Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant sales growth driven by national subsidies, with a notable profit margin recovery [1][2] - The company's revenue for 2024 is projected to be CNY 165.4 billion, a year-on-year increase of 6.7%, with a net profit of CNY 8.1 billion, up 31.7% year-on-year [1] - The company expects continued growth in net profit for 2025-2027, with estimates of CNY 13.86 billion, CNY 16.30 billion, and CNY 19.00 billion respectively, reflecting year-on-year growth rates of 71.9%, 17.6%, and 16.6% [4] Revenue Breakdown - In 2024, the company's revenue from various segments includes CNY 80.8 billion from service robots, CNY 80.6 billion from smart home appliances, CNY 2.6 billion from OEM/ODM, and CNY 1.4 billion from other businesses, with respective year-on-year growth rates of 5.2%, 10.9%, -34.0%, and 43.4% [2] - Domestic and international revenues for 2024 were CNY 94.3 billion and CNY 71.1 billion, showing year-on-year growth of 5.0% and 9.1% respectively [2] - Online sales accounted for CNY 111.0 billion, up 14.7% year-on-year, while offline sales were CNY 54.4 billion, down 6.6% [2] Profitability Analysis - The company's gross margin for 2024 improved by 1.94 percentage points to 46.5%, with service robots, smart home appliances, and other products having gross margins of 45.0%, 48.6%, and 13.4% respectively [3] - The net profit margin for 2024 increased by 0.9 percentage points to 4.9% [3] - For Q1 2025, the gross margin further increased by 2.5 percentage points to 49.7%, with a net profit margin of 12.3% [4] Financial Projections - The company forecasts revenue growth rates of 9.8%, 9.3%, and 9.6% for 2025, 2026, and 2027 respectively [5] - The projected earnings per share (EPS) for 2025 is CNY 2.41, increasing to CNY 3.30 by 2027 [5] - The price-to-earnings (P/E) ratio is expected to decrease from 38.0 in 2024 to 16.1 by 2027, indicating improved valuation [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 16.54 billion yuan in 2024, representing a year-on-year increase of 6.7%. The net profit attributable to shareholders was 0.81 billion yuan, up 31.7% year-on-year [5] - The company is expected to benefit from the domestic subsidy and successful expansion in the European market, leading to an upward revision of profit forecasts for 2025-2027 [5] - The company’s gross margin has been recovering, with a gross margin of 49.7% in Q1 2025, an increase of 2.5 percentage points year-on-year [7] Financial Summary - The total market capitalization of the company is 30.594 billion yuan, with a circulating market capitalization of 30.270 billion yuan [1] - The company’s revenue is projected to grow from 18.455 billion yuan in 2025 to 22.028 billion yuan in 2027, with corresponding net profits increasing from 1.386 billion yuan to 1.959 billion yuan [8] - The earnings per share (EPS) are expected to rise from 2.41 yuan in 2025 to 3.41 yuan in 2027, with the price-to-earnings (P/E) ratio decreasing from 22.1 to 15.6 over the same period [8] Market Performance - The company’s stock price has fluctuated between 36.25 yuan and 68.39 yuan over the past year, with a current price of 53.18 yuan [1] - The company has a high turnover rate of 85.02% over the last three months, indicating strong trading activity [1] - The company’s domestic sales benefited from government subsidies, while international sales, particularly in Europe, showed significant growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported profits that exceeded expectations, with a revenue of 16.542 billion yuan in 2024, a year-on-year growth of 7%, and a net profit attributable to shareholders of 806 million yuan, a year-on-year increase of 32% [6] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 259 million yuan, which accounts for 32.12% of the annual net profit attributable to shareholders [6] - The company has outlined a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 30% of the annual distributable profits in cash [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 19.037 billion yuan, with a year-on-year growth rate of 15.1% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.313 billion yuan, reflecting a year-on-year growth of 62.8% [5] - The earnings per share for 2025 is estimated at 2.28 yuan [5] - The gross profit margin is expected to remain stable at around 46.8% for 2025 [5] - The return on equity (ROE) is projected to be 16.1% for 2025 [5] Business Performance - The company successfully launched new products in the domestic market and achieved significant growth in the European market, with overseas revenue reaching 6.808 billion yuan, a year-on-year increase of 12.6% [6] - The company’s brands achieved a revenue of 8.082 billion yuan and 8.061 billion yuan respectively, with year-on-year growth rates of 5.22% and 10.87% [6] - The company’s sales volume for new products in Q4 2024 saw a year-on-year increase of 47.5% and 32.7% for its two main brands [6] Cost Control and Profitability - The company has effectively controlled costs, with a decrease in the sales expense ratio by 3.84 percentage points year-on-year [6] - The R&D and financial expense ratios have also narrowed in Q1 2025 [6] Valuation and Investment Outlook - The company’s earnings forecasts for 2025 and 2026 have been adjusted to 1.313 billion yuan and 1.563 billion yuan respectively, reflecting a growth of 63% and 19% [6] - The company is expected to maintain a price-to-earnings (PE) ratio of 23 for 2025, 20 for 2026, and 17 for 2027, indicating a favorable valuation [5][6]

