归母净利润预计大涨，科沃斯股价涨停

Core Viewpoint - The leading clean appliance company, Ecovacs, has seen a significant increase in stock price and is projecting substantial profit growth for the first half of 2025, driven by innovative product offerings and strong market performance [1][2]. Financial Performance - Ecovacs expects a net profit attributable to shareholders of 960 million to 990 million yuan for the first half of 2025, an increase of 351.02 million to 381.02 million yuan compared to the same period last year, representing a year-on-year growth of 57.64% to 62.57% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 840 million and 870 million yuan, reflecting an increase of 282.64 million to 312.64 million yuan year-on-year, which corresponds to a growth of 50.71% to 56.09% [1]. Revenue Growth Drivers - The company attributes its performance to a combination of innovative product offerings, a multi-price strategy, and a balanced online and offline sales approach, leading to an expected revenue growth of approximately 25% year-on-year [2]. - In the second quarter of 2025, revenue is anticipated to grow nearly 40% year-on-year, with the X and T series of cleaning robots continuing to gain market recognition due to their innovative technology and differentiated user experience [2]. - New product categories have also shown strong growth momentum, contributing to over 60% year-on-year revenue growth for the Ecovacs brand in the second quarter of 2025 [2]. Market Positioning - The Ecovacs brand has maintained strong sales momentum since the fourth quarter of 2024, while the Tink brand has strengthened its revenue and profitability in the mid-to-high-end market, driven by the artist series of cleaning machines [2]. - The company has also seen a significant increase in the fair value of its investments, contributing to a rise in non-recurring gains [2].