员会审议通过，并同意提交公司董事会审议。 为规范公司内部审计工作，保证内部审计部门依法行使职权，根据《中华人民 共和国公司法》《中华人民共和国证券法》《中华人民共和国审计法》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》等法律、行政法规、部门规章 和公司章程的有关规定，结合公司实际情况，制定本制度。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 科沃斯机器人股份有限公司 第四届董事会第一次会议决议公告 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。 一、 董事会会议召开情况 2025 年 5 月 16 日，科沃斯机器人股份有限公司（以下简称"公司"）第四届 董事会第一次会议在公司会议室召开。本次会议的会议通知已于 2025 年 5 月 11 日 通过书面形式发出，本次会议采用现场结合通讯表决方式 ...

Core Viewpoint - The small home appliance industry in A-shares has shown significant revenue and profit growth in 2024, but there is a notable divergence in performance among companies, with many facing declining profits or losses [1][4]. Industry Overview - The small home appliance sector achieved a revenue of 1190.5 billion yuan and a net profit of 94.69 billion yuan in 2024 [1]. - The industry consists of 22 listed companies, characterized by a mix of consumer and technology attributes, with a diverse range of products including kitchen appliances, cleaning devices, personal care products, and environmental appliances [1]. - The competitive landscape is marked by a concentration of leading companies that leverage brand premium and R&D investment, while some firms struggle with high inventory and uncontrolled expenses [1]. Company Performance - Half of the companies in the small home appliance sector reported a decline in net profit or an increase in losses in 2024, indicating a challenging environment [1][4]. - Leading companies such as Supor, Xinbao, and Ecovacs reported revenues exceeding 10 billion yuan, with most achieving net profit growth, except for Stone Technology [2][3]. Profitability Analysis - Overall profitability in the small home appliance sector remains stable, with only one company, ST Dehao, reporting a loss [4]. - Eight companies have a net profit below 100 million yuan or are operating at a loss, while only four companies have a net profit exceeding 1 billion yuan [4]. - Companies like Aishida and Beilingsong reported significant net profit growth of 103.98% and 120.16%, respectively, but their non-recurring profit ratios were -230.41% and -31.96%, indicating low quality of earnings [4][7]. Cost Structure - The small home appliance industry generally has a higher gross margin compared to black and white goods, but there are significant internal disparities [5]. - Companies like Beilingsong have a gross margin exceeding 60%, yet their net margin is below 1%, highlighting issues with expense management [5][6]. - Sales expenses for many companies far exceed R&D expenses, with Beilingsong's sales expense ratio reaching 50.14%, indicating a heavy reliance on marketing over innovation [11]. Operational Efficiency - Some companies exhibit low operational efficiency, with inventory turnover days exceeding 100 days for several firms, indicating potential inventory accumulation risks [12][15]. - Companies like Supor and Stone Technology demonstrate efficient cash flow management, with turnover days of 44.53 and -37.81 days, respectively [14].

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's Q1 performance exceeded expectations, with a revenue of 3.858 billion yuan, representing an 11% year-on-year increase, and a net profit of 475 million yuan, up 59% year-on-year [1] - The company plans to distribute a dividend of 259 million yuan, with a payout ratio of 32%, and commits to maintaining a cash dividend ratio of no less than 30% over the next three years [1] - The company achieved a total revenue of 16.542 billion yuan in 2024, a 6.7% increase year-on-year, and a net profit of 800 million yuan, a 32% increase year-on-year [1] Financial Performance - In Q4 2024, the company reported a revenue of 6.316 billion yuan, a year-on-year growth of approximately 26.7%, and a net profit of 191 million yuan, showing significant improvement from previous losses [5] - The company’s revenue from service robots and high-end smart appliances reached 8.082 billion yuan and 8.061 billion yuan respectively in 2024, with year-on-year growth of 5.22% and 10.87% [5] - The company’s comprehensive gross margin increased by 2 percentage points in 2024, with a net profit margin rising by 3.7 percentage points to 12.3% [5] Market Position and Growth - The company has seen strong growth in overseas sales, particularly in the European market, where revenue increased by 12.6% year-on-year, with significant growth in key markets like France and Italy [5] - The company’s market share in online sales of vacuum cleaners rebounded to over 26% in Q4 2024 to Q1 2025, driven by new product launches [5] - The company has established over 8,000 offline outlets nationwide, enhancing its market presence [5] Future Projections - The company is expected to achieve net profits of 1.814 billion yuan, 2.310 billion yuan, and 2.633 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 18, 14, and 12 [5][6] - Revenue projections for the years 2025 to 2027 are 19.649 billion yuan, 22.526 billion yuan, and 25.757 billion yuan, reflecting growth rates of 19%, 15%, and 14% respectively [6]

