国金证券股份有限公司关于公牛集团股份有限公司 继续使用部分闲置募集资金暂时补充流动资金的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为公牛 集团股份有限公司（以下简称"公牛集团"或"公司"）首次公开发行 A 股股 票（以下简称"本次发行"）的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司 募集资金管理和使用的监管要求》和《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法规及规范性文件的规定，对公牛集团继续使用 部分闲置募集资金暂时补充流动资金进行了审慎核查，具体情况如下： 一、募集资金基本情况 （一）募集资金到位及存储情况 根据中国证券监督管理委员会出具的《关于核准公牛集团股份有限公司首次 公开发行股票的批复》（证监许可〔2019〕3001 号），公司首次公开发行 6,000 万股人民币普通股（A 股）股票，发行价格为 59.45 元/股，募集资金总额为人 民币 3,567,000,000.00 元，扣除各项新股发行费用后，实际募集资金净额为人 民币 3,503,208,500.00 元。以 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-081 公牛集团股份有限公司 关于继续使用部分闲置募集资金暂时补充流动资金 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。 （一）募集资金到位及存储情况 根据中国证券监督管理委员会出具的《关于核准公牛集团股份有限公司首次 公开发行股票的批复》（证监许可〔2019〕3001 号），公司首次公开发行 6,000 万 股人民币普通股（A 股）股票，发行价格为 59.45 元/股，募集资金总额为人民币 3,567,000,000.00 元，扣除各项新股发行费用后，实际募集资金净额为人民币 3,503,208,500.00 元。以上募集资金已由天健会计师事务所（特殊普通合伙）于 2020 年 1 月 23 日出具的《公牛集团股份有限公司验资报告》（天健验〔2020〕 13 号）验证确认。公司已对募集资金进行专户存储，并与保荐机构、存放募集资 金的银行签署了募集资金专户监管协议。 （二）前次使用募集资金暂时补充流动资金情况 2024 年 1 月 5 日，公司第三届董事 ...

公牛集团股份有限公司 章程 （2024 年 12 月 26 日，经董事会审议通过，尚需提交 2025 年第一次临时股东会审议） | 第一章 | 总则 1 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 2 | | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 3 | | 第三节 | 股份转让 | 4 | | 第四章 | 股东和股东会 | 5 | | 第一节 | 股东 | 5 | | 第二节 | 股东会的一般规定 | 8 | | 第三节 | 股东会的召集 | 10 | | 第四节 | 股东会的提案与通知 | 12 | | 第五节 | 股东会的召开 | 13 | | 第六节 | 股东会的表决和决议 | 16 | | 第五章 | 董事会 | 20 | | 第一节 | 董事 | 20 | | 第二节 | 董事会 | 23 | | 第六章 | 总经理（总裁）及其他高级管理人员 | 29 | | 第七章 | 监事会 | 31 | | 第一节 | 监事 | 31 | | 第二节 | 监事会 | 32 | | 第八章 | 财务会计制 ...

