Core Viewpoint - The article discusses the expansion of the company追觅 into the major appliance market, showcasing its new smart products at AWE 2025, including air conditioners, refrigerators, and washing machines, alongside its existing cleaning appliances [1][2]. Industry Overview - The smart cleaning market is entering a phase of stock competition, with a 0.6% year-on-year decline in China's vacuum robot market size in the first half of 2023. However, the global market is expected to grow from 5.5 million units to 5.9 million units from Q4 2023 to Q4 2024, albeit at a slower pace [2][5]. - The home appliance industry is highly competitive, with significant challenges in meeting user demands for smart features, as many products fail to deliver practical benefits [3][4]. - The white goods market is projected to reach a retail value of 907.1 billion yuan in 2024, reflecting a 6.4% year-on-year growth, indicating a larger market potential compared to the smart cleaning segment [6]. Company Strategy - The company追觅 is not the first to diversify into major appliances, as firms seek new growth avenues amid declining demand in the cleaning appliance sector. This strategy aims to reduce reliance on a single product category [9]. - The company leverages its existing technology and sales channels from its cleaning products to enter the major appliance market, utilizing high-speed motors and smart algorithms across different product lines [10][12][15]. - The company has established a robust sales and service network with over 5,500 stores across more than 100 countries, enhancing its ability to compete in the major appliance market [15]. Market Dynamics - The home appliance market is experiencing a significant replacement cycle, with retail sales surpassing 2019 peak levels in the first three quarters of 2024, driven by green consumption policies and a 10-12 year replacement cycle for major appliances [16].

Core Viewpoint - The company has announced a change in the accounting method for its equity investment in Shanghai XianGong Intelligent Technology Co., Ltd., transitioning from the equity method to fair value measurement, which is expected to increase net profit for the first quarter of 2025 by 110.81 million yuan [1][4][5]. Group 1: Change in Accounting Method - The reason for the change in accounting method is due to the restructuring of the board of directors at Shanghai XianGong, resulting in the company no longer having significant influence over it [1][2]. - Prior to the change, the investment was reported as a long-term equity investment using the equity method for subsequent measurement [2]. - After the change, the investment will be classified as a financial asset measured at fair value, with changes recognized in the current profit and loss [2][3]. Group 2: Impact of the Change - The change in accounting method is expected to result in an increase in the company's net profit for the first quarter of 2025 by 110.81 million yuan [4][5]. - The board of directors approved the change with a unanimous vote of 9 in favor, with no abstentions or opposition [5]. - The supervisory board also reviewed and approved the change, confirming compliance with relevant accounting standards and regulations [6][11].

2025 年 3 月 26 日，科沃斯机器人股份有限公司（以下简称"公司"）第三 届监事会第十八次会议在公司会议室召开。本次会议的会议通知已于 2025 年 3 月 26 日通过书面形式发出，本次会议采用现场表决方式召开，会议应到监事 3 名，实到监事 3 名。会议由监事会主席秦洁女士主持，本次会议全体监事均行使 了表决权。会议的召集、召开符合《中华人民共和国公司法》《公司章程》等有 关规定，表决形成的决议合法、有效。会议审议并通过了如下议案： 二、监事会会议审议情况 1、审议通过《关于对参股公司会计核算方法变更的议案》 监事会认为：本次变更会计核算方法是依据《企业会计准则第 2 号--长期股 权投资》《企业会计准则第 22 号-金融工具确认和计量》进行的会计处理，符合 《企业会计准则》及相关法律、法规的规定。本次会计核算方法变更已履行的决 策程序符合有关法律、法规、规范性文件和《公司章程》的规定。 表决结果:同意 3 票、反对 0 票、弃权 0 票。 特此公告。 证券代码：603486 证券简称：科沃斯 公告编号：2025-004 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 第三届 ...

