证券代码：603868 证券简称：飞科电器 公告编号：2025-014 上海飞科电器股份有限公司 2024年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 每股分配比例 A 股每股现金红利0.5元 相关日期 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本435,600,000股为基数，每股派发现金红利0.5 元（含税），共计派发现金红利217,8 ...

Core Points - The company held its annual shareholders' meeting on May 20, 2025, where the fifth board of directors was elected and the first meeting of the new board was convened [1][9] - The board unanimously elected Mr. Li Gaiteng as the chairman and also appointed him as the president of the company, with a term of three years [2][3][12] - The board's composition includes independent directors and representatives from employees, ensuring compliance with governance standards [10][11] Board and Management Appointments - The fifth board of directors consists of Mr. Li Gaiteng as chairman, with other members including non-independent directors and employee representatives [9][10] - The specialized committees of the board were established with independent directors serving as chairs, ensuring a majority of independent members [11] - Key management appointments include Mr. Jin Wencai as vice president, Ms. Hu Ying as financial director, and Mr. Guo Jiaguang as board secretary, all serving a term of three years [5][6][12] Previous Board and Management Changes - The previous board's independent directors and supervisors completed their terms and will not continue in their roles, as the company has decided not to establish a new supervisory board [14][15]

上海飞科电器股份有限公司 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。 上海飞科电器股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召 开 2024 年年度股东会、第五届董事会第一次会议，选举产生了公司第五届董事 会成员、公司董事长及董事会各专门委员会委员。公司董事会换届完成，并聘任 了公司高级管理人员，现将有关情况公告如下： 一、公司第五届董事会组成情况 证券代码：603868 证券简称：飞科电器 公告编号：2025-013 董事长：李丐腾先生 非独立董事：林育娥女士、金文彩先生 职工代表董事：吴礼清先生 关于董事会换届完成及聘任高级管理人员的公告 财务总监：胡莹女士 独立董事：林振兴先生、王弟海先生、融天明先生 第五届董事会任期自公司股东会审议通过之日起三年。第五届董事会中，兼 任高级管理人员的董事以及由职工代表担任的董事为 3 名，未超过公司董事总数 的二分之一。 公司已经根据中国证监会《证券期货市场诚信监督管理办法》规定完成了对 上述董事的诚信档案查询工作，董事会提名委员会对上述董事的任职资格 ...

国浩律师（上海）事务所 关于 上海飞科电器股份有限公司 2024 年年度股东会的 上海市山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 电话: （8621） 5234-1668 传真: （8621） 5243-3320 网址：http://www.grandall.com.cn 国浩律师（上海）事务所 股东会法律意见书 国浩律师（上海）事务所 关于上海飞科电器股份有限公司 2024 年年度股东会的法律意见书 致：上海飞科电器股份有限公司 上海飞科电器股份有限公司（以下简称"公司"或"上市公司"）2024 年年 度股东会（以下简称"本次股东会"）现场会议于 2025 年 5 月 20 日（星期一） 下午 14:00 在上海市松江区广富林东路 555 号公司会议室召开。国浩律师（上海） 事务所（以下简称"本所"）接受公司的委托，指派李晗律师、王浩律师（以下 简称"本所律师"）出席会议并见证。现依据《中华人民共和国公司法》《中华人 民共和国证券法》和《上海飞科电器股份有限公司章程》（以下简称"《公司章程》"） 出具本法律意见书。 本所律师按照有关法律、法规及规范性文件的规定对本次股东会的召集、召 ...

2024年年度股东会决议公告 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： 证券代码：603868 证券简称：飞科电器 公告编号：2025-011 上海飞科电器股份有限公司 1、 议案名称：《关于<公司 2024 年度董事会工作报告>的议案》 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 20 日 (二)股东会召开的地点：上海市松江区广富林东路 555 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 | 132 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 395,940,515 | | 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（%） | 90.8954 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况。 本次会议由公司董事会召集，由公司董事长李丐腾先生主持。本次会议的召集、 召开、 ...

证券代码：603868 证券简称：飞科电器 公告编号：2025-012 上海飞科电器股份有限公司 第五届董事会第一次会议决议公告 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。 上海飞科电器股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开 2024 年年度股东会，选举产生了公司第五届董事会成员，并经现场董事一致同 意于当日下午召开第五届董事会第一次会议。会议应出席董事 7 人，实际出席董 事 7 人。会议的召开符合《公司法》及《公司章程》的有关规定，会议决议合法 有效。 会议审议通过如下事项： 一、会议以 7 票赞成，0 票反对，0 票弃权的表决结果审议通过了《关于选 举公司第五届董事会董事长的议案》 经公司董事长提名，提名委员会审查意见通过，董事会同意聘任郭加广先生 为公司董事会秘书，任期自本次董事会审议通过之日起至第五届董事会届满之日 止。 五、会议以 7 票赞成，0 票反对，0 票弃权的表决结果审议通过了《关于聘 任公司副总裁的议案》 二、会议以 7 票赞成，0 票反对，0 票弃权的表决结果审 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

