证券代码：603868 证券简称：飞科电器 公告编号：2024-024 上海飞科电器股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 投资者可于 2024 年 9 月 27 日（星期五）至 10 月 10 日（星期四）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 flyco@flyco.com 进行提问。公司将在业绩说明会上对投资者普遍关注的问题进 行回答。 三、 参加人员 公司董事长兼总裁李丐腾先生、独立董事张兰丁先生、财务总监胡莹女 士、董事会秘书郭加广先生。（参会人员有可能因特殊情况进行调整。） 四、 投资者参加方式 上海飞科电器股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露公司 2024 年半年度报告，为便 于广大投资者更全面深入地了解公司 2024 年上半年度经营成果、财 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 43 yuan, while the current price is 35.39 yuan [1]. Core Views - The company is experiencing short-term pressure on scale and profitability due to a transition in its dual-brand strategy and consumer spending pressures. The revenue for the first half of 2024 is 2.32 billion yuan, down 13.3% year-on-year, with a net profit of 320 million yuan, down 48.1% year-on-year [1][2]. - The dual-brand strategy is clearly defined, with Feike focusing on high-end products and Borui targeting high-quality cost-effective products. Despite short-term challenges, the company expects recovery in scale in the future [2]. - The company is actively expanding its offline retail presence and has made significant progress in overseas market planning, particularly in Southeast Asia [2]. Financial Summary - For the first half of 2024, Borui achieved revenue of 501 million yuan, a year-on-year increase of 35.9%, while Feike's revenue was 902 million yuan, down 19.0% year-on-year [2]. - The gross profit margin for Q2 2024 was 54.1%, a decrease of 5.7 percentage points year-on-year, primarily due to Borui's lower margin compared to Feike [2]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 710 million yuan, 890 million yuan, and 1 billion yuan respectively, with corresponding P/E ratios of 22, 17, and 15 times [2][3].

Investment Rating - The report maintains an "Outperform" investment rating for the company [5][7]. Core Views - The company's Q2 performance was below expectations, primarily due to high sales expenses, leading to a significant decline in both revenue and net profit [6][7]. - The brand structure is being optimized, with the introduction of new products and a focus on high-end design, which has resulted in a 4% increase in online sales for the main brand [6]. - The company is facing pressure on profitability due to increased sales expenses and a decline in gross margin, with a net profit margin of 11.83%, down 10.33 percentage points year-on-year [6]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 2.319 billion yuan, a 13% decrease year-on-year, and a net profit of 315 million yuan, down 48% [5][6]. - In Q2 2024, revenue was 1.144 billion yuan, a 12% decline year-on-year, with a net profit of 135 million yuan, down 53% [6]. Brand and Market Position - The company has launched nine new product series in H1 2024, focusing on innovation and design [6]. - The sub-brand BoRui achieved a revenue increase of 35.92% in H1 2024, capturing a larger market share in the online shaving market [6]. Profitability and Cost Structure - The gross margin for Q2 2024 was 54.07%, a decrease of 5.75 percentage points year-on-year, attributed to lower-margin products gaining market share [6]. - The sales expense ratio increased to 35.52%, reflecting higher advertising and promotional costs due to intensified competition [6]. Future Earnings Forecast - The earnings forecast for 2024-2026 has been revised downwards, with expected net profits of 855 million, 1.043 billion, and 1.255 billion yuan respectively [7]. - The company is projected to have a PE ratio of 18 for 2024, indicating a potential upside of 19.2% based on comparable companies [7].

