致:上海荣泰健康科技股份有限公司 上海荣泰健康科技股份有限公司(以下简称"公司")2023年年度股东大会 于 2024年5月8日在上海市青浦区徐泾镇高光路 169 弄虹桥时代广场 6 号楼荣 泰大厦公司会议室召开。上海市广发律师事务所经公司聘请,委派占新越律师、 沈旖芸律师出席现场会议,根据《中华人民共和国公司法》(以下简称"《公司 法》"）、《上市公司股东大会规则》(以下简称"《股东大会规则》")等法 律法规、其他规范性文件以及《上海荣泰健康科技股份有限公司章程》(以下简 称"《公司章程》")的规定,就本次股东大会的召集和召开程序、召集人及出 席会议人员的资格、会议议案、表决方式和表决程序、表决结果和会议决议等出 具本法律意见书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件均已向本所披露,而无任何隐瞒、疏漏之 处。 上海市广发律师事务所 关于上海荣泰 ...

证券代码：603579 证券简称：荣泰健康 公告编号：2024-034 转债代码：113606 转债简称：荣泰转债 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 56,703,900 | | 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（%） | 42.1040 | (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，公司董事长林光荣先生主持会议，会议以现场 上海荣泰健康科技股份有限公司 2023 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 会议和网络投票相结合的方式召开并表决，会议的召集、召开及表决方式符合《公 司法》及《公司章程》的规定。 (一) 股东大会召开的时间：2024 年 5 月 8 日 (二) 股东大会召开的地点：上海市青浦区徐泾镇高光路 169 弄 ...

| | | 上海荣泰健康科技股份有限公司 第四届监事会第十二次会议决议公告 具体内容详见公司同日披露的《上海荣泰健康科技股份有限公司 2024 年第 一季度报告》。 表决结果：3 名赞成，占全体监事人数的 100%；0 名弃权；0 名反对。 特此公告。 上海荣泰健康科技股份有限公司监事会 本公司监事会及全体监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。 2024 年 4 月 26 日 一、监事会会议召开情况 上海荣泰健康科技股份有限公司（以下简称"公司"）第四届监事会第十二 次会议于 2024 年 4 月 25 日上午 11 时在上海市青浦区徐泾镇高光路 169 弄虹桥 时代广场荣泰大厦公司会议室召开。会议通知及会议资料已于 2024 年 4 月 22 日 以现场送达、电话或电子邮件等方式发出。本次会议由监事会主席曹韬先生主持， 会议应到监事 3 人，实到监事 3 人。本次会议的召集、召开程序符合《中华人民 共和国公司法》等有关法律、法规、《上海荣泰健康科技股份有限公司章程》的 规定，会议决议合法有效。 二、监事会会议审议情况 1、审议通过了《 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 400,613,890.42, representing a year-on-year increase of 3.86%[3] - Net profit attributable to shareholders for Q1 2024 was CNY 62,741,790.01, up 67.31% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 61,055,837.73, reflecting a significant increase of 136.04% year-on-year[3] - Basic earnings per share for Q1 2024 were CNY 0.47, an increase of 67.86% from the previous year[6] - The diluted earnings per share were CNY 0.42, marking a 50.00% increase compared to the same period last year[6] - Total operating revenue for Q1 2024 was CNY 400,613,890.42, an increase of 3.1% compared to CNY 385,718,637.33 in Q1 2023[18] - Net profit for Q1 2024 was CNY 62,847,346.26, up 67.0% from CNY 37,675,339.13 in Q1 2023[19] - Earnings per share for Q1 2024 were CNY 0.47, compared to CNY 0.28 in Q1 2023, reflecting a growth of 67.9%[19] - The total comprehensive income for Q1 2024 was CNY 60,953,288.76, compared to CNY 37,565,515.60 in Q1 2023, reflecting an increase of 62.1%[19] Assets and Liabilities - The company's total assets at the end of Q1 2024 were CNY 3,458,216,200.57, a 2.17% increase from the end of the previous year[4] - Shareholders' equity attributable to the parent company was CNY 2,052,718,628.07, up 4.26% from the previous year-end[4] - The company's current assets totaled RMB 2,215,838,583.92, slightly down from RMB 2,227,668,652.17 in the previous period, indicating a decrease of about 0.53%[15] - The total liabilities decreased slightly to CNY 1,401,289,501.59 in Q1 2024 from CNY 1,411,896,901.04 in Q1 2023[18] - The total equity attributable to shareholders increased to CNY 2,052,718,628.07 in Q1 2024 from CNY 1,968,889,002.67 in Q1 2023, marking a growth of 4.3%[18] - The company's total liabilities increased, with current liabilities including accounts payable reported at RMB 316,274,915.78, down from RMB 391,912,802.51, showing a decrease of about 19.25%[15] Cash Flow - The net cash flow from operating activities was negative CNY 150,370,360.33, a decline of 813.40% year-on-year, primarily due to increased payments for goods[3][5] - Cash received from sales and services in Q1 2024 was approximately $387.49 million, a decrease from $392.97 million in Q1 2023, reflecting a decline of about 1.9%[22] - Net cash flow from operating activities was negative at approximately -$150.37 million, compared to a positive cash flow of $21.08 million in the same quarter last year[22] - Total cash inflow from investment activities was approximately $244.17 million, an increase from $237.99 million in Q1 2023[22] - Cash outflow from investment activities increased significantly to approximately $332.61 million, compared to $194.99 million in Q1 2023, resulting in a net cash flow from investment activities of approximately -$88.45 million[22] - Cash inflow from financing activities was approximately $265.55 million, a substantial increase from $49.13 million in Q1 2023[23] - Net cash flow from financing activities was approximately $163.43 million, compared to a negative cash flow of -$148.50 million in the same quarter last year[23] - The ending cash and cash equivalents balance for Q1 2024 was approximately $1.31 billion, down from $1.24 billion in Q1 2023[23] - The company reported a significant increase in cash received from tax refunds, totaling approximately $32.51 million, compared to $18.05 million in Q1 2023, marking an increase of about 80%[22] - Total cash outflow from operating activities was approximately $585.14 million, compared to $427.02 million in Q1 2023, indicating an increase of about 37%[22] - The company experienced a cash decrease of approximately $74.44 million in Q1 2024, compared to a decrease of $87.03 million in Q1 2023[23] Legal Matters - The company reported a legal case where it was ordered to pay RMB 5.1 million in damages related to patent infringement, with ongoing appeals indicating potential future financial implications[12] - The company has taken legal actions in response to the lawsuit, indicating proactive measures to mitigate potential financial losses[12] Research and Development - Research and development expenses rose to CNY 20,142,315.83 in Q1 2024, up from CNY 17,233,671.42 in Q1 2023, indicating an increase of 11.1%[18]

