Investment Rating - The investment rating for the company is "Outperform the Market" [5][27] Core Views - The company is experiencing short-term operational pressure due to weak external demand, with a revenue decline of 7.8% in 2024 and a net profit drop of 24.1% [1][3] - The company aims to improve revenue and profit through a "trade-in" program [1] - Despite the challenges, the company maintains its leading position in the smart home sector and continues to expand its product offerings [3] Financial Performance Summary - In 2024, the company achieved a revenue of 1.56 billion, down 7.8%, and a net profit of 248 million, down 24.1% [4] - The first quarter of 2025 saw a revenue of 260 million, down 11.4%, and a net profit of 30 million, down 39.7% [1] - The gross margin for 2024 was 48.0%, a decrease of 3.4 percentage points, with a significant drop in Q4 to 37.6% [3][4] Product and Sales Channel Analysis - The smart home product segment generated 1.33 billion in revenue, down 7.4%, but saw a volume increase of 19.4% to 1.533 million units sold [2] - Online sales remained relatively stable at 990 million, down 2.0%, while offline sales dropped significantly by 20.8% to 530 million [2] - The company is focusing on a multi-channel strategy, strengthening its online presence while addressing challenges in offline sales [2] Profitability and Cost Structure - The company's net profit margin for 2024 was 12.9%, a decrease of 6.1 percentage points, primarily due to intensified price competition and increased expenses [3] - The sales, management, and R&D expense ratios increased, indicating higher operational costs impacting profitability [3] Future Earnings Forecast - The company has revised its profit forecasts for 2025-2027, expecting net profits of 300 million, 360 million, and 410 million respectively, reflecting growth rates of 21.8%, 18.3%, and 13.7% [3][4] - The current stock price corresponds to a price-to-earnings ratio of 18.5 for 2025, indicating a valuation adjustment in light of market conditions [3][4]

在技术创新方面，好太太同样不遗余力。公司持续加大研发投入，积极引进高端研发人才，不断完善研 发体系和创新机制。通过持续的技术突破和产品优化，好太太成功推出了一系列具有行业领先水平的智 能家居产品，如自主研发的晾衣机蓝鲸动力系统、智能门锁人脸识别技术等。这些创新产品不仅极大地 提升了用户的使用体验，也为公司赢得了更广泛的市场份额和良好口碑。 在渠道布局上，好太太同样表现出色。公司全面深化市场覆盖，实现了全渠道布局和精细化运营。通过 巩固传统经销商渠道优势、积极拓展线上电商渠道和新兴社交电商平台，好太太成功实现了线上线下 （300959）的协同发展，进一步提升了品牌知名度和市场占有率。同时，公司还积极与房地产商、家装 公司等合作伙伴开展战略合作，共同开拓智能家居市场的新蓝海。 在质量管理方面，好太太始终坚守品质至上的原则。公司建立了完善的质量管理体系和严格的检测标 准，从原材料采购到成品出厂的每一个环节都进行了细致入微的质量控制。通过不断提升产品质量和服 务水平，好太太成功赢得了消费者的广泛信赖和高度认可。此外，公司还积极践行绿色环保和可持续发 展理念，致力于为消费者提供更加健康、环保的智能家居产品。 综上所述， ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for performance recovery driven by national subsidies and the company's strong market position [1]. Core Viewpoints - The company is expected to solidify its leading position in the smart drying rack market, with performance recovery anticipated due to the implementation of national subsidy policies [1]. - The company has faced challenges in 2024, with a revenue decline of 7.8% year-on-year to 1.557 billion yuan and a net profit drop of 24.1% to 248 million yuan, primarily due to weak market demand and competition from emerging brands [1][2]. - The smart home product segment showed resilience, with a 19.42% increase in sales, despite overall revenue declines in other categories [2]. - The company is actively pursuing a multi-channel sales strategy, balancing online and offline sales, and focusing on expanding into underdeveloped markets [3]. Financial Performance Summary - In 2024, the company reported total revenue of 1.557 billion yuan, a decrease of 7.8% year-on-year, with a net profit of 248 million yuan, down 24.1% [6]. - The gross margin for 2024 was 48.0%, reflecting a decline of 3.37 percentage points compared to the previous year [3]. - The company’s operating cash flow for 2024 was 285 million yuan, a decrease of 219 million yuan year-on-year, attributed to performance pressures and increased payments [4]. - Forecasts for net profit from 2025 to 2027 are 282 million yuan, 329 million yuan, and 384 million yuan, representing year-on-year growth rates of 13.3%, 17.0%, and 16.5% respectively [4]. Market Position and Strategy - The company is recognized as a leader in the smart drying rack industry, with a commitment to innovation driving growth [2]. - The smart drying rack market is projected to exceed 15 billion yuan in 2024, with an annual growth rate of over 20% in the past five years, supported by trends in home automation and renovation [2]. - The company is enhancing operational efficiency through cost reduction and process optimization initiatives [4].

