Core Viewpoint - The legal opinion letter from Zhejiang Tiance Law Firm confirms the legality and validity of the procedures and results of the 2024 annual general meeting of shareholders for Yindu Catering Equipment Co., Ltd. [1][2][5] Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on April 29, 2025 [2][4] - The meeting utilized a combination of on-site and online voting methods, with the on-site meeting scheduled for May 19, 2025, at 14:30 [2][3] - The online voting was available from 9:15 to 15:00 on May 19, 2025 [3] Group 2: Attendance and Voting - A total of 6 shareholders attended the meeting in person, representing 328,126,323 shares, approximately 77.27% of the total share capital [4] - The total number of shareholders participating in the voting, including both on-site and online, was 75, representing 335,109,208 shares, approximately 78.91% of the total share capital [4][5] - The qualifications of the attending shareholders and their proxies were verified and found to be compliant with relevant laws and regulations [5] Group 3: Voting Results - The voting results showed overwhelming support for the proposed resolutions, with approval rates exceeding 99.99% for most resolutions [6][8][10] - Specific resolutions included those related to annual salary confirmations and other significant proposals, all of which passed with high approval rates [7][11] - The legal opinion confirmed that the voting procedures adhered to the requirements of the Company Law and the rules governing shareholder meetings [12][13]

证券代码：603277 证券简称：银都股份 公告编号：2025-021 银都餐饮设备股份有限公司 2024年年度股东大会决议公告 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)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：杭州临平区星桥街道博旺街 56 号公司会议室 (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 | 75 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 335,109,208 | | 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 | | | 份总数的比例（%） | 78.9117 | (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。 本次会议由公司董事会召集，由公司董事长周俊杰先生主持，本次会议以现场投 票和网络投票相结合的方式召开，会议的召集、召开符合《公司法》《公司章程》 ...

法律意见书 浙江天册律师事务所 关于 银都餐饮设备股份有限公司 2024 年年度股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于银都餐饮设备股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0735 号 致：银都餐饮设备股份有限公司 浙江天册律师事务所（以下简称"本所"）接受银都餐饮设备股份有限公司 （以下简称"银都股份" 或"公司"）的委托，指派本所律师参加贵公司 2024 年 年度股东大会，并根据《中华人民共和国证券法》以下简称（"证券法"）、《中 华人民共和国公司法》（以下简称"公司法"）和中国证券监督管理委员会关于 《上市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"） 等法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会表决程序及表决结果的合法 有效性发表意见，不对会议所审议的议案内容和该等议案中所表述的事实或数据 的真实性和准确性发表意见。 本法律意 ...

Core Points - The company is holding its 2024 Annual General Meeting to discuss various proposals and ensure shareholder rights are protected [2][3][5] - The meeting will include voting on thirteen proposals, including the annual report, profit distribution, and the appointment of auditors [5][6][7] Meeting Procedures - Shareholders have the right to speak, inquire, and vote during the meeting, with specific procedures for registration and speaking time [2][3] - Voting will be conducted through both on-site and online platforms, with a requirement for a majority or two-thirds approval for different proposals [3][5] Financial Performance - The company reported a net profit of 541.01 million yuan for 2024, representing a year-on-year increase of 5.89% [7][23] - Total assets increased by 10.10% to 4.23 billion yuan, while total liabilities rose by 41.86% to 1.44 billion yuan [24] Profit Distribution Proposal - The proposed profit distribution plan includes a cash dividend of 0.50 yuan per share, totaling approximately 212.33 million yuan, and a capital reserve conversion of 0.45 shares per share [26][27] - The company plans to distribute a total of 424.71 million yuan in cash dividends for the 2025 mid-year [27][28] Strategic Initiatives - The company aims to enhance its global market presence and brand recognition through strategic initiatives, including the establishment of warehouses in various countries [8] - The company is focused on product innovation and expanding its product range to meet market demands [9]