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-031 | | --- | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | | 上海荣泰健康科技股份有限公司 第四届董事会第十五次会议决议公告 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 2024 年一季度报告中的财务信息在提交董事会审议前，已经公司董事会审 计委员会审议通过。 表决结果：9 名赞成，占全体董事人数的 100%；0 名弃权；0 名反对。 特此公告。 上海荣泰健康科技股份有限公司董事会 2024 年 4 月 26 日 上海荣泰健康科技股份有限公司（以下简称"公司"）第四届董事会第十五 次会议于 2024 年 4 月 25 日上午 10 时在上海市青浦区徐泾镇高光路 169 弄虹桥 时代广场荣泰大厦公司会议室以现场加通讯表决方式召开。会议通知和材料已于 2024 年 4 月 22 日以现场送达、电话或电子邮件等方式发出。本次会议由董事长 林光荣先生主持，会议应参加董事 9 人，实际 ...

[Table_Summary] [Table_ReportDate] 荣泰健康(603579)公司简评报告 | 2024.04.23 [Table_Authors] 陈梦 首席分析师 SAC 执证编号：S0110521070002 chenmeng@sczq.com.cn 电话：010-81152649 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 23.16 | | 一年内最高 / 最低价（元） | 24.12/15.40 | | 市盈率（当前） | 16.03 | | 市净率（当前） | 1.69 | | 总股本（亿股） | 1.39 | | 总市值（亿元） | 32.19 | | 资料来源：聚源数据 | | 核心观点 | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------| | 盈利预测 [Table_Pro ...

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Views - The company achieved a revenue of 1.855 billion yuan in 2023, a year-on-year decrease of 7.47%, while the net profit attributable to the parent company was 203 million yuan, an increase of 23.43%. The net profit after deducting non-recurring gains and losses was 186 million yuan, up 47.78% year-on-year [10][11]. - In Q4 2023, the company reported a revenue of 557 million yuan, a year-on-year increase of 25.84%, and a net profit of 50.97 million yuan, up 32.19% year-on-year [10][11]. - The company expects a significant increase in net profit for Q1 2024, with a forecast of 57.55 million to 62.89 million yuan, representing a year-on-year increase of 122.5% to 143.11% [10][11]. - The company plans to distribute a cash dividend of 10.00 yuan per 10 shares (tax included) and to increase capital by 3 shares for every 10 shares held [10][11]. Financial Performance - The company's gross profit margin improved by 4.3 percentage points to 30.82% in 2023, primarily due to a decrease in raw material costs and proactive product structure optimization [11]. - Sales expenses decreased by 2.47% year-on-year, while management expenses increased by 11.08% due to rising employee compensation and consulting fees [11]. - The operating profit increased by 21.09% year-on-year, with a significant growth of 70.47% in operating profit in Q4 2023 [11]. Market Position and Outlook - The company is positioned as a leader in the domestic massage chair market and a significant global manufacturer, with a solid foundation in R&D, industrial design, and quality control [15]. - The company anticipates a recovery in demand, projecting net profits of 241 million, 287 million, and 339 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 12.73, 10.72, and 9.05 [15].

