# Ecovacs Robotics (603486.SHG)

Canonical: https://gigainvestors.com/s/603486.SHG

Analysis as of: 2026-10-16T07:38:11.566Z. Financial observations: FY2013–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 45.55 per share; close as of 2026-10-15.

Estimated value: low CNY 54.84 per share, central CNY 74.21 per share, high CNY 85.50 per share. Buy at or below the central value CNY 74.21 per share. Valuation as of 2026-10-16T07:38:11.566Z; scenarios are not confidence intervals.

Expected annual return: 15.2% at the stated quote. About 15.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.03×

- FY2020: 0.10×

- FY2021: 0.17×

- FY2022: 0.12×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.10×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 42.0%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 41.9%

- Recent gross margin (lower of latest and 3-year median): 44.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 35.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.7%

- FY2017: 69.0%

- FY2018: 33.7%

- FY2019: 7.5%

- FY2020: 54.2%

- FY2021: >100%

- FY2022: 66.1%

- FY2023: 19.4%

- FY2024: 20.9%

- FY2025: 50.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 5.8B

- Net income, five-year total: CNY 6.9B

- Return on incremental invested capital: 49.3%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.6 pp

- Working capital / revenue, final three-year average: 8.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.84×

- FY2023: -0.02×

- FY2024: 0.72×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 33.7% vs 20.9%

- Per-share earnings: 0.75 to 1.41 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.2%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: CNY 28B

- Cumulative retained earnings: CNY 5.5B

- Diluted shares, 10-year annual growth: 10.2%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.2%

- Per-share value change: CNY 0.66

- Per-share value, starting three-year median: CNY 0.75

- Per-share value, ending three-year median: CNY 1.41

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 0.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 303M

- Cumulative net income, 10 years: CNY 8.6B

- ROIC, first three-year median: 33.7%

- ROIC, last three-year median: 20.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.10

- FY2017: CNY 0.75

- FY2018: CNY 0.87

- FY2019: CNY 0.20

- FY2020: CNY 1.14

- FY2021: CNY 3.51

- FY2022: CNY 2.96

- FY2023: CNY 1.07

- FY2024: CNY 1.41

- FY2025: CNY 3.06

### accounting: pass

- Sloan accruals: -9.3%

- Receivables to sales index (DSRI): 0.64×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.3%

- FY2017: -4.0%

- FY2018: 11.2%

- FY2019: -3.3%

- FY2020: -9.0%

- FY2021: 2.4%

- FY2022: -0.2%

- FY2023: -3.6%

- FY2024: -0.3%

- FY2025: -9.3%

## Holders

## Price story

Down 73% since Oct 2021 · sales +15.1%

Story as of 2026-10-16T10:00:09.796Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.9% a year for ten years

### Sales · FY2024–2025

sales +15.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 3.3B 

- FY2017: CNY 4.6B 

- FY2018: CNY 5.7B 

- FY2019: CNY 5.3B 

- FY2020: CNY 7.2B 

- FY2021: CNY 13B 

- FY2022: CNY 15B 

- FY2023: CNY 16B 

- FY2024: CNY 17B 

- FY2025: CNY 19B 

### Gross margin · FY2025

gross margin 48.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.5% 

- FY2017: 34.5% 

- FY2018: 36.3% 

- FY2019: 36.4% 

- FY2020: 40.2% 

- FY2021: 49.2% 

- FY2022: 50.8% 

- FY2023: 43.5% 

- FY2024: 44.3% 

- FY2025: 48.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are CNY 19 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2025: revenue 19039662854.51; grossProfit 9295787875.78; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603486.SHG: Ecovacs Robotics Co., Ltd., together with its subsidiaries, engages in the research, design, development, manufacture, and sale of household and commercial service robot solutions in China and internationally. It offers DEEBOT, a home floor cleaning robot; WINBOT, a window cleaning robot; AIRBOT, a mobile air purifier; GOAT, a smart robotic lawnmower; FLOOR ONE, a smart floor washer; PURE ONE, a smart vacuum cleaner; CHIERE ONE, a smart cooking machine; HYDRATE ONE, a smart water purifier; MODA ONE, a smart hair dryer; STIYA ONE, a smart wireless brush; DEEBOT PRO K1 VAC, a commercial vacuum robot; and DEEBOT PRO M1, a commercial scrubber robot. The company also provides core components, such as high-precision DTOF LIDAR, KR S50, and KR S30 under the Kruisee Technology brand; lithium batteries under the TD Smart brand; and plastic products and components under the TF Technology brand for use in service robots, household appliances, medical equipment, vehicles, garden tools, and power tool applications. In addition, it is involved in technology research and development, as well as property rental activities. The company was formerly known as TEK Electrical Co, LTD. and changed its name to Ecovacs Robotics Co., Ltd. in December 2006. Ecovacs Robotics Co., Ltd. was founded in 1998 and is headquartered in Suzhou, China.