Core Viewpoint - Feike Electric's performance has significantly declined in 2024, with both revenue and net profit experiencing substantial drops, marking the lowest levels in nearly a decade [3][4][8]. Financial Performance - In 2024, Feike Electric reported revenue of 4.147 billion yuan, a year-on-year decrease of 18.03%, and a net profit attributable to shareholders of 458 million yuan, down 55.10% year-on-year [4][8]. - The company's personal care appliance business generated revenue of 3.956 billion yuan, a decline of 17.05%, with a gross margin of 55.35%, down 1.81 percentage points year-on-year [8]. Market Dynamics - The electric shaver market is becoming saturated, leading to increased competition and a decline in market share for Feike Electric. The company's online market share for its flagship brand dropped from 54.7% in 2017 to below 44% in 2020 [12][13]. - The overall online retail sales of electric shavers decreased by 8.1% in 2024, with retail volume down by 9.5% [12]. Diversification Efforts - Feike Electric's attempts at diversification through investments in kitchen appliances have not yielded significant results, with revenue from lifestyle appliances dropping over 30% in 2024 [9][10]. - The company reduced its stake in Pure Rice Technology from 14.18% to 13.79% in 2024, resulting in an investment gain of 7.54 million yuan [9]. Marketing and R&D Expenditure - The company has focused heavily on marketing, with advertising expenses amounting to 1.185 billion yuan, which is over ten times its R&D expenditure of 96.42 million yuan, representing only 2.32% of total revenue [14]. - The shift towards a dual-brand strategy has not met expectations, leading to a significant impact on overall performance [11]. Shareholder Returns - Feike Electric has maintained a high dividend payout, distributing 2.18 billion yuan in cash dividends in 2024, which accounts for 47.57% of its net profit [15]. - The wealth of the company's founder, Li Gaiteng, has significantly decreased from 305 billion yuan in 2022 to 155 billion yuan in 2024, despite the company's consistent dividend policy [15][16].

Investment Rating - The report assigns a "Buy" rating to the company, with a target valuation of 24 times earnings for 2025, reflecting a positive outlook for recovery in performance [1][6]. Core Insights - The company is expected to see a turnaround in its performance, with projected net profit of 700 million yuan in 2025, following a stabilization in revenue in Q1 2025 after a challenging 2024 [1][6]. - The dual-brand strategy is showing early signs of effectiveness, particularly with the increase in the mid-to-high-end segment of electric shavers and the iterative upgrades in high-speed hair dryers [1][6]. Financial Performance Summary - In 2024, the company reported total revenue of 4.147 billion yuan, a decrease of 18.03% year-on-year, and a net profit of 458 million yuan, down 55.10% year-on-year [5][6]. - The Q4 2024 results showed a revenue of 826 million yuan, a decline of 22.47% year-on-year, marking the first quarterly loss in net profit at -6.736 million yuan [5][6]. - For Q1 2025, revenue showed a slight decline of 1.5% year-on-year, with a marginal increase in net profit of 0.5% [5][6]. Product and Brand Strategy - The main brand, Feike, saw a revenue decline of 22% in 2024, while the sub-brand, Borui, experienced a revenue growth of 1.55% [5][6]. - The company is focusing on product innovation to drive premiumization, with mid-to-high-end products accounting for 60.78% of sales, an increase of 9.83 percentage points year-on-year [5][6]. - The introduction of differentiated products, such as the "dual electric drive" portable shaver, aims to enhance the brand's image in the high-end market [5][6]. Financial Projections - The company is projected to achieve net profits of 660 million yuan in 2025, 839 million yuan in 2026, and 997 million yuan in 2027, with corresponding PE ratios of 24, 19, and 16 respectively [6][14]. - Revenue is expected to recover to 5.002 billion yuan in 2025, with a growth rate of 21% compared to 2024 [6][14].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating ongoing challenges in the competitive landscape and pressure on profitability [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 4.15 billion, a year-on-year decrease of 18%, and a net profit of 460 million, down 55.1% [1]. - For Q4 2024, revenue was 830 million, a decline of 22.5%, with a net loss of 6.736 million, a decrease of 103.5% [1]. - In Q1 2025, revenue was 1.16 billion, a slight decrease of 1.5%, while net profit increased by 0.5% to 180 million [1]. Product and Regional Performance - In 2024, revenue from personal care appliances, household appliances, and other products was 3.96 billion, 60 million, and 110 million respectively, with year-on-year declines of 17.1%, 38.7%, and 36.3% [2]. - Domestic revenue was 4.13 billion, down 18.2%, while international revenue was 4.516 million, a decrease of 26.8% [2]. - Direct sales and distribution channels generated revenues of 2.16 billion and 1.97 billion respectively, with declines of 16.8% and 19.6% [2]. Profitability and Cost Structure - The company's gross margin decreased by 2.5 percentage points to 54.6% in 2024, with specific margins for personal care appliances, household appliances, and other products at 55.4%, 38.5%, and 32.8% respectively [3]. - The expense ratios for sales, management, finance, and R&D were 35.8%, 4.4%, -0.1%, and 2.3%, reflecting increases in sales expenses due to intensified competition [3]. - In Q1 2025, gross margin slightly decreased by 0.9 percentage points to 56.2%, while net margin improved by 0.3 percentage points to 15.6% [3]. Earnings Forecast - The company forecasts EPS for 2025, 2026, and 2027 to be 2.03, 2.43, and 2.76 respectively, maintaining a "hold" rating [4].