关于公牛集团股份有限公司 部分股权激励限制性股票回购注销实施的 法律意见书 上海仁盈律师事务所 SHANGHAIRENYINGLAWFIRM 地址：上海市徐汇区田林路 487 号 20 号楼宝石大楼 705 室邮编：200233 电话（Tel）：021-61255878 传真（Fax）：021-61255877 网站：www.renyinglawfirm.com | | | | 第一节 | 引言 3 | | --- | --- | | 第二节 | 正文 3 | | 一、 | 本次回购注销实施的批准和授权 3 | | 二、 | 本次回购注销实施的通知债权人情况 7 | | 三、 | 本次回购注销实施的基本情况 7 | | 第三节 | 结论性意见 9 | | 第四节 | 结尾 10 | 上海仁盈律师事务所 关于公牛集团股份有限公司 部分股权激励限制性股票回购注销实施的 法律意见书 （2021）仁盈律非诉字第 005-12 号 第一节 引言 为出具本法律意见书，本所律师声明如下： 1、本所律师仅针对本法律意见书出具日之前已经发生或存在的事实，根据 中国现行有效的法律、法规和规范性文件发表法律意见； 2、本所律师根据 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-077 公牛集团股份有限公司 部分股权激励限制性股票回购注销实施公告 1 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： 回购注销原因：根据《公牛集团股份有限公司 2021 年限制性股票激励计 划》（以下简称"《2021 年激励计划》"）、《公牛集团股份有限公司 2022 年限制性 股票激励计划》（以下简称"《2022 年激励计划》"）、《公牛集团股份有限公司 2023 年限制性股票激励计划》（以下简称"《2023 年激励计划》"）、《公牛集团股份有限 公司 2024 年限制性股票激励计划》（以下简称"《2024 年激励计划》"）的规定， 部分激励对象因离职已失去激励计划的激励资格，公牛集团股份有限公司（以下 简称"公司"）对其持有的已获授但尚未解除限售的限制性股票共计 319,312 股 进行回购注销处理。 本次限制性股票回购注销的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | | --- | --- ...

Company and Industry Summary Company Overview - The company operates in the lighting and electrical products industry, focusing on both domestic and international markets, particularly in Southeast Asia. The company has a strong emphasis on product innovation and market expansion strategies. Key Points Industry Dynamics - The overall market environment is expected to improve, which will positively impact the company's business performance and competitive advantages [1] - The company is observing a significant market share increase, particularly in the C-end (consumer) segment, which is projected to grow further [2][3] - The company is focusing on enhancing its competitive advantages through product development, channel management, and supply chain optimization [3] Market Share and Product Strategy - The company has achieved a market share of approximately 80% in certain segments, indicating strong competitive positioning [1] - The introduction of ultra-thin products has received positive market feedback, contributing to rapid business growth [5] - The company is actively expanding its product offerings to cater to different market needs, including high-end and budget-friendly options [4][5] International Expansion - The company is strategically developing its international business, particularly in Southeast Asia, with plans to enhance its sales team and distribution network [6][9] - A dedicated international division has been established to focus on emerging markets, indicating a long-term commitment to global expansion [6][9] Financial Performance and Shareholder Returns - The company has maintained a cash dividend payout ratio exceeding 70%, reflecting a commitment to shareholder returns [11] - Future dividend policies are expected to remain stable, with discussions on maintaining a minimum payout ratio of 70% over the next three years [11] Challenges and Market Conditions - The company faces challenges due to a slowdown in the real estate market, which affects demand for renovation and related products [22][23] - Economic pressures have led to cautious business outlooks, particularly in Q4, with expectations of gradual recovery in the following year [22][23] Product Development and Innovation - The company is investing in R&D to enhance product offerings, particularly in smart lighting and renewable energy sectors [18][19] - New product launches are planned, with a focus on meeting local market standards and consumer preferences in Southeast Asia [7][8] Competitive Landscape - The company is competing with both domestic and foreign brands, with a focus on providing high-quality products at competitive prices [26][27] - The market remains fragmented, allowing opportunities for the company to capture market share through innovation and strategic positioning [26][27] Future Outlook - The company aims to achieve a 30% revenue contribution from international markets within the next ten years, indicating a long-term growth strategy [9] - Continued focus on enhancing supply chain capabilities and product innovation is expected to drive future growth [20][21] Conclusion - The company is well-positioned to leverage market opportunities through strategic product development, international expansion, and a strong commitment to shareholder returns, despite facing challenges from market conditions and competition.