银都餐饮设备股份有限公司 2024 年年度股东大会 会议资料 2025 年 05 月 19 日 | 银都餐饮设备股份有限公司 | | 1 | | --- | --- | --- | | 2024 | 年年度股东大会议程 | 1 | | 2024 | 年年度股东大会会议须知 | 3 | | 议案一. 关于公司 2024 | 年年度报告及摘要的议案 5 | | | 议案二. 2024 | 年度董事会工作报告 | 6 | | 议案三. 2024 | 年度监事会工作报告 | 12 | | 议案四. 2024 | 年度财务决算报告 | 20 | | 23 | | | | 议案六. | 关于聘任天健会计师事务所（特殊普通合伙）担任 2025 年度审计机构的议案 | 25 | | 议案七. 关于 2025 | 年度向金融机构申请贷款、综合授信额度及提供担保的议案 | 30 | | 关于预计 议案八. 2025 | 年度日常关联交易的议案 41 | | | 议案九. | 关于开展外汇衍生品交易业务的议案 45 | | | 议案十. | 关于使用闲置自有资金进行现金管理额度的议案 50 | | | 议案十一. 关于董事 202 ...

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 [7][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [1]. - The company is actively expanding its global presence with early overseas production base layouts and ongoing globalization of its proprietary brand [1][6]. - The target price is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% [8]. - The net profit attributable to shareholders for 2024 was 541 million yuan, reflecting a year-on-year growth of 5.9% [8]. - For Q1 2025, the company recorded a revenue of 614 million yuan, a decrease of 2.81% year-on-year, but a net profit of 200 million yuan, which is an increase of 21.36% year-on-year [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.921 billion yuan, 3.300 billion yuan, and 3.659 billion yuan, respectively, with year-on-year growth rates of 6.1%, 13.0%, and 10.9% [7][8]. - The net profit attributable to shareholders is expected to be 642 million yuan in 2025, 679 million yuan in 2026, and 781 million yuan in 2027, with growth rates of 18.6%, 5.8%, and 15.1% respectively [7][8]. Strategic Initiatives - The company is enhancing its global distribution channels and product series, with a focus on intelligent equipment [6]. - The establishment of a production base in Thailand is expected to improve competitiveness in the U.S. market amid tariff changes [6]. - The company aims to leverage its high proportion of proprietary brands and expand its market share through global channel development and new product introductions [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth and continues to distribute dividends, with overseas production capacity expansion reducing tariff impacts [1] - In 2024, the company achieved total operating revenue of 2.753 billion yuan, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [5] - The company is expected to see net profits of 609 million yuan, 674 million yuan, and 727 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 12.6%, 10.7%, and 7.8% [5] Financial Performance - The company's revenue for Q1 2025 was 614 million yuan, a decrease of 2.81% year-on-year, but net profit increased significantly to 199.7 million yuan, up 21.36% year-on-year due to fair value changes [5] - The gross profit margin is projected to be 41.8% in 2025, with a net profit margin of 20.4% [9] - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares for the 2024 fiscal year, totaling 425 million yuan, resulting in a dividend yield of approximately 4.42% based on the current stock price [7] Business Segments - The ODM sales revenue for 2024 was 698 million yuan, a year-on-year increase of 15.9%, contributing to 25.7% of the main business revenue [6] - The company's overseas sales revenue reached 2.579 billion yuan in 2024, a year-on-year increase of 7.79%, accounting for 94.9% of the main business revenue [6] - The company has established 20 self-built warehouses and 18 agency warehouses to enhance its overseas marketing network [6] Future Outlook - The company is expanding its overseas production capacity, with new production facilities in Thailand entering the ramp-up phase [6] - The collaboration with the company "越疆" on the French fries robot 3.0 has entered the trial phase in stores, indicating progress in product development [7] - The current stock price corresponds to a P/E ratio of 16.2 for 2025, 14.7 for 2026, and 13.6 for 2027, suggesting potential for future growth [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved steady revenue growth in 2024, with total operating income of 2.753 billion yuan, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [5] - In Q1 2025, the company reported revenue of 614 million yuan, a decrease of 2.81% year-on-year, but net profit increased significantly by 21.36% to 199.7 million yuan, primarily due to a substantial increase in fair value gains [5] - The company has adjusted its profit forecasts for 2025-2026 due to tariff impacts and weak U.S. demand, now expecting net profits of 609 million yuan, 674 million yuan, and 727 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 12.6%, 10.7%, and 7.8% [5] - The company is expanding its overseas production capacity, particularly in Europe, and has begun ramping up production at its new facility in Thailand [6] Financial Performance - The company’s revenue for 2024 is projected to be 2.983 billion yuan, with a year-on-year growth of 8.4% [9] - The gross profit margin is expected to be 41.8% in 2025, with a net profit margin of 20.4% [9] - The earnings per share (EPS) for 2025 is estimated at 1.43 yuan, with a price-to-earnings (P/E) ratio of 16.2 [9] Dividend Policy - The company announced a cash dividend plan for 2024, distributing 10.00 yuan per 10 shares, totaling 425 million yuan, which corresponds to a dividend yield of approximately 4.42% based on the current stock price [7] Product Development - The company is advancing its smart product line, with the 3.0 version of its French fry robot being tested in stores by several chain customers [7]

