Core Points - The company has announced a conditional redemption for its convertible bonds, "Kewo Convertible Bonds," due to the stock price falling below 70% of the conversion price for 30 consecutive trading days [2] - The redemption price is set at 100.26 RMB per bond, including accrued interest and tax [9] - The redemption period is from January 21, 2026, to January 27, 2026, with funds to be disbursed on January 30, 2026 [10] Redemption Terms - Holders of "Kewo Convertible Bonds" have the right to redeem their bonds at the specified price if the company's stock price remains below the conversion price threshold during the last two interest years [2] - The calculation for accrued interest is based on the bond's face value, interest rate, and the number of days from the last interest payment to the redemption date [3][4] - The interest rate for the fifth year is 1.8%, leading to an accrued interest of approximately 0.26 RMB per bond [4] Redemption Process - Bondholders can choose to redeem part or all of their unconverted bonds, and the redemption is not mandatory [5] - The redemption application must be submitted through the Shanghai Stock Exchange trading system during the specified period [6][8] - If the application is not successful on the first day, bondholders can continue to apply on subsequent days within the redemption period [7] Trading During Redemption - "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [12] - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [12]

Core Viewpoint - The announcement details the seventh notice regarding the optional redemption of the "Kewo Convertible Bonds," allowing bondholders to choose whether to redeem their bonds at a specified price, contingent on certain conditions being met [1][2]. Redemption Terms and Price - Redemption Price: 100.26 RMB per bond (including accrued interest and tax) [2][12] - The redemption is not mandatory; bondholders have the right to choose whether to redeem [2][8]. - If bondholders do not redeem during the specified period, they will lose the right to redeem for the current interest year [2][4]. Conditions for Redemption - The conditional redemption clause is activated if the company's A-share stock price closes below 70% of the current conversion price for any consecutive thirty trading days during the last two interest years [3][4]. - The redemption right can only be exercised once per year after the conditions are first met [4]. Redemption Period and Payment - Redemption Period: January 21, 2026, to January 27, 2026 [5][11]. - Payment Date for Redemption Funds: January 30, 2026 [13]. Interest Calculation - The accrued interest for the fifth year (November 30, 2025, to November 29, 2026) is calculated at a rate of 1.8%, resulting in approximately 0.26 RMB per bond [7]. Trading During Redemption Period - The "Kewo Convertible Bonds" will continue to trade during the redemption period but will stop conversion [15]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will continue until the end of the redemption period [15].

证券代码：603486 证券简称：科沃斯 公告编号：2026-016 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"科沃转债"可选择回售的第七次提示性公告 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： 一、回售条款及回售价格 （一）有条件回售条款 在本次可转债最后两个计息年度内，如果公司A股股票收盘价在任何连续三十个 交易日低于当期转股价格的70%时，本次可转债持有人有权将其持有的本次可转债全 部或部分以面值加上当期应计利息回售给公司。若在上述交易日内发生过转股价格因 发生派送股票股利、转增股本、增发新股（不包括因本次发行的可转债转股而增加的 股本）、配股以及派发现金股利等情况而调整的情形，则在调整日前的交易日按调整 前的转股价格和收盘价格计算，在调整日及之后的交易日按调整后的转股价格和收盘 价格计算。如果出现转股价格向下修正的情况，则上述"连续三十个交易日"须从转 股价格调整之后的第一个交易日起按修正后的转股价格重新计算。 最后两个计息年度可转债持有人在每年回售条件首次满足后可 ...

Group 1 - The small home appliance sector experienced a decline of 0.29% on January 22, with Stone Technology leading the drop [1][3] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Major stocks in the small home appliance sector showed mixed performance, with notable gainers including Fuhua Co. (+2.37%) and Lek Electric (+2.35%) [1] Group 2 - The small home appliance sector saw a net outflow of 129 million yuan from institutional investors, while retail investors had a net inflow of 65.86 million yuan [3][4] - The top stock by net inflow from retail investors was Delmar, with a net inflow of 294.08 million yuan, indicating strong retail interest [4] - The overall trading volume in the small home appliance sector was significant, with Fuhua Co. and Lek Electric leading in transaction amounts [1][3]

