银都餐饮设备股份有限公司 证券投资管理制度 第一章 总则 第一条 为规范银都餐饮设备股份有限公司（以下简称"银都股份"）的证券 投资行为以及相关信息披露工作，防范证券投资风险，保证证券投资资金的安 全和有效增值，实现证券投资决策的科学化、规范化、制度化，根据《中华人 民共和国证券法》《上海证券交易所股票上市规则》（以下简称"《股票上市 规则》"）、《上海证券交易所上市公司自律监管指引第5号—交易与关联交易》 等有关法律、法规和规范性文件及《银都餐饮设备股份有限公司章程》（以下 简称"《公司章程》"）的规定，特制定本制度。 第二条 本制度适用于银都股份及控股子公司（以下合称"公司"）的证券 投资行为。 第三条 本制度所称"证券投资"，是指在证券市场投资有价证券的行为， 包括但不限于新股配售或者申购、证券回购、股票市场投资、债券投资以及上 海证券交易所（以下简称"上交所"）认定的其他投资行为。 第四条 证券投资的原则： （一）证券投资应遵守国家法律、法规； （二）证券投资必须注重风险防范、保证资金运行安全； （三）严格控制投资规模，不得影响公司正常经营和主营业务的发展。 第五条 公司证券投资资金来源为公司自有/自 ...

银都餐饮设备股份有限公司（以下简称"公司"或"银都股份"）第五届董 事会第八次会议于 2024 年 12 月 04 日上午 09 时 00 分在杭州临平区星桥街道博 旺街 56 号公司会议室以现场结合通讯的方式召开。本次会议于 2024 年 11 月 29 日以电子邮件的方式通知各位董事。会议应到董事 7 名，亲自出席会议董事 7 名，其中通讯方式参会的 3 名。会议由董事长周俊杰先生主持，本次会议的召开 符合《中华人民共和国公司法》及《公司章程》的有关规定，会议合法、有效。 二、董事会会议审议情况 （一） 审议通过了《关于制定<证券投资管理制度>的议案》。 证券代码：603277 证券简称：银都股份 公告编号：2024-064 银都餐饮设备股份有限公司 第五届董事会第八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 表决结果：同意7票，反对0票，弃权0票 详见同日在《证券时报》以及上海证券交易所网站（www.sse.com.cn）披露 的《银都餐饮设备股份有限公司证券投资管理制度 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][4]. Core Views - The company is a leading player in the commercial kitchen equipment sector, with a strong global presence and a focus on intelligent product development [1][3]. - The company has achieved a revenue CAGR of 16% and a net profit CAGR of 20% from 2013 to 2023, indicating robust growth [1]. - The U.S. restaurant industry is experiencing a slowdown in growth, but there are signs of marginal improvement as of August 2024 [2][63]. Summary by Sections Company Overview - The company has been deeply involved in the commercial kitchen equipment sector since its establishment in 2003, with significant overseas expansion starting in 2012 [14][19]. - It has established subsidiaries in various countries, including the U.S., U.K., France, Germany, and Australia, contributing to its global footprint [1][14]. Financial Data - The company reported a revenue of 26.53 billion yuan in 2023, with a slight year-over-year decline of 0.39% due to reduced sales prices despite increased sales volume [26]. - The net profit for 2023 was 5.11 billion yuan, reflecting a year-over-year increase of 13.54% [26]. - For the first three quarters of 2024, the company achieved a revenue of 20.93 billion yuan, up 1.75% year-over-year, and a net profit of 4.79 billion yuan, up 17.83% year-over-year [26][27]. Business Structure - The overseas market has become the primary revenue source for the company, with 94.4% of revenue coming from international sales in the first half of 2024 [35][40]. - The company has a diverse product matrix, including commercial refrigeration equipment, self-service equipment, and Western kitchen equipment, with commercial refrigeration being the largest revenue contributor [48][49]. Competitive Landscape - The report highlights a trend of increasing concentration in the industry, with leading companies gaining market share and moving towards higher-end markets [74][77]. - The competitive environment is characterized by intense price competition among smaller players, while larger international brands dominate the market [74]. Profitability Forecast and Investment Recommendations - The company is expected to achieve a revenue CAGR of 12% and a net profit CAGR of 14% from 2024 to 2026, with projected earnings per share (EPS) of 1.50 yuan, 1.71 yuan, and 1.95 yuan for the respective years [3][4]. - The report suggests that the company's overseas expansion and focus on intelligent products position it well for future growth [3][4].

