股票代码：603486 股票简称：科沃斯 债券代码：113633 债券简称：科沃转债 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 第五次临时受托管理事务报告 （2025 年度） 债券受托管理人 重要声明 本报告依据《公司债券发行与交易管理办法》（2023年修订）、《科沃斯机 器人股份有限公司公开发行可转换公司债券之债券受托管理协议》（以下简称 "《受托管理协议》"）、《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》"）等相关公开信息披露文件、第 三方中介机构出具的专业意见等，由本期债券受托管理人中国国际金融股份有限 公司（以下简称"中金公司"）编制。中金公司对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性 和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司 ...

机器人大讲堂获悉， 江苏省智能制造企业无锡巨蟹智能驱动科技有限公司（下称 "巨蟹智能"） 近日 正式宣 布完成近亿元 A 轮融资。本轮融资由科沃斯旗下战略投资平台担纲领投，上海宁玮仁、上海湖银等具备产业 资源的投资机构同步跟投。资本的集中注入，不仅为巨蟹智能后续研发与产能扩张提供支撑，更凸显资本市场 对人形机器人及工业智能制造核心零部件赛道的看好。 成立于 2019 年 4 月的巨蟹智能，是国内聚焦人形机器人及工业智能制造核心零部件研发与生产的代表性企 业。经过四年多发展，公司已建成 8000 平米专业化研制基地，现有团队规模 50-99 人， 已 形成 "研发 - 生产 - 产业化" 综合 能力。在本轮 A 轮融资前，公司已于 2024 年 7 月完成数千万元天使轮融资，且同步 战略布局产业链延伸 —— 全额持股成立南京巨蟹机器人科技有限公司，为业务拓展奠定基础。 巨蟹智能的技术底色与发展方向，与创始人赵伟的行业积淀深度绑定。作为东南大学仪器科学与工程学院 2016 级博士，赵伟的机器人事业起点源于一场世界级赛事 。 读研期间，他随导师参与全球 RoboCup 机器 人比赛，正是赛场上机器人技术的魅力让他 ...

Core Insights - The domestic lawn mowing robot market is rapidly gaining traction in overseas markets, with companies like Ninebot, Ecovacs, and Greebo showing impressive performance in their overseas sales, particularly in smart lawn mowers [1][2] - The global smart home cleaning robot shipment reached 15.352 million units in the first half of the year, a year-on-year increase of 33%, with lawn mowers experiencing a significant growth of 327.2% [1] Group 1: Market Dynamics - The development of lawn mowing robots has evolved over nearly 20 years, transitioning from boundary wire systems to "boundary-less" models that enhance user experience [2] - Traditional lawn mowers are being replaced by smart lawn mowers due to their efficiency and user-friendly features, driven by technological innovations such as laser radar and AI algorithms [2][3] - The global market for smart lawn mowers is projected to reach approximately 383,500 units in 2024, with a market size of 6.1 billion yuan, indicating a penetration rate of less than 2% [4] Group 2: Competitive Landscape - Chinese manufacturers have a first-mover advantage in the lawn mower market, with companies like Stone Technology and Ecovacs leveraging their existing distribution networks to introduce new products quickly [3] - The integration of advanced technologies has allowed Chinese brands to establish a strong presence in high-end markets in Europe and North America, with product prices exceeding those of local competitors [3] Group 3: Market Potential - The global lawn mower market is primarily concentrated in North America, Europe, and the Asia-Pacific region, with significant demand in North America and Europe [5] - There are approximately 250 million private gardens globally, with the U.S. and Europe accounting for 72% of this total, providing substantial demand for lawn mowing robots [5] - If smart lawn mowers fully replace traditional lawn care methods, the potential market size could exceed 300 billion yuan, with a projected penetration rate of 17% [4]

