北京金诚同达（上海）律师事务所 关于 浙江比依电器股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票的 法律意见书 金沪法意[2024]第 084 号 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：021-3886 2288*1018 北京金诚同达（上海）律师事务所 法律意见书 释 义 在本法律意见书内，除非文意另有所指，下列词语具有下述涵义： | 比依股份、公司 | 指 | 浙江比依电器股份有限公司 | | --- | --- | --- | | 本激励计划、2023 年 | 指 | 浙江比依电器股份有限公司 年限制性股票激励计划 2023 | | 激励计划 | | | | 限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定数量 的公司股票，该等股票设置一定期限的限售期，在达到本激励计 | | | | 划规定的解除限售条件后，方可解除限售流通 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司董事、高级管理人 | | | | 员、中层管理人员、核心技术（业务）人员及公司董事会认为需 | | | | 要激 ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's 24H1 revenue reached 860 million yuan, a year-on-year increase of 1.08%, while net profit attributable to the parent company was 68 million yuan, a year-on-year decrease of 46.46% [4] - In 24Q2, the company achieved revenue of 540 million yuan, a year-on-year increase of 14.26%, and net profit attributable to the parent company was 58 million yuan, a year-on-year decrease of 28.27% [4] - The company is actively expanding into new product categories such as coffee machines, ice makers, and environmental appliances, aiming to diversify its product matrix and reduce reliance on a single product (air fryers) [4] - The company expects to achieve net profit attributable to the parent company of 178 million yuan, 215 million yuan, and 251 million yuan in 2024, 2025, and 2026, respectively [4] Financial Performance - The company's revenue in 2022 was 1,499 million yuan, with a year-on-year decrease of 8.2%, while in 2023, revenue increased by 4.0% to 1,560 million yuan [5] - The company's net profit in 2022 was 178 million yuan, a year-on-year increase of 48.5%, while in 2023, net profit increased by 13.3% to 202 million yuan [5] - The company's gross profit margin in 2022 was 19.5%, increasing to 21.2% in 2023, but is expected to decrease to 18.0% in 2024 [5] - The company's ROE (Return on Equity) in 2022 was 17.9%, increasing to 18.1% in 2023, but is expected to decrease to 14.5% in 2024 [5] Valuation and Forecast - The company's revenue is forecasted to grow by 19.0% in 2024, 19.6% in 2025, and 17.7% in 2026, reaching 1,855 million yuan, 2,218 million yuan, and 2,611 million yuan, respectively [5] - The company's net profit is forecasted to decrease by 11.6% in 2024, but increase by 20.5% in 2025 and 16.8% in 2026, reaching 178 million yuan, 215 million yuan, and 251 million yuan, respectively [5] - The company's EPS (Earnings Per Share) is forecasted to be 0.95 yuan in 2024, 1.14 yuan in 2025, and 1.33 yuan in 2026 [5] - The company's P/E ratio is forecasted to be 14.02 in 2024, 11.63 in 2025, and 9.97 in 2026 [7] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 11.45 yuan to 21.18 yuan [2] - The company's stock price closed at 13.26 yuan on August 9, 2024 [2] - The company's total market capitalization is 2,502 million yuan, with a circulating market capitalization of 934 million yuan [2] Industry Comparison - Comparable companies in the industry include Xinbao Co Ltd, Fujia Co Ltd, and Dechang Co Ltd, with P/E ratios ranging from 9.28 to 29.45 [6]

Investment Rating - The report maintains an "Outperform" rating for the company [1][2]. Core Views - The company's Q2 revenue and performance slightly exceeded expectations, with Q2 revenue reaching 540 million yuan, a year-on-year increase of 14%, while the net profit attributable to the parent company was 58 million yuan, a year-on-year decrease of 28% [1][2]. - The company is actively expanding its product categories and customer base, particularly in the air fryer segment, and is accelerating overseas capacity construction to unlock growth potential [1][2]. - The company's profitability showed significant improvement quarter-on-quarter, with a gross margin of 19.14% in Q2, up 6.19 percentage points from Q1, despite a year-on-year decline [2]. Financial Summary - For H1 2024, the company achieved total revenue of 860 million yuan, a year-on-year growth of 1%, and a net profit of 68 million yuan, a year-on-year decline of 46% [3]. - The projected net profits for 2024-2026 are 201 million yuan, 232 million yuan, and 266 million yuan, respectively, with corresponding P/E ratios of 12x, 11x, and 9x [2][3]. - The company’s gross margin is expected to stabilize around 20.8% from 2024 onwards, with a return on equity (ROE) projected to be 16.1% in 2024 [3].