Market Performance - The market rebounded last week, with the China Securities Index rising by 1.99% to 1650.47 points [1][2] - The Shanghai Composite Index increased by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (300308) up by 13.55% - Shanghai Jahwa (600315) up by 9.31% - AVIC Shenyang Aircraft (600760) up by 8.25% - CATL (300750) up by 7.24% - Beitaini (300957) up by 6.01% [2] - Other stocks such as Hisense Home Appliances (000921), EVE Energy (300014), and Stone Technology saw gains exceeding 5% [2] Year-to-Date Stock Performance - Since the beginning of 2025, Shanghai Jahwa has surged by 51.39%, leading the gains [3] - Marumi Bio (603983) follows with a 50.59% increase, while Xintai (002294) and Anji Technology have both risen over 30% [3] Market Outlook - Positive factors are emerging as the market stabilizes, with expectations for gradual recovery in investor sentiment and stock performance [4] - The domestic economy is on a steady recovery path, supported by ongoing policy efforts [4] - The current A-share market is viewed as being in a high cost-performance zone, indicating medium to long-term investment value [4] - However, short-term market movements may remain volatile unless strong driving factors emerge [4]

Core Viewpoint - The demand for lawn maintenance is increasing in China due to rising living standards and improved living environments, creating a significant market opportunity for robotic lawn mowers. The market size for robotic lawn mowers in China is projected to reach 1.859 billion yuan in 2024, with a year-on-year growth of 18.06% [1][9]. Summary by Sections Overview - Robotic lawn mowers are intelligent garden machinery that utilize advanced sensor technology, navigation systems, and cutting devices to autonomously perform lawn mowing tasks without direct human operation. They offer advantages such as labor cost savings, improved work efficiency, neat cutting results, high safety, ease of operation, and low noise pollution compared to traditional manual mowing methods [2]. Industry Chain - The upstream of the robotic lawn mower industry includes suppliers of raw materials like steel, aluminum, and plastic, as well as core component suppliers such as motors, batteries, reducers, sensors, and controllers. The downstream market primarily targets residential yards, golf courses, parks, and municipal green spaces, with varying requirements for efficiency and durability [5]. Current Development - In developed countries like the U.S. and Europe, the lawn care culture is prevalent, leading to a rapid rise in the robotic lawn mower market, which is expected to reach $2.529 billion globally in 2024, growing by 16.00% year-on-year. However, the overall penetration rate remains low, indicating significant future growth potential [7]. Competitive Landscape - The Chinese robotic lawn mower industry features participants like traditional lawn mower companies (e.g., Husqvarna, Worx) and robot-focused companies (e.g., Ninebot, Ecovacs, Dreame). Traditional companies have advantages in brand recognition and market experience, while robot-focused companies leverage their technological innovations to gain market share [11]. Representative Domestic Companies - **Ninebot Ltd.**: Established in 2012, it has a global presence and focuses on innovation in short-distance transportation and robotics. Its robotic lawn mower products include the Navimow series, which utilizes advanced positioning technology [13][14]. - **Ecovacs Robotics**: Specializes in service robots and has developed the GOAT G1 robotic lawn mower, which features advanced navigation and obstacle avoidance capabilities [16][17]. Development Trends - Future advancements in robotic lawn mowers will enhance navigation and obstacle avoidance technologies, improving their ability to adapt to complex environments. Progress in lithium battery technology will address endurance issues, allowing for applications in larger lawn areas, while the adoption of clean energy sources like solar power may also become a trend [19].

