一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 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。上述募集资金已于2020年1月22日存入募集资金专户，并由天 健会计师事务所（特殊普通合伙）于2020年1月23日出具《公牛集团股份有限公司验 资报告》（天健验〔2020〕13号）验证确认。 证券代码：603195 证券简称：公牛集团 公告编号：2024-069 公牛集团股份有限公司 2024年半年度募集资金存放与实际使用情况的 专项报告 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。 （二）使用金额及当前余额 截至2024年6月30日，公司累计使用募集资金304,219.15万元，含置换募投项目 预先投入金额34,31 ...

Financial Performance - The company reported a total revenue of 1.5 billion RMB for the first half of 2024, representing a year-on-year increase of 15%[12]. - The company has set a revenue guidance of 3.2 billion RMB for the full year 2024, which reflects a growth target of 10%[12]. - The company's operating revenue for the first half of 2024 reached ¥8,386,193,255.57, representing a 10.45% increase compared to ¥7,592,428,031.73 in the same period last year[17]. - Net profit attributable to shareholders was ¥2,238,736,714.04, marking a 22.88% increase from ¥1,821,916,948.91 year-on-year[17]. - The basic earnings per share increased to ¥1.74, up 23.40% from ¥1.41 in the previous year[18]. - The net cash flow from operating activities decreased by 20.75% to ¥2,360,963,885.49, down from ¥2,979,014,148.04 in the same period last year[17]. - The total assets at the end of the reporting period were ¥19,049,016,183.18, a decrease of 3.61% from ¥19,762,205,724.93 at the end of the previous year[17]. User Growth and Market Expansion - User data indicates an increase in active users by 20% compared to the same period last year, reaching 3 million active users[12]. - The company is expanding its market presence in Southeast Asia, with plans to open 50 new retail locations by the end of 2024[12]. - The company aims to become a leader in the international civil electrical industry, emphasizing innovation and consumer demand in its product development[22]. - The company is actively implementing its international strategy, launching products tailored to local markets in Southeast Asia and the Middle East[38]. Product Development and Innovation - New product launches in the smart home category contributed to 25% of total sales during the reporting period[12]. - The company launched a series of innovative products targeting diverse consumer needs, including GaN fast chargers and multifunctional power strips, which have received positive market feedback[38][40]. - The company is focusing on technological advancements in fast charging, including self-developed technologies for real-time power distribution and temperature control[40]. - The company has established a vertically integrated supply chain system, enhancing product quality, production efficiency, and innovation capabilities through automation and digitalization[35]. Research and Development - Research and development expenses increased by 30% to 200 million RMB, focusing on innovative technologies in energy efficiency[12]. - The company has made substantial investments in construction projects, with ongoing projects increasing by 30.51% to ¥1,052,645,848.03[70]. - The company is investing 200 million in research and development for new technologies aimed at improving operational efficiency[109]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the board meeting, ensuring accountability for the report's accuracy[12]. - There are no violations of decision-making procedures regarding external guarantees during the reporting period[12]. - The company has committed to reducing related party transactions to ensure fair trading practices and protect shareholder interests[112]. - The company is focusing on enhancing its corporate governance structure through the election of new independent directors and supervisors[87]. Environmental Responsibility - The company invested 3.5636 million CNY in environmental protection equipment operation costs in the first half of 2024[93]. - The company achieved a 60% reuse rate of water from its comprehensive wastewater treatment system[93]. - The company has implemented advanced environmental protection measures, achieving a VOC removal efficiency of over 95% through the use of international advanced technology[100]. - The company has not faced any environmental penalties and has ensured that all emissions are below regulatory limits[100]. Financial Management and Investments - The total amount of funds raised through the initial public offering (IPO) was CNY 356,700,000, with a net amount of CNY 350,320,850 after deducting issuance costs[117]. - The company reported a significant increase in prepayments, which rose by 103.99% to ¥114,703,858.99, primarily due to increased e-commerce promotion expenses[70]. - The company has approved the use of up to RMB 500 million of idle raised funds to temporarily supplement working capital, with a usage period from February 6, 2024, to February 5, 2025[122]. Risks and Challenges - The report includes a risk statement highlighting potential market volatility and competition as key risks for the upcoming period[12]. - The company faces risks from macroeconomic slowdowns, which could impact consumer purchasing power and demand for its products[82]. - Fluctuations in raw material prices, particularly for copper and plastic, could significantly affect the company's cost control and overall performance[83]. Shareholder Information - The total share capital increased from 891,540,875 shares to 1,292,734,248 shares after the 2023 annual equity distribution, with a cash dividend of RMB 3.1 per share and a capital reserve conversion of 0.45 shares per share[125]. - The total number of common shareholders as of the end of the reporting period is 22,491[129]. - The top ten shareholders hold a total of 695,304,000 shares, representing 53.80% of the total shares[130].