证券代码：603215 证券简称：比依股份 公告编号：2024-053 浙江比依电器股份有限公司 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。 根据《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》《上海证券交易所股票上市规则》及《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，现将浙江比依电 器股份有限公司（以下简称"公司"）2024年半年度募集资金存放与使用情况专 项说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于核准浙江比依电器股份有限公司首次公 开发行股票的批复》（证监许可[2022]129号）核准，公司在上海证券交易所公 开发行人民币普通股（A股）股票4,666.5万股，发行价为每股人民币12.50元，募 集资金总额为人民币583,312,500.00元，扣除应支付的承销费用、保荐费用人民 币44,520,000.00元(含税)后，募集资金余额为 ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period last year[8]. - The company's operating revenue for the first half of 2024 was ¥860,354,957.44, representing a 1.08% increase compared to ¥851,169,545.82 in the same period last year[15]. - The company achieved a revenue of 860 million, representing a year-on-year growth of 1.08%, while the net profit attributable to shareholders was 68.02 million, a decline of 46.46% year-on-year[29]. - The company reported a significant decrease in net profit attributable to shareholders, which decreased by 46.46% to ¥68,023,179.28 from ¥127,060,632.20 year-on-year, primarily due to a reduction in exchange gains[17]. - The net cash flow from operating activities fell by 112.52% to -¥25,528,983.57, attributed to lower sales collections during the reporting period[17]. - Basic and diluted earnings per share decreased by 47.06% to ¥0.36 from ¥0.68 in the previous year[16]. - The total comprehensive income for the first half of 2024 was CNY 64,162,340.70, significantly lower than CNY 127,060,632.20 in the previous year[104]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[69]. - The company provided guidance for the second half of 2024, projecting revenue growth of 25% compared to the same period last year[69]. User Growth and Market Expansion - User data indicates a growth in active users by 20%, reaching 1.2 million by the end of June 2024[8]. - User data showed a 15% increase in active users, reaching 10 million by the end of Q2 2024[69]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in sales in that region by the end of 2024[8]. - Market expansion efforts are underway, with plans to enter three new international markets by the end of 2024[69]. Research and Development - Research and development expenses increased by 25% to RMB 50 million, focusing on innovative kitchen appliances and smart home technologies[8]. - The company has invested CNY 29,715,655.68 in R&D, which is a decrease of 7.55% compared to CNY 32,140,767.49 in the previous year[36]. - The company is investing 200 million in R&D for new technologies aimed at enhancing product features and user experience[69]. - The company is focusing on autonomous R&D to enhance smart home appliance capabilities, leveraging AI for product innovation[31]. Product Development - The company has launched two new product lines in the kitchen appliance sector, contributing to a 5% increase in market penetration[8]. - New product launches included a flagship model that contributed to 30% of total sales in Q2 2024[69]. - The company is expanding its product offerings in the ice maker and environmental appliance segments, with small-scale production already initiated for these new categories[34]. Financial Integrity and Governance - The company has no non-operational fund occupation by controlling shareholders or related parties, ensuring financial integrity[8]. - The board of directors confirmed that all members attended the meeting, ensuring comprehensive oversight of the financial report[8]. - The company emphasized compliance with regulatory requirements, ensuring that all financial disclosures are accurate and complete[71]. - The management team reiterated its commitment to shareholder value, promising to maintain transparency and accountability in all operations[71]. Strategic Acquisitions - A strategic acquisition of a local competitor is under consideration to enhance market share and product offerings[8]. - The company is considering strategic acquisitions to bolster its market position, with a focus on companies that complement its existing product lines[69]. Environmental Responsibility - The company has achieved a total solar power generation of 1.48 million KWH during the reporting period, equivalent to a reduction of 1,476 tons of CO2 emissions[61]. - The company has obtained the Urban Sewage Discharge Permit valid until October 27, 2026, and the Fixed Pollution Source Registration valid until September 19, 2028[60]. - The company has implemented waste gas treatment equipment to ensure compliance with the Comprehensive Emission Standard for Air Pollutants, achieving standards set by GB16297-1996[60]. - The company has a commitment to environmental responsibility, having passed the environmental management system certification GB/T 24001-2006idt ISO 14001:2015[59]. Financial Position and Assets - Total assets increased by 24.49% to ¥2,066,731,484.25 from ¥1,660,161,167.30 year-on-year[15]. - The company's net assets attributable to shareholders decreased by 2.70% to ¥1,085,536,420.65 compared to the end of the previous year[15]. - The company's total liabilities amounted to approximately CNY 982.64 million, compared to CNY 544.14 million, marking an increase of about 80.5%[99]. - The company's cash and cash equivalents decreased by 8.31% to CNY 289,329,912.65 from CNY 315,566,356.96 year-on-year[37]. Risks and Challenges - The company faces risks from global macroeconomic changes, which could negatively impact market demand for small appliances[48]. - The company is exposed to exchange rate fluctuation risks, which may affect revenue and profit margins if the RMB appreciates[49]. - The company is facing risks from fluctuations in raw material prices, which include electronic components, plastic materials, packaging materials, hardware, and metal raw materials, potentially impacting profitability[50]. - The company plans to expand into new product categories and develop its own brand business, which may increase human resource costs and R&D expenditures, posing risks to profit margins[51]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 10,713, with no changes in the total number of shares or capital structure[88]. - The largest shareholder, Biyi Group Limited, holds 55.65% of the shares, totaling 104,996,250 shares, with no changes during the reporting period[89]. - The company has completed a share repurchase plan, acquiring a total of 0.98% of its shares as of March 26, 2024[90]. Compliance and Accounting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[132]. - The financial statements were approved for external release on August 9, 2024, by the company's board of directors[128]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[130].

