Industry Overview - The leakage circuit breaker industry in China has shown steady growth, with a market size of approximately 20.246 billion yuan in 2023, projected to increase to 21.521 billion yuan in 2024, representing a year-on-year growth of 6.3% [1][10] - The demand for leakage circuit breakers is driven by urbanization, the booming construction industry, and increased awareness of electrical safety among residents [1][10] - Future growth is expected to be supported by the continuous development of the construction industry, especially the popularity of smart homes, as well as industrial upgrades and the rapid expansion of the renewable energy sector [1][10] Industry Chain Analysis - The leakage circuit breaker industry chain consists of upstream raw materials, midstream manufacturing, and downstream application fields. Upstream materials include metals, electronic components, insulation materials, and magnetic materials [4] - The manufacturing process involves research and development, component manufacturing, assembly, and strict quality testing [4] - Downstream applications span various sectors, including construction, industry, power systems, home appliances, and rail transportation [4] Industry Development History - The leakage circuit breaker industry in China has evolved over 40 years from a policy-driven model to a technology-ecological model, with significant advancements in technology and market dynamics [6] - The industry has transitioned from low-end products with high failure rates to high-end products that meet international standards, with domestic market share increasing from 18% to 35% [6] Current Market Analysis - The market size of the leakage circuit breaker industry is expected to continue growing, with an average annual growth rate of around 7% over the next five years [10] - The residential construction sector accounts for 48% of the market, while industrial and infrastructure sectors account for 28%, and the renewable energy sector represents 14% [12] Key Companies in the Industry - Major companies include Chint Electric, Delixi Group, Broad Electric, Bull Group, and Goodson Electric, each with distinct market strategies and product offerings [14][15] - Chint Electric leads with a comprehensive product line and strong R&D capabilities, achieving a revenue of 57.251 billion yuan in 2023, a 24.53% increase year-on-year [15] - Goodson Electric focuses on high-end markets, with a revenue of 4.238 billion yuan in 2024, a decrease of 7.57% year-on-year [17] Future Development Trends - Miniaturization and integration are key trends, with leakage circuit breakers expected to combine multiple protective functions into a single device [19] - The industry is moving towards smart development, utilizing IoT and AI technologies for real-time monitoring and control of electrical systems [20][21] - There is a growing emphasis on high performance and reliability, with future products needing to meet stringent requirements in complex environments [22]

Core Viewpoint - The company has conducted a self-examination regarding insider trading related to its 2025 Restricted Stock Incentive Plan, confirming no violations occurred during the review period [1][3][4] Group 1: Insider Information Management - The company has implemented necessary confidentiality measures and registered all insider information personnel in accordance with regulatory requirements [1][2] - A thorough investigation was conducted on the trading activities of insider information personnel six months prior to the public disclosure of the incentive plan [2][3] Group 2: Trading Activities of Insiders - During the self-examination period, most insider information personnel did not engage in trading the company's stock, with only one individual, He Shanshan, buying shares without knowledge of the specific details of the incentive plan [2][3] - He Shanshan's trading actions were based on publicly available information and personal analysis, and the company decided to disqualify her from participating in the incentive plan to ensure compliance [2][3] Group 3: Conclusion of the Investigation - The company adhered strictly to relevant disclosure management regulations and found no evidence of insider trading or information leakage prior to the public announcement of the incentive plan [3][4]

Core Viewpoint - The company is implementing a stock incentive plan to attract and retain talent, aligning the interests of shareholders, the company, and core team members for long-term development [9][12]. Summary by Sections Incentive Plan Overview - The incentive plan involves granting 3.0969 million restricted shares, accounting for 0.24% of the company's total share capital of 1,292.1589 million shares [2][13]. - The plan is a one-time grant with no reserved rights, and the total number of shares involved in all effective incentive plans does not exceed 10% of the company's total share capital [2][14]. Granting Conditions - The granting price for the restricted shares is set at 35.77 yuan per share [5][19]. - The plan will be effective for a maximum of 48 months from the date of registration completion for the restricted shares [3][15]. Eligible Participants - A total of 671 individuals, approximately 5.07% of the company's workforce, will be eligible for the incentive plan, including core management and key personnel [6][12]. - Participants do not include supervisors, independent directors, or shareholders holding more than 5% of the company's shares [4][12]. Performance and Vesting Conditions - The vesting of restricted shares is contingent upon the company meeting specific performance targets, which include achieving an average revenue and net profit level that is at least 110% of the average of the previous two fiscal years [21]. - The vesting schedule includes three phases, with 40% vesting after 12 months, 30% after 24 months, and the remaining 30% after 36 months [17][21]. Adjustments and Compliance - The number of restricted shares and the granting price may be adjusted in response to corporate actions such as stock dividends or capital increases [4][23]. - The plan complies with relevant laws and regulations, ensuring that the company has not faced any disqualifying circumstances in the past year [3][4]. Implementation Process - The plan requires approval from the shareholders' meeting and must be executed within 60 days of approval [5][30]. - The company will publicly disclose the list of eligible participants and their roles prior to the shareholders' meeting [28][30].