2024 年 08 月 28 日 飞科电器(603868.SH) 整体业绩承压，博锐维持较快增长 | --- | |------------------------------------------------------------------------------------------------| | 事件：飞科电器公布 2024 年半年报。公司 2024H1 实现收入 | | 亿元，YoY-13.3%；实现归母净利润 3.2 亿元，YoY-48.1% | | 扣非归母净利润 2.7 亿元，YoY-45.7%。折算 2024Q2 | | 收入 11.4 亿元，YoY-11.9%；实现归母净利润 1.4 YoY53.0%；实现扣非归母净利润 1.1 亿元，YoY-51.8% | | 受个护市场景气波动影响，公司收入业绩承压，高速电吹风销量 | | 增长将带动公司收入与盈利能力改善。 | | --- | |----------------------------------------------------------| | 抖音渠道与博锐品牌延续较快增长：根据久谦数据，飞科主品 | | 牌天猫/京 ...

吹风机销售表现良好，公司大力投入宣传费用 | --- | --- | --- | --- | --- | --- | |--------------------------|----------|----------|----------|----------|----------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 4,627.13 | 5,059.68 | 4,863.12 | 5,119.54 | 5,612.03 | | 增长率(%) | 15.53 | 9.35 | (3.88) | 5.27 | 9.62 | | EBITDA(百万元) | 1,255.07 | 1,318.36 | 914.05 | 991.49 | 1,114.86 | | 归属母公司净利润(百万元) | 822.98 | 1,019.64 | 746.82 | 810.52 | 914.46 | | 增长率(%) | 28.45 | 23.90 | (26.76) | 8.53 | 12.82 | | EPS(元/股) | 1.89 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,318,829,527.40, a decrease of 13.27% compared to ¥2,673,567,928.92 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2024 was ¥315,492,754.96, down 48.13% from ¥608,275,844.69 in the previous year[16]. - The net cash flow from operating activities was ¥300,648,572.55, a decline of 66.17% compared to ¥888,704,643.68 in the same period last year[17]. - The total assets at the end of the reporting period were ¥3,785,149,860.95, a decrease of 15.12% from ¥4,459,200,718.23 at the end of the previous year[17]. - The net assets attributable to shareholders decreased by 19.20%, from ¥3,576,345,741.08 at the end of the previous year to ¥2,889,693,738.72 at the end of the reporting period[17]. - Basic earnings per share for the first half of 2024 were ¥0.72, down 48.57% from ¥1.40 in the same period last year[18]. - The weighted average return on net assets decreased by 7.68 percentage points, from 9.28% to 1.60%[18]. - The company reported a net profit excluding non-recurring gains and losses of ¥274,835,101.59, a decrease of 45.70% from ¥506,138,258.61 in the previous year[17]. Market Overview - In the first half of 2024, the domestic home appliance market's total retail sales reached RMB 415.6 billion, a year-on-year decline of 3.6%[20]. - The online retail sales of personal care small appliances showed differentiation, with electric shaver sales at RMB 4.45 billion, down 5.2%, and electric toothbrush sales at RMB 2.69 billion, down 5.3%[20]. - The online retail sales of hair dryers increased by 24% to RMB 4.86 billion, driven by the rapid adoption of high-speed hair dryers[20]. - The online retail market in China grew by 9.8% year-on-year, reaching RMB 7.1 trillion in the first half of 2024[20]. Product Development and Innovation - The company launched 9 new product series, including shavers and high-speed hair dryers, and obtained 63 new patent applications, totaling 713 patents by the end of the period[33]. - The company has established multiple R&D institutions focusing on personal care, household, and kitchen appliances, enhancing R&D efficiency and product innovation[28]. - The company aims to strengthen brand image and user engagement while maintaining strong gross margins to ensure competitive advantage[20]. - The company is committed to becoming a globally recognized smart fashion appliance brand, focusing on R&D innovation and brand operation[26]. Operational Strategy - The company's product outsourcing production accounted for 38.32% of total output in the first half of 2024, an increase of 6.44 percentage points year-on-year[24]. - The company has 449 distributors as of June 30, 2024, reflecting a comprehensive market coverage strategy[25]. - The company is focusing on high-end market segments through its dual-brand strategy, with FLYCO targeting premium consumers and POREE optimizing its cost-effective operations[32]. - The company