证券代码：603215 证券简称：比依股份 公告编号：2024-055 浙江比依电器股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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、通知债权人的原由 浙江比依电器股份有限公司（以下简称"公司"）于 2024 年 8 月 9 日召开了 第二届董事会第十四次会议，会议审议通过《关于回购注销部分限制性股票的议 案》，鉴于公司 2023 年限制性股票激励计划（以下简称"激励计划"）首次授予 的 4 名激励对象、1 名激励对象因个人原因离职，已不再符合激励条件，董事会 按照公司 2023 年第一次临时股东大会的授权，决定对其已获授但尚未解除限售 的 23,100 股限制性股票进行回购注销（以下简称"本次回购"）。具体内容详见公 司于同日在上海证券交易所网站（http://www.sse.com.cn/）同步披露的《浙江比 依电器股份有限公司关于回购注销部分限制性股票的公告》（编号：2024-054）。 本次回购实施完毕后，公司注册资本将减少 23,100 元，总股本将减少 2 ...

证券代码：603215 证券简称：比依股份 公告编号：2024-056 浙江比依电器股份有限公司 关于拟对外投资设立子公司的公告 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： ●投资标的名称：佛山市安依创新有限公司（暂定，最终名称以工商行政管 理部门登记为准） ●注册资本：1000万元人民币 （三）本次对外投资不构成关联交易，亦不构成《上市公司重大资产重组管 理办法》规定的重大资产重组事项。 二、投资标的基本情况 （一）公司名称：佛山市安依创新有限公司（暂定，最终名称以工商行政管 理部门登记为准） （二）主体类型：有限责任公司 ●特别风险提示：本次投资设立全资子公司可能面临政策、行业、市场、组 织实施等各方面不确定因素带来的风险。 一、对外投资概述 （一）对外投资的基本情况 为了进一步发挥公司的研发优势，提升公司行业地位，同时结合公司未来发 展规划，公司拟在广东佛山投资设立全资子公司佛山市安依创新有限公司（暂定， 最终名称以工商行政管理部门登记为准），公司以自有资金出资1000万元，持占 注册资本的100%。 ...

证券代码：603215 证券简称：比依股份 公告编号：2024-054 浙江比依电器股份有限公司 关于回购注销部分限制性股票的公告 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。 浙江比依电器股份有限公司（以下简称"公司"）于2024年8月9日召开了第 二届董事会第十四次会议和第二届监事会第十一次会议，审议通过了《关于回购 注销部分限制性股票的议案》，拟回购注销23,100股限制性股票。现将相关事项 说明如下： 一、公司2023年限制性股票激励计划审批程序及实施情况 （一）2023年3月20日，公司召开第一届董事会第十九次会议，审议通过了 《关于<公司2023年限制性股票激励计划（草案）>及其摘要的议案》《关于<公 司2023年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会 授权董事会办理公司2023年限制性股票激励计划相关事宜的议案》。公司独立董 事就本激励计划是否有利于公司的持续发展及是否存在损害公司及全体股东利 益的情形发表了独立意见。同日，公司召开第一届监事会第十三次会议，审议通 过了《关于<公司202 ...

北京金诚同达（上海）律师事务所 释 义 关于 浙江比依电器股份有限公司 2023 年限制性股票激励计划 回购注销部分限制性股票的 法律意见书 金沪法意[2024]第 207 号 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：021-3886 2288*1018 北京金诚同达（上海）律师事务所 法律意见书 在本法律意见书内，除非文意另有所指，下列词语具有下述涵义： | 比依股份、公司 | 指 | 浙江比依电器股份有限公司 | | --- | --- | --- | | 本激励计划、2023 | 年 指 | 浙江比依电器股份有限公司 2023 年限制性股票激励计划 | | 激励计划 | | | | 《激励计划（草案）》 | 指 | 《浙江比依电器股份有限公司 2023 年限制性股票激励计划（草 | | | | 案）》 | | 限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定数量 的公司股票，该等股票设置一定期限的限售期，在达到本激励计 | | | | 划规定的解除限售条件后，方可解除限售流通 | | 本次回购注销 | 指 | 公司以 名离职激励 ...

证券代码：603215 证券简称：比依股份 公告编号：2024-051 浙江比依电器股份有限公司 第二届董事会第十四次会议决议公告 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 浙江比依电器股份有限公司（以下简称"公司"）第二届董事会第十四次会议 于 2024 年 8 月 9 日以现场表决方式在公司会议室召开，应出席本次会议的董事 9 人，实际出席本次会议的董事 9 人，公司监事和高级管理人员列席了本次会议。 本次会议由公司董事长闻继望先生主持，本次董事会会议的召开符合有关法律、 行政法规、部门规章、规范性文件以及《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及摘要的议案》 在董事会召开前，公司于 2024 年 8 月 5 日分别召开第二届战略委员会第三 次会议和第二届审计委员会第六次会议，分别审议通过了该议案，并同意将该议 案提交董事会审议。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）审议通过《2024 年半年度募集资金存放与实际 ...