Investment Rating - The report indicates a positive investment outlook for the home appliance sector, highlighting that the sector outperformed the Shanghai and Shenzhen 300 Index during the week [3][4]. Core Insights - The home appliance sector is experiencing a shift with strategic partnerships, such as Haier Robotics collaborating with INDEMIND to advance embodied robots in home applications [8]. - The report emphasizes three main investment themes: the value and growth potential of leading white and black appliance companies, the technological advancements in core component manufacturers, and the increasing penetration of new consumer categories like cleaning appliances [26][30]. Summary by Sections Market Performance - The home appliance sector index fell by 2.3%, while the Shanghai and Shenzhen 300 Index dropped by 3.8%, indicating a relative outperformance of the sector [3]. - Key companies like Aupu Technology, Zhejiang Meida, and Supor showed positive growth, while Joyoung, Beilong, and Biyi experienced significant declines [4]. Industry Dynamics - Haier Robotics and INDEMIND signed a strategic cooperation agreement to enhance the application of embodied robots in home settings, leveraging Haier's data and supply chain capabilities alongside INDEMIND's AI technology [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating potential capital expansion [9]. Sales Data - In October, sales of cleaning appliances like robotic vacuums and washing machines saw significant year-on-year increases, with robotic vacuum sales up 36.01% and washing machine sales up 60.11% [26]. - Personal care products also showed varied performance, with hairdryer sales slightly increasing while prices decreased, and electric shaver sales rising significantly [30]. Investment Themes - The report identifies three main investment lines: - **Dividend and Growth**: Leading white and black appliance companies are characterized by low valuations, high dividends, and stable growth, making them attractive investments [26]. - **Technology**: Core component manufacturers are diversifying into emerging tech fields like robotics and data center cooling, presenting new growth opportunities [26]. - **International Expansion**: The report highlights the growing demand for cleaning appliances in international markets, particularly in Southeast Asia and South America [26]. Macro Economic Environment - As of November 21, 2025, the USD to RMB exchange rate has decreased by 1.40% since the beginning of the year, which may impact import costs for the home appliance sector [36].

Core Viewpoint - The announcement details the interest payment schedule for the "Kewo Convertible Bonds" issued by Kewo Robot Co., Ltd., highlighting the payment date, interest rates, and relevant tax implications for bondholders [2][10]. Group 1: Bond Payment Details - The interest payment date for the Kewo Convertible Bonds is set for December 1, 2025, due to November 30, 2025, being a non-trading day [2]. - The interest period for this payment is from November 30, 2024, to November 29, 2025, with a coupon rate of 1.5%, resulting in a payment of 1.50 RMB per bond (before tax) [10][12]. - The bondholders must be registered with the China Securities Depository and Clearing Corporation by November 28, 2025, to receive the interest [11]. Group 2: Bond Characteristics - The Kewo Convertible Bonds were issued on November 30, 2021, with a total issuance size of 1.04 billion RMB, consisting of 10.4 million bonds, each with a face value of 100 RMB [5]. - The bonds have a six-year term, maturing on November 29, 2027, with a tiered interest rate structure: 0.3% for the first year, 0.5% for the second, 1.0% for the third, 1.5% for the fourth, 1.8% for the fifth, and 2.0% for the sixth year [5][9]. Group 3: Tax Implications - Individual investors are subject to a 20% personal income tax on the interest income, resulting in a net payment of 1.20 RMB per bond after tax [13][14]. - For qualified foreign institutional investors, the interest income is exempt from corporate income tax and value-added tax until December 31, 2025, provided they do not have a physical presence in China [14].