has implemented a flat and grid-based management approach across 12 major regions to improve channel coverage and data management capabilities[36]. - The company is actively developing new retail models by integrating online and offline sales channels, leveraging platforms like Douyin and Meituan for customer engagement[36]. Financial Management - Operating costs decreased by 9.44% to ¥1,029,387,098.10 from ¥1,136,693,883.28[42]. - Sales expenses increased by 11.17% to ¥801,224,346.51, attributed to higher advertising, promotion, and promotional costs[42]. - The company's financial expenses decreased by 39.04%, resulting in a net financial expense of -¥5,145,231.21[42]. - Research and development expenses decreased by 20.40% to ¥41,010,686.13 from ¥51,522,406.15[42]. - The company reported investment income of CNY 353,660,258.55 for the first half of 2024, significantly up from CNY 16,670,207.83 in the previous year[89]. Environmental and Social Responsibility - The company established a rooftop photovoltaic power station with a capacity of 5.866MW, generating 1.4573 million kWh and saving 582.92 tons of standard coal, resulting in a reduction of 692.22 tons of CO2 emissions in the first half of 2024[61]. - The company has implemented measures to reduce energy consumption, including the use of energy-saving equipment such as variable frequency air conditioners and air energy water heaters[60]. - The company has complied with environmental regulations, conducting third-party assessments of waste emissions and ensuring compliance with legal standards[58]. - The company has committed to environmental protection through production process improvements and material recycling, effectively reducing waste generation[59]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 11,545[71]. - The largest shareholder, Shanghai Feike Investment Co., Ltd., holds 352,800,000 shares, accounting for 80.99% of the total shares[73]. - The second largest shareholder, Li Gaiteng, holds 39,200,000 shares, representing 9.00% of the total shares[73]. - The company did not distribute dividends or increase capital reserves for the fiscal year 2023, with no shares or cash distributed per 10 shares[54]. Compliance and Governance - The company has not experienced any changes in its board of directors, supervisors, or senior management during the reporting period[53]. - The company has not faced any administrative penalties related to environmental issues[57]. - The company has not engaged in any significant related party transactions during the reporting period[69]. - The company has not received any non-standard audit opinions in the previous annual report[67]. Asset and Liability Management - The company's total liabilities as of June 30, 2024, were approximately CNY 895.46 million, compared to CNY 882.85 million at the end of 2023, indicating a slight increase of about 1.4%[82]. - The company's cash and cash equivalents decreased to approximately CNY 460.04 million from CNY 524.76 million, reflecting a decline of about 12.3%[80]. - Accounts receivable increased to approximately CNY 310.47 million, up from CNY 242.35 million, marking an increase of about 28.2%[80]. - Inventory as of June 30, 2024, was approximately CNY 467.79 million, slightly down from CNY 472.91 million, a decrease of about 1.4%[80]. Credit and Receivables Management - The bad debt provision for accounts receivable is 54,856,975.72 RMB, which includes 51,709,766.35 RMB for individually assessed provisions, accounting for 14.15% of the total accounts receivable[180]. - The provision for bad debts for accounts receivable classified by aging shows that 1 year or less accounts for 86.15% of the total balance[179]. - The company has not reported any significant changes in contract assets during the reporting period[186]. - The total amount of bad debt recovery or reversal during the period is 465,544.22 RMB, with no significant write-offs reported[183].

