公牛集团股份有限公司 董事会薪酬与考核委员会实施细则 （2025年10月修订） 第一章 总则 第一条 为进一步健全公牛集团股份有限公司（以下简称"公司"）董事及高级 管理人员的考核和薪酬管理制度，完善公司治理结构，根据《中华人民共和国公司 法》、《上市公司治理准则》、《公牛集团股份有限公司章程》（以下简称"公司章程"） 及其他有关规定，公司特设立董事会薪酬与考核委员会，并制定本实施细则。 第二条 薪酬与考核委员会是董事会按照《公司章程》规定设立的专门工作机构， 主要负责研究制订公司董事和高级管理人员的考核标准，进行考核并提出建议；负 责研究制订和审查公司董事和高级管理人员的薪酬政策与方案。 第二章 人员组成 第三条 薪酬与考核委员会成员由三名董事组成，其中独立董事二名。 第四条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一以上提名，并由董事会选举产生。 第五条 薪酬与考核委员会设召集人一名，由独立董事委员担任，负责主持委员 会工作；主任委员在委员内选举，并报请董事会批准产生。 第六条 薪酬与考核委员会任期与董事会任期一致，委员任期届满，连选可以连 任。期间如有委员不再担任公司董事 ...

| | | 第一章 总则 第一条 为完善公牛集团股份有限公司（以下简称"公司"）治理结构，充 分发挥董事会的职能作用，根据《中华人民共和国公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《上市公司审计委员会工作指引》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》《公司章程》及其他有关规定， 公司董事会设立审计与风险委员会，并制定本实施细则。 第二条 董事会审计与风险委员会是董事会按照《公司章程》规定设立的专 门委员会，负责审核公司财务信息及其披露、监督及评估内外部审计工作、内部 控制和风险管理工作。 第二章 人员组成 公牛集团股份有限公司 董事会审计与风险委员会实施细则 （2025年10月修订） | œ 1 | | --- | | ﺮ R | | | 第三条 审计与风险委员会成员由三名董事组成，且应当为不在公司担任高 级管理人员的董事，其中独立董事二名（包括一名专业会计人士）。 第四条 审计与风险委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一以上提名，并由董事会选举产生。 审计与风险委员会设召集人一名，由独立董事委员担任，负责主持委员会工 作；召集人在委员内选举，由 ...

公牛集团股份有限公司 董事会战略委员会实施细则 （2025年10月修订） | | | 第一章 总则 第一条 为适应公牛集团股份有限公司(以下简称"公司"）战略发展需要， 增强公司核心竞争力，确定公司发展规划，健全投资决策程序，加强决策科学性， 提高重大投资决策的效益和决策的质量，完善公司治理结构，根据《中华人民共 和国公司法》、《上市公司治理准则》、《公牛集团股份有限公司章程》（以下 简称"公司章程"）及其他有关规定，公司董事会特设立战略委员会，并制定本 实施细则。 第二条 董事会战略委员会是董事会按照《公司章程》规定设立的专门工作 机构，主要负责对公司长期发展战略和重大投、融资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由五名董事组成，其中至少包括一名独立董事。 第四条 战略委员会设召集人一名，由公司董事长担任。 第五条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的 三分之一以上提名，并由董事会选举产生。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，则其自动失去委员任职资格，并由董事会 根据本实施细则第三条至第五 ...

公牛集团公告，第三季度营收为40.3亿元，同比下降4.44%；净利润为11.14亿元，同比下降8.38%。前 三季度营收为121.98亿元，同比下降3.22%；净利润为36.03亿元，同比下降7.38%。 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-076 公牛集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 6 日(星期四)16:00-17:00 投资者可于 2025 年 10 月 30 日（星期四）至 11 月 5 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gongniu.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公牛集团股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公 司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公司 2025 年 第三季度的经营成果、财务状况，公司计划于 2025 年 11 月 6 日(星期 四)16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 （一）会议召开时间：2025 年 11 月 ...

Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

Core Insights - The recent stock repurchase of 250 million yuan by Bull Group was immediately followed by a significant share reduction plan by major shareholder Ruan Xueping, raising concerns in the capital market [1][2] - Ruan Xueping plans to reduce his holdings by up to 36.17 million shares, representing a maximum of 2% of the company's total shares, potentially cashing out approximately 1.65 billion yuan [2] - This marks Ruan Xueping's second large-scale reduction in two years, with a previous reduction in July 2023 where he cashed out 1.628 billion yuan [2] Stock Buyback and Market Performance - The company completed a share buyback of 5.036 million shares, accounting for 0.28% of the total shares, at an average price of 49.68 yuan per share, totaling 250 million yuan [3] - Despite the buyback, the company's stock price declined from a high of 51.22 yuan in June to a low of 43.74 yuan in September [4] Shareholder Structure - Ruan Xueping and his brother Ruan Liping collectively control 84.76% of Bull Group's shares, with Ruan Xueping holding 14.13% and Ruan Liping holding 16.13% [5] - The controlling shareholder, Liangji Industrial, holds 53.82% of the company, which is jointly controlled by the Ruan brothers [5] Financial Performance - Bull Group reported a 2.6% decline in revenue and an 8.0% drop in net profit for the first half of 2025, marking the first instance of dual declines in five years [7] - The core business segments of electrical connections and smart electrical lighting both experienced revenue declines, while the new energy segment grew by 33.52% but remains insufficient to support the overall business [7] - R&D expenditures decreased significantly by 21.56% to 286 million yuan, while management expenses increased by 27.98% to 391 million yuan [7] Market Capitalization and Stock Price Decline - The company's market capitalization has dropped from a peak of approximately 156.1 billion yuan in early 2021 to about 79.16 billion yuan, representing a loss of over 76.94 billion yuan and an 80% decline in stock price [8] - Bull Group is focusing on new business opportunities in AI and renewable energy, although specific revenue figures for these new ventures have not been disclosed [8]