证券代码：603486 证券简称：科沃斯 公告编号：2025-088 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"2025年付息的公告 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： ● 可转债兑息日：2025年12月1日（因2025年11月30日为非交易日，故顺延至下 一个交易日） 科沃斯机器人股份有限公司（以下简称"公司"、"本公司"）于2021年11月30 日公开发行的可转换公司债券（以下简称"科沃转债"）将于2025年12月1日（因 2025年11月30日为非交易日，故顺延至下一个交易日）开始支付2024年11月30日至 2025年11月29日期间的利息。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》"）有关条款的规定，现将有关 事项公告如下： 一、本期债券的基本情况 5、债券类型：可转换债券 1 ● 可转债付息债权登记日：2025年11月28日 ● 可转债除息日：2025年12月1日 1、债券名称：科沃斯机器人 ...

Core Insights - The article highlights a critical window for cross-border e-commerce companies to comply with tax regulations as the tax authority actively seeks to understand industry pain points and solutions [1][3]. Group 1: Revenue Recognition Issues - There is a discrepancy between the total sales reported by platforms and the actual income received by sellers, leading to confusion in revenue recognition [3][15]. - For example, a product sold for $100 may result in a net income of only $40 after deducting platform fees, while the platform reports the total sales of $100 [3][4]. - According to the 2025 No. 15 announcement, platforms report total sales, which does not reflect the actual income of cross-border sellers, causing potential tax inquiries due to significant income gaps [15][12]. Group 2: Taxpayer Identification Challenges - Many sellers operate multiple store fronts under different entities, complicating the identification of the actual taxpayer [12][16]. - The tax authority is unclear about the relationships between these entities and their actual operations, leading to compliance challenges [12][16]. - The article suggests that the tax authority should consider the operational realities of cross-border sellers and their compliance structures [28][30]. Group 3: Recommendations for Tax Authority - The industry suggests that the tax authority should clarify revenue recognition standards and allow for net income reporting [33][31]. - A transitional policy is recommended to help businesses adjust to historical data discrepancies [33]. - The article advocates for the tax authority to provide clear guidelines on tax treatment for cross-border e-commerce to avoid undue burdens on compliant businesses [30][34]. Group 4: Industry Response and Support - The article emphasizes the importance of industry participation in the tax authority's research process, encouraging businesses to engage actively [36][37]. - Companies are advised to prepare for the survey and present their operational realities and policy suggestions effectively [36][37]. - The article positions the consulting firm as a strategic partner for compliance transformation, offering tailored solutions for revenue recognition and taxpayer identification issues [36][37].

Core Insights - The lawn mowing robot industry is experiencing a "singularity moment" driven by technological iteration, price reduction, and user cultivation [1][2] - The industry is characterized by low penetration, high growth potential, and vast market space, similar to the robotic vacuum cleaner market in 2017 [1] Group 1: Technological Advancements - The transition from manual labor and fuel-powered tools to electric and battery-powered systems has paved the way for autonomous lawn mowing robots [2] - The shift from "bounded" to "unbounded" technology has created a closed loop supported by product iteration and China's efficient supply chain, leading to a rapid penetration phase [2] - The introduction of RTK technology by Ninebot in 2021 has opened the unbounded robot market, with 2024 expected to be the year of mass production for these products [2] Group 2: Market Potential - There are 250 million private gardens globally, creating a demand base exceeding $10 billion for lawn care products [3] - The global lawn mowing robot market is estimated to reach approximately $1.5 billion in 2024, with a potential market size of at least $3 billion by 2028 [3] - The demand for lawn mowing robots is concentrated in the second and third quarters of the year, aligning with the mowing season [3] Group 3: Competitive Landscape - The market includes three types of participants: traditional garden leaders like Husqvarna and Bosch, tech crossover companies like Ninebot and Ecovacs, and startups like Leddon and Hanyang [4] - Key competitive factors include channel service, product technology, supply chain, and cost [4] - The estimated channel distribution by 2025 is 40% online and 60% offline in Europe, and 80% online and 20% offline in the U.S. [4]

