Weekly news reports from stock market analysts noted that although Cobos' domestic sweeping robots have performed well, they have not yet been approved by the more developed overseas markets of the service robotics industry. This is a long way to go, and the stock balance of Cobos remains high. , It began to decline after 2014. Even if it improved in 2017, it did not return to its previous status. Not only that, more than three years, the number of patents of companies 'disappeared' by 75, and the proportion of research and development expenses also went from 2016. Year began to decline.
The flagship product has not been approved by overseas developed markets
Cobos is mainly engaged in the research, development, design, production and sales of intelligent household appliances and related components and parts such as home service robots, clean household appliances, and other related components. It is one of the world’s leading manufacturers of home service robots. Robots, window cleaning robots, air purification robots, housekeeper robots, including a complete family service robot product line and a variety of clean small household appliances product line.
According to the prospectus, from 2014 to 2016 and from January to June 2017, Cobos' operating revenue was respectively 2.314 billion yuan, 2.695 billion yuan, 3.277 billion yuan, and 1.966 billion yuan, which showed a continuous increase. Among them, service robots gradually grew. As a key business of Coworth, they accounted for 38.02%, 51.82%, 57.46%, 53.20% of the operating revenue respectively. The sweeping robots were the main products, accounting for 87.54%, 91.10%, 91.91%, 92.56% of the service robot business revenue.
However, although domestic sweeping robots are eye-catching, Cobos has not yet been recognized by the more developed overseas markets of the service robot industry, and the service robot business depends on the domestic market. From 2014 to 2016 and from January to June 2017, the service robots section The proportion of domestic business in Cobos was 94.05%, 95.67%, 92.40% and 86.72%, respectively.
Inventory turnover continues to decline
According to the prospectus, the company’s inventory for 2014-2016 and January-June 2017 were 351 million yuan, 475 million yuan, 645 million yuan, and 551 million yuan, accounting for 21.77%, 27.00%, 28.66 of the operating costs for the current period, respectively. % and 22.61% (annualized). The carrying amount of inventory remained at a relatively high level. The inventory turnover rate for the same period was 4.88, 4.32, 3.88, and 4.29, which began to decline after 2014. Even if there is improvement in 2017, it will not be able to return. status.
Obviously, the company is also aware of this situation, and said that the end of 2015 inventory products increased 96.57% from the end of the previous year, mainly because the company to prepare for the peak sales at the end of the year, prepared more inventory goods, at the end of the year sales peak and continue to digest. However, in fact, the inventory of goods in 2016 has only increased.
Industry insiders also expressed similar situations that the stock balance was too high, or caused a large amount of capital occupation and affected their normal operations. In addition, if the future inventory prices fell, it would have an adverse effect on the company's operating performance and financial situation. The stock price loss from 2014-2016 was RMB 4.04355 million, RMB 181.739 million and 24.812 million, respectively, and the inventory price loss from January to June 2017 has reached RMB 202.254 million. Bacheng. It is also worth mentioning that, unlike robots and home textile products, electronic products are updated frequently. After a new generation of successful research and development, the value of old models will be greatly reduced.
With the increase in the inventory quantity, inventory turnover days have increased year by year. From 2014 to 2016 and from January to June 2017, the Covos inventory turnover days were 73.72, 83.29, 92.85, and 83.99 respectively. Coworth explained that due to the The proportion of sales on sales has been increasing year by year. This kind of sales model requires a relatively large inventory of products. As a result, inventory turnover days have increased. Inventory turnover days have decreased in the first half of 2017. On the one hand, it is because the mid-year sales season for the company is off-season. At the end of June, the inventory balance at the end of the inventory was relatively low. On the other hand, the company strengthened its sales forecast accuracy and reduced its stocking inventory.
In the high inventory situation, Cobos still plans to raise funds for the annual production of 4 million home service robot project to expand production capacity.
Involving many patent disputes
The prospectus shows that as of June 30, 2017, Cobos and its subsidiaries had 164 domestic invention patents, 270 domestic utility model patents, 151 domestic design patents, and 22 overseas patents, a total of 607 domestic and foreign patents. patent.
Previously, some media reports said that Cowanth Chairman Qian Dongqi had interviewed the media at the end of 2014 and said that as of November 2013, Cobos had applied for 682 patents at home and abroad, including 66 foreign patent applications.
In more than three years, the number of patents in the company 'disappeared' by 75, and the R&D expenses also began to decline from 2016.
In addition to 'disappearing' patents, as of the signing date of the prospectus, there are still a number of pending patent disputes in Coworth including two patent disputes owned by the company, one infringement of another's patent rights and three disputes. Patent dispute as a third person.
Specifically, Dongguan Wanjin Electronic Technology Co., Ltd. proposed the invention patent owned by Kewoss Robotics Technology to the Patent Reexamination Board of the State Intellectual Property Office in early 2013: The request for the invalidation of the automatic ground handling device (patent number: 200910115030.6). On July 1, 2013, the Patent Re-examination Board of the Intellectual Property Office issued a “Decision of Request for Review of Invalidation Declaration” and decided to maintain the patent right of the patent. After two rounds of trial, the case has been transferred to the Patent Reexamination Board for retrial.
A similar case took place again in 2017. In February 2017, Gao Botong, a natural person, filed an invalidation claim against the Patent Reexamination Board on the invention patent of ZL201410038854.9 under the name of Kovos. At present, the dispute is under review by the Patent Reexamination Board.
In addition, Dyson Technology has a number of product design patent rights disputes owned by Dyson Technology, which together with Coworth Electric, Suzhou Jieshang, Cobos Limited, total compensation of 3 million.
Coworth also stated that if in the related disputes and disputes, the judiciary is finally found to be the fault party or the relevant claim has not been supported by the intellectual property authority, the company may face the risk of financial compensation, the suspension of production of related products, and the abandonment of intellectual property rights. As a result, it has an adverse effect on the company's performance.