科沃斯机器人股份有限公司 关于对参股公司会计核算方法变更的公告 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。 证券代码：603486 证券简称：科沃斯 公告编号：2025-003 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（以下简称"公司"或"科沃斯"）于 2025 年 3 月 26 日召开第三届董事会第二十五次会议和第三届监事会第十八次会议审议通过了 《关于对参股公司会计核算方法变更的议案》，根据相关法律法规的规定，本次变 更会计核算方法无需提交公司股东大会审议。现将具体情况公告如下： 一、本次会计核算方法变更概述 1、会计核算方法变更原因 2025 年 3 月 26 日，科沃斯的全资子公司科沃斯机器人（苏州）有限公司（以 下简称"科沃斯苏州"）参股公司上海仙工智能科技有限公司（以下简称"上海仙 工"）召开 2025 年第二次临时股东会，结合上海仙工规模体量和下阶段发展需求， 为提高董事会决策效率，上海仙工进行董事会改组，非独立董事人数由 11 人缩减 至 4 人，董事会席位缩减后，科沃斯苏州不再 ...

Core Viewpoint - The domestic vacuum cleaner market is benefiting from national subsidies, with both volume and price increasing in February, leading to rapid growth in online sales [1] Group 1: Market Trends - The price range of 3000-4900 yuan is highly competitive, with consumers being price-sensitive; brands in the price range above 5000 yuan are focusing on pain point solutions and extreme performance [1] - The average price of vacuum cleaners in the U.S. increased in February, with a higher proportion of high-end products; brands like eufy, Roborock, and Dreame saw significant increases in sales and revenue share [2] - In the German and European markets, mid-to-high-end product sales and revenue share have significantly increased, with domestic brands showing a trend of full price range coverage [3] Group 2: Brand Performance - Roborock maintains a dominant revenue share in the high-end segment, while eufy and Dreame are increasing their market share across various price ranges [2][3] - Domestic brands are increasingly covering all price ranges, with Roborock's products penetrating lower price segments, while eufy is enhancing its presence in the high-end market [3] - The combined sales and revenue share of five brands, including Dreame, Roborock, eufy, and Xiaomi, accounted for 63.42% and 84.33% respectively in the German market [3]

日本电饭煲曾让国人高价追捧！董明珠不服：格力 用4吨米，做出了世界一流的电饭煲【附小家电行业 现状分析】 日前，CCTV财经《对话》节目播出，格力电器董事长兼总裁董明珠、小鹏汽车董事长CEO何小鹏等民营 企业家参加，讲述他们在企业发展过程中做出的重要决定。 董明珠在节目中解释了"让世界爱上中国造"这句话的来源。她表示："我们当时就感觉到气愤的是我们中 国人用高价几千上万元钱，飞到日本去买一个电饭煲回来 ，我们是制造业(大国)，这是一种耻辱。一个电 饭煲能有多高的技术，竟然我们自己的国民不在中国买。人家的电饭煲看起来是个小饭煲，但做出的饭 很香、口感好、营养保留得好，这就是人家的科技。所以当时我就下定决心，虽然那时候是做空调的， 我觉得我们要尝试去把这饭煲要做成世界最好的，给自己一个挑战。我们用了一年多时间，用了4吨的 米，做出了世界一流的最好的饭煲。" （图片来源：视频 截图） 在研发过程中，工程师们记录了20种米样的吸水率、膨胀系数，为了精准到0.1毫米的精度调整，内胆模 型不断修改，废掉的模具堆满半个仓库。终于，格力电饭煲成功问世。 董明珠表示："做出来以后，我们还非常自信，要进行盲测，就把所有的全球的饭 ...