Core Viewpoint - Ecovacs Robotics has shown significant stock performance with a year-to-date increase of 113.88%, despite a recent decline in the last five trading days [1] Group 1: Stock Performance - As of October 14, Ecovacs' stock price reached 99.56 CNY per share, with a market capitalization of 57.632 billion CNY [1] - The stock experienced a net outflow of 3.1295 million CNY in principal funds, with large orders accounting for 9.52% of purchases and 15.26% of sales [1] - Over the past 60 days, the stock has increased by 55.49% [1] Group 2: Financial Performance - For the first half of 2025, Ecovacs reported a revenue of 8.676 billion CNY, representing a year-on-year growth of 24.37%, and a net profit of 979 million CNY, up 60.84% [2] - Cumulative cash dividends since the A-share listing amount to 2.021 billion CNY, with 944 million CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 34,200, with an average of 16,633 circulating shares per person, a decrease of 5.25% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Huaxia CSI Robotics ETF, with notable increases in their holdings [3]

Investment Rating - The report maintains a strong buy rating for key companies in the home appliance industry, including Midea Group, Gree Electric, and others, indicating a positive outlook for their stock performance [8]. Core Insights - The home appliance industry is experiencing a recovery in export chains despite the recent announcement of a 100% tariff increase by Trump, with companies better prepared for supply chain shifts and a stabilization in fundamentals [2]. - Domestic demand is expected to strengthen, with significant sales growth observed during the National Day holiday, particularly in categories like robotic vacuums and water purifiers [2]. - The report highlights the importance of specific product champions in the export market, such as portable energy storage and catering equipment, which are anticipated to show strong demand elasticity [7]. Industry Overview - The industry comprises 88 listed companies with a total market capitalization of approximately 1979.5 billion [3]. - The absolute performance of the industry over the past month, six months, and twelve months stands at 0.4%, 36.5%, and 33.2% respectively, indicating a robust recovery trend [5]. Company Performance Expectations - Midea Group and Gree Electric are expected to maintain double-digit revenue growth in the third quarter, driven by strong export orders and effective inventory management [6]. - Companies like Ecovacs and Roborock are projected to exceed expectations, with significant revenue growth anticipated due to strategic product launches and market share gains [6]. - The report notes that companies in the two-wheeler segment, such as Ninebot and Taotao, are also expected to outperform, with revenue growth rates of 80% and 99-133% respectively [6]. Key Financial Metrics - Midea Group is projected to have an EPS of 5.60 for 2025, with a PE ratio of 13.0, while Gree Electric is expected to have an EPS of 6.25 with a PE of 6.5, both receiving a strong buy recommendation [8]. - The report emphasizes the strong financial performance of component suppliers like Shun'an Environment, which is expected to see a revenue increase of over 50% in the third quarter [6].