Group 1: Company Strategy and Operations - The company has achieved significant results in its overseas market sales network layout, implementing a global market strategy tailored to local demand [1] - Different promotional models, including direct sales and agency sales, are adopted based on local market needs [1] - The company develops corresponding product series and establishes local warehousing systems to achieve localized sales [1] Group 2: Research and Development - The company has increased its R&D investment in commercial catering equipment, focusing on equipment intelligence and automation [2] - A large number of technical talents have been recruited to enhance product development with automation and intelligence elements [2] - Future plans include further integration of automation and intelligence into existing product development [2] Group 3: Market Impact and Core Advantages - External environmental changes have a short-term impact on the company, but long-term effects are minimal [2] - The company has four core advantages: sales channel advantage, brand and service advantage, product R&D advantage, and quality and cost control advantage [2] - The new intelligent French fry machine has seen limited prototype sales [2] Group 4: Disclosure Information - The activity did not involve any undisclosed significant information [2]

证券代码：603277 证券简称：银都股份 公告编号：2024-063 银都餐饮设备股份有限公司控股股东之一致行动人 通过大宗交易及非交易过户内部转让股份计划 的进展公告 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： 控股股东之一致行动人持股的基本情况 杭州银博投资合伙企业（有限合伙）（以下简称"银博合伙"）为银都餐饮设 备股份有限公司（以下简称"公司"或"银都股份"）的员工持股平台，其中： 公司控股股东、董事长周俊杰为银博合伙的执行事务合伙人，公司董事/高管蒋 小林、吕威、朱智毅、朱文伟、王春尧、王芬弟、鲁灵鹏为银博合伙的有限合伙 人。 银博合伙为公司控股股东之一致行动人。本次内部转让股份计划实施前，银 博合伙持有公司股份为 8,370,000 股，持股比例为 1.97%。 内部转让股份计划的进展情况 根据本内部转让股份计划，银博合伙因解散的原因，其执行事务合伙人周俊 杰拟以非交易过户的方式将其通过银博合伙间接持有的上市公司股份（股份数量： 44,637 股，持股比例为 0.01%）过户至本人名下 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][12]. Core Views - The company reported a revenue of 2.093 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 1.75%, and a net profit attributable to shareholders of 479 million yuan, up 17.83% year-on-year [1]. - The revenue growth in Q3 remained stable compared to Q2, with Q3 revenue, net profit, and net profit excluding non-recurring items at 726 million, 133 million, and 127 million yuan respectively, showing year-on-year changes of +0.17%, -3.62%, and -5.75% [1]. - The gross profit margin improved both year-on-year and quarter-on-quarter, reaching 45.44% in Q3, with a year-on-year increase of 1.07 percentage points and a quarter-on-quarter increase of 0.35 percentage points [1]. - The decline in net profit margin in Q3 was primarily due to fluctuations in financial expenses, with a net profit margin of 18.27%, reflecting a year-on-year increase of 0.72 percentage points but a quarter-on-quarter decrease of 6.49 percentage points [1]. - The company is actively pursuing global brand expansion, with nearly 80% of its OBM business in 2023, and plans to expand through "pure agency sales" in new countries/regions [1]. - The company is focusing on product diversification and equipment intelligence, with significant potential in the U.S. market for its French fry robot products, estimating a market space of 2.9 billion USD if penetration reaches 20% [1]. Financial Summary - The company forecasts