Market Overview - The small home appliance sector experienced a decline of 0.88% on September 3, with BeiYikang leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers included: - JiZhi Technology (code: 870726) with a closing price of 23.27, up 30.00% and a trading volume of 145,900 shares, totaling 321 million yuan [1] - Major decliners included: - BeiYikang (code: 6610Z8) with a closing price of 39.22, down 5.70% and a trading volume of 22,000 shares, totaling 89.51 million yuan [2] - BiYi Co. (code: 603215) with a closing price of 21.03, down 4.84% and a trading volume of 82,500 shares, totaling 177 million yuan [2] Capital Flow - The small home appliance sector saw a net outflow of 114 million yuan from institutional investors, while retail investors had a net inflow of 72.05 million yuan [2][3] - Specific stock capital flows included: - KaiNeng Health (code: 300272) with a net inflow of 12.42 million yuan from institutional investors [3] - SuBoEr (code: 002032) with a net inflow of 7.08 million yuan from institutional investors [3]

开源证券股份有限公司吕明,蒋奕峰近期对莱克电气（603355）进行研究并发布了研究报告《公司信息更新报告： 2025Q2业绩不及预期，海外产能布局加速》，给予莱克电气买入评级。 莱克电气 2025Q2业绩不及预期，海外产能布局加速，维持"买入"评级 | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 | 研报数 覆盖时长 | | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-08-29 | 申万宏源 | 刘正 | - | - | - | 10.40 Z | 13.83 Z | 14.83 Z | i | | 2025-05-17 | 华创证券 | 樊豆辰 | -- | -- | -- | 12.54 Z | 13.80 G | 15.06 Z | 26.50 | | 2025-05-07 | 中国银河 | 何伟 | -- | -- | -- | ...

Group 1 - The small home appliance sector experienced a decline of 1.38% on September 1, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the small home appliance sector showed varied performance, with Xiaoxiong Electric rising by 5.76% to a closing price of 55.48 [1] Group 2 - Ecovacs saw a significant decline of 4.01%, closing at 93.00, with a trading volume of 97,900 shares and a turnover of 932 million yuan [2] - The small home appliance sector experienced a net outflow of 448 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2] - The trading data indicates that the sector is experiencing mixed investor sentiment, with some stocks like Xiaoxiong Electric performing well while others like Ecovacs are underperforming [2]

Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit, primarily due to the impact of U.S. tariffs on exports of automotive parts [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.781 billion yuan, a year-on-year increase of 0.65% - The net profit attributable to shareholders was 428 million yuan, a year-on-year decrease of 29.01% - The net profit after deducting non-recurring gains and losses was 415 million yuan, down 30.01% year-on-year - In Q2 2025, revenue declined by 1.8% year-on-year, and net profit attributable to shareholders fell by 39.57% [1]. Impact of U.S. Tariffs - The company's performance was adversely affected by U.S. tariffs, particularly on automotive parts exports, leading to increased sales expenses - The sales expense ratio for the first half of the year was 5.21%, an increase of 0.97 percentage points year-on-year, with Q2 showing a rise of 0.81 percentage points - The company has reached an agreement with clients to share the burden of tariffs, which may provide some compensation in the second half of the year [2]. Overseas Expansion - The company has been shifting its ODM home appliance exports overseas, although the transition has incurred high costs and personnel expenses, squeezing profit margins - Rapid progress in building overseas supply chains is noted, with a new factory in Vietnam reaching full production in May 2025, expected to contribute over 4 million small appliances and 1.8 million motor capacities to meet U.S. demand - The automotive parts production base in Thailand is expected to be completed by Q3 2025, with an anticipated annual sales scale of 100 million USD - Total overseas investment amounts to approximately 150 million USD, with further production scale increases expected as new facilities come online [2]. Diversification in Automotive Parts Business - The automotive motor segment is diversifying its development by penetrating existing customers and breaking into high-end markets in Europe and the U.S. - The company is pursuing multiple technological paths, expanding into various motor types to avoid reliance on a single technology - In the first half of 2025, the automotive motor division developed six new customers and secured seven new project orders, with new business orders exceeding 400 million yuan [3]. Investment Outlook - The company maintains its profit forecast, expecting revenues of 10.2 billion, 11.1 billion, and 12.4 billion yuan for 2025-2027, representing year-on-year growth of 4.4%, 9.2%, and 11.3% respectively - Projected net profits for the same period are 1.24 billion, 1.33 billion, and 1.49 billion yuan, with year-on-year growth of 1.1%, 7.39%, and 11.4% - Earnings per share (EPS) are expected to be 2.17, 2.33, and 2.59 yuan, with current stock prices corresponding to P/E ratios of 11x, 10.3x, and 9.28x, maintaining a "recommended" rating [3].