证券代码：603195 证券简称：公牛集团 公告编号：2024-076 公牛集团股份有限公司 特此公告。 公牛集团股份有限公司董事会 二〇二四年十二月十一日 关于归还部分暂时补充流动资金的闲置募集资金的公告 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。 公牛集团股份有限公司（以下简称"公司"）于 2024 年 1 月 5 日召开的第三 届董事会第一次会议、第三届监事会第一次会议，审议通过了《关于继续使用部 分闲置募集资金暂时补充流动资金的议案》，同意公司在确保不影响募投项目建 设和募集资金使用的情况下，使用不超过人民币 5 亿元暂时闲置募集资金补充公 司流动资金。使用期限为自公司第二届董事会第十六次会议授权到期之日起 12 个月内，即 2024 年 2 月 6 日至 2025 年 2 月 5 日。到期后，公司将及时归还至募 集资金专用账户。此次使用部分闲置募集资金暂时补充流动资金仅限于与主营业 务相关的生产经营使用，不通过直接或间接安排用于新股配售、申购或用于股票 及其衍生品种、可转换公司债券等的交易，不进行证券投资等风险投 ...

Summary of the Conference Call Company and Industry - The conference call involved Guotou Securities and Bull Group, focusing on the home appliance industry and the company's performance in 2025 investment strategies [1][2]. Key Points and Arguments 1. **Overall Performance**: The company has shown steady revenue growth of approximately 8.6% year-on-year in the first three quarters, with operating profit growth at 16% [2]. 2. **Business Segments**: - **Electrical Connection Business**: Experienced modest single-digit growth, maintaining a strong market position [2]. - **Smart Electrical Products**: This segment has shown significant growth, with nearly double-digit growth rates, particularly in wall switches, which have a market share approaching 30% [3]. - **Lighting Products**: Despite a general industry decline, the company’s lighting products have maintained a stable performance [3]. - **New Energy Business**: This segment has seen over threefold growth since entering the market in 2021, continuing to expand its product lines [4]. 3. **Channel Management**: The company has optimized its channel management, maintaining healthy inventory levels despite a challenging market environment [5][15]. 4. **Market Environment**: The overall consumer environment and real estate pressures have impacted demand, but the company remains cautiously optimistic about improvements in Q4 and beyond [6][9]. 5. **Future Outlook**: The company anticipates that the business environment will not worsen compared to Q3, with potential improvements expected in 2025 [6][10]. 6. **Product Strategy**: The company is focusing on upgrading its product lines to meet consumer demand for cost-effective solutions, particularly among younger consumers [17][18]. 7. **International Expansion**: The company is gradually expanding its international presence, particularly in Southeast Asia and Europe, with a focus on renewable energy products [37][39]. Other Important but Possibly Overlooked Content 1. **Inventory Management**: The company has actively reduced channel inventory levels to avoid short-term fluctuations, resulting in a healthier inventory status [15][16]. 2. **Cost Management**: The company has effectively managed raw material costs, particularly copper, without significantly impacting gross margins [30][31]. 3. **Brand Positioning**: The company is working on enhancing its brand image to appeal to younger consumers, moving beyond its traditional safety-focused branding [26]. 4. **Future Store Openings**: While there are plans for future store openings, specific numbers and timelines remain uncertain, with a focus on gradual expansion [22][29]. 5. **Long-term Strategy**: The international business is a key strategic focus for the company, with plans to replicate its domestic success in overseas markets [40][41]. This summary encapsulates the main points discussed during the conference call, highlighting the company's performance, strategic direction, and market outlook.