科沃斯机器人股份有限公司 2024 年年度股东大会会议资料 （603486） 2025 年 5 月 | 2024 年年度股东大会会议须知 1 | | | --- | --- | | 2024 年年度股东大会会议议程 3 | | | 议案一、2024 年董事会工作报告 5 | | | 议案二、2024 年监事会工作报告 15 | | | 议案三、2024 年年度报告及摘要 18 | | | 议案四、2024 年财务决算报告 19 | | | 议案五、2024 年年度利润分配方案 25 | | | 议案六、关于续聘公司 2025 年度审计机构的议案 | 26 | | 议案七、关于公司董事 2024 年度薪酬执行情况及 2025 年度薪酬方案的议案 | 27 | | 议案八、关于监事 2024 年度薪酬执行情况及 2025 年度薪酬方案的议案 | 28 | | 议案九、关于公司未来三年（2025 年-2027 年）股东回报规划的议案 29 | | | 议案十、关于公司及子公司向银行申请综合授信额度的议案 | 36 | | 议案十一、关于公司及全资子公司开展外汇衍生品交易业务的议案 | 37 | | 议案十二、关于取 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a total revenue of 16.542 billion yuan in 2024, representing a year-on-year increase of 6.71%. The net profit attributable to shareholders reached 0.806 billion yuan, up 31.70% year-on-year, and the net profit excluding non-recurring items was 0.716 billion yuan, an increase of 48.09% year-on-year [4][10] - In Q4 2024, the company reported revenue of 6.316 billion yuan, a year-on-year increase of 27.07%, with a net profit of 0.191 billion yuan, marking a significant improvement from the previous year [4][10] - For Q1 2025, the company generated revenue of 3.858 billion yuan, up 11.06% year-on-year, and a net profit of 0.475 billion yuan, reflecting a 59.43% increase year-on-year [4][10] Summary by Sections Revenue Growth - The company’s revenue growth was driven by national subsidies, with domestic sales increasing by 5.00% and international sales by 9.06%. The European market significantly contributed to overseas revenue growth, with the company's brands achieving notable increases of 51.6% and 64.0% respectively [10] - The company’s flagship products, including the T50 and X8 series, saw substantial sales in Q4, with 294,000 and 206,000 units sold respectively, enhancing market share in the mid-to-high price segments [10] Profitability Improvement - The overall gross margin for 2024 improved by 1.95 percentage points to 46.52%, attributed to product structure optimization and the impact of national subsidies on high-end product sales [10] - The company’s net profit margin and net profit margin excluding non-recurring items reached 4.87% and 4.33% respectively, both showing year-on-year increases [10] Future Outlook - The company is expected to continue its positive performance, with projected net profits for 2025, 2026, and 2027 estimated at 1.486 billion, 1.712 billion, and 1.977 billion yuan respectively, corresponding to price-to-earnings ratios of 19.93, 17.30, and 14.99 times [10]

Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by government subsidies and expanding overseas markets [1][2][3][4]. Financial Performance - In 2024, the company achieved revenue of 16.54 billion, a year-on-year increase of 6.7%, and a net profit attributable to shareholders of 810 million, up 31.7% [1][3]. - Q4 2024 revenue reached 6.32 billion, growing 27.1% year-on-year, with a net profit of 190 million, a staggering increase of 2178.0% [1][3]. - For Q1 2025, revenue was 3.86 billion, reflecting an 11.1% year-on-year growth, and net profit was 470 million, up 59.4% [1][3]. Profitability Improvement - The company's gross margin improved by 1.9 percentage points to 46.5% in 2024, attributed to supply chain optimization and strong sales of high-margin products [3]. - In Q1 2025, gross and net profit margins increased by 2.5 and 3.7 percentage points to 49.7% and 12.3%, respectively, driven by the higher proportion of new products [3][4]. Market Dynamics - The government subsidy policy significantly boosted domestic demand, with the cleaning appliance sector seeing online sales growth of 43.9% in Q4 2024 [2][4]. - The company is well-positioned in both domestic and international markets, with European revenues growing by 51.6% and 64.0% for its brands in 2024 [4]. Future Outlook - The company is expected to continue its operational improvement, with strong domestic demand and ongoing international expansion [4]. - The company has committed to distributing at least 30% of its annual distributable profits in cash from 2025 to 2027, indicating strong investment value [4].

Investment Rating - The report maintains a strong buy rating for major companies in the home appliance sector, including Midea Group, Gree Electric, Hisense Home Appliances, and others, all receiving a "Strong Buy" recommendation [2]. Core Insights - The home appliance industry showed strong performance in Q1 2025, supported by national subsidies, booming exports to emerging markets, and increased shipments to North America. The report suggests focusing on new consumer trends domestically and leveraging tariff opportunities for exports [1][6]. - Major appliances reported impressive results, with Midea's exports growing over 30%, particularly in air conditioning and kitchen appliances. Hisense and other second-tier brands also experienced significant export growth [6]. - The report highlights the emergence of new consumer trends in small appliances, with companies like Ninebot and Roborock showing exceptional growth. The tariff situation presents a strategic opportunity for companies with high exposure to the U.S. market [6]. Industry Overview - The home appliance sector consists of 88 listed companies, with a total market capitalization of 1,846.4 billion and a circulating market value of 1,761.9 billion [3]. - The industry index has shown varied performance, with absolute performance at -1.4% over one month, but a relative performance of 14.9% over six months [5]. Company Performance - Midea Group's EPS for 2024 is projected at 5.03, increasing to 5.62 in 2025, with a PE ratio of 13.4 and a PB of 2.5 [2]. - Gree Electric is expected to see EPS rise from 5.75 in 2024 to 6.25 in 2025, with a PE of 7.4 and a PB of 1.8 [2]. - Hisense Home Appliances anticipates an EPS increase from 2.42 to 2.71, with a PE of 10.3 and a PB of 2.3 [2].