If it was not found that Cobos disclosed the prospectus for preparation, my Kowos sweeping robot at my older sister’s home would continue to be quietly stuck under the bed.
In 2015, “Double 11â€, she had just moved into her new home and she bought a Cobos sweeping robot, thinking that she could reduce her labor pressure as a housewife. I didn’t expect this Cobos to be a device for a long time. There are three reasons: the dead-end cleaning is not in place, or manual assistance is needed; cleaning the sweeping robot is more troublesome than washing the mop; the battery is not enough, and after only a period of time, it can only last for 20 minutes.
In fact, it is normal to think about it. A company doing vacuum cleaner foundry has very little R&D investment and patent accumulation. In just a few years, the "full range" of sweeping robots developed, how smart do you think?
Eager to commercialize the "high-end manufacturing low-end" products, obviously can not build a product "moat", before the iRobot (NASDAQ: IRBT) need to catch up, after the appliance giant Philips, Midea, Haier joined the melee, leaving the Division What is the chance of Voss?
This anxiety is directly reflected in Coworth's financial performance. The selling price is getting lower and lower, and the inventory is getting higher and higher. The return on equity has shrunk by two-thirds in three years, and it has not yet become the first share of household robots. Cobos got into a mess.
Less than one-third of R&D investment
Many people think that robots have to be as smart as the Ghost in the Shell, the Terminator and the Transformers, so when they see it on the Internet, they can buy a robot to go home at 1,000, especially in the "Double 11". When you don’t know what to buy, there is always no way to resist temptation—this is probably one of the most important reasons for many Chinese families to purchase sweeping robots.
In fact, the founder and chairman of Cobos, Qian Dongqi, began his shift from vacuum cleaner OEM to domestic robot. He was inspired by the robot soccer game and wanted to replace the kicking function with the sanitation function.
Coworth's predecessor specialized in vacuum cleaner foundry, and later founded his own vacuum cleaner brand "Coworth", decided to do home robots, Cobos's team behind closed doors to make cars have not made any progress for several years, until they found that the United States iRobot, has achieved Large-scale commercialization of ground cleaning robots.
Not long afterwards, Cobos's sweeping robot "Dibao" was born and successively made windows, air-purifying, butler products.
However, if you think you have them, you don’t need to be hygienic. Then you just want more. How long does it take to evolve from a vacuum cleaner foundry to a home robot manufacturer? In other words, how intelligent are the Cobos products?
According to Gayder's "Home Robot Recommendation List," Keworth ranks only fifth in the rankings after iRobot, Koto, Pusanike, and Korvik.
Maybe everyone will doubt the authority of this list, it does not matter, in fact, the amount of R & D investment and the number of patents, quality, to a certain extent, can represent the technical level of a technology company.
Codons founder Qian Dongqi publicly stated at the end of 2014 that “Coworth’s annual investment in research and development is no less than 5% of annual sales, and with the increase in sales, investment is also growing.â€
However, the Cobos IPO prospectus shows that in 2013, 2014, 2015, and the first three quarters of 2016, Cobos' R&D expenses accounted for 3.16%, 3.19%, 3.22%, and 3.32% of its main business revenue, respectively.
The main target of the Cobos IPO prospectus was Target Group. The ratio of R&D input to main business income for 2014-2016 was 3.2%, 3.8%, and 3.8%, respectively. Covos's most important competitor, iRobot's R&D investment ratio from 2011 to 2016 has been maintained at 12%-13%, and the industry believes this figure is not high among technology-driven companies.
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