Core Insights - The smart device industry is experiencing significant growth driven by increasing consumer demand and advancements in technology, with the market size in China projected to grow from 5,133 billion yuan in 2018 to 17,157 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 22.28% [1][14][15] - The industry is categorized into three main segments: smart home, smart wearables, and smart mobility, each with distinct applications and market dynamics [3][16][17] Industry Overview - Smart devices integrate hardware, software, and internet technologies, enabling them to perform tasks such as data collection and self-optimization [1][14] - The market is expected to reach 20,979 billion yuan by 2025, indicating continued growth and innovation in the sector [1][14] Industry Development Stages - The smart device industry in China has evolved through three phases: the initial stage (1990s to early 2000s), the development stage (2000 to 2015), and the explosive growth stage (2015 to present), with significant technological advancements and market expansion occurring in the latter two phases [6][8] Industry Policies - The Chinese government has implemented various policies to support the smart device industry, including initiatives to promote digital transformation and the development of smart products across multiple sectors [8][9] Industry Value Chain - The smart device industry value chain consists of upstream raw materials, hardware, and software systems; midstream manufacturing; and downstream applications in sectors such as healthcare, education, and transportation [10][11] Market Segmentation - The smart home market is characterized by diverse competition among traditional appliance manufacturers and tech companies, with a focus on integrated solutions and consumer experience [15] - The smart wearable segment includes products like smart glasses and smartwatches, with significant growth potential driven by consumer acceptance and technological advancements [16][17] - The smart mobility sector, particularly smart cars, is rapidly expanding, with the market size projected to grow from 777 billion yuan in 2020 to 2,152 billion yuan by 2024, reflecting a CAGR of 29% [17][18] Competitive Landscape - The smart device industry is marked by an ecosystem of competition, with leading companies leveraging core technologies and brand advantages to create comprehensive solutions across various applications [18][19] Future Trends - The industry is expected to see innovations in human-computer interaction, moving towards more natural and multi-modal interfaces [21] - There will be a shift from single-product intelligence to integrated scene intelligence, enhancing cross-device collaboration and user experience [22] - Smart devices will increasingly focus on personalized health management, evolving into digital health assistants capable of providing tailored recommendations [24]

Core Viewpoint - The announcement details the conditional redemption rights for the "Kewo Convertible Bonds" (科沃转债), allowing bondholders to sell their bonds back to the company at a specified price if certain conditions are met [1][2]. Group 1: Redemption Terms - The redemption price for the "Kewo Convertible Bonds" is set at 100.26 RMB per bond, including accrued interest and tax [4][11]. - The redemption period is from January 21, 2026, to January 27, 2026, during which the bonds will stop converting into shares [4][10]. - Bondholders can choose to redeem either part or all of their unconverted bonds, and the redemption is not mandatory [7][8]. Group 2: Conditions for Redemption - The conditional redemption clause is activated if the company's stock price falls below 70% of the current conversion price for thirty consecutive trading days during the last two interest years of the bonds [2][3]. - If bondholders do not exercise their redemption rights during the specified period after the first occurrence of the redemption condition, they will lose the right to redeem for that interest year [3]. Group 3: Interest Calculation - The interest rate for the fifth year (from November 30, 2025, to November 29, 2026) is 1.8%, with the accrued interest calculated to be approximately 0.26 RMB per bond [6]. - The formula for calculating accrued interest is provided, ensuring transparency in how the redemption price is derived [5]. Group 4: Redemption Process - Bondholders must submit their redemption requests through the Shanghai Stock Exchange trading system during the redemption period, and once confirmed, these requests cannot be revoked [8][9]. - If a redemption request is not successful on the first day, bondholders can continue to submit requests on subsequent days within the redemption period [9]. Group 5: Post-Redemption Trading - The "Kewo Convertible Bonds" will continue to trade during the redemption period but will not be convertible into shares [14]. - If the total face value of the bonds in circulation falls below 30 million RMB due to redemptions, trading will still continue until the end of the redemption period [14]. Group 6: Company Contact Information - For further inquiries, bondholders can contact the company's securities department at the provided phone number [15].