Core Viewpoint - The collaboration between Zhejiang Mobile and Bull Group has led to the establishment of a smart factory that exemplifies the transformation of the home appliance industry through advanced technologies such as 5G and AI, achieving significant efficiency and productivity improvements. Group 1: Smart Factory Features - The smart factory covers over 300,000 square meters and utilizes an "industrial neural network" for automated production processes, achieving a unit production per hour (UPPH) that is seven times the industry average [1][8] - The factory has implemented a fully automated production line that produces one electrical connection product every two seconds, significantly enhancing production efficiency [8] - The integration of AI technology allows for real-time monitoring and identification of safety hazards, reducing safety incidents by 80% and improving hazard elimination rates by over 90% [9] Group 2: Technological Infrastructure - The factory operates on a 5G private network with a stability rate of 99.99%, ensuring seamless data transmission and operational continuity [4][6] - The deployment of over 1,100 terminals and edge computing nodes supports cross-regional production coordination, enhancing the overall manufacturing process [4][6] - The use of passive IoT technology allows for real-time tracking and management of tools, reducing management costs by over 2 million yuan annually [6] Group 3: Industry Impact and Recognition - Bull Group's smart factory has been recognized as a benchmark for intelligent transformation in the home appliance sector, being selected for the Ministry of Industry and Information Technology's list of exemplary smart factory projects for 2025 [1][10] - The collaboration has resulted in a replicable model for the discrete manufacturing industry, focusing on technology reuse, quantifiable benefits, and scalable transformation solutions [10][11] - The initiative has attracted interest from nearly 100 manufacturing enterprises, showcasing the potential for widespread adoption of smart manufacturing practices [10]

Core Points - The 17th International University Student and Youth Art Expo (Dai Yi Bo) is taking place in Wuhan, showcasing over 2,000 outstanding works from nearly 500 artists across 20 countries, providing a vibrant art experience for the public [1][5] - The event emphasizes public welfare and aims to support the growth of original artistic talent in China, having provided free exhibition opportunities for over 10,000 young artists [1][33] - The expo features a dual-track approach of academic exploration and art consumption, presenting a diverse range of artistic expressions and fostering public engagement with art [9][12] Group 1 - The event is held at the China Optics Valley Convention and Exhibition Center in Wuhan, marking its sixth year in the city [1] - Blue Moon has been a key partner and chief sponsor for 12 consecutive years, receiving the honorary title of "Youth Art Companion" for its support [3][33] - The expo includes various interactive experiences and public education activities, making art accessible and participatory for the audience [9][42] Group 2 - This year's theme is "New Art, New Consumption, New Life," aiming to integrate art into everyday life and promote a rich aesthetic experience [5][18] - The exhibition features a wide array of artistic categories, including traditional and contemporary forms, and emphasizes the connection between art and life [12][18] - The event has implemented a strategic upgrade to link artists, institutions, and the public, creating a more integrated art ecosystem [22][24] Group 3 - A series of academic forums and performances are organized to stimulate dialogue and inspire creativity among attendees [26][28] - The "Blue Action: Clean World" public art project invites youth to participate in artistic creation, promoting environmental awareness [38][33] - Various engaging activities, such as art workshops and interactive installations, are available for the public to experience art firsthand [42][45]

Core Viewpoint - The Ministry of Industry and Information Technology is implementing the recognition and review of "Little Giant" enterprises specializing in niche markets, in line with President Xi Jinping's directive to promote more specialized and innovative small and medium-sized enterprises [1]. Summary by Sections Recognition and Review Process - The recognition and review process for the 2025 "Little Giant" enterprises has been completed, including initial reviews and recommendations from provincial departments and expert evaluations [1]. Regional Statistics - A total of 3,482 new "Little Giant" enterprises were recognized in the seventh batch, while 3,916 enterprises passed the review for 2025 [3]. - Jiangsu Province leads with 807 new enterprises, followed by Guangdong Province with 691, and Zhejiang Province with 398 [3]. Detailed Lists of Enterprises - The article includes detailed lists of recognized enterprises, particularly from Ningbo City, which features numerous companies in various sectors such as electronics, materials, and technology [4][5][6][7].