Market Overview - The small home appliance sector experienced a decline of 3.15% on October 13, with Bei Yi Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Key stocks in the small home appliance sector showed varied performance, with Bei Yi Co. closing at 22.88, down 5.26%, and Kewo Si at 97.49, also down 5.26% [2] - Other notable declines included Stone Technology at 187.50, down 5.20%, and Xin Bao Co. at 15.42, down 3.81% [2] Trading Volume and Capital Flow - The small home appliance sector saw a net outflow of 139 million yuan from main funds, while retail investors contributed a net inflow of 97.90 million yuan [2] - The trading volume for key stocks included 136,200 shares for Bei Yi Co. and 51,400 shares for Kewo Si, indicating significant trading activity despite the overall decline [2] Individual Stock Capital Flow - Among individual stocks, Jiu Yang Co. had a main fund net inflow of 3.68 million yuan, while Fu Jia Co. experienced a net outflow of 1.32 million yuan from main funds [3] - Retail investors showed a preference for stocks like Su Po Er, which had a net inflow of 4.19 million yuan from retail investors, despite a net outflow from main funds [3]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly for the white goods sector, indicating a "Buy" recommendation for key players like Midea, Haier, and Gree [4][8]. Core Insights - The home appliance sector is benefiting from real estate policies and the "trade-in" program, leading to a sustained growth trend in domestic sales [6][14]. - The report highlights three main investment themes: white goods, export opportunities, and core components, with a focus on companies that are expected to outperform in these areas [8][17]. Summary by Sections 1. Domestic Sales Growth - From January to August 2025, the air conditioning industry produced 149.32 million units, a 6% year-on-year increase, with sales reaching 152.57 million units, up 7%, and domestic sales growing by 9% [6][14]. - The refrigerator and washing machine sectors also saw domestic sales growth of 4% and 6%, respectively, during the same period [6][14]. 2. White Goods and Components - The report notes that the average price of white goods is increasing due to the trade-in program, with air conditioning prices expected to rise further [27]. - Key companies are projected to show varied performance in Q3 2025, with Midea expected to see a 3% revenue increase and an 8% rise in profits, while Gree anticipates flat revenue and profit [28][29]. 3. Kitchen Appliances - The kitchen appliance sector is experiencing a recovery driven by real estate and trade-in policies, with significant growth in online sales for range hoods and gas stoves [6][14]. - Major players like Robam and Vatti are expected to see mixed results, with Robam projecting a 2% revenue increase but a 7% decline in profits [6][14]. 4. Small Appliances - The small appliance sector is benefiting from domestic trade-in policies, with companies like Supor and Joyoung expected to see revenue growth of 3% and a profit turnaround, respectively [6][14]. - The report highlights significant growth for companies like Stone Technology, which anticipates an 80% revenue increase [6][14]. 5. New Displays and Lighting - The emerging display sector is at a turning point, with companies like Hisense and Xiaomi expected to report revenue growth of 8% and 15%, respectively [6][14]. - The lighting industry is anticipated to see gradual improvements as market conditions stabilize [6][14]. 6. Investment Highlights - The report emphasizes the attractiveness of the white goods sector due to its low valuation, high dividends, and stable growth potential, recommending a combination of leading companies [8][17]. - Export opportunities are highlighted for companies like Ousheng Electric and Dechang, which are expected to benefit from increased orders and stable profitability [8][17]. 7. Trade-in Policy Impact - The trade-in policy has been expanded to include 12 categories of appliances, significantly boosting sales and consumer interest [17][18]. - The report notes that the trade-in program has already led to over 62 million units sold in 2024, generating nearly 270 billion yuan in consumption [17][18].