证券代码：603195 证券简称：公牛集团 公告编号：2024-065 公牛集团股份有限公司股东及董监高集中竞价减持 股份结果公告 本公司董事会、全体董事及相关股东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： 股东及董监高持股的基本情况：本次减持股份计划实施前，公牛集团股 份有限公司（以下简称"公司"）股东申会员、李国强等 20 位股东合计持有公司 股份 1,740,102 股，占公司当时总股本的 0.20%，减持前持股情况详见本公告"一、 集中竞价减持主体减持前基本情况"。 | 刘圣松 | 董事、监事、 | 152,048 | 0.0171% | 其他方式取得：152,048 | 股 | | --- | --- | --- | --- | --- | --- | | | 高级管理人员 | | | | | | 张丽娜 | 5%以下股东 | 121,264 | 0.0136% | 其他方式取得：121,264 | 股 | | 官学军 | 5%以下股东 | 89,297 | 0.0100% | 其他方式取得：89,297 | 股 | ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-066 公牛集团股份有限公司 关于召开 2024 年半年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：2024 年 8 月 30 日(星期五)11:00-12:00 投资者可于 2024 年 8 月 23 日(星期五)至 8 月 29 日(星期四)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。 本次投资者说明会以网络互动方式召开，公司将针对 2024 年半年度经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 8 月 30 日 11:00-12:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://r ...

汇报的这个报告呢主要是我们最新发布的公牛集团的这样一篇深度标题名是何以陈旧公牛夯基石走远路起新城这篇报告呢其实我们后面还会推出一系列的这个报告这篇报告其实核心讨论的是公牛一方面过去是靠哪些这个核心新生力去做大的 目前这些核心竞争力在公司拓展新业务的过程当中有哪些优势是可以去复用而且甚至可以得到延伸去形成更强的这种互乘核的以及包括还有一些新的业务它现有的优势是哪些优势我们是可以去看到能复用上去然后哪些优势其实公司还在逐步的去提升的主要是这么一篇报告 另外从整个公牛集团现阶段的业务布局来看我们也能看到其实公牛已经完全走出了以前只有传唤器和强开这两个品类的这种情况可以说是公司的脱品类已经得到了验证而且还在快速的这样一个发展过程当中再往后去看的话公司的新能源的产品国际化的业务也将带来足够 增量和发展的空间所以对当前时间点我们对公牛本身的这样一个评价评级仍然是一个买入的评级从公司的这个过去的这个增速来看公司的收入是从10年到23年 是实现了这个负荷接近23%的这样一个收入增速同时看公司的这个利润率也是有这个25%左右的这个净利率的一个水平23年是24.6的这样一个水平 那ROE会更高一点ROE呢整个摊报的ROE是也是在 ...

Investment Rating - The report does not explicitly mention an investment rating for Bull Group (603195 SH) [1][2][3] Core Views - Bull Group's revenue grew from 1 1 billion in 2010 to 15 7 billion in 2023 with a CAGR of nearly 23% driven by category expansion and channel boundary extension [2][5] - The company's core competitive advantages lie in its R&D driven product innovation deep channel coverage and efficient manufacturing capabilities [5][13] - Bull Group is strategically focusing on smart ecosystems new energy and internationalization with significant growth potential in these areas [2][5] Business Segments and Growth Drivers Electrical Connection Business - The cash cow business with an estimated market share of over 70% in converters driven by product iteration [14] - Revenue from converters and wall switches has decreased to below 75% of total revenue while new categories now contribute 25%-30% [5][14] Smart Electrical Lighting Business - A steady growth business contributing 50 3% of revenue in 2023 up from 44 1% in 2019 [14] - Core growth comes from wall switches and sockets with a current market share of 20%-30% and further room for expansion [14] - Lighting and ecological appliances accounted for 15%-20% of total revenue in 2023 [14] New Strategic Sectors - New energy internationalization and smart home (starting with no-main-lighting) are the third growth curve [14] - New energy products achieved 380 million in revenue in 2023 with continuous doubling growth [14] - Internationalization efforts include traditional products in Southeast Asia and new energy products in Europe and the US [14][25] R&D and Product Innovation - Bull Group invests around 4% of its revenue in R&D maintaining a leading position in the industry [5][29] - The company focuses on solving core consumer pain points with products like track sockets and butterfly switches becoming bestsellers [5][31] - R&D is divided into future research for forward-looking technologies and product line R&D for current market needs [28][29] Channel and Distribution - Bull Group has over 1 1 million terminal outlets including e-commerce and B2B channels [5] - The company's channel advantage lies in its high coverage density and profitability with a flat structure allowing dealers and terminals to earn about 1x markup [5][36] - Channel upgrades such as 4 0 flagship stores have led to a 36% increase in store efficiency with Bull's product sales potentially doubling [5][45] Manufacturing and Cost Control - Bull Group maintains a high level of self-sufficiency in manufacturing with core categories like converters and wall switches achieving nearly 100% self-production [5][55] - The company's net profit margin improved to 24 6% in 2023 driven by cost reductions in procurement and lean manufacturing [49][51] - Automation and self-production of key components contribute significantly to cost advantages and profitability [52][55] International Expansion - Bull Group has established an independent international business unit and localized teams in Germany and Indonesia [24] - In Southeast Asia the company focuses on traditional products like electrical connections and smart lighting while in Europe and the US it targets new energy products [24][25]