Market Overview - The small home appliance sector increased by 0.59% on November 20, with ST Dehao leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - ST Dehao (002005) closed at 2.86, up 1.78% with a trading volume of 175,000 shares and a turnover of 50.42 million yuan [1] - Other notable performers include: - Ecovacs (603486) at 80.88, up 1.20% with a turnover of 266 million yuan [1] - Supor (002032) at 49.88, up 1.14% with a turnover of 83.54 million yuan [1] - Stone Technology (688169) at 160.73, up 1.13% with a turnover of 333 million yuan [1] Capital Flow - The small home appliance sector experienced a net outflow of 12.77 million yuan from institutional investors and 58.46 million yuan from speculative funds, while retail investors saw a net inflow of 71.23 million yuan [2] - Detailed capital flow for key stocks includes: - Ecovacs had a net inflow of 23.87 million yuan from institutional investors [3] - Stone Technology had a net inflow of 12.84 million yuan from institutional investors [3] - Leek Electric (603355) had a net inflow of 4.70 million yuan from institutional investors [3]

科沃斯机器人智能制造中心计划部高级经理 周翠芳：我们构建了3小时的供应链圈，30%的零件我们实 现了当日补给。 （央视财经《经济信息联播》）超大规模市场优势，为我国产业发展注入持续而强大的支撑力。完善的 产供链体系，确保了生产制造的自主可控和快速响应。超大规模市场如何推动高科技产业聚链成势？ 一大早，这家位于苏州吴中区的服务机器人生产企业的物流中转场已是一派繁忙景象。十几辆满载零部 件的车辆排队进出，工人们操作叉车将货物从进货区快速转运至出货区。来自苏州本地一家扫地机器人 外壳前盖生产企业的运输员王远谋，正在登记送来的货品，作为当天的夜班运输员，这已经是他送到的 第五批货了。 效率的提升，源于整个供应链系统的智能优化。眼下这家服务机器人生产企业正迎来海外订单交付旺 季，每天生产的各类服务机器人近3万台。小到螺丝钉，大到驱动外壳，每天生产线上要精密组装近千 万个零部件。记者看到，仅在这一个仓库里，堆叠的货箱上就贴着几十家零部件厂商标识，其中一半以 上都是来自本地及周边1小时公路运输半径内的供应链企业。 以割草机器人的电机组件为例，过去，从供应商发货到装配需4个小时，如今借助"1小时运输圈"和智能 调度，最快两个 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Market Overview - The small home appliance sector experienced a decline of 0.54% on November 18, with Rainbow Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance - Notable gainers in the small appliance sector included: - Joyoung Co., Ltd. (002242) with a closing price of 11.80, up 1.99% and a trading volume of 644,200 shares, totaling 736 million yuan [1] - Biyin Co., Ltd. (603215) closed at 20.29, up 1.45% with a trading volume of 33,400 shares, totaling 67.34 million yuan [1] - Major decliners included: - Rainbow Group (003023) which fell 8.33% to a closing price of 25.20, with a trading volume of 96,000 shares, totaling 249 million yuan [2] - ST Dehao (002005) down 5.08% to 2.80, with a trading volume of 244,100 shares, totaling 68.69 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 55.19 million yuan from institutional investors, while retail investors contributed a net inflow of 72.79 million yuan [2] - Specific stock capital flows indicated: - Lek Electric (603355) had a net inflow of 18.91 million yuan from institutional investors, but a net outflow of 17.39 million yuan from retail investors [3] - Joyoung Co., Ltd. (002242) experienced a net inflow of 18.21 million yuan from institutional investors, with a slight net outflow from retail investors [3]

证 券 研 究 报 告 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 家电行业 2025Q3 基金重仓分析 重仓家电比例下降，家电上游及清洁电器获 推荐（维持） 增配 行业研究 家电 2025 年 11 月 18 日 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,320.65 | 1.67 | | 流通市值(亿元) | 18,146.56 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.4% | 8.0% | 9.9% | | 相对表现 | 3.4% | -9.4% | -4.7% | -11% -2% 8% 18% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11 ...