revenues of 2.795 billion, 3.149 billion, and 3.547 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of +5.4%, +12.7%, and +12.6% [2][5]. - The projected net profits for 2024, 2025, and 2026 are 622 million, 727 million, and 846 million yuan, with year-on-year growth rates of 21.7%, 16.8%, and 16.4% [2][5]. - The target price is set at 41.05 yuan, based on a 24 times PE ratio for 2025 [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q3, with a strategic focus shifting towards large chain customers, which is expected to drive growth in the coming years [1] - Q3 revenue increased by 1.75% year-on-year, achieving a net profit attributable to the parent company of 479 million yuan, reflecting a year-on-year increase of 3.13 percentage points [1] - The decline in net profit in Q3 was primarily due to foreign exchange losses and reduced interest income, while the operating profit margin remained stable [1] - The company anticipates a recovery in profit margins in Q4 as the USD to RMB exchange rate rebounds from its lows [1] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 641 million, 735 million, and 844 million yuan, representing year-on-year growth of 25.5%, 14.6%, and 14.9% respectively [1] Financial Performance Summary - Q3 gross margin was 45.44%, up 1.07 percentage points year-on-year and 0.35 percentage points quarter-on-quarter [3] - The sales expense ratio in Q3 was 11.64%, down 1.34 percentage points year-on-year, while the management expense ratio was 6.45%, up 1.33 percentage points year-on-year [3] - The company reported a significant sales increase in Europe, with Q3 sales growing by 35.63% year-on-year, and the European subsidiary turning profitable [4] - The company plans to enhance its market penetration in the chain restaurant sector, expecting breakthroughs in the next three years [4] Financial Projections - Revenue projections for 2024-2026 are 2,941 million, 3,308 million, and 3,722 million yuan, with year-on-year growth rates of 10.9%, 12.5%, and 12.5% respectively [5] - The projected earnings per share (EPS) for 2024-2026 are 1.52, 1.75, and 2.01 yuan [5] - The company’s price-to-earnings (P/E) ratios are projected to be 16.5, 14.4, and 12.5 for 2024, 2025, and 2026 respectively [5]

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、准确性和完整性依法承担法律责任。 重要内容提示： 证券代码：603277 证券简称：银都股份 公告编号：2024-062 银都餐饮设备股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 四、投资者参加方式 投资者可于 2024 年 11 月 07 日（星期四）15:00-16:00 通过网址 https://eseb.cn/1iPvsg14zoQ 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2024 年 11 月 07 日前进行会前提问，公司将通过本次业绩说明 会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 五、联系人及咨询办法 联系人：陆雅婧 一、说明会类型 银都餐饮设备股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日 在上海证券交易所网站（www.sse.com.cn）披露了《2024 年第三季度报告》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 会议召开时间：2024 年 11 月 07 日（星期四）15:00- ...

证券代码：603277 证券简称：银都股份 公告编号：2024-061 银都餐饮设备股份有限公司 关于回购注销部分限制性股票通知债权人公告 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个别及连带责任。 一、 通知债权人的原由 1 二、 需债权人知晓的信息 根据《中华人民共和国公司法》等相关法律、法规的规定，公司特此通知债 权人，债权人自本公告之日起四十五日内，有权凭有效债权文件及相关凭证要求 公司清偿债务或者提供相应担保。债权人未在规定期限内行使上述权利的，本次 回购注销将按法定程序继续实施。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托书和代理人有效身份证的原件及复印件。 债权人为自然人的，需同时携带有效身份证的原件及复印件；委托他人申报的， 除上述文件外，还需携带授权委托书和代理人有效身份证件的原件及复印件。 债权人可采用现场、邮寄 ...