公牛集团股份有限公司 2025 年特别人才持股计划 声明 本公司及董事会全体成员保证本持股计划不存在虚假记载、误导性陈述或重 大遗漏，并对其真实性、准确性、完整性承担法律责任。 证券简称：公牛集团 证券代码：603195 二〇二五年五月 公牛集团 2025 年特别人才持股计划 1 公牛集团 2025 年特别人才持股计划 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、本持股计划系公司依据《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》"）、《关于上市公司实施员 工持股计划试点的指导意见》（以下简称"《指导意见》"）等有关法律法规、规 章及其他规范性文件和《公司章程》的规定制定。 2、本持股计划遵循公司自主决定、员工自愿参加的原则，不存在摊派、强 行分配等强制员工参加本持股计划的情形。 3、本持股计划的参加对象为对公司整体业绩和中长期发展具有重要作用和 影响的公司（含下属子公司）董事（不含独立董事，下同）、监事、高级管理人 员、特殊引进人才及特殊贡献人才。参加本次持股计划的总人数预计30人左右（不 含预留份额持有人），其中董事、监事、高级管理人员 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-036 公牛集团股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 05 月 15 日 (二)股东会召开的地点：浙江省慈溪市观海卫镇工业园西区观附南路 258 号 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 530 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,146,508,561 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 88.7281 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会采用现场投票和网络投票相结合的方式召开，会议由董事长兼总 裁阮立平先生主持，本次会议的召集、召开程序符合《公司法》《证券法》和《公 ...

证券代码：603195 证券简称：公牛集团 公牛集团股份有限公司 2025 年限制性股票激励计划 二〇二五年五月 声 明 本公司董事会及全体董事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以及《公 牛集团股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票（第一类限制性股票）。股票来 源为公牛集团股份有限公司（以下简称"公司"或"本公司"） 从二级市场回购的公 司 A 股普通股。 三、本激励计划拟授予的限制性股票数量为 309.69 万股，占本激励计划草案 公告时公司股本总额 129,215.89 万股的 0.24%。本次授予为一次性授予，无预留 权益。公司全 ...

证券代码：603195 证券简称：公牛集团 公告编号：2025-037 公牛集团股份有限公司 关于公司 2025 年限制性股票激励计划 内幕信息知情人买卖公司股票情况的自查报告 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。 2025年4月23日，公牛集团股份有限公司（以下简称"公司"）召开第三届 董事会第九次会议，审议通过了《关于2025年限制性股票激励计划（草案）及其 摘 要 的 议 案 》 等 议 案 ， 并 于 2025 年 4 月 25 日 在 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）披露了相关公告。 | 序号 | 姓名 | 买卖起始日期 | 买卖结束日期 | 合计买入（股） | 合计卖出（股） | | --- | --- | --- | --- | --- | --- | | 1 | 陈璐佳 | 2025-01-02 | 2025-02-21 | 100 | 100 | | 2 | 何姗姗 | 2025-04-07 | 2025-04-07 | 200 | 0 | | 3 ...

关于公牛集团股份有限公司 2024 年年度股东会的 法律意见书 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 2024 年年度股东会的法律意见书 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，指派本所律师列席了公司于 2025 年 5 月 15 日召开的 2024 年年度股东会（以下简称"本次股东会"），并依据《中华人民共和国公司法》、《中 华人民共和国证券法》以及《上市公司股东会规则》等法律、法规和其它规范性 文件（以下简称"中国法律法规"）及《公牛集团股份有限公司章程》（以下简称"《公 司章程》"）的规定，就本次股东会的召集和召开程序、出席会议人员的资格和 召集人资格、表决程序和表决结果等相关事宜出具本法律意见书。 为出具本法律意见书，本所律师 ...

Core Viewpoint - The article discusses the valuation and growth potential of Bull Group, emphasizing the importance of long-term return on equity (ROE) and the company's ability to maintain high profitability despite current growth rates showing a decline [2][6]. Group 1: Valuation Insights - The current PE ratio of Bull Group is 21, which may require downward adjustment due to declining growth rates, with projected revenue growth of 7.24% and net profit growth of 1.04% for 2024 [2]. - The author suggests that the valuation tolerance for Bull Group could be raised to around 20 times PE, given its average ROE of over 25% [6]. - Historical data shows that Bull Group has maintained a high ROE of 28.17% since its listing, indicating strong financial health and competitive positioning [5][6]. Group 2: Competitive Positioning - Bull Group is characterized as a cash cow with low debt and capital expenditure, possessing strong brand influence and channel control, with no significant competitors in its space [5]. - The company's high net profit margins are attributed to effective cost control rather than high gross margins, which hover around 40% [6]. - The article draws parallels between Bull Group and Midea, highlighting that both companies achieve substantial profits through rigorous expense management rather than exorbitant product pricing [6]. Group 3: Market Timing and Investment Strategy - The lowest valuation for Bull Group during the recent bear market was 18.67 times PE, presenting a potential buying opportunity [7]. - The article emphasizes that timing the market to buy at the lowest point is often more about luck than skill, suggesting that investors may need to accept higher prices in practice [7]. Group 4: Long-term Investment Philosophy - The article references the three thresholds for valuation as proposed by Graham, indicating that companies with strong competitive advantages can justify higher PE ratios [3][4]. - The long-term return on equity is a critical factor in determining the potential returns from holding a stock, as noted by Charlie Munger [6].

证券代码：603195 证券简称：公牛集团 公告编号：2025-035 公牛集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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 5 月 20 日(星期二)15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 5 月 13 日（星期二）至 5 月 19 日（星期一）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"）已于 2025 年 4 月 25 日发布公 司《2024 年年度报告》和《2025 年第 ...