上海市锦天城律师事务所 致: 浙江大自然户外用品股份有限公司 锦 天 城 律 师事务 所 ALLBRIGHT LAW OFFICES 地址： 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 邮编:200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会的法律意见书 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会的 法律意见书 1、出席会议的股东及股东代理人 根据出席会议股东签名及授权委托书等相关文件,出席公司本次股东大会现 场会议的股东及股东代理人共 5 人,持有公司股份数 94.500.100 股,占公司有表 决权股份总数的 67.3613%。通过上海证券交易所股东大会网络投票系统取得的 网络表决结果显示,参加公司本次股东大会网络投票的股东共 108 人,持有公司 股份数 639,140 股,占公司股份总数的 0.4515%。据此,出席公司本次股东大会 表决的股东及股东代理人共 113 人,持有公司股份数 95.13 ...

Investment Rating - The report maintains an "Overweight" rating for the company [4][6] Core Views - The company achieved revenue of 1.9 billion yuan in Q3 2024, a YoY increase of 35%, and net profit attributable to the parent company of 0.6 billion yuan, a YoY increase of 372% [1] - For Q1-Q3 2024, the company achieved revenue of 7.9 billion yuan, a YoY increase of 18%, and net profit attributable to the parent company of 1.6 billion yuan, a YoY increase of 22% [1] - The company's gross margin increased by 0.8 percentage points YoY to 35.3% in Q1-Q3 2024 [1] - Profit growth was driven by overseas development strategy and gains from fair value changes of forward foreign exchange contracts and financial products [1] - The global outdoor sports market is expected to grow steadily despite economic pressures, with domestic demand for outdoor products rebounding [2] - The company has deepened its cooperation with the new energy vehicle market and expanded its product lines, with strong R&D capabilities [3] Financial Performance - The company's net profit margin attributable to the parent company was 20.8% in Q1-Q3 2024, a YoY increase of 1.4 percentage points [1] - The company's EPS is expected to be 1.28 yuan in 2024, 1.60 yuan in 2025, and 1.79 yuan in 2026 [4] - The company's PE ratio is expected to be 15X in 2024, 12X in 2025, and 11X in 2026 [4] - Revenue is forecasted to grow by 18.25% in 2024, 14.85% in 2025, and 13.65% in 2026 [5] - Net profit attributable to the parent company is expected to grow by 38.34% in 2024, 25.41% in 2025, and 11.49% in 2026 [5] Industry and Market Trends - The global outdoor sports market is slowing but still growing, with order demand gradually recovering [2] - The domestic outdoor market is diversifying, with "camping+" driving product innovation and material breakthroughs [2] - The company is leveraging its R&D capabilities to develop new materials and automated production lines, focusing on TPU composite fabrics and low-density high-resilience foam [3] Strategic Developments - The company has expanded its product lines and market development efforts, providing high-quality products to global customers [3] - R&D departments in Tiantai and Shanghai are focusing on new materials, automation, and key projects like inflatable water products and home air mattresses [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [6]. Core Views - The company has experienced a revenue increase of 18% year-on-year for the first three quarters of 2024, with a notable acceleration in Q3, where revenue grew by 35% compared to the previous year. This growth is primarily driven by the rapid expansion of new product categories [1][2]. - The company is expected to achieve steady growth in revenue and net profit in 2024, supported by the ongoing recovery of overseas clients' inventory levels and collaborations with automotive companies [5]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 790 million yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 160 million yuan, up 22% year-on-year. The net profit excluding non-recurring items was 150 million yuan, reflecting a 13% increase [1]. - In Q3 2024 alone, the company achieved a revenue of 190 million yuan, marking a 35% year-on-year increase, while the net profit attributable to shareholders surged by 372% to 60 million yuan [2]. - The gross profit margin for the first three quarters of 2024 was 35.3%, an increase of 0.8 percentage points year-on-year, while the net profit margin attributable to shareholders rose by 1.4 percentage points to 20.8% [1]. Order and Product Demand Summary - The company is focusing on expanding its product categories, particularly in outdoor inflatable mattresses, and is actively seeking to develop new customer channels in the electric vehicle sector. This strategy is expected to drive sustained growth in order demand [3]. - The company anticipates that the orders for its main product category, inflatable mattresses, will continue to grow steadily in the first half of 2024, with new product categories such as insulated bags and water sports equipment also expected to contribute to revenue growth [3]. Capacity and Operational Efficiency Summary - The company has established a vertically integrated supply chain for inflatable mattresses, which provides competitive advantages in cost, quality, and delivery time. The gross profit margin for this segment has consistently remained above 30% [4]. - The company is also enhancing its production capabilities in Cambodia and Vietnam, with expectations of improved profitability from these overseas bases as production ramps up [5]. - Inventory turnover days for the first three quarters of 2024 increased by 19.3 days to 111.6 days, while the net operating cash flow was 180 million yuan, approximately 1.1 times the net profit for the same period [4].

浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会会议资料 证券代码：605080 证券简称：浙江自然 浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会 会议资料 2024 年 11 月 | 2024 年第二次临时股东大会会议须知 | 3 | | --- | --- | | 2024 年第二次临时股东大会会议议程 | 5 | | 2024 年第二次临时股东大会会议议案 | 7 | | 关于部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补充流动资金的议案 | | | 7 | | 浙江大自然户外用品股份有限公司 2024 年第二次临时股东大会会议资料 浙江大自然户外用品股份有限公司 2024年第二次临时股东大会会议须知 各位股东及股东代理人： 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利，根 据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会议事规则》等 有关规定，特制定本会议须知，请参会人员认真阅读。 一、公司负责本次股东大会的议程安排和会务工作，出席会议人员应当听从公司 工作人员安排，共同维护好会议秩序。 二、出席会议的股东及股东代理人 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 revenue and net profit exceeded expectations, driven by significant growth in overseas operations [3] - The report highlights a strong competitive advantage in the vertical integration of inflatable mattresses and waterproof bags, with expectations for continued growth in Q4 [3][4] - The forecast for net profit for 2024-2026 has been adjusted upwards due to better-than-expected revenue growth and fair value changes [3] Financial Summary - Q3 2024 revenue reached 190 million yuan, a year-on-year increase of 34.9%, while net profit attributable to shareholders was 62 million yuan, up 372% [3] - The adjusted net profit forecast for 2024-2026 is 180 million, 230 million, and 260 million yuan respectively [3] - The current stock price corresponds to a P/E ratio of 13.9, 11.3, and 9.9 for the years 2024, 2025, and 2026 respectively [3] Operational Insights - The parent company's business is expected to remain stable, with significant growth anticipated from the Cambodian subsidiary, projected to achieve over 40% revenue growth in H1 2024 [4] - The report notes a decrease in gross margin to 29.3% in Q3 2024, while the net profit margin improved significantly [4] - Cash flow from operating activities for Q3 2024 was 66 million yuan, an increase of 11.8% [4] Future Outlook - The company is expected to continue its robust growth trajectory, particularly in the inflatable mattress segment, with a recovery in order and shipment pace anticipated in H2 2024 [4] - The report indicates that the overseas subsidiaries are expected to grow faster than the parent company, with significant revenue increases projected for water sports products in Vietnam [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12]. Core Views - The company reported a 34.9% year-on-year increase in revenue for Q3 2024, reaching 190 million yuan, driven by overseas expansion and a low base effect from last year's inventory destocking by major brand clients [1]. - Gross margin remained stable, with a slight decline of 0.9 percentage points to 29.3%. The net profit attributable to the parent company surged by 372.4% year-on-year to 62 million yuan, benefiting from increased non-operating income [1]. - The company is focusing on its core business while expanding into new product categories and channels, particularly in the automotive camping market through partnerships with well-known domestic car manufacturers [1][7]. Financial Performance Summary - Revenue (in million yuan) is projected to increase from 823 in 2023 to 971 in 2024, representing a growth of 17.9% [8]. - Net profit (in million yuan) is expected to rise from 131 in 2023 to 181 in 2024, reflecting a growth of 38.5% [8]. - Earnings per share (EPS) is forecasted to increase from 0.92 in 2023 to 1.28 in 2024 [8]. - The company’s EBIT margin is projected to improve from 18.9% in 2023 to 20.9% in 2024 [8]. - Return on equity (ROE) is expected to rise from 7.0% in 2023 to 9.0% in 2024 [8]. Valuation and Price Target - The target price for the company is maintained at 21.8 to 24.2 yuan, corresponding to a price-to-earnings (PE) ratio of 17 to 19 times for 2024 [1][7].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥190,388,473.28, representing a year-on-year increase of 34.88%[2] - The net profit attributable to shareholders for Q3 2024 was ¥62,075,354.79, a significant increase of 372.43% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥26,546,258.77, up 44.51% year-on-year[2] - Basic earnings per share for Q3 2024 were ¥0.44, reflecting a 388.89% increase compared to the same period last year[4] - Total operating revenue for the first three quarters of 2024 reached ¥790,531,638.81, an increase of 17.7% compared to ¥671,413,916.41 in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was ¥190,006,340.17, compared to ¥146,757,257.78 in 2023, indicating a growth of 29.5%[17] - Net profit for the first three quarters of 2024 amounted to ¥164,679,701.14, an increase of 26.3% from ¥130,406,858.25 in the same period last year[17] - The net profit attributable to the parent company for Q3 2024 was ¥162.81 million, an increase of 21.8% compared to ¥133.66 million in Q3 2023[18] - The total comprehensive income for Q3 2024 reached ¥164.68 million, up from ¥130.41 million in the same period last year, reflecting a growth of 26.2%[18] - Basic and diluted earnings per share for Q3 2024 were both ¥1.16, compared to ¥0.94 in Q3 2023, representing a 23.4% increase[18] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,399,579,056.36, an increase of 11.30% from the end of the previous year[4] - The equity attributable to shareholders at the end of the reporting period was ¥2,015,054,006.67, up 7.90% year-on-year[4] - Total assets reached ¥2,399,579,056.36, compared to ¥2,156,032,657.06 in 2023, marking a year-on-year increase of 11.3%[15] - Total liabilities increased to ¥376,709,029.26 from ¥275,267,339.42, reflecting a rise of 36.8%[15] - Non-current assets totaled ¥933,340,964.62 as of the end of the third quarter of 2024, up from ¥841,397,493.52 at the end of 2023, representing an increase of 10.9%[14] Cash Flow - The company reported a net cash flow from operating activities of ¥180,478,743.03 year-to-date, which is a decrease of 7.79% compared to the same period last year[2] - Cash inflows from operating activities for the first three quarters of 2024 amounted to ¥825.32 million, a rise of 14.5% from ¥721.24 million in the same period of 2023[19] - The net cash flow from operating activities for the first three quarters of 2024 was ¥180.48 million, down 7.8% from ¥195.73 million in the previous year[19] - The net cash flow from investing activities for the first three quarters of 2024 was -¥279.82 million, worsening from -¥56.10 million in the same period of 2023[20] - Cash and cash equivalents at the end of Q3 2024 were ¥315.35 million, a decrease from ¥516.56 million at the end of Q3 2023[20] - The company reported cash inflows from financing activities of ¥323.88 million in the first three quarters of 2024, significantly higher than ¥64.21 million in the same period last year[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 9,946[10] - The largest shareholder, Shanghai Yangda Enterprise Management Co., Ltd., holds 75,600,000 shares, accounting for 53.40% of total shares[10] - The company has a total of 1,284,560 shares held in a repurchase account, representing 0.91%[12] - There are no changes in the participation of major shareholders in margin trading and securities lending compared to the previous period[12] Revenue and Costs - Total operating costs for the first three quarters of 2024 were ¥608,301,048.17, up from ¥519,682,448.25 in 2023, reflecting a year-on-year increase of 17.0%[15] - The increase in revenue and profit was primarily driven by the company's overseas development strategy and significant growth in income from overseas production bases[8] Research and Development - Research and development expenses for the first three quarters of 2024 were ¥25,007,607.98, slightly down from ¥25,206,968.79 in 2023[17] - The company reported a significant increase in investment income, which reached ¥24,776,919.43, compared to ¥5,432,762.94 in the previous year[17]

