Market Overview - The small home appliance sector experienced a decline of 0.94% on January 20, with Lek Electric leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the small home appliance sector included: - Beiyikang (Code: 6610Z6) with a closing price of 46.45, up 4.74% and a trading volume of 34,000 shares, totaling 154 million yuan [1] - ST Dehao (Code: 002005) closed at 3.13, up 3.64% with a trading volume of 303,400 shares, totaling approximately 93.59 million yuan [1] - Major decliners included: - Lek Electric (Code: 603355) closed at 35.09, down 2.91% with a trading volume of 52,800 shares, totaling 186 million yuan [2] - Stone Technology (Code: 688169) closed at 152.33, down 2.60% with a trading volume of 52,700 shares, totaling 812 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 140 million yuan from institutional investors, while retail investors experienced a net inflow of 56.31 million yuan [2] - Key stocks in terms of capital flow included: - Aikan Health (Code: 300272) with a net inflow of 17.69 million yuan from institutional investors, but a net outflow of 34.55 million yuan from retail investors [3] - Biyi Co. (Code: 603215) had a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 29.66 million yuan from retail investors [3]

证券代码：603486 证券简称：科沃斯 公告编号：2026-013 转债代码：113633 转债简称：科沃转债 重要内容提示： 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于 本公司可转换公司债券（以下简称"科沃转债"）当期转股价格的70%，且"科沃转 债"处于最后两个计息年度。根据《科沃斯机器人股份有限公司公开发行A股可转换 公司债券募集说明书》（以下简称《募集说明书》）的约定，"科沃转债"的有条件 回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和《募集说明书》的约定，就回售有关事项向全体"科沃 1 ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 回售期：2026年1月21日至2026年1月27日 ● 回售资金发放日：2026年1月30日 ● 回售期内"科沃转债"停止转股 ● 本次回售不具有强制性，"科沃转债"持有人有权选择是否进行回售。 ● 本次满足回售条款而"科沃转债"持有人未在上述回售期内申报并实施回售的， 计息年度即2025年11月30日至2026年11月29日不能再行使回售 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-014 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 关于不向下修正"科沃转债"转股价格的公告 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。 （二）可转债上市情况 经上海证券交易所自律监管决定书【2021】488 号文同意，可转换公司债券于 2021 年 12 月 29 日起在上海证券交易所挂牌交易，债券简称"科沃转债"，债券代 码"113633"。 （三）可转债转股价格调整情况 1 根据有关法规的规定和《科沃斯机器人股份有限公司公开发行 A 股可转换公司债 券募集说明书》（以下简称"《募集说明书》"）的约定，公司本次发行的"科沃转 债"自 2022 年 6 月 6 日起可转换为公司 A 股普通股。公司本次可转债的初始转股价 格为 178.44 元/股，最新转股价格为 173.80 元/股，历次转股价格调整情况如下： 1、因公司 2021 年股票期权与限制性股票激励计划限制性股票首次授予登记完 成，需对"科沃转债"的转股价格作出相应调整。自 ...

Group 1 - The core point of the article is that Ecovacs Robotics (科沃斯) has decided not to adjust the conversion price of its convertible bonds, despite triggering the downward adjustment clause [1] - The decision was made during the sixth meeting of the fourth board of directors of Ecovacs Robotics [1] - The company will not propose a downward adjustment plan for the conversion price in the next six months, from January 21, 2026, to July 20, 2026 [1] Group 2 - If the downward adjustment clause is triggered again after July 21, 2026, the board will hold another meeting to decide whether to exercise the downward adjustment right [1]

Group 1 - The core point of the article is that the company, Ecovacs Robotics Co., Ltd., has decided not to adjust the conversion price of its "Kewo Convertible Bonds" despite triggering the downward adjustment clause [1] - The decision was made during the sixth meeting of the fourth board of directors and will remain in effect for the next six months, from January 21, 2026, to July 20, 2026 [1] - If the conversion price adjustment clause is triggered again during this six-month period, the company will also not propose a downward adjustment [1] Group 2 - After July 21, 2026, if the conversion price adjustment clause is triggered again, the board will hold another meeting to decide whether to exercise the downward adjustment right [1]

Core Insights - The 2026 CES showcased a significant presence of humanoid robot manufacturers, particularly from China, indicating a shift from mere demonstrations to practical applications in household settings [1] - Companies like Ecovacs are focusing on practical solutions for everyday tasks rather than grand concepts, presenting a family of service robots that address specific household needs [2][3] Group 1: Company Strategy - Ecovacs is redefining its brand by emphasizing a comprehensive product matrix rather than focusing on individual standout products, showcasing a range of robots for various household tasks [4][6] - The company is transitioning from a focus on cleaning to a broader service-oriented approach, aiming to create a family of robots that can handle multiple household chores [7][12] - Ecovacs' new brand philosophy, "Created for Ease," highlights the goal of simplifying consumers' lives by saving time and effort through automation [7][11] Group 2: Product Development - The latest product, the Deebot X12, represents a shift towards robots that not only automate tasks but also possess advanced capabilities for understanding and responding to different cleaning needs [9][11] - The Deebot X12 utilizes AI and sensor technology to identify dirt levels and adapt cleaning strategies accordingly, moving beyond basic navigation and obstacle avoidance [11][12] - Ecovacs is leveraging its engineering expertise to ensure that its robots are not just one-off products but part of a scalable system that can be applied across various household tasks [13][15] Group 3: Market Positioning - The company is strategically avoiding the trend of humanoid robots, instead focusing on specialized robots that excel in specific tasks, thereby enhancing efficiency and reliability in household chores [16][21] - Ecovacs believes that the future of robotics lies in creating a division of labor among different robot types, each optimized for particular tasks, rather than trying to create a single, all-encompassing robot [8][20] - The introduction of a pet companion robot signifies Ecovacs' exploration into emotional and interactive aspects of robotics, aiming to integrate robots into family life beyond mere functionality [18][20]