Investment Rating - The report suggests a positive outlook for the robotic vacuum cleaner industry, particularly for companies like Stone Technology and Ecovacs, due to their technological innovation and market strategies [3][23]. Core Insights - The robotic vacuum cleaner market is undergoing significant transformation driven by advancements in AI and robotics, enhancing product capabilities and expanding application scenarios [3][4]. - The global market size for robotic vacuum cleaners is estimated to be around $7 to $8 billion, with a notable 40% year-on-year growth in the domestic retail market, reaching approximately 20 billion yuan [3][6]. - Leading companies like Stone Technology are expected to see revenue growth of 40%-50% in 2025, with a projected revenue close to 18 billion yuan and a stable net profit margin of 10%-15% [3][8]. - The market is shifting from a price-driven strategy to a value-for-money approach, with innovations aimed at addressing consumer pain points [3][14]. Market Dynamics - The domestic market is dominated by key players such as Ecovacs, Stone Technology, and others, while the European market is a battleground for Chinese brands [5][16]. - In North America, the market is shared among Chinese brands and local competitors, with significant room for growth for Chinese brands in offline channels [5][16]. - The global cleaning appliance market is projected to grow by 4% in 2024, with robotic vacuum cleaners and stick vacuums showing strong performance [11]. Product Innovation - Innovations in robotic vacuum cleaners focus on enhancing navigation, obstacle avoidance, and cleaning efficiency, transitioning from mere tools to intelligent devices [12][18]. - The introduction of features like mechanical arms and advanced algorithms signifies a shift towards more sophisticated cleaning solutions [13][18]. Future Trends - The report anticipates a dual trend of domestic growth and international market penetration for the robotic vacuum cleaner industry in 2025, with a focus on innovation and value [17][21]. - Companies are expected to continue expanding their product offerings across various price segments to capture a broader market share [20][21].

证券代码：603486 证券简称：科沃斯 公告编号：2025-002 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 关于使用可转换公司债券部分闲置 募集资金进行现金管理进展的公告 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： ● 投资种类：银行理财产品 ● 投资金额：暂时闲置募集资金 20,000 万元 （二）投资金额 本次投资金额为人民币 20,000 万元。 （三）资金来源 1、资金来源：部分闲置募集资金 2、使用闲置募集资金委托理财的情况 ●履行的审议程序：科沃斯机器人股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日召开第三届董事会第二十四次会议、第三届监事会第十七次会议分别审 议通过了《关于使用可转换公司债券部分闲置募集资金进行现金管理的议案》，同意 在不影响项目正常进行、保证募集资金安全的前提下，拟使用额度不超过人民币 2.5 亿元的闲置募集资金进行现金管理，用于购买安全性高，流动性好，单项产品期限最 长不超过 12 个月的有保本承诺的理财产品或结构性存款 ...

Core Viewpoint - The home appliance sector experienced significant gains on the stock market, with several companies reaching their daily limit up, indicating strong investor confidence and market performance [1] Group 1: Market Performance - Companies such as Skyworth Digital, Aishida, Sanhua Intelligent Control, and Ecovacs reached their daily limit up, while Beiyikang, Roborock, and Sichuan Changhong saw increases of over 5% [1] - According to the Ministry of Commerce, the sales revenue of key monitored retail enterprises for home appliances and communication equipment grew by over 10% year-on-year during the first four days of the Spring Festival holiday [1] Group 2: Industry Outlook - Institutions suggest that under the continuation of favorable policies, leading companies are expected to benefit first due to their stronger brand power, diversified product offerings, and high-quality products that meet energy efficiency standards [1] - Guosen Securities indicates that the positive effects of last year's fourth-quarter policies are expected to sustain steady growth in domestic home appliance sales through 2025, with small appliances showing potential elasticity due to category expansion [1] - Although external sales may face tariff disruptions, China's home appliance industry maintains an irreplaceable leading advantage globally, with expected stable growth in exports driven by demand in emerging markets [1] Group 3: Profitability - Despite high raw material prices, the industry is anticipated to maintain a steady upward trend in profit margins through structural growth and internal operational efficiency improvements [1]

证券代码：603486 证券简称：科沃斯 公告编号：2025-001 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 可转债转股结果暨股份变动公告 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： ●累计转股情况：自 2022 年 6 月 6 日至 2024 年 12 月 31 日，累计已有 366,000 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 1,962 股，占科沃转债转股前公司已发行股份总额的 0.0003419%。 ●未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的科沃转债金额为 1,039,634,000 元，占科沃转债发行总量的 99.9648%。 ●本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，科沃转债转 股的金额为 21,000 元，因转股形成的股份数量为 116 股，占科沃转债转股前公司已 发行股份总额的 0.00002021%。 一、可转债发行上市概况 （ ...