据证券之星公开数据整理，近期莱克电气（603355）发布2025年中报。截至本报告期末，公司营业总收 入47.81亿元，同比上升0.65%，归母净利润4.28亿元，同比下降29.01%。按单季度数据看，第二季度营 业总收入23.93亿元，同比下降1.8%，第二季度归母净利润2.0亿元，同比下降39.57%。本报告期莱克电 气公司应收账款体量较大，当期应收账款占最新年报归母净利润比达185.44%。 本次财报公布的各项数据指标表现一般。其中，毛利率23.2%，同比减6.16%，净利率8.97%，同比减 29.41%，销售费用、管理费用、财务费用总计3.16亿元，三费占营收比6.62%，同比增76.73%，每股净 资产9.16元，同比增7.88%，每股经营性现金流0.73元，同比减25.19%，每股收益0.75元，同比减28.57% 证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为10.66%，资本回报率一般。去年的净利率为12.62%，算上全部成本后， 公司产品或服务的附加值高。从历史年报数据统计来看，公司上市以来中位数ROIC为13.35%，投资回 报也较好，其中最惨年份2020年的ROIC为 ...

证券代码：603355 证券简称：莱克电气 公告编号：2025-045 债券代码：113659 债券简称：莱克转债 莱克电气股份有限公司 关于 2020 年限制性股票激励计划首次授予部分 第五个限售期解除限售条件成就的公告 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个别及连带责任。 重要内容提示： ? 莱克电气股份有限公司（以下简称"公司"）2020 年限制性股票激励计 划首次授予部分第五个限售期解除限售条件已成就，本次符合解除限售条件的激 励对象共 236 名，可解除限售的限制性股票数量为 2,256,030 股，占公司目前总 股本的 0.39%。 ? 本次限制性股票在后续办理完成解除限售、上市流通前，公司还将发布 相关提示公告。 公司于 2025 年 8 月 28 日召开了第六届董事会第二十次会议，审议通过了《关 于 2020 年限制性股票激励计划首次授予部分第五个限售期解除限售条件成就的 议案》，现将相关事项公告如下： 一、2020 年限制性股票激励计划批准及实施情况 二次会议，审议通过了《关于公司<2020 年限制性股票激励 ...