### Why customers stay

Margins ranged from 43.5% to 48.8% during 2023–25; it earns 42% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2023: grossProfit / revenue = 43.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2024: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2025: grossProfit / revenue = 48.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); 10-year return on capital observations [[2016,0.05716759991866927],[2017,0.689747122253646],[2018,0.33669830228834324],[2019,0.07495443735984655],[2020,0.5415412123690903],[2021,1.2082129677872806],[2022,0.660538868939172],[2023,0.193847570219215],[2024,0.2087995552203548],[2025,0.5025460668920078]]; median 0.41962218459017553. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 13.3% of cash earnings on expansion; earns 49.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2016: growth capex 50246470.480000004; upkeep 83189600; owner earnings 51007952. Growth capex / owner earnings = 0.9850713175075134.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2017: growth capex 0; upkeep 50340369.21; owner earnings 415611089.79. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2018: growth capex 131477943.50833923; upkeep 183321337.08166075; owner earnings 384686760.91833925. Growth capex / owner earnings = 0.341779226283925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2020: growth capex 14568710.879999995; upkeep 120210687; owner earnings 641209189. Growth capex / owner earnings = 0.02272068324959703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2021: growth capex 233400097.67000002; upkeep 142911259; owner earnings 2006426266.2. Growth capex / owner earnings = 0.11632627702389475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2022: growth capex 226711426.6037823; upkeep 449985857.6262177; owner earnings 1426859491.4657822. Growth capex / owner earnings = 0.1588884034901618.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2024: growth capex 110580429.74774396; upkeep 598022072.252256; owner earnings 583623746.103744. Growth capex / owner earnings = 0.1894721222122572.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); FY2025: growth capex 233761091.7; upkeep 449776038.45; owner earnings 1757620648.286. Growth capex / owner earnings = 0.1329986034972675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); Incremental return on capital 0.49309806024768227, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); Dividend observations: [[2016,90720453.03],[2017,69847.93],[2018,2205656.95],[2019,171905046],[2020,4417993],[2021,286272012],[2022,631314062],[2023,515158536],[2024,212844999],[2025,290436048.4]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603486.SHG SharesStats.PercentInsiders = 69.65599999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.9% yearly over ten years; actual growth was 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:11.566Z); Ten-year compound average after fade. Initial solved rate -0.02500899369563553. Price 45.55; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8214285893154889 → FY2025 3.058794061855475. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2018-06: CNY 45.91 per share