从基金十大重仓股角度 数据显示，天弘基金旗下1只基金重仓科沃斯。天弘国证龙头家电指数A（013053）二季度减持1.86万 股，持有股数4.4万股，占基金净值比例为3.22%，位居第八大重仓股。根据测算，今日浮亏损失约 23.76万元。 10月13日，科沃斯跌5.25%，截至发稿，报97.50元/股，成交1.27亿元，换手率0.23%，总市值564.39亿 元。 资料显示，科沃斯机器人股份有限公司位于江苏省苏州市吴中区友翔路18号，成立日期1998年3月11 日，上市日期2018年5月28日，公司主营业务涉及各类家庭服务机器人、清洁类小家电等智能家用设备 及相关零部件的研发、设计、生产与销售。主营业务收入构成为：服务机器人55.89%，智能生活电器 42.96%，其他产品1.15%。 责任编辑：小浪快报 天弘国证龙头家电指数A（013053）成立日期2022年3月15日，最新规模2980.78万。今年以来收益 12.25%，同类排名3489/4220；近一年收益6.08%，同类排名3458/3855；成立以来收益32.09%。 天弘国证龙头家电指数A（013053）基金经理为沙川。 截至发稿，沙川累计任职时间 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly focusing on white goods, with an emphasis on their undervalued status, high dividends, and stable growth potential [4]. Core Insights - The report highlights the impact of the fourth batch of government subsidies amounting to 69 billion yuan, aimed at promoting the replacement of old appliances, which is expected to stimulate demand in the home appliance market [10][68]. - The production and sales of major appliances such as air conditioners, refrigerators, and washing machines have shown mixed results, with a notable decline in production for October 2025 compared to the previous year [11][32]. - The report identifies three main investment themes: white goods benefiting from favorable real estate policies, export opportunities for companies with strong client orders, and the demand for core components driven by the overall market growth [4]. Summary by Sections Industry Dynamics - The home appliance sector's performance is closely tied to government policies, with the recent 690 billion yuan subsidy expected to enhance consumer purchasing power [10][68]. - October 2025 production for air conditioners, refrigerators, and washing machines is projected to decline by 9.9% compared to the previous year, indicating potential challenges in the market [11]. Sales Data - In August 2025, the air conditioning sector saw a production increase of 9.4% year-on-year, but total sales decreased by 1%, with domestic sales up by 1.2% and exports down by 4.2% [32]. - The refrigerator market experienced a production increase of 3.4% and a sales increase of 2.1%, with domestic sales rising by 5.9% while exports fell by 0.8% [36]. - The washing machine sector reported a production increase of 5.8% and a sales increase of 6.6%, with domestic sales slightly up by 0.6% and exports up by 12.1% [37]. Key Companies - The report notes that major companies such as Midea, Haier, and Gree are well-positioned to benefit from the favorable market conditions and government policies [4]. - Companies like Ousheng Electric and Dechang Co. are highlighted for their stable income growth driven by large client orders and expanding automotive parts businesses [4]. Component Market - The demand for core components is expected to rise due to the overall growth in the white goods sector, with companies like Huaxiang and Sanhua Intelligent Control being recommended for their competitive advantages [4].

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The report highlights a significant increase in holiday travel and consumption, with an average of 3.04 billion people traveling daily from October 1 to 8, a year-on-year increase of 6.3% [3][11] - Domestic consumption is showing steady improvement, with average daily sales in related sectors increasing by 4.5% during the holiday period, driven by strong performance in digital products, jewelry, and cultural services [3][15] - The offline performance of the entertainment sector is robust, with a 39.5% year-on-year increase in audience numbers for live performances during the holiday [3][20] Summary by Sections Holiday Consumption Trends - The report notes a rise in domestic travel, with 8.88 billion domestic trips taken during the holiday, an increase of 1.23 billion trips compared to the previous year [11][12] - The average spending per person decreased by 13% despite the increase in total expenditure, which reached 809 billion yuan [11][12] Retail and E-commerce Performance - Key retail and catering enterprises saw a 2.7% year-on-year increase in sales during the holiday [19] - E-commerce platforms experienced a surge in sales of green organic foods (up 27.9%), smart home products (up 14.3%), and domestic fashion brands (up 14.1%) [19][20] Investment Recommendations - The report suggests focusing on several sectors for potential investment, including: 1. Major appliances benefiting from trade-in programs, recommending companies like Midea Group, Haier Smart Home, and Gree Electric [4][23] 2. The pet industry, which is expected to remain resilient, with recommendations for companies like Guai Bao Pet and Zhongchong Co [4][23] 3. Small appliances and branded apparel, which may see a rebound in demand, with recommendations for companies like Bear Electric and Anta Sports [4][23] 4. Electric two-wheelers, with a strong outlook for domestic sales improvement, recommending companies like Ninebot and Yadea [4][23] Global Market Opportunities - The report emphasizes the long-term theme of international expansion, recommending companies like Ecovacs and Roborock in the cleaning appliance sector, and Midea and Haier in the major appliance sector [5][24] - It also highlights the potential for motorcycle brands to increase their market share overseas, suggesting companies like Chunfeng Power and Longxin General [5][24] Market Data - The home appliance sector saw a slight decline of 0.4% this week, with specific segments showing varied performance: white goods up 0.8%, black goods down 0.3%, and kitchen appliances down 1.0% [25]