(本 页无正文 ,为 《莱克电气股份有限公司第六届董事会薪酬与考核委员会关于 公司⒛⒛年限制性股票激励计划首次授 予部分第五个 限售期解除限售条件成就 的核查意见》的签署页) 莱克电气股份有限公司第六届董事会薪酬与考核委员会 关于公司2020年限制性股票激励计划首次授予部分 第五个限售期解除限售条件成就的核查意见 根据《公司法》、《证券法》、《上市公司股权激励管理办法》等相关法律 法规的规定，莱克电气股份有限公司(以下简称"公司") 第六届董事会薪酬与 考核委员会对公司2020年限制性股票激励计划首次授予部分第五个限售期解除 限售条件成就事项进行了核查，现发表核查意见如下： 董事会薪酬与考核委员会核查认为：根据《激励计划》的相关规定，公司2020 年限制性股票激励计划首次授予部分第五个限售期解除限售条件已达成，本次符 合解除限售条件的236名激励对象主体资合法、有效，可解除限售的限制性股票 数量为2,256,030股。本次限制性股票解除限售事项符合《上市公司股权激励管 理办法》等法律法规的规定及《激励计划》的规定，不存在损害上市公司及全体 股东利益的情形。 因此，我们同意将《关于2020年限制性股票激励计划首 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that Leike Electric Co., Ltd. has fulfilled the necessary legal procedures for the release of restrictions on its 2020 restricted stock incentive plan, the repurchase and cancellation of unvested shares, and the adjustment of repurchase prices [1][15]. Group 1: Approval and Authorization - The company obtained legal authorization from the board of directors for the release of restrictions, repurchase, and price adjustment related to the 2020 restricted stock incentive plan [6][10]. - The board of directors approved the relevant proposals during the meetings held on July 23, 2020, and August 28, 2025 [6][10]. Group 2: Release of Restrictions - The fifth release period for the restricted stock will end on September 17, 2025, allowing for a 20% release of the shares [7]. - The conditions for the release of restrictions have been met, including no adverse audit opinions and no disqualifications of the incentive targets [8][9]. Group 3: Repurchase and Price Adjustment - The company will repurchase a total of 86,450 shares due to the departure of four incentive targets and the failure of 23 targets to meet performance criteria [10][12]. - The adjusted repurchase price for the restricted shares is set at 8.94 yuan per share, which includes interest [12][14]. - The total amount for the repurchase will be approximately 784,024.17 yuan, funded by the company's own resources [12][14]. Group 4: Impact on Share Structure - Following the repurchase, the number of restricted shares will decrease from 2,342,480 to 2,256,030, while the total number of shares will be adjusted accordingly [13].

债券代码：113659 债券简称：莱克转债 莱克电气股份有限公司 关于回购注销部分激励对象已获授但 证券代码：603355 证券简称：莱克电气 公告编号：2025-046 尚未解锁的限制性股票及调整回购价格的公告 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个别及连带责任。 重要内容提示： ? 本次回购注销首次授予的限制性股票共 86,450 股, 因 4 名激励对象离职 以及 23 名激励对象在 2024 年度个人层面绩效考核得分未达"100"而回购注销 的限制性股票，回购价格为 8.94 元/股加银行同期存款利息之和。 授予结果公告》，首次授予 1,007.25 万股限制性股票于 2020 年 9 月 18 日在中国 证券登记结算有限责任公司上海分公司完成股份登记。登记完成后，公司总股本 由 401,000,000 股变更为 411,072,500 股。 第七次会议审议通过了《关于回购注销部分激励对象已获授但尚未解锁的限制性 股票的议案》，鉴于公司 2020 年限制性股票激励计划首次授予的陈伟和刘红生 2 名激励对象因个人原因离职 ...

第六届董事会第二十次会议决议公告 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 莱克电气股份有限公司（以下简称"公司"）第六届董事会第二十次会议于 的方式召开。本次会议应到董事 8 名，实到董事 8 名，符合召开董事会会议的法 定人数。会议由公司董事长倪祖根先生主持，公司高级管理人员列席了会议。会 议程序符合《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《关于公司 2025 年半年度报告及摘要的议案》 证券代码：603355 证券简称：莱克电气 公告编号：2025-044 债券代码：113659 债券简称：莱克转债 莱克电气股份有限公司 具体内容详见上海证券交易所网站：http://www.sse.com.cn。 本议案在提交董事会前已经公司第六届董事会审计委员会第十三次会议审 议通过。 表决结果：8 票同意、0 票反对，0 票弃权。 （二）审议通过《关于 2020 年限制性股票激励计划首次授予部分第五个限 售期解除限售条件成就的议案》 ...