Group 1: Gree Electric - Dong Mingzhu re-elected as chairman, Zhang Wei appointed as president, indicating a stable management transition and preparation for future leadership development [1] - The new board includes professionals like former vice president Shu Lizhi and chief engineer Zhong Chengbao, enhancing the company's governance [1] Group 2: JD and Meituan - JD accuses competitors of enforcing a "choose one" policy, impacting delivery riders' ability to accept orders from JD [2] - JD offers to waive delivery fees for orders delayed by over 20 minutes, highlighting the competitive pressure in the instant delivery market [2] Group 3: E-commerce Refund Policy - Major platforms like Taobao and Douyin announce the cancellation of the "refund only" policy, reflecting a shift towards empowering merchants [3] - The adjustment aims to balance the interests of consumers and businesses amid regulatory encouragement for improved business environments [3] Group 4: Xiaohongshu's Employee Policy Changes - Xiaohongshu cancels the "big and small week" work schedule and competitive agreements, promoting a trust-based relationship with employees [4] - The changes align with broader industry trends against "involution" and excessive work hours [4] Group 5: Tesla's Optimus Recruitment - Tesla's Optimus team initiates large-scale recruitment, focusing on R&D positions primarily in California [5] - The company aims to ramp up production of Optimus robots, with plans for significant output by the end of the year [6] Group 6: Midea's Humanoid Robot - Midea announces its humanoid robot will start operations in May, marking a significant step in the domestic humanoid robot industry [7] - The robot is expected to serve as a commercial guide in stores later this year [7] Group 7: Hisense's Q1 Performance - Hisense reports Q1 revenue of 13.375 billion yuan, a 5.31% increase, and a net profit of 554 million yuan, up 18.61% [8] - The introduction of new technologies and AI integration in TVs contributes to the growth [8] Group 8: Ecovacs' Recovery - Ecovacs reports a 6.7% increase in revenue to 16.542 billion yuan for 2024, with a net profit growth of 31.69% [9] - The company benefits from government incentives and new product launches in the cleaning appliance sector [9] Group 9: Vanward's Export Growth - Vanward Electric reports a 20.29% revenue increase to 7.342 billion yuan in 2024, with a 41.43% rise in export revenue [10] - The company focuses on smart and energy-efficient products while expanding its global market presence [10] Group 10: OPPO's Management Change - OPPO's China president Liu Bo steps down for a learning program, with senior vice president Duan Yaohui taking over [11][12] - The leadership change comes amid competitive pressures from Huawei and Apple, necessitating a proactive market strategy [12] Group 11: Domestic Smartphone Market Surge - Domestic smartphone shipments in February reach 19.662 million units, a 37.9% year-on-year increase, driven by government subsidies [13] - Local brands see a 43.8% increase in shipments, with many manufacturers lowering prices to capitalize on subsidy benefits [13] Group 12: Gaming Industry and Traditional Culture - Game companies like Youzu Network report revenue growth driven by themes from Chinese classical culture [14] - The integration of traditional cultural elements into games is gaining global popularity, enhancing market performance [14] Group 13: 360's AI Tool Launch - 360's Nano AI launches the "MCP Universal Toolbox," integrating over 110 tools for various applications [15] - The MCP protocol is expected to enhance AI capabilities, benefiting platforms with rich data and business experience [15] Group 14: Investment Trends - The biopharmaceutical sector sees a decrease in financing events, while the semiconductor and AI sectors maintain stable activity levels [16] - Notable financing includes a significant round for Shenzhen Zean Biopharmaceuticals and Nanjing Renxin Technology [16]