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][12]. Core Views - The home appliance sector is expected to recover in 2026, driven by the continuation of national subsidies and stabilization of exports, suggesting a positive outlook for leading white goods companies [1][12][18]. - December retail performance for home appliances showed signs of bottoming out, with significant declines in major appliances but a relatively stable performance in small appliances [1][19]. - The report highlights the resilience of leading companies in the home appliance sector, with a focus on white goods, which are expected to maintain steady growth despite high base effects [12][13]. Summary by Sections 1. Key Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric Appliances, and Hisense Home Appliances for white goods; Hisense Visual for black goods; and Roborock, Bear Electric, and Ecovacs for small appliances [4][12][13]. 2. December Retail Performance - In December, the retail sales of major appliances saw declines exceeding 20%, while small appliances showed slightly better demand, with air fryers experiencing growth [1][19]. - The offline sales channels for major appliances faced declines of over 40%, while kitchen small appliances remained relatively stable [1][19]. 3. Export Performance - In December, China's home appliance exports decreased by 8.1% year-on-year, with air conditioners facing a significant decline of 20.7% [2][37]. - Other categories like refrigerators and washing machines showed modest growth, indicating a mixed performance across different product lines [2][37]. 4. U.S. Market Insights - U.S. retail sales for home appliances showed a slight increase of 0.8% in November, indicating a gradual return to stable growth despite challenges such as tariffs and inflation [3][43]. - The inventory levels in U.S. appliance stores are returning to normal, suggesting improved market conditions [3][43]. 5. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating expected EPS growth for Midea Group, Gree Electric Appliances, and Haier Smart Home, among others, with all rated as "Outperform the Market" [5][76].

Group 1 - The core announcement is regarding the restriction on the exercise period of stock options under the 2024 incentive plan for Ecovacs Robotics Co., Ltd. [1][2] - The stock options are currently in the exercise phase, with the first exercise period set from September 20, 2025, to September 19, 2026 [1] - The restriction on the exercise period will be from January 26, 2026, to January 30, 2026, during which all incentive participants will be prohibited from exercising their options [2] Group 2 - The announcement also includes details about the fourth notice regarding the optional redemption of "Kewo Convertible Bonds" [4] - The redemption price is set at 100.26 RMB per bond, including accrued interest and tax [5] - The redemption period is from January 21, 2026, to January 27, 2026, with funds to be disbursed on January 30, 2026 [5][11] Group 3 - Holders of "Kewo Convertible Bonds" who do not exercise their redemption rights during the specified period will lose the right to redeem for the current interest year [6] - The conditional redemption clause is activated if the company's stock price falls below 70% of the conversion price for any consecutive 30 trading days during the last two interest years [6][7] - The calculation for accrued interest for the bonds is based on a face value of 100 RMB, an interest rate of 1.8%, and a specific number of days [9][8] Group 4 - During the redemption period, "Kewo Convertible Bonds" will continue to trade but will not be convertible into stock [12] - If the total face value of the bonds falls below 30 million RMB due to redemptions, the bonds will still continue to trade [12] - The company will announce the results of the redemption and its impact after the redemption period ends [11]

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：2026-011 科沃斯机器人股份有限公司 关于"科沃转债"可选择回售的第四次提示性公告 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： 公司的股票自2025年12月1日至2026年1月13日连续三十个交易日的收盘价格低于 本公司可转换公司债券（以下简称"科沃转债"）当期转股价格的70%，且"科沃转 债"处于最后两个计息年度。根据《科沃斯机器人股份有限公司公开发行A股可转换 公司债券募集说明书》（以下简称《募集说明书》）的约定，"科沃转债"的有条件 回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上海 证券交易所股票上市规则》和《募集说明书》的约定，就回售有关事项向全体"科沃 1 ● 回售价格：100.26元人民币/张（含当期应计利息、含税） ● 回售期：2026年1月21日至2026年1月27日 ● 回售资金发放日：2026年1月30日 ● 回售期内"科沃转债"停止转股 ● 本次回 ...

证券代码：603486 证券简称：科沃斯 公告编号：2026-012 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 关于公司股票期权限制行权期间的提示性公告 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。 科沃斯机器人股份有限公司董事会 2026 年 1 月 20 日 1 二、本次限制行权期间 本次限制行权期为 2026 年 1 月 26 日至 2026 年 1 月 30 日，在此期间股票期权 （期权代码：1000000749）的全部激励对象将被限制行权。 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申请 办理限制行权相关事宜。 特此公告。 根据中国证监会《上市公司股权激励管理办法》《科沃斯机器人股份有限公司 2024 年股票期权与限制性股票激励计划（草案）》（以下简称"2024 年激励计划"） 以及中国证券登记结算有限责任公司上海分公司关于股票期权自主行权的相关规定， 并结合科沃斯机器人股份有限公司（以下简称"公司"）2025 年年度业绩预告披露 计划，现对 2024 年激励计划 ...