公牛集团股份有限公司（以下简称"公司"）第三届董事会第十一次会议通 知于 2025 年 6 月 4 日以书面、邮件、电话等方式发出，会议于 2025 年 6 月 9 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人，公司监事及高级管 理人员列席本次会议，会议由董事长阮立平先生主持，会议的召开符合《中华人 民共和国公司法》和《公牛集团股份有限公司章程》的规定。 二、董事会会议审议情况 经与会董事认真讨论，审议通过如下议案： （一）审议通过《关于调整 2022 年限制性股票激励计划回购注销价格及数 量的议案》 证券代码：603195 证券简称：公牛集团 公告编号：2025-041 公牛集团股份有限公司 第三届董事会第十一次会议决议公告 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、董事会会议召开情况 公司于 2025 年 6 月 9 日实施了权益分派，以股权登记日的总股本扣除公司 回购专用账户中的股份为基数，向全体股东每股派发现金红利 2.40 元（含税）， 并以资本公积金每股转增 0.40 股，具体内容详见公司 ...

Summary of the Conference Call for Bull Group Company Overview - **Company**: Bull Group - **Industry**: Consumer Electronics - **Market Capitalization**: Rmb 91.5 billion / US$ 12.7 billion [6][25] Key Points and Arguments 1. 2025 Outlook - The management maintains a conservative tone due to weak demand, reaffirming revenue and profit growth targets for 2025, driven primarily by product innovation [2][28] - The company expects a rise in expense ratio in 2025 due to increased marketing and branding investments [2][28] - Capital expenditures and dividend payments are projected to remain stable [2][28] 2. Revenue Growth Expectations - The company anticipates a year-on-year revenue growth rate of approximately 5% for Q2 2025, similar to Q1 2025 [2][28] - Despite a slow recovery in consumer demand, Bull Group has demonstrated resilience, achieving strong profit growth even during a real estate downturn [2][28] - However, revenue growth is expected to decline gradually throughout 2025 [2][28] 3. Retail Channel Transformation - Traditional offline retail channels are changing, with a decline in hardware stores and family-run shops, replaced by more convenience stores to meet consumer preferences for immediacy [3][28] - The company is opening more "full-category" flagship stores to cater to one-stop shopping preferences, with plans to expand from approximately 1,800 stores in 2024 to about 2,500 in 2025 [3][28] 4. New Energy Business Growth - The new energy business saw a 105% year-on-year revenue increase in 2024, reaching Rmb 777 million, with about 70% from consumer (2C) business [4][28] - In Q1 2025, the company reported a 40% market share in the domestic online electric vehicle charging product market [4][28] - In Europe, the focus is on energy storage business through a distributor model, with plans to achieve profitability in 2025 [4][28] 5. Valuation and Rating - The target price remains unchanged at Rmb 70, corresponding to a 20x P/E ratio based on 2025 forecasts [5][28] - The current valuation is considered reasonable given the expected gradual decline in revenue growth [2][28] 6. Risks and Challenges - Potential risks include intensified price competition in the converter market, tightening real estate policies affecting demand for switches and sockets, unsuccessful new product development, and high raw material costs [12][28] 7. Financial Metrics - Projected earnings per share (EPS) for 2025 is Rmb 3.47, with a forecasted increase to Rmb 4.09 by 2027 [6][28] - The company’s net debt to EBITDA ratio is not meaningful (NM) for the forecast period [6][28] Additional Important Information - The company is recognized as a leading brand in the Chinese civil electrical industry, focusing on electrical connections, smart electrical lighting devices, and digital accessories [11][28] - The management's cautious outlook reflects broader market challenges, emphasizing the importance of innovation and channel transformation to maintain market share [2][28]

Core Viewpoint - The China Securities Index for Home Appliances has shown a slight increase of 0.3% recently, with a current value of 11,215.49 points, while the index has experienced a 1.25% increase over the past month, a 3.37% decrease over the past three months, and a 0.80% decline year-to-date [1] Group 1: Index Performance - The China Securities Index for Home Appliances opened high and fluctuated, with a trading volume of 19.674 billion yuan [1] - The index is categorized into various industry levels, including 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2: Index Composition - The top ten weighted companies in the index are Gree Electric Appliances (16.07%), Midea Group (15.58%), Haier Smart Home (12.57%), Sanhua Intelligent Control (8.23%), Sichuan Changhong (5.1%), Roborock Technology (4.44%), Megmeet (2.8%), Hisense Visual Technology (2.46%), Bull Group (1.92%), and Hisense Home Appliances (1.74%) [1] - The market share of the index's holdings is 65.47% from the Shenzhen Stock Exchange and 34.53% from the Shanghai Stock Exchange [1] Group 3: Sample Adjustments - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the index samples [2] Group 4: Related Funds - Public funds tracking the home appliance index include: Harvest CSI Home Appliance Index C, Fortune CSI Home Appliance Linked A, Guotai CSI Home Appliance ETF Linked A, and several others [2]

证券代码：603195 证券简称：公牛集团 公告编号：2025-040 公牛集团股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 具体内容详见公司于 2025 年 4 月 25 日及 2025 年 5 月 23 日在上海证券交易 所网站（www.sse.com.cn）及指定媒体披露的《公牛集团股份有限公司关于以集 中竞价交易方式回购股份方案的公告》（公告编号：2025-021）、《公牛集团股份有 限公司关于以集中竞价交易方式回购股份方案的回购报告书》（公告编号： 2025-022）、《公牛集团股份有限公司关于增加股份回购资金来源暨收到回购专项 贷款承诺函的公告》（公告编号：2025-038）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将回购股份进展情况披露如下： 截至 2025 年 5 月 31 日，公司尚 ...