Revenue and Profit - Revenue for Q3 2024 was CNY 725,751,891.23, a year-on-year increase of 0.17%[2] - Net profit attributable to shareholders for Q3 2024 was CNY 132,620,160.59, a decrease of 3.62% compared to the same period last year[2] - Net profit excluding non-recurring items for Q3 2024 was CNY 127,395,626.39, down 5.75% year-on-year[2] - The company reported a revenue of RMB 2,092,553,769.90 for the first three quarters of 2024, slightly up from RMB 2,056,557,060.30 in the same period of 2023, representing a growth of 1.7%[13] - The total operating revenue for Q3 2024 was approximately CNY 1,106,325,000, an increase from CNY 1,062,000,000 in Q3 2023, representing a growth of about 4.2%[15] - The net profit attributable to shareholders for Q3 2024 was CNY 479,257,933.66, compared to CNY 406,722,670.90 in Q3 2023, reflecting an increase of approximately 17.8%[16] - The total profit for Q3 2024 was CNY 557,848,368.39, compared to CNY 464,573,403.53 in Q3 2023, indicating an increase of approximately 20%[15] - The total comprehensive income for Q3 2024 was CNY 494,815,025.69, up from CNY 418,597,891.12 in Q3 2023, reflecting an increase of about 18.2%[16] Earnings Per Share - Basic and diluted earnings per share for Q3 2024 were both CNY 0.31, a decrease of 6.06% compared to the previous year[4] - The basic earnings per share for Q3 2024 was CNY 1.14, compared to CNY 0.97 in Q3 2023, marking an increase of approximately 17.5%[16] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 25.93% to CNY 474,334,336.98[2] - The cash flow from operating activities for the first nine months of 2024 was CNY 474,334,336.98, a decrease from CNY 640,350,895.62 in the same period of 2023, representing a decline of about 26%[17] - Cash outflow from investment activities totaled 261,332,729.83, an increase from 151,397,822.09 in the previous period[18] - Net cash flow from investment activities was -190,136,819.76, compared to 31,710,878.48 previously[18] - Total cash inflow from financing activities reached 466,356,650.52, significantly higher than 166,767,991.76 in the prior period[18] - Cash outflow from financing activities amounted to 793,355,739.50, up from 414,429,359.06[18] - Net cash flow from financing activities was -326,999,088.98, compared to -247,661,367.30 previously[18] - The net increase in cash and cash equivalents was -39,384,596.63, a decrease from 455,860,327.55 in the previous period[18] - The ending balance of cash and cash equivalents was 1,352,982,874.37, slightly up from 1,325,539,579.89[18] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 4,342,414,116.79, an increase of 13.14% from the end of the previous year[4] - Current assets totaled RMB 2,860,084,624.65, an increase of 13.7% from RMB 2,515,280,275.99 at the end of 2023[11] - Total liabilities increased to RMB 1,405,437,383.47 from RMB 1,013,069,458.30, indicating a growth of approximately 38.8%[13] - The non-current assets totaled RMB 1,482,329,492.14, an increase from RMB 1,322,851,861.01, reflecting a growth of 12.1%[12] Shareholder Information - Shareholders' equity attributable to shareholders at the end of Q3 2024 was CNY 2,936,976,733.32, up 3.96% year-on-year[4] - The company’s equity attributable to shareholders increased to RMB 1,243,037,593.13 from RMB 1,184,423,159.47, marking a growth of 4.9%[13] - The total number of ordinary shareholders at the end of the reporting period was 7,155[8] Other Financial Metrics - Non-recurring gains and losses for the current period amounted to CNY 5,224,534.20[6] - The company had a weighted average return on equity of 4.69%, a decrease of 0.52 percentage points from the previous year[4] - Research and development expenses for Q3 2024 were CNY 41,867,435.66, down from CNY 45,402,454.05 in Q3 2023, indicating a decrease of approximately 7.5%[15] - Tax expenses for Q3 2024 were CNY 78,590,434.73, an increase from CNY 57,850,732.63 in Q3 2023, reflecting a rise of about 36%[15] Accounting Changes - The company has adopted new accounting standards starting in 2024, which may affect financial reporting[19]