九号有限公司 第二届董事会独立董事专门会议第九次会议决议 一、董事会独立董事专门会议召开情况 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《公 司章程》等相关规定，九号有限公司（以下简称"公司"）第二届董事会独立董 事专门会议第九次会议于 2025 年 4 月 11 日召开。本次会议应到独立董事 3 人， 实到独立董事 3 人。本次会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、董事会独立董事专门会议审议情况 本着审慎负责的态度，独立董事对公司第二届董事会第三十次会议审议事项 发表如下独立意见： 1、审议通过《关于 2025 年度董事、高级管理人员薪酬方案的议案》 经审议，独立董事认为：公司 2025 年度针对高级管理人员的薪酬方案符合 公司目前发展现状和行业状况，有利于充分发挥高级管理人员的工作积极性，促 进其对公司经营管理水平的提高，推动公司稳健、有效发展。薪酬的决策程序及 确认依据符合《公司章程》等有关法律法规和规范性文件的规定。因此我们同意 公司高级管理人员 2025 年度薪 ...

Financial Performance - The company's revenue for 2024 reached ¥14.20 billion, representing a year-on-year increase of 38.87% compared to ¥10.22 billion in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥1.08 billion, an increase of 81.29% from ¥598 million in 2023[24]. - The net cash flow from operating activities increased by 44.59% to ¥3.35 billion in 2024, up from ¥2.32 billion in 2023[26]. - Basic earnings per share rose to ¥15.32 in 2024, reflecting an 83.03% increase from ¥8.37 in 2023[25]. - Total assets grew by 44.50% to ¥15.68 billion in 2024, compared to ¥10.85 billion in 2023[24]. - The fourth quarter revenue was ¥3.29 billion, with a net profit of ¥114 million attributable to shareholders[28]. - The company's operating revenue reached ¥14,195,808,623.28, representing a 38.87% increase compared to ¥10,222,083,359.99 in the same period last year[120]. - Operating costs increased by 33.19% to ¥10,187,521,080.47 from ¥7,648,600,307.85 year-on-year[120]. - The gross margin improved to 28.24%, up by 3.06 percentage points[121]. - The electric two-wheeler segment generated revenue of 7.211 billion RMB, a year-on-year increase of 70.38%[125]. Research and Development - The company invested 5.82% of its revenue in R&D in 2024, a slight decrease from 6.03% in 2023[25]. - The total R&D expenditure increased by 34.13% year-on-year, amounting to approximately ¥826.13 million, driven by the company's focus on innovation and product development[92][93]. - The company has a total of 1,583 R&D personnel, representing 32.22% of the total workforce, with an average salary of ¥30.62 thousand[98][100]. - The company’s R&D investment focuses on key technologies such as sensorless drive technology and autonomous navigation systems, achieving international or domestic leading levels[100]. - The company plans to increase R&D investment in service robots, focusing on AI technology and advanced technologies like big data and IoT[161]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 11.31 RMB per 10 depositary receipts, totaling approximately 800,625,073.87 RMB, which represents 73.85% of the net profit attributable to shareholders for the year[4]. - The total amount for cash dividends and share repurchases is 1,100,639,032.99 RMB, accounting for 101.52% of the net profit attributable to shareholders for the year[4]. - The company has repurchased shares amounting to 254,382,085.18 RMB, which is included in the total cash distribution[5]. - The company does not plan to issue bonus shares or convert capital reserves into share capital[5]. Corporate Governance - The actual controller holds 59.25% of the voting rights in the company, indicating a significant control structure[7]. - The company has established a comprehensive corporate governance system, including various committees such as the audit committee and the strategic committee, to enhance decision-making objectivity and scientific rigor[170]. - The company has implemented measures to manage insider information, ensuring that the number of individuals with access to sensitive information is minimized[170]. - The company has established internal control systems to protect minority investors' rights, including rules for shareholder meetings and independent directors[180]. - The independent directors have reviewed the arrangements regarding the differential voting rights and confirmed compliance with the relevant regulations[183]. Market Expansion and Product Development - The company aims to expand its global market presence while leveraging technological innovations to improve product offerings and market penetration[56]. - The company is focusing on innovation and product iteration, which has contributed to the increase in sales scale and profitability[32]. - The company has established deep partnerships with major hotel groups, deploying service robots in nearly 10,000 hotels and restaurants, achieving over 100 million deliveries[47]. - The company is committed to sustainability, with the D110 scooter made from 35% recycled materials and a product lifespan of 60 months or 30,000 km[40]. - The company is likely to pursue further strategic partnerships and acquisitions to bolster its market presence[198]. Risks and Challenges - The company faces risks related to technology development, including the potential for long R&D cycles and market misalignment of new products[108]. - There is a risk of key technical talent loss, which could impact the company's ability to innovate and maintain competitive advantage[108]. - The company faces potential risks related to tax incentives, exchange rate fluctuations, and macroeconomic conditions that could impact future performance[112][114]. Strategic Initiatives - The company aims to enhance user experience through innovative product design and high-quality service, addressing diverse user needs across various scenarios[102]. - The company has implemented a stock incentive plan to optimize talent retention, which is crucial for long-term development[33]. - The company is committed to achieving high-quality growth by deeply understanding user needs and implementing strategic plans effectively[163]. - The company is investing $50 million in R&D for AI and robotics technology to enhance product offerings[195]. Product Innovations - The company has developed a smart riding assistance system that monitors vehicle status in real-time, providing control strategies to enhance safety and user experience[85]. - The electric scooter ZT3 Pro incorporates advanced technologies such as the Segride stabilization system and RideyLONG long-range technology, enhancing safety and usability[36]. - The Segway Navimow X3 series robotic lawn mower can cover up to 10,000 square meters, achieving a mowing efficiency ratio that is twice the industry average[48]. - The introduction of electric drive technology in E-bikes is enhancing user experience through integrated systems that combine power, human interaction, and road conditions[81]. Financial Management - The company's cash and cash equivalents reached ¥7,473,054,811.92, representing 47.67% of total assets, up from 45.85% in the previous period[140]. - The total liabilities increased significantly, with accounts payable rising by 40.49% to ¥2,427,696,378.13, due to increased procurement[141]. - The company reported a 175.56% increase in contract liabilities to ¥1,329,528,479.63, indicating a rise in advance payments received[141]. - The company’s financial expenses decreased by 20.10% to -¥108,806,441.27, mainly due to increased interest income and reduced exchange gains[138].