Core Viewpoint - Bull Group (603195) announced a differentiated dividend distribution plan, which includes a cash dividend of 2.40 yuan per share (tax included) and a capital increase of 0.40 shares per share, effective June 9, 2025 [2][3]. Group 1: Trading Information - As of May 30, 2025, Bull Group's stock closed at 70.8 yuan, down 0.49%, with a turnover rate of 0.12% and a trading volume of 15,200 shares, resulting in a transaction amount of 108 million yuan [1]. - On the same day, the net inflow of main funds was 8.0569 million yuan, while retail funds experienced a net outflow of 1.4921 million yuan [2][5]. Group 2: Company Announcements - The annual equity distribution plan for 2024 was announced, detailing a cash dividend of 2.40 yuan per share and a capital increase of 0.40 shares per share, with the record date set for June 6, 2025, and the payment date on June 9, 2025 [2][5]. - The total cash dividend amount to be distributed is approximately 3.101 billion yuan (tax included), based on a total share capital of 1,292,158,890 shares, excluding shares in the repurchase account [3]. - The new total share capital after the capital increase will be 1,809,022,417 shares, with an estimated diluted earnings per share of 2.37 yuan for the fiscal year 2024 [2][3]. Group 3: Legal Opinions - A special legal opinion was issued regarding the differentiated dividend distribution, confirming that the plan complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [3]. - The company has repurchased 3,925,383 shares as of June 25, 2024, with the majority allocated for special talent shareholding plans and restricted stock incentive plans [3].

Core Viewpoint - The company is implementing a differentiated dividend distribution plan based on its share repurchase program, which aligns with relevant laws and regulations [1][6][7] Group 1: Reasons for Differentiated Dividend Distribution - The board of directors approved a share repurchase plan to use the repurchased shares for employee stock incentive plans and employee shareholding plans, with a total of 3,925,383 shares repurchased by June 25, 2024 [2][3] - The remaining shares in the repurchase account are not entitled to voting rights or profit distribution, which allows for the differentiated dividend distribution for the fiscal year 2024 [3][4] Group 2: Dividend Distribution Plan - The company plans to distribute a cash dividend of 2.40 yuan per share (tax included) and a capital reserve conversion of 0.40 shares per share to all shareholders, based on a total share capital of 1,292,158,890 shares [4][5] - The total cash dividend to be distributed amounts to approximately 3,101,181,160.80 yuan (tax included) [4] Group 3: Ex-Dividend Calculation - The ex-dividend reference price is calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [5] - The calculated ex-dividend reference price based on the closing price of 72.95 yuan per share is approximately 50.39 yuan [5][6] Group 4: Compliance and Conclusion - The differentiated dividend distribution complies with the Company Law, Securities Law, and relevant self-regulatory guidelines, ensuring no harm to the interests of the company and all shareholders [6][7]

Core Points - The company announced a cash dividend of 2.40 yuan per share (including tax) and a capital reserve conversion of 0.40 shares for every share held [3][5][8] - The profit distribution and capital reserve conversion plan was approved at the annual shareholders' meeting on May 15, 2025 [3][5] - The record date for the cash dividend and stock conversion is June 6, 2025, with the ex-dividend date also set for June 9, 2025 [3][5] Dividend and Capital Increase Details - The total number of shares before the capital increase was 1,292,158,890, which will increase to 1,809,022,417 after the conversion [8] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [5][6] - The company will not withhold corporate income tax for domestic institutional investors, while QFII investors will have a 10% tax withheld, resulting in a net cash dividend of 2.16 yuan per share [7][8] Share Structure Changes - The number of unrestricted circulating shares will increase from 1,286,461,637 to 1,801,046,263 after the capital increase [8] - The total number of shares will be adjusted based on the conversion of capital reserves, with the final figures subject to confirmation by the China Securities Depository and Clearing Corporation [8] - The diluted earnings per share for the fiscal year 2024 will be calculated based on the new total share capital of 1,809,022,417 shares [8]

关于公牛集团股份有限公司 差异化权益分派事项的专项法律意见 上海仁盈律师事务所 SHANGHAI RENYING LAW FIRM 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 上海仁盈律师事务所 关于公牛集团股份有限公司 差异化权益分派事项的专项法律意见 致：公牛集团股份有限公司 上海仁盈律师事务所（以下简称"本所"）接受公牛集团股份有限公司（以下 简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上海证券交易所上市公司 自律监管指引第 7 号——回购股份》等法律、法规、规章和其他规范性文件以及 《公牛集团股份有限公司章程》（以下简称"《公司章程》"）的规定，就公司差异 化权益分派事项（以下简称"本次差异化分红"）出具本专项法律意见（以下简 称"本专项法律意见"）。 为出具本专项法律意见，本所律师声明如下： 1、本所律师仅针对本专项法律意见出具日之前已经 ...

差异化分红送转： 是 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： | | | | | 新增无限售 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 条件流通股 | 放日 | | | | | | 份上市日 | | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | 2025/6/9 | 证券代码：603195 证券简称：公牛集团 公告编号：2025-039 公牛集团股份有限公司2024年年度权益分派实施公告 一、 通过分配、转增股本方案的股东会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 15 日的2024年年度股东会审议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 差异化分红送转方案： （1）经 2025 ...

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].