- 2018-07: CNY 41.57 per share

- 2018-08: CNY 33.36 per share

- 2018-09: CNY 31.11 per share

- 2018-10: CNY 29.45 per share

- 2018-11: CNY 35.45 per share

- 2018-12: CNY 32.88 per share

- 2019-01: CNY 33.40 per share

- 2019-02: CNY 40.14 per share

- 2019-03: CNY 43.51 per share

- 2019-04: CNY 33.50 per share

- 2019-05: CNY 30.61 per share

- 2019-06: CNY 30.25 per share

- 2019-07: CNY 26.45 per share

- 2019-08: CNY 25.25 per share

- 2019-09: CNY 22.00 per share

- 2019-10: CNY 19.96 per share

- 2019-11: CNY 19.05 per share

- 2019-12: CNY 20.29 per share

- 2020-01: CNY 22.10 per share

- 2020-02: CNY 23.05 per share

- 2020-03: CNY 19.27 per share

- 2020-04: CNY 19.47 per share

- 2020-05: CNY 27.67 per share

- 2020-06: CNY 30.21 per share

- 2020-07: CNY 31.60 per share

- 2020-08: CNY 38.57 per share

- 2020-09: CNY 46.29 per share

- 2020-10: CNY 62.60 per share

- 2020-11: CNY 62.70 per share

- 2020-12: CNY 88.49 per share

- 2021-01: CNY 110.45 per share

- 2021-02: CNY 106.15 per share

- 2021-03: CNY 136.50 per share

- 2021-04: CNY 164.01 per share

- 2021-05: CNY 182.37 per share

- 2021-06: CNY 228.08 per share

- 2021-07: CNY 171.00 per share

- 2021-08: CNY 146.69 per share

- 2021-09: CNY 151.90 per share

- 2021-10: CNY 171.50 per share

- 2021-11: CNY 163.93 per share

- 2021-12: CNY 150.95 per share

- 2022-01: CNY 135.00 per share

- 2022-02: CNY 135.47 per share

- 2022-03: CNY 108.66 per share

- 2022-04: CNY 108.10 per share

- 2022-05: CNY 117.15 per share

- 2022-06: CNY 121.89 per share

- 2022-07: CNY 92.51 per share

- 2022-08: CNY 81.60 per share

- 2022-09: CNY 66.70 per share

- 2022-10: CNY 58.30 per share

- 2022-11: CNY 72.04 per share

- 2022-12: CNY 72.94 per share

- 2023-01: CNY 87.20 per share

- 2023-02: CNY 90.41 per share

- 2023-03: CNY 82.60 per share

- 2023-04: CNY 69.50 per share

- 2023-05: CNY 69.24 per share

- 2023-06: CNY 77.77 per share

- 2023-07: CNY 79.04 per share

- 2023-08: CNY 53.03 per share

- 2023-09: CNY 48.50 per share

- 2023-10: CNY 43.16 per share

- 2023-11: CNY 42.73 per share

- 2023-12: CNY 41.44 per share

- 2024-01: CNY 31.97 per share

- 2024-02: CNY 37.33 per share

- 2024-03: CNY 35.64 per share

- 2024-04: CNY 49.55 per share

- 2024-05: CNY 49.89 per share

- 2024-06: CNY 47.18 per share

- 2024-07: CNY 41.16 per share

- 2024-08: CNY 40.17 per share

- 2024-09: CNY 51.21 per share

- 2024-10: CNY 52.25 per share

- 2024-11: CNY 51.30 per share

- 2024-12: CNY 47.00 per share

- 2025-01: CNY 42.71 per share

- 2025-02: CNY 58.31 per share

- 2025-03: CNY 61.50 per share

- 2025-04: CNY 51.50 per share

- 2025-05: CNY 53.71 per share

- 2025-06: CNY 58.23 per share

- 2025-07: CNY 79.61 per share

- 2025-08: CNY 96.89 per share

- 2025-09: CNY 107.50 per share

- 2025-10: CNY 89.40 per share

- 2025-11: CNY 78.58 per share

- 2025-12: CNY 80.68 per share

- 2026-01: CNY 71.82 per share

- 2026-02: CNY 69.33 per share

- 2026-03: CNY 61.02 per share

- 2026-04: CNY 65.16 per share

- 2026-05: CNY 58.72 per share

- 2026-06: CNY 50.75 per share

- 2026-07: CNY 60.67 per share

- 2026-08: CNY 52.67 per share

- 2026-09: CNY 49.89 per share

- 2026-10: CNY 46.61 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 6.75 per share, central CNY 7.50 per share, high CNY 8.51 per share

- FY2018: low CNY 9.22 per share, central CNY 10.23 per share, high CNY 11.59 per share

- FY2019: low CNY 7.97 per share, central CNY 8.84 per share, high CNY 10.00 per share

- FY2020: low CNY 12.87 per share, central CNY 14.18 per share, high CNY 15.93 per share

- FY2021: low CNY 29.42 per share, central CNY 32.47 per share, high CNY 36.54 per share

- FY2022: low CNY 34.83 per share, central CNY 38.39 per share, high CNY 43.14 per share

- FY2023: low CNY 40.19 per share, central CNY 52.46 per share, high CNY 60.08 per share

- FY2024: low CNY 40.78 per share, central CNY 50.90 per share, high CNY 58.09 per share

- FY2025: low CNY 52.46 per share, central CNY 70.28 per share, high CNY 80.65 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.