Core Viewpoint - The company, Ecovacs, reported a strong financial performance for 2024 and Q1 2025, with significant growth in both revenue and net profit, driven by innovation and cost optimization strategies [2][3][5]. Financial Performance - In 2024, Ecovacs achieved a revenue of 16.552 billion yuan, a year-on-year increase of 6.71%, and a net profit of 806 million yuan, up 31.70% [2]. - For Q1 2025, the company reported a revenue of 3.858 billion yuan, reflecting an 11.06% year-on-year growth, and a net profit of 475 million yuan, which is a 59.43% increase [2]. Revenue Structure and Market Demand - Both Ecovacs and its sub-brand, Tineco, surpassed 8 billion yuan in sales, with growth rates of 5.22% and 10.87% respectively, driven by innovative product launches [3]. - The Ecovacs brand sold 2.95 million service robots globally, a 16.9% increase, while Tineco's floor cleaning machines reached 4.14 million units, up 28.3% [3]. Market Leadership - Ecovacs has maintained its position as the leading brand in China's vacuum robot market for ten consecutive years, while Tineco has been the top-selling floor cleaning machine brand for five years [4]. Cost Control and Profitability - The company has successfully implemented cost control measures, resulting in a 2 percentage point increase in overall gross margin [5][6]. - Ecovacs' overseas revenue reached 6.808 billion yuan, a 12.6% increase, with significant growth in the European market, where revenues grew by 51.6% for Ecovacs and 64.0% for Tineco [6]. R&D Investment and Innovation - Ecovacs increased its R&D expenditure to 885 million yuan, a 7.30% rise, with R&D personnel making up 18.38% of the workforce [7]. - The company holds a total of 2,415 authorized patents, including 668 invention patents, and is actively exploring advanced technologies in robotics and AI [7]. Market Opportunities - The rise in consumer awareness of smart products, coupled with effective government incentives, is creating new growth opportunities in the service robot and smart appliance sectors [8].

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： ● 交易目的、交易品种、交易工具、交易场所和交易金额：公司海外销售 回款主要以美元、欧元等为主，因此当外汇汇率出现较大波动的情况下，将对 公司的经营业绩造成影响。随着公司海外收入规模不断扩大、占比持续提升， 为了有效规避外汇市场风险，降低汇率波动对公司正常经营的潜在不良影响， 公司及全资子公司拟开展外汇衍生品交易业务。上述业务均以生产经营为基础， 以套期保值为目的开展，不进行单纯以盈利为目的的投机和套利交易，不影响 公司主营业务发展。交易品种主要包括远期和期权等产品，主要外币币种为美 元、欧元等。此次开展的外汇衍生品交易业务任一时点的余额折合不超过 11.5 亿美元，主要通过具有外汇衍生品业务经营资质的银行等金融机构进行。 证券代码：603486 证券简称：科沃斯 公告编号：2025-015 转债代码：113633 转债简称：科沃转债 ● 已履行及拟履行的审议程序：2025 年 4 月 24 日，科沃斯机器人股份 有限公司（以下简称"公司"）召开第三届董事会第二十 ...

