北京植德律师事务所 关于浙江正特股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0084 号 二〇二五年五月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 1 北京植德律师事务所 关于浙江正特股份有限公司 2024 年年度股东大会的 法律意见书 植德京(会)字[2025]0084 号 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券 ...

Group 1 - The core viewpoint of the news is that Zhejiang Zhengte has shown significant growth in revenue and product expansion, particularly with its new product lines and successful entry into Costco stores [1] - Zhejiang Zhengte's projected revenue for 2024 is 1.237 billion yuan, with an export sales ratio of 92.75%, primarily focusing on sunshade products [1] - The company reported a 41.69% year-on-year increase in revenue for Q1 2025, reaching 507 million yuan, largely attributed to the sales of its starry canopy in nearly 280 Costco stores [1] Group 2 - The starry canopy has a gross margin of 30%-35% and is recognized for its appealing design and ease of assembly, leading to it being the top-selling outdoor pavilion globally [1] - New product categories including outdoor furniture, storage products, and camping supplies are set to be launched in 2024, although their sales contribution is currently low [1] - The company employs an international design and localized research and development model, with multiple R&D centers established in various locations [1] Group 3 - The production base in Batam, Indonesia has been completed and is operational, which will work in coordination with the production base in Linhai [1]

Group 1: Financial Performance - In 2024, the company's operating revenue is projected to be 1.237 billion CNY, with an export ratio of 92.75% [2] - For Q1 2025, the company achieved an operating revenue of 507 million CNY, a year-on-year increase of 41.69%, and a net profit attributable to shareholders of 40.55 million CNY, up 90.86% [4] Group 2: Product Performance - The main product, the "Starry Canopy," generated 1.064 billion CNY in revenue, accounting for 86.06% of total revenue [2] - The average gross margin for the Starry Canopy is between 30% and 35% [5] - The company has launched new product categories including outdoor furniture, storage products, and camping supplies, which currently have a low sales proportion but are expected to grow with increased marketing efforts [9] Group 3: Market Position and Competition - The Starry Canopy product ranks first in global outdoor pergola sales based on 2023 and H1 2024 data [8] - The product's advantages include aesthetic appeal, ease of assembly, and a strong DIY element, which contribute to its competitive edge [7] - The company has received 8 Red Dot Awards, indicating strong product competitiveness [11] Group 4: Production and R&D - The overseas production base in Indonesia was established in May 2025, aimed at leveraging local resources and enhancing production capabilities [6] - The company employs an "international design + localized R&D" model, with R&D centers in multiple countries to ensure efficient product development [10]

5月13日涨停分析 今日共48股涨停，连板股总数11只，19股封板未遂，封板率为71%（不含ST股、退市股）。焦点股方面，军工板块成飞集成、利君股份、天箭科技均晋级5 连板，化工股红墙股份16天10板，高外销占比的华纺股份反包涨停走出6天5板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 宝馨科技 | 6天4板 | 9.93% | 09:42 | 机器人+光 | | 002514 | | | | 伏 | | 百达精工 | 4天3板 | 9.98% | 14:10 | 压缩机+光 | | 603331 | | | | 伏 | | 鑫磊股份 | 4天2板 | 20.00% | 14:22 | 压缩机+光 | | 301317 | | | | 伏 | | 集泰股份 | 首板 | 9.97% | 09:36 | 光伏+有机 | | 002909 | | | | 硅 | | 欧晶科技 | 首板 | 9.98% | 09:41 | 光伏+半导 | | 001269 | | | | 体 | | 泉运通 | 首板 | 10.14% | ...

Group 1 - A-shares experienced a slight increase, driven by easing trade tensions, with major indices showing positive performance [1][6] - The cross-border e-commerce sector saw significant gains, with Zhejiang Zhengte hitting the daily limit up, alongside other companies like Huafang Co. and Heng'erda [4] - The shipping sector also surged, with Ningbo Shipping reaching the daily limit up, influenced by a more than 10% rise in the European shipping index futures [4] Group 2 - The latest US-China economic talks resulted in a substantial reduction in tariffs, with the effective tariff rate dropping from 28.4% to 15.5%, alleviating export risks for China [6] - Analysts suggest that the easing of tariffs and domestic policy support are key factors for a potential market rebound, with a focus on sectors such as consumption, construction, and technology [6] - The technology sector is expected to see a rebound, particularly in areas like semiconductors and consumer electronics, as many stocks remain undervalued [6]

A股出海概念延续近期强势，服装、家居方向领涨，盛泰集团、皮阿诺、华纺股份、浙江正特、迎丰股 份涨停，美之高、太湖雪双双涨超20%，恒泰照明、有棵树、致欧科技、赛维时代涨超10%。 ...