证券代码：605080 证券简称：浙江自然 公告编号：2024-045 浙江大自然户外用品股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 14 日 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 召开的日期时间：2024 年 11 月 14 日 14 点 00 分 召开地点：浙江大自然户外用品股份有限公司会议室（浙江省台州市天台县 平桥镇下曹村） 股东大会召开日期：2024年11月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 至 2024 年 11 月 14 日 采用上海证券交易所网络投票系 ...

东方证券股份有限公司 关于浙江大自然户外用品股份有限公司 部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补 充流动资金的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为浙江 大自然户外用品股份有限公司（以下简称"浙江自然"或"公司"）首次公开发 行股票并在上海证券交易所主板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所股票上市规则（2024 年 4 月修订）》《上市公司监管 指引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订）》等有关规定， 对公司部分募投项目结项、部分募投项目调整并延期及节余募集资金永久补充流 动资金的事项进行了核查，具体情况如下： 一、募集资金基本情况 （一）募集资金到位情况 经中国证券监督管理委员会《关于核准浙江大自然户外用品股份有限公司首 次公开发行股票的批复》（证监许可〔2021〕1200 号）核准，公司首次公开发行 人民币普通股 2,528.09 ...

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。 一、监事会会议召开情况 浙江大自然户外用品股份有限公司（以下简称"公司"）第三届监事会第三 次会议于 2024 年 10 月 24 日在公司会议室以现场方式召开，本次会议通知已于 2024 年 10 月 12 日以书面等方式送达公司全体监事。本次会议由监事会主席韦 志仕先生主持，会议应参加表决监事三人，实际参加表决监事三人。本次会议的 召集、召开符合《中华人民共和国公司法》等法律、法规和《公司章程》的有关 规定。 证券代码：605080 证券简称：浙江自然 公告编号：2024-046 浙江大自然户外用品股份有限公司 第三届监事会第三次会议决议公告 2、公司 2024 年第三季度报告的内容和格式符合上海证券交易所的各项规 定，所包含的信息真实客观反映了公司报告期内的财务状况和经营成果。 3、未发现参与 2024 年第三季度报告编制和审议的人员存在违反保密规定的 行为。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关报告。 以上事项表决结果：同意 ...