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 [6][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [1]. - The company is actively expanding its global presence with early investments in overseas production bases and a continuous push for brand globalization [1][6]. - The target price for the company's stock is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% expected to reach 2,921 million yuan in 2025, representing a growth of 6.1% [8]. - The net profit attributable to shareholders for 2024 is projected at 541 million yuan, with an expected increase to 642 million yuan in 2025, reflecting a growth rate of 18.6% [8]. - The gross margin for 2024 is reported at 43.01%, with a slight year-on-year decrease of 0.49 percentage points, while the operating profit is expected to grow steadily in the coming years [6][8]. Market Position and Strategy - The company has increased its export ratio, with overseas sales accounting for 93.7% of total revenue in 2024, up from 90.2% in 2023 [6]. - The establishment of a production base in Thailand is expected to enhance competitiveness in the U.S. market, especially in light of recent tariff changes [6]. - The company is focusing on product diversification and smart equipment development, aiming to capture a larger share of the U.S. market, particularly in the fast-food sector with its French fry robot product [6][7].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - In Q1 2025, the company's net profit attributable to the parent company increased by 21% year-on-year, supported by steady growth in overseas revenue due to the ongoing globalization strategy [2] - For 2024, the company achieved total revenue of 2.753 billion yuan, a year-on-year increase of 3.8%, and a net profit of 541 million yuan, up 5.9% year-on-year [2] - The company is expected to continue its growth trajectory in the global commercial kitchen equipment industry, aided by its early overseas capacity layout and manageable tariff risks [4] Financial Performance Summary - The company's total revenue and net profit forecasts for 2025 and 2026 have been adjusted to 6.45 billion yuan and 7.70 billion yuan respectively, with a new forecast for 2027 set at 8.78 billion yuan [4] - The sales gross margin for 2024 was 43.0%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 19.7%, up 0.4 percentage points [3] - The company’s overseas revenue reached 2.58 billion yuan in 2024, a year-on-year increase of 7.8%, while domestic revenue fell by 39.5% to 1.4 billion yuan due to reduced procurement demand from domestic chain customers [2][3] Product Performance Summary - In 2024, revenue from commercial catering refrigeration equipment was 2.05 billion yuan, a year-on-year increase of 4.3%, while revenue from Western kitchen equipment was 460 million yuan, up 1.2% [2] - The company has introduced a series of intelligent products, including a smart French fry robot and a multifunctional steam oven, which have garnered significant attention and are expected to be growth drivers in the medium to long term [4]