Core Viewpoint - The overseas concept continues to show strong performance, particularly in the apparel and home furnishing sectors, with several stocks reaching their daily limit up [1] Group 1: Stock Performance - Sheng Tai Group, Pi'ano, Huafang Co., Zhejiang Zhengte, and Yingfeng Co. all hit the daily limit up [1] - Meizhi Gao and Taihu Xue both surged over 20% [1] - Hengtai Lighting, Youkeshu, Zhiou Technology, and Saiwei Times all increased by more than 10% [1]

Group 1 - A total of 143 stocks reported their latest shareholder numbers as of May 10, with 58 stocks showing a decrease compared to the previous period [1][3] - The stocks with the largest decline in shareholder numbers include Huafeng Super Fiber, *ST Qingyan, and Zhejiang Zhengte, with declines exceeding 5% [3] - The stock with the most significant drop in shareholder numbers is Huafeng Super Fiber, which decreased by 10.62% to 101,000 shareholders [3] Group 2 - Among the concentrated chip stocks monitored from April 30, 74% outperformed the Shanghai Composite Index, with an average increase of 6.93% since April 21 [2] - The stock with the highest increase among those with a decline in shareholder numbers is Shanshui Bide, which rose by 40.47% since April 21 [2] - The latest concentrated chip stocks showed an average increase of 5.24% since May 1, with notable performers including Aoya Shares and *ST Qingyan, which increased by 21.40% and 19.74% respectively [3]

Financial Performance - In 2024, the company achieved a revenue growth while experiencing a profit decline due to increased sales and management expenses related to expanding overseas operations [1] - The gross profit margin for 2024 was 25.33%, an increase of 1.01% year-on-year, while Q1 2025 saw a gross profit margin of 28.07%, up 2.12% year-on-year [7] - Q1 2025 revenue reached 507 million CNY, a 41.69% increase, with net profit of 40.55 million CNY, up 90.86% [10] Business Development - The company is transitioning from OEM to ODM and is currently advancing towards OBM, focusing on brand development [5] - Cross-border e-commerce accounts for approximately 20% of total revenue, with strong sales on platforms like Amazon and Wayfair [2] - The "Mirador" brand is positioned in the mid-to-high-end market, focusing on metal outdoor furniture and products [6] Product Highlights - The "Starry Canopy" product line generated approximately 700 million CNY in sales for 2024, with a year-on-year growth of about 50% and a gross margin of 30%-35% [2] - The company has received multiple design awards, including the Red Dot Award, showcasing its innovative product design [4][11] - New product categories include storage solutions, outdoor furniture, and camping gear, which are expected to enhance market presence [6] Market Strategy - The company plans to expand its product categories and strengthen its presence in key accounts (KA) in 2025 [10] - An Indonesian production base is set to commence operations in May 2025 to enhance global supply chain capabilities [10] - The company aims to mitigate the impact of U.S. tariffs by improving operational efficiency and expanding into non-U.S. markets [10] Competitive Advantages - The company has established a strong intellectual property barrier, ensuring its leading position in the outdoor market [4] - The product offerings are designed to cater to various consumer segments, from budget-conscious to high-end customers [4] - The company’s focus on innovation and quality has resulted in a competitive edge in the market [11]

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company is expected to recover growth in 2024, with new growth momentum gradually forming. Key products like folding tents and car awnings have stabilized, and major clients are resuming orders. The current star product, the starry sky pavilion, continues to grow and is replacing traditional wooden structures, leading to a leading market share [2][3] - The company is implementing a "1+N" product extension strategy based on its core product, the starry sky pavilion, continuously upgrading its product matrix to include barbecue pavilions, metal garages, and outdoor garden rooms, thus creating a comprehensive outdoor living solution [3] - The company has adjusted its profit forecast due to uncertainties in the macro consumption environment and increased expenses from overseas business expansion. Expected net profits for 2025-2027 are projected to be 0.8 billion, 1.1 billion, and 1.4 billion respectively, with corresponding EPS of 0.71, 0.96, and 1.29 [4] Financial Data Summary - In Q1 2025, the company reported revenue of 0.5 billion, a 42% year-on-year increase, and a net profit attributable to the parent company of 0.04 billion, a 91% increase [1] - The company’s revenue for 2024 is projected to be 1.2 billion, a 13% increase, while the net profit is expected to be -0.14 billion [1][5] - The company’s total revenue is expected to grow from 1.1 billion in 2023 to 2.9 billion by 2027, with a compound annual growth rate of approximately 31.5% [5][10]