Financial Performance - The company's operating revenue for 2024 was CNY 1,556,940,230.10, a decrease of 7.78% compared to CNY 1,688,325,298.64 in 2023[23]. - Net profit attributable to shareholders for 2024 was CNY 248,485,286.55, down 24.07% from CNY 327,256,938.63 in 2023[23]. - The cash flow from operating activities for 2024 was CNY 285,070,082.32, representing a decline of 43.49% compared to CNY 504,426,212.85 in 2023[23]. - Basic earnings per share for 2024 were CNY 0.62, a decrease of 24.39% from CNY 0.82 in 2023[24]. - The weighted average return on equity for 2024 was 10.62%, down 4.56 percentage points from 15.18% in 2023[24]. - Total assets at the end of 2024 were CNY 3,373,598,528.85, an increase of 6.78% from CNY 3,159,409,165.98 at the end of 2023[23]. - The net assets attributable to shareholders at the end of 2024 were CNY 2,441,766,739.55, up 6.34% from CNY 2,296,282,493.96 at the end of 2023[23]. - The company reported a net profit of CNY 55,549,590.00 in Q1 2024, with total revenue of CNY 292,063,615.37[27]. - Non-recurring gains and losses for 2024 totaled CNY 4,486,370.20, compared to CNY 4,248,042.33 in 2023[29]. Dividend and Profit Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 80.78 million RMB based on the current total share capital of 403,911,511 shares[6]. - The board of directors has approved the profit distribution plan, pending approval from the 2024 annual general meeting[6]. - The cumulative cash dividend amount over the last three accounting years is 282,227,302.20 RMB, with an average annual net profit of 264,777,239.86 RMB, resulting in a cash dividend ratio of 106.59%[167]. Risk Management - The company emphasizes the importance of risk awareness regarding future plans and development strategies[7]. - The company has detailed potential risks in its management discussion and analysis section[9]. - The company faces significant risks from fluctuations in raw material prices, which constitute a high proportion of production costs[121]. - The company has established a risk assessment mechanism to address potential impacts from market competition and real estate fluctuations[125]. Corporate Governance - The company adheres to strict governance practices, holding annual shareholder meetings and ensuring independent operations from its controlling shareholder[128]. - The board of directors has convened 9 times during the reporting period, focusing on strategic decision-making and risk management[130]. - The company emphasizes transparency in information disclosure, ensuring all shareholders receive timely and accurate information[132]. - The company maintained transparent and proactive investor relations management, enhancing communication through various channels[134]. Market Position and Strategy - The company is committed to becoming the leading brand in smart drying racks and a well-known brand in smart locks in China[50]. - The company is focusing on expanding its market presence in high-consumption urban areas, particularly targeting women aged 25-39 in regions like Guangdong and Jiangsu[90]. - The smart home market in China is projected to reach 876.74 billion RMB in 2024, with smart appliances being the dominant segment[49]. - The company has launched multiple popular products, including the GW-129 series and GW-118 series, which received international and domestic awards[38]. Research and Development - The company holds over 1,600 national patents and has been recognized as a "High-tech Enterprise" for six consecutive times[55]. - The company has established a comprehensive product system, transitioning from single product design to smart home product design and function design[54]. - The company has implemented a comprehensive training program to enhance employee capabilities, covering various levels from entry-level to senior management[159]. - The company has employed 124 R&D personnel, accounting for 9.90% of the total workforce[80]. Environmental and Social Responsibility - The company has invested 12.28 million RMB in environmental protection during the reporting period[179]. - The company has implemented measures to reduce carbon emissions, including optimizing lighting and air conditioning, and using photovoltaic power projects[182]. - The company does not belong to key pollutant discharge units and adheres to national and local environmental protection laws[180]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[181]. Financial Management - The company has received a standard unqualified audit report from Guangdong Sinong Accounting Firm[5]. - The company’s financial report is guaranteed to be true, accurate, and complete by its management[5]. - The company has established a robust internal control management system in compliance with regulatory requirements, enhancing decision-making efficiency[174]. - The company has decided to reappoint the accounting firm Sinong for the 2024 and 2025 fiscal years, ensuring continuity in audit work[188]. Related Party Transactions - The company has engaged in related party transactions, including selling products and services to Haolaike for an estimated amount of RMB 15 million, with actual transactions amounting to RMB 1.68 million[190]. - The company also purchased products and services from Haolaike for an estimated RMB 15 million, with actual transactions amounting to RMB 0.24 million[190]. - The company has no guarantees provided to shareholders, actual controllers, or their related parties[196]. Employee Management - The total number of employees in the parent company and major subsidiaries is 1,252, with 450 in production, 505 in sales, 124 in technical roles, 23 in finance, and 150 in administration[157]. - The company has a structured approach to performance evaluation and remuneration for its executives, ensuring alignment with company objectives[144]. - The average market price of the restricted stocks at the end of the reporting period is CNY 16.46[172].