证券代码：689009 证券简称：九号公司 公告编号：2025-007 九号有限公司 关于 2024 年度利润分配方案的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本年度公司以现金为对价，采用集中竞价方式回购股份并注销的回购（以 下简称"回购并注销"）金额 254,382,085.18 元（不含印花税、交易佣金等交 易费用），现金分红和回购并注销金额合计 1,055,007,159.05 元，占本年度归 属于上市公司股东净利润的比例 97.31%。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，上市公司回购专用账户中的股份，不享有 利润分配的权利。因此，公司本次利润分配实施差异化分红，公司回购专用证 券账户中的存托凭证将不参与公司本次利润分配。 每份分配比例：每10份派发现金红利11.31元（含税），不送红股，不进 行资本公积转增股本。 本次利润分配以实施权益分派股权登记日登记的存托凭证总数扣减公司 回购专用证券账户中的存托凭证份数为基数，具体 ...

Industry Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Sections Investment Ratings Overview - Companies such as BYD, Great Wall Motors, and Geely are rated as "Buy" with target prices significantly above current prices, indicating strong potential for growth [2][11] - The average price-to-earnings ratio for the covered companies is projected to be 14.5 for FY25E [2] Market Performance - In March, domestic brands outperformed the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] - The report notes that the share of domestic brands in the retail market increased by 7.7 percentage points to 62.7% [4] New Energy Vehicle Insights - The report indicates that the export performance of NEVs is strong, with 143,000 units exported in March, accounting for 36.6% of total exports [4] - Domestic brands accounted for 87% of total vehicle exports, with a year-on-year increase of 1% [4] Future Outlook - The upcoming Shanghai Auto Show from April 23 to May 2 is expected to further stimulate automotive consumption, alongside local consumption promotion policies [4] - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD and XPeng Motors, due to their strong market positions and growth potential [4]

Industry Investment Rating - The automotive industry is rated as "Leading" [1] Core Insights - The automotive market showed signs of recovery in March, with retail sales of passenger vehicles increasing by 14.4% year-on-year, reaching 1.94 million units [4] - The penetration rate of new energy vehicles (NEVs) rose to 51.1% in March, with retail sales of NEVs recording 991,000 units, a year-on-year increase of 36.4% [4] - The report highlights the positive impact of trade shows and vehicle replacement policies on sales performance in April [4] Summary by Relevant Sections Sales Performance - In March, the retail sales of passenger vehicles in China reached 1.94 million units, marking a year-on-year increase of 14.4% and a month-on-month increase of 40.2% [4] - Domestic brands performed better than the overall market, with retail sales of 1.22 million units, a year-on-year increase of 31% [4] New Energy Vehicles - NEVs accounted for 51.1% of total retail sales in March, with sales of 991,000 units, reflecting a significant increase [4] - The cumulative retail sales of NEVs from January to March reached 2.42 million units, up 36.4% year-on-year [4] Export Trends - Total passenger vehicle exports in March were 391,000 units, with a year-on-year decrease of 8% but a month-on-month increase of 10% [4] - Exports of NEVs showed strong performance, with 143,000 units exported in March, representing 36.6% of total exports [4] Investment Recommendations - The report suggests focusing on quality stocks in the passenger vehicle sector, particularly BYD (1211 HK) and XPeng Motors (9868 HK), due to their strong growth potential [4]