Company Overview - Founded in 1995, the company has consistently focused on consumer demand and product quality, evolving from a niche in "sockets" to a sustainable industrial layout across three main business segments: electrical connections, smart electrical lighting, and new energy [1]. - The company emphasizes innovation in product development, marketing, supply chain, and branding, leading to a diverse range of consumer-favored products [1]. Core Competencies - **Product Strength**: The company has established a consumer-oriented product innovation advantage, adhering to a quality-first philosophy with a robust quality management system [1]. - **Marketing Capability**: The company adapts to changing consumer demands and habits, driving channel transformation and enhancing brand reputation with a fashionable, high-tech image [1]. - **Operational Efficiency**: The supply chain is highly optimized, automated, and digitalized, maintaining competitiveness in quality, efficiency, and cost [1]. Development Strategy - The vision is to become a leader in the international civil electrical industry, leveraging opportunities in smart ecosystems, new energy, and international business development [1]. - The strategic focus includes "technology leadership, customer-centricity, data-driven operations, and global expansion" [1]. Investor Communication Insights - **Response to Real Estate Sector Adjustments**: The company has innovated existing products and business models, launched new products like ultra-thin switches and bladeless fan lights, and expanded into the new energy sector for sustainable growth [2]. - **Market Leadership in New Segments**: The company has a leading market share in converters and wall switches, with ongoing growth in lighting and ecological products, and is actively developing its new energy business [2]. - **Charging Business Development**: Since entering the new energy charging sector, the company has rapidly expanded its product lines and channels, with over 22,000 C-end outlets developed by mid-2024 [2]. - **International Expansion Plans**: The company is pursuing opportunities in emerging and developed markets, focusing on localizing smart ecosystem businesses and enhancing product lines in response to new energy trends [2]. Marketing System - The company has established an integrated online and offline sales model, with over 1.1 million terminal outlets nationwide, and is enhancing its channel operations through new retail models [5]. - The online channel employs a direct sales and distribution model across major e-commerce platforms, positioning flagship stores as brand promotion hubs [5].

Summary of Conference Call Company and Industry - The conference call primarily discusses the performance and strategies of a company involved in the electrical and lighting industry, particularly focusing on its various business segments including overseas expansion, flagship store development, and product innovation. Key Points and Arguments Business Performance and Market Conditions - The company has experienced a small single-digit growth in its electrical connection business over the first three quarters, which is closely tied to macroeconomic trends and overall electricity usage [2][3][10] - The real estate sector has shown some signs of stabilization, which may positively impact the company's sales in the future, although no significant changes have been observed yet [3][4] - The company is actively monitoring market trends in Southeast Asia and Europe, with a focus on renewable energy and household storage products as key growth areas [5][6][10] Overseas Expansion - The company is in the early stages of its internationalization strategy, with a goal for overseas business to contribute over one-third of total revenue in the long term [8][11] - Southeast Asia is identified as a rapidly developing market, with significant growth potential for the company's self-branded products [7][10] - The company has established over 20 local distributors in Southeast Asia and is working on expanding its channel capabilities [6][7] Flagship Store Development - The company has opened over 1,800 comprehensive flagship stores this year, aiming to create a one-stop shopping experience for consumers [12][13] - The flagship stores are designed to consolidate various brands into a single location, enhancing consumer convenience and potentially increasing sales [12][13] - The company anticipates that these flagship stores will become the largest sales channel in the home decoration sector [13][14] Product Innovation and Market Trends - The company has seen a notable increase in the sales of innovative products such as track sockets, which have a higher average selling price compared to traditional products [17][18] - The smart lighting segment has also shown strong growth, indicating a shift in consumer preferences towards more advanced and aesthetically pleasing lighting solutions [20][21] - The company is focusing on enhancing its product offerings through continuous innovation and adapting to consumer demands for higher quality and design [18][20] Financial Outlook and Strategic Planning - The company maintains a cautious and conservative approach towards its financial outlook, with a focus on long-term profitability and efficiency improvements [30][31] - There is an emphasis on building core competencies in technology and supply chain management to support future growth [10][30] - The company plans to continue investing in brand development and marketing to enhance its market position and consumer perception [31] Inventory and Channel Health - The company's distribution channels are reported to be in a healthy state, with effective inventory management and proactive measures to stimulate sales [15][16] - The company has taken steps to reduce dealer targets and implement promotional activities to boost end-user sales [16] Other Important but Possibly Overlooked Content - The company is exploring various sales channels, including partnerships with local distributors and leveraging online and offline synergies in Southeast Asia [9][10] - There is a recognition of the competitive landscape, with both foreign and domestic brands vying for market share, which influences the company's pricing and product strategies [19][20] - The company is committed to enhancing its operational capabilities and adapting to market changes, which may not yield immediate results but are essential for long-term success [7][9]