Investment Rating - The report maintains a "Hold" rating for the company, with expected EPS for 2024-2026 at 1.69, 1.91, and 2.13 yuan respectively [13][14] Core Views - The company's profitability improved significantly in 2023, with gross margin increasing by 4.3pp to 30.8%, driven by foreign sales margin improvement and enhanced production efficiency [1] - Despite revenue decline due to weak domestic demand and overseas market pressure, the company achieved a 23.4% YoY increase in net profit attributable to parent company, reaching 200 million yuan [5] - The company is actively adjusting its overseas team structure and improving profitability, positioning itself for growth as the economy recovers [7] Financial Performance Revenue and Profit - 2023 revenue decreased by 7.5% YoY to 1.86 billion yuan, with domestic sales down 5.16% and overseas sales down 8.59% [5][6] - Net profit attributable to parent company grew 23.4% YoY to 200 million yuan, with Q4 showing strong growth of 32.2% YoY [5] - The company plans to distribute 130 million yuan in cash dividends, with a payout ratio of 66.4% [5] Margins - Gross margin improved to 30.8% in 2023, with domestic and overseas margins at 36.6% and 26.1% respectively [1] - Net margin increased by 2.7pp to 11% in 2023, primarily due to gross margin improvement [1] Product Performance - Massage chairs accounted for the majority of revenue at 1.77 billion yuan, down 5.9% YoY [6] - Massage appliances and experiential massage services saw significant declines of 28.2% and 16.2% respectively [6] Future Outlook - The company is expected to achieve revenue growth of 12.19%, 12.84%, and 11.16% in 2024-2026, with net profit growth of 15.75%, 12.89%, and 11.93% respectively [8] - Domestic revenue is projected to grow at 10% annually, while overseas revenue is expected to grow at 15%, 15%, and 12% in 2024-2026 [20] - Gross margins are forecasted to improve further, with domestic margins stable at 37% and overseas margins increasing from 27% to 29% over the next three years [20]

| 证券代码：603579 | 证券简称：荣泰健康 公告编号：2024-030 | | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并书面征询了公 司控股股东及实际控制人，现将有关情况说明如下： 上海荣泰健康科技股份有限公司 股票交易异常波动公告 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： 上海荣泰健康科技股份有限公司（以下简称"公司"）股票于 2024 年 4 月 15 日、2024 年 4 月 16 日、2024 年 4 月 17 日连续三个交易日内日收盘价格涨 幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股 票交易异常波动。 经公司自查并书面征询公司控股股东及实际控制人，截至本公告披露日， 除公司已披露事项外，不存在应披露而未披露的重大信息。 一、股票交易异常波动的具体情况 公司股票于 2024 年 4 月 15 日、2024 年 4 月 16 日、2024 ...

股票代码：603579 股票简称：荣泰健康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 2023 年年报业绩交流会会议纪要 一、时间：2024 年 4 月 16 日上午 9 点半，2024 年 4 月 16 日下午 15 点 二、调研方式：电话会议 三、调研机构及人员： | 序号 | 人员姓名 | 机构名称 | | --- | --- | --- | | 1 | 刘子立 | 成都万象华成投资管理有限公司 | | 2 | 杨骏骋 | 嘉实基金 | | 3 | 何伟 | 光证资管 | | 5 | 王予澈 | 星石投资 | | 6 | 潘思成 | 中金资管 | | 7 | 邱思佳 | 兴证资管 | | 8 | 潘李剑 | 金鹰基金 | | 9 | 毛振强 | 西部利得基金 | | 10 | 陈琨 | 平安资管 | | 11 | 朱施乐 | 长安基金 | 1 | 序号 | 人员姓名 | 机构名称 | | --- | --- | --- | | 12 | 张海涛 | 慎知资产 | | 13 | 赵梓峰 | 途灵资产 | | 14 | 范鹏程 | 国联基金 | | 15 | 杨一 | 红土创 ...