Industry Investment Rating - The automotive industry is rated as "Leading" with expectations of attractive performance relative to benchmark indices over the next 12 months [1][6]. Core Insights - The implementation of tariffs has no significant impact on Chinese automotive companies, while Korean, Japanese, and German manufacturers are more affected. In 2024, China's exports to the US are projected to be only 116,000 vehicles, primarily from General Motors, Ford, and Tesla, with no significant presence of Chinese brands in the US market [4][5]. - The tariffs on automotive parts are expected to drive localization and regionalization of supply chains for Chinese manufacturers. In 2024, the value of automotive parts exported from China to the US is estimated at 99.77 billion RMB, accounting for approximately 13.5% of total exports [4][5]. - Chinese automotive companies are accelerating their global layout and capacity building, focusing on regions along the Belt and Road Initiative, Southeast Asia, and Europe for localization and supply chain regionalization [4][5]. Summary by Relevant Sections Valuation Overview - A detailed valuation table lists various companies with their stock codes, ratings, target prices, closing prices, earnings per share, price-to-earnings ratios, and dividend yields. Notable companies include CATL (300750 CH) with a target price of 314.11 and BYD (1211 HK) with a target price of 503.25, both rated as "Buy" [2][5]. Industry Trends - The automotive industry has shown a performance trend with fluctuations, indicating a potential for growth against the Hang Seng Index [3]. - The report highlights the significant impact of tariffs on the cost structure of imported vehicles, particularly affecting brands like Hyundai and Toyota, which may lead to increased local production in the US [4][5].

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, with a significant increase in the company's store count and revenue despite an overall industry decline [7][8]. - The company is expected to achieve revenues of 141.40 billion yuan in 2024, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7][8]. - The introduction of new smart systems and innovative products is enhancing the company's competitive edge in the market [7][8]. Financial Projections - Revenue projections for the company are as follows: 141.40 billion yuan in 2024, 173.21 billion yuan in 2025, and 204.77 billion yuan in 2026 [6][8]. - The expected net profits are projected to be 10.53 billion yuan in 2024, 14.11 billion yuan in 2025, and 17.99 billion yuan in 2026 [6][8]. - Earnings per share (EPS) are forecasted to be 1.47 yuan in 2024, 1.97 yuan in 2025, and 2.51 yuan in 2026 [6][8]. Market Dynamics - The electric two-wheeler market is set to benefit from government policies promoting trade-in programs and increased subsidies, which are expected to stimulate consumer demand [7][8]. - The company is expanding its product lines, including robotic lawn mowers and all-terrain vehicles, which are anticipated to contribute to revenue growth [7][8]. Valuation - The report suggests a reasonable price range for the company's stock between 68.95 and 78.80 yuan based on a projected P/E ratio of 35-40 times for 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, driven by new regulations and government incentives [7]. - The company has shown robust growth in its electric two-wheeler business, with a significant increase in store numbers and revenue despite a general industry decline [7]. - The company is expanding its product offerings in robotic lawn mowers and all-terrain vehicles, which are expected to contribute to future growth [8]. Financial Projections - The company’s projected revenue for 2024 is 141.40 billion yuan, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7]. - Forecasted revenues for 2025 and 2026 are 173.21 billion yuan and 204.77 billion yuan, respectively, with corresponding net profits of 14.11 billion yuan and 17.99 billion yuan [8]. - Earnings per share (EPS) are expected to rise from 1.47 yuan in 2024 to 2.51 yuan in 2026 [8]. Market Performance - The company's stock has shown significant growth over the past year, with a 95.67% increase over 12 months [4]. - The current stock price is 59.38 yuan, with a 52-week price range of 27.33 to 62.03 yuan [2].

交银国际研究 行业更新 2025 年 3 月 11 日 行业评级 领先 2 月乘用车销量同比增 26%，以旧换新政策+车企促销推动车市回暖 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | (%) | | 比亚迪股份 | 1211 HK | 买入 | 379.22 | 350.20 | 23.261 | 28.629 | 14.1 | 11.4 | 3.11 | 2.42 | 0.1 | | 理想汽车 | 2015 HK | 买入 | 120.34 | 113 ...