Market Performance - The small home appliance sector increased by 0.5% compared to the previous trading day, with Lek Electric leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Lek Electric (603355) closed at 36.60, up 4.30%, with a trading volume of 52,700 shares and a transaction value of 190 million [1] - Other notable performers include: - Fuhua Co. (603219) at 18.15, up 2.60% [1] - Hongzhi Technology (920926) at 17.98, up 1.87% [1] - Liren Technology (001259) at 32.41, up 1.34% [1] - Xiaoneng Electric (002959) at 45.18, up 1.21% [1] - Ecovacs (603486) at 83.39, up 1.01% [1] Capital Flow Analysis - The small home appliance sector experienced a net outflow of 29.33 million from institutional investors and 43.37 million from retail investors, while retail investors saw a net inflow of 72.71 million [2] - Notable capital flows for specific stocks include: - Stone Technology (688169) had a net inflow of 24.03 million from institutional investors [3] - Lek Electric (603355) saw a net inflow of 19.94 million from institutional investors [3] - Fuhua Co. (603219) had a net inflow of 11.04 million from institutional investors [3]

证券代码：603486 证券简称：科沃斯 公告编号：2026-015 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"可选择回售的第六次提示性公告 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、回售条款及回售价格 （一）有条件回售条款 在本次可转债最后两个计息年度内，如果公司A股股票收盘价在任何连续三十个 交易日低于当期转股价格的70%时，本次可转债持有人有权将其持有的本次可转债全 部或部分以面值加上当期应计利息回售给公司。若在上述交易日内发生过转股价格因 发生派送股票股利、转增股本、增发新股（不包括因本次发行的可转债转股而增加的 股本）、配股以及派发现金股利等情况而调整的情形，则在调整日前的交易日按调整 前的转股价格和收盘价格计算，在调整日及之后的交易日按调整后的转股价格和收盘 价格计算。如果出现转股价格向下修正的情况，则上述"连续三十个交易日"须从转 股价格调整之后的第一个交易日起按修正后的转股价格重新计算。 最后两个计息年度可转债持有人在每年回售条件首次满足后可按上述约定条件行 ...

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, "Kewo Convertible Bonds," despite triggering the downward adjustment clause as of January 20, 2026. This decision is aimed at maintaining investor expectations and interests [2][12]. Group 1: Convertible Bond Basic Information - The company issued 10,400,000 convertible bonds on November 30, 2021, with a total value of RMB 104 million and a maturity period of six years [3]. - The bonds have a tiered interest rate structure, starting at 0.3% in the first year and increasing to 2.0% in the sixth year [3]. - The bonds were listed on the Shanghai Stock Exchange on December 29, 2021, under the code "113633" [4]. Group 2: Conversion Price Adjustment History - The initial conversion price was set at RMB 178.44 per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to RMB 175.41 per share as of October 26, 2023 [5][6][12]. - The conversion price is subject to adjustments based on the company's stock performance and corporate actions, including stock options and incentive plans [5][6]. Group 3: Non-Adjustment Decision Details - The board of directors held a meeting on January 20, 2026, and decided not to adjust the conversion price, even if the adjustment clause is triggered again within the next six months [2][12]. - The company will reassess the situation after July 21, 2026, if the adjustment clause is triggered again [2][12]. Group 4: Redemption Rights of Convertible Bonds - The company has announced a conditional redemption right for bondholders, allowing them to sell their bonds back at a price of RMB 100.26 per bond during the redemption period from January 21 to January 27, 2026 [15][19]. - The redemption price includes accrued interest and is not mandatory; bondholders can choose whether to exercise this right [15][20].

Core Viewpoint - The company, Ecovacs Robotics, has announced that the conversion price of its convertible bonds, "Kowot Bonds," has triggered a downward adjustment clause, but the board has decided not to adjust the conversion price at this time [2]. Group 1 - As of January 20, 2026, the conversion price of "Kowot Bonds" has triggered the downward adjustment clause [2]. - The company's board of directors has resolved not to adjust the conversion price of "Kowot Bonds" during the current period [2]. - For the next six months (from January 21, 2026, to July 20, 2026), if the downward adjustment clause is triggered again, the company will also not propose an adjustment [2]. Group 2 - After July 21, 2026, if the downward adjustment clause is triggered again, the board will convene to decide whether to exercise the downward adjustment right [2].