Core Viewpoint - The company, 好太太, announced a plan to repurchase and cancel 1.505 million restricted stocks due to the departure of incentive targets and unmet performance assessments in the 2023 incentive plan [1][2]. Group 1: Reasons for Repurchase and Quantity - The repurchase involves 135,000 shares from four departed incentive targets who no longer qualify for the incentive program [2]. - Additionally, 1.37 million shares from 32 remaining employees could not be released due to unmet performance criteria for the 2024 fiscal year [2]. - The total number of restricted stocks to be repurchased and canceled is 1.505 million shares [2]. Group 2: Repurchase Price and Company Impact - The repurchase price is set at 7.62 yuan per share, plus the interest from the People's Bank of China for the same period [3]. - Following the repurchase, the total number of shares will decrease from 403.911511 million to 402.406511 million, and the registered capital will reduce from 403.911511 million yuan to 402.406511 million yuan [3]. Group 3: Creditor Notifications - The company is notifying creditors about the reduction in registered capital due to the stock repurchase, allowing them to claim debts or request guarantees within specified timeframes [4]. - Creditors must submit necessary documentation for claims, including business licenses and identification for corporate and individual creditors [4]. - The submission period for claims starts from April 26, 2025, for 45 days, with specific contact details provided for inquiries [4].

广东好太太科技集团股份有限公司 独立董事工作制度 （2025年4月修订） 第一章 总则 为进一步完善广东好太太科技集团股份有限公司（以下简称"公司"）的法 人治理结构，促进公司规范运作，依据《中华人民共和国公司法》《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 市公司独立董事管理办法》（以下简称《管理办法》）、《上海证券交易所公司自律 监管指引第 1 号——规范运作》（以下简称《自律监管指引第 1 号》）等国家有关 法律、法规、规范性文件及《广东好太太科技集团股份有限公司公司章程》（以 下简称《公司章程》），制定本制度。 第二章 独立董事 第一条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进 行独立客观判断关系的董事。 第二条 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当按 照相关的法律法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、 证券交易所业务规则和《公司章程》的要求，认真履行职责，在董事会中发挥参 与决策、监督制衡、专业咨询作用，维护公司整体利益，保 ...

广东好太太科技集团股份有限公司 独立董事专门会议制度 第五条 独立董事行使以下特别职权前应经公司独立董事专门会议审议，并 经全体独立董事过半数同意： （2025年4月制定） 第一条 为进一步完善广东好太太科技集团股份有限公司（以下简称"公司"） 治理结构，促进公司的规范运作，依据《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所股票上市规则》《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等国家有关法律、 法规、规范性文件及《广东好太太科技集团股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与本公司及其 主要股东、实际控制人不存在直接或间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东的合法权 ...

广东好太太科技集团股份有限公司 第二章 董事会的职权 第六条 董事会行使下列职权： 董事会议事规则 （2025年4月修订） 第一章 总则 第一条 为规范公司董事会的议事方式和决策程序，促使董事和董事会有效 地履行其职责，提高董事会科学决策水平，根据《公司法》《证券法》和《广东 好太太科技集团股份有限公司章程》（以下简称"公司章程"）以及其他相关法 律、行政法规和规范性文件的规定，制定本规则。 第二条 董事会的议事方式是召开董事会会议。 第三条 董事按规定参加董事会会议是履行董事职责的基本方式。 第四条 董事会应认真履行有关法律、法规和公司章程规定的职责，确保公 司遵守法律、法规和公司章程的规定，公平对待所有股东，并关注其他利益相关 者的利益。 第五条 董事会下设董事会办公室为董事会的日常办事机构。董事会办公室 负责公司股东会和董事会会议的筹备、文件保管以及公司股东资料的管理，办理 信息披露事务等事宜，处理董事会的日常事务。 1 （一）负责召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （四）制订公司的利润分配方案和弥补亏损方案； （五）制订公司增加或者减少注册 ...

广东好太太科技集团股份有限公司 章 程 二零二五年四月 目 录 第五章 董事和董事会 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知和通告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 第一章 总 则 第一条 为维护广东好太太科技集团股份有限公司（以下简称公司）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》） ...

广东好太太科技集团股份有限公司 会计师事务所选聘制度 （2025年4月制定） 第一章 总则 第一条 为规范广东好太太科技集团股份有限公司（以下简称"公司"）选 聘（含续聘、改聘）会计师事务所行为，提高财务信息和外部审计工作质量，切实 维护公司及股东利益，根据《中华人民共和国公司法》《中华人民共和国会计法》 《中华人民共和国注册会计师法》《国有企业、上市公司选聘会计师事务所管理办 法》等相关法律法规、规范性文件及《公司章程》的相关规定，结合公司实际情 况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指公司根据相关法律法规要求， 聘任会计师事务所对公司财务会计报告发表审计意见、出具审计报告的行为。 公司选聘会计师事务所从事除财务会计报告审计之外的其他法定审计业务的， 可以视重要性程度比照本制度执行。 第三条 公司聘用或解聘会计师事务所，应当由董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东会决定。董事会不得 在股东会决定前委任会计师事务所。 第二章 会计师事务所执业质量要求 1 第三章 选聘会计师事务所程序及要求 第五条 审计委员会负责选聘会计师事务所工作，并监督其审计工作 ...