证券代码：603868 证券简称：飞科电器 公告编号：2024-022 根据公司后续业务开展规划和日常经营需要，同意公司向银行申请累计不超 过 100,000 万元流动资金贷款，有效期限为本决议通过之日起一年。上述贷款 额度可在决议有效期内滚动使用，并授权公司管理层办理具体业务和签署相关法 律文件。 会议审议通过如下议案： 一、会议以 7 票赞成，0 票反对，0 票弃权的结果审议通过了公司《2024 年半年度报告及其摘要》 董事会认为，公司严格按照各项法律法规及规章制度的要求规范运作，公司 2024 年半年度报告公允、全面、真实地反映了公司 2024 年半年度的财务状况 和经营成果，我们保证公司 2024 年半年度报告所披露的信息真实、准确、完整， 承诺其中不存在任何虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、 准确性和完整性承担个别和连带的法律责任。 二、会议以 7 票赞成，0 票反对，0 票弃权的结果审议通过了《关于公司向 银行申请流动资金贷款的议案》 上海飞科电器股份有限公司 第四届董事会第十一次会议决议公告 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 ...

证券代码：603868 证券简称：飞科电器 公告编号：2024-020 上海飞科电器股份有限公司 本次会计政策变更对公司财务报表无影响，亦不存在损害公司及股 东利益的情况。 本次会计政策的变更系公司根据财政部发布的相关企业会计准则解 释和通知进行的相应变更，无需提交公司董事会、监事会和股东大会审议。 一、会计政策变更情况概述 （一）会计政策变更的原因及时间 中华人民共和国财政部(以下简称"财政部")于 2024 年 3 月发布了《企业会 计准则应用指南汇编 2024》，规定保证类质保费用应计入营业成本。 （二）变更前采用的会计政策 本次会计政策变更前，公司执行财政部印发的《企业会计准则—基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他 相关规定。 （三）变更后采用的会计政策 关于会计政策变更的公告 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： 上海飞科电器股份有限公司（以下简称"公司"）根据中华人民共和国 财政部(以下简称"财政部")于 2024 年 3 月发布的《企业 ...

特此公告 上海飞科电器股份有限公司（以下简称"公司"）于 2024 年 8 月 17 日发出 第四届监事会第十次会议通知，会议通知于 2024 年 8 月 27 日以通讯方式召开。 会议应参加出席监事 3 人，实际出席监事 3 人，会议由监事会主席贾春荣先生 主持。会议的召开符合《公司法》和《公司章程》等有关规定，会议决议合法有 效。 会议审议通过如下事项： 一、会议以 3 票赞成，0 票反对，0 票弃权的结果审议通过了《公司 2024 年半年度报告及其摘要》 监事会对公司 2024 年半年度报告及其摘要的审核意见：公司 2024 年半年 度报告及其摘要的编制和审议程序符合《公司法》、《证券法》、《公司章程》等有 关法律法规及公司规章制度的规定；半年度报告的内容和格式符合中国证监会和 证券交易所的各项规定，所包含的信息能从各个方面真实地反映出公司当期的经 营管理和财务状况等事项；监事会在提出本意见前，未发现参与半年度报告编制 和审议的人员有违反内幕信息保密规定的行为。 证券代码：603868 证券简称：飞科电器 公告编号：2024-023 上海飞科电器股份有限公司 第四届监事会第十次会议决议公告 本公司董事会 ...

证券代码：603868 证券简称：飞科电器 公告编号：2024-021 上海飞科电器股份有限公司 关于公司向银行申请流动资金贷款的公告 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。 一、本次申请银行贷款的情况概述 上海飞科电器股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日召开 第四届董事会第十一次会议，审议通过了《关于公司向银行申请流动资金贷款的 议案》。具体情况如下： 根据公司后续业务开展规划和日常经营需要，公司拟向银行申请累计不超过 100,000 万元流动资金贷款，有效期限为本决议通过之日起一年。上述贷款额度 可在决议有效期内滚动使用，并授权公司管理层办理具体业务和签署相关法律文 件。 公司将对经营风险和合规使用贷款进行严格控制，并做好现金流管理，保证 贷款利息及本金的及时偿付，维护公司和全体股东利益。 三、事项审议程序履行情况 公司于 2024 年 8 月 27 日召开第四届董事会第十一次会议，以 7 票同意、 0 票反对、0 票弃权的表决结果，审议通过了《关于公司向银行申请流动资金贷 款的 ...