证券代码：603195 证券简称：公牛集团 公告编号：2024-064 公牛集团股份有限公司 关于 2024 年限制性股票激励计划授予结果的公告 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。 （3）2024 年 5 月 20 日，公司召开 2023 年年度股东大会，审议通过了《关 于 2024 年限制性股票激励计划（草案）及其摘要的议案》和《关于 2024 年限制 性股票激励计划实施考核管理办法的议案》等相关议案。 （4）2024 年 6 月 6 日，公司实施了权益分派，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 3.10 元（含 税），并以资本公积金每股转增 0.45 股。 重要内容提示： 公牛集团股份有限公司（以下简称"公司"）根据中国证券监督管理委员会 《上市公司股权激励管理办法》、上海证券交易所及中国证券登记结算有限责任 公司上海分公司有关业务规则的规定，于 2024 年 7 月 17 日收到中国证券登记结 算有限责任公司上海分公司出具的《过户登记确认书》，完成了公司《202 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-063 公牛集团股份有限公司 公牛集团股份有限公司（以下简称"公司"）《2024 年限制性股票激励计划》 （以下简称"本次激励计划"）规定的公司 2024 年限制性股票授予条件已经成就。 根据公司 2023 年年度股东大会的授权，公司于 2024 年 6 月 6 日召开第三届董 事会第三次会议和第三届监事会第三次会议，审议通过了《关于调整 2024 年限 制性股票激励计划激励对象名单、授予数量和授予价格的议案》《关于向激励对 象授予限制性股票的议案》，确定限制性股票授予日为 2024 年 6 月 6 日，同意向 符合授予条件的 876 名激励对象授予 348.3335 万股限制性股票。具体内容详见 公司 2024 年 6 月 7 日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体的《公牛集团股份有限公司关于调整 2024 年限制性股票激励计划激励对象名 单、授予数量和授予价格的公告》（公告编号：2024-045）及《公牛集团股份有 限公司关于向激励对象授予限制性股票的公告》（公告编号：2024-046）。 目前，本次激励计划激 ...

本次电话会议仅服务于华创证券研究所客户不构成投资建议相关人员应自主做出投资决策并自行承担投资风险 华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点本次会议内容不得涉及国家保密信息内幕信息未公开重大信息商业秘密个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息 不得涉及影响社会或资本市场稳定的言论未经华创证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎 各位投资者朋友们大家晚上好我是华昌家电的首席分析师秦一超这次呢我们是在深度谈那边重点来聊我们近期完成的供油集团的深度报告标题和PPT呢可以在这个世界网络端能够看得到就是渠道经营通用电力三星测温度 公牛这个公司在我这里的定位非常之高我在这个内容端直接去写说这是我在消费赛道里面我认为民电公牛可以说是格局第一的存在非常之高本身其实民电这个生意可以说是没有那么好甚至说是一个贫瘠 对于公牛来去讲一共就是150亿的排叉的市场然后240亿的墙壁开关的市场只有百亿级别的市场但是公牛自己的市值是千亿 ...

证券代码：603195 证券简称：公牛集团 公告编号：2024-062 公牛集团股份有限公司 关于 2024 年特别人才持股计划 第一次持有人会议决议的公告 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、持有人会议召开情况 公牛集团股份有限公司（以下简称"公司"）2024 年特别人才持股计划（以 下简称"本次持股计划"或"本持股计划"）第一次持有人会议（以下简称"持 有人会议"或"会议"）于 2024 年 7 月 9 日以通讯方式召开，会议应出席持有人 22 名，实际出席持有人 22 名，代表公司本次持股计划份额为 20,600,049 份， 占公司本次持股计划总份额（不含预留份额）的 100%。会议由董事会秘书刘圣松 先生召集和主持，本次会议的召集、召开及表决程序符合相关法律法规、规范性 文件及公司本次持股计划的有关规定，会议合法有效。 二、持有人会议审议情况 表决结果：同意 20,600,049 份，占出席持有人会议的持有人所持份额总数 的 100%；反对 0 份，占出席持有人会议的持有人所持份额总数的 0%；弃权 ...