2024 年度董事会审计委员会履职报告 2024年度,公司董事会审计委员会根据《上市公司治理准则》《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第1号 --- 规范运作》 和《公司章程》《科沃斯机器人股份有限公司董事会审计委员会工作细则》等相关 规定,秉持审慎、客观、勤勉尽责的原则,充分发挥监督职能,切实履行职责,保 证了公司和中小股东的合法权益。现就2024年度工作情况汇报如下: 一、审计委员会基本情况 第三届审计委员会成员现为浦军先生、桑海先生、冷冷先生,主任委员由会计 专业人士浦军先生担任。 根据中国证券监督管理委员会《上市公司独立董事管理办法》的规定,审计委 员会成员应当为不在上市公司担任高级管理人员的董事。2024年 4 月 25 日,公司 召开第三届董事会第十六次会议,审议通过《关于调整董事会审计委员会的议案》, 公司董事兼财务总监李雁女士不再担任董事会审计委员会委员,董事会审计委员会 组成人员调整情况如下:调整前:浦军(主任委员）、桑海、李雁;调整后:浦军 (主任委员)、桑海、冷泠。 二、审计委员会年度会议召开情况 2024年度,审计委员会共召开了5次会议,会议具体内容如下 ...

证券代码：603486 证券简称：科沃斯 公告编号：2025-019 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 ● 本次担保金额及已实际为其提供的担保余额：预计科沃斯机器人股份有限 公司（以下简称"公司"或"科沃斯"）的全资子公司科沃斯机器人科技有限公司 （以下简称"机器人科技"）为员工入驻商场专柜/品牌促销担保不超过人民币100 万元。截至本公告发布日，公司已实际为员工提供担保人民币100万元（不含本 次）。 ● 本次担保是否有反担保：无。 ● 对外担保逾期的累计金额：无。 关于公司为员工提供担保的公告 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： ● 本次担保无需提交公司股东大会审议。 一 、担保情况概述 （一）担保的基本情况 因员工入驻商场专柜/品牌促销需签署《专柜/品牌促销营业员担保书》，并遵守 商场《专柜/品牌促销及其营业员管理规定》的各项具体规定及门店管理制度，员工 在商场工作期间的行为视为机器人科技行为，为此机器人科技就员工行为需向商场 方提供连带担保。担保合计金额不 ...

特此公告。 科沃斯机器人股份有限公司董事会 证券代码：603486 证券简称：科沃斯 公告编号：2025-014 2025 年 4 月 26 日 科沃斯机器人股份有限公司关于 公司及子公司向银行申请综合授信额度的公告 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。 2025 年 4 月 24 日，科沃斯机器人股份有限公司（以下简称"公司"）召开 第三届董事会第二十六次会议，审议通过了《关于公司及子公司向银行申请综合 授信额度的议案》。为满足公司及合并报表范围内子公司（以下简称"子公司"） 经营管理及发展的需要，降低融资成本，提高资金营运能力，根据公司经营目标 及总体发展计划，公司及子公司 2025 年度拟向银行申请综合授信额度不超过人民 币 75 亿元（在不超过总授信额度范围内，最终以授信银行实际审批的授信额度为 准）。授信额度在授信期限内可循环使用。 综合授信方式包括但不限于办理流动资金贷款、中长期贷款、固定资产贷款、 项目贷款、法人账户透支、银行承兑汇票、贸易融资、保函、信用证、金融衍生 品、供应链金融、资金业务等综合授信 ...

证券代码：603486 证券简称：科沃斯 公告编号：2025-016 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 关于变更注册资本、修订《公司章程》及相关议事规则 并办理工商变更登记的公告 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"）于 2025 年 4 月 24 日召开第三 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《关于取消监事 会并修订<公司章程>及相关议事规则的议案》，本议案尚需提交公司股东大会审议， 现将有关情况公告如下： 一、取消监事会并修订《公司章程》及相关议事规则的原因及依据 根据《中华人民共和国公司法（2023 年修订）》《上市公司章程指引（2025 年修 订）》《上市公司股东会规则（2025 年修订）》等法律法规的相关规定，公司决定取 消监事会，监事会的职权由董事会审计委员会行使，公司《监事会议事规则》予以废 止，并同步对《公司章程》《董事会议事规则》中的相关条款进行修订，将《股东大